The Calculus VCT
Fund Overview
Calculus VCT provides investors with access to a diverse portfolio of growth-focused, entrepreneurial businesses. Managed by Calculus Capital, a pioneer in tax-efficient investing, the fund targets high-potential sectors like technology, healthcare, and entertainment. With net assets of £39.1 million as of March 2024, it offers a robust track record of supporting innovative companies while delivering tax-free dividends to its investors.
Investment Strategy
Calculus VCT adopts a structured and active investment approach. It focuses on established businesses with strong management teams, scalable operations, and clear market demand.
Key Features of the Strategy:
Sector Focus:
- Technology, healthcare, and entertainment.
- Investments in companies with innovative products and proven competitive advantages.
Diversification:
- A well-balanced portfolio across multiple industries.
Exit Strategy:
- Targets exits within 3–5 years through trade sales or IPOs.
Recent Highlights:
- Increased emphasis on loan stock and preference shares to manage risk.
- The portfolio is aligned with government-supported sectors for sustainable growth.
Performance Metrics
| Year | NAV Total Return (%) | Dividends Paid (p/share) |
|---|---|---|
| 2024 | 5.0 | 2.77 |
| 2023 | 6.5 | 2.95 |
| 2022 | 6.2 | 3.06 |
Note: NAV Total Return includes growth in NAV and dividends paid.
Tax Benefits
Investors benefit from:
- 30% income tax relief: Available for investments up to £200,000 annually.
- Tax-free dividends: Regular income without tax obligations.
- Capital gains tax exemption: No CGT on share disposals.
Tax treatment depends on individual circumstances and may change.
Fund Documents
Contact Information
- Phone: 020 7493 4940
- Email: [email protected]
- Website: Calculus VCT
Why Consider Access EIS Instead?
Both Calculus VCT and Access EIS provide tax-efficient ways to invest in innovative UK businesses, but they cater to different investment needs:
| Feature | Calculus VCT | Access EIS |
|---|---|---|
| Investment Focus | Growth-oriented businesses across diverse sectors | Early-stage, high-growth UK startups |
| Minimum Investment | £5,000 | £5,000 |
| Tax Benefits |
- 30% Income Tax Relief - Tax-Free Dividends - Capital Gains Tax Exemption |
- 30% Income Tax Relief - Capital Gains Tax Deferral |
| Liquidity | Some liquidity via AIM and buyback schemes | Illiquid, with returns realized after ~5–7 years |
| Dividends | Regular, tax-free dividends | No dividends; all profits reinvested |
| Risk Level | Moderate to High | Very High |