Trust set up by leading lights in the investment community and launched in October last year has made initial donations to two cancer charities.
Bacit (LON:BACT) which stands for Battle against cancer investment trust is a Global Growth trust which doesn’t charge a management fee but instead makes a donation of 1% of its assets to charity each year. At launch it raised £200 million and it has grown to £234 million.
The trust is managed by managed by a team which includes Foreign amp; Colonial’s Jeremy Tighe, Better Capital’s Jon Moulton, Tom Henderson formerly of Moore Capital amp; Cazenove, with support from others such as Jupiter’s well regarded John Chatfeild-Roberts.
BACIT has donated £492,829 apiece to the Institute of Cancer Research and to the BACIT foundation, which backs a range of cancer charities.
Looking at its initial performance BACIT which is still not fully invested (it launched at the very end of October) and has 15% of its assets in cash. It has shown a NAV (net asset value) return 12.7% over the period to 31st March 2013, compared with the FTSE All Share index which rose 11.8%.
The trust is run on a fund-of-funds basis (meaning it...
