AIC combines VCT sectors, combining eight into two

The Association of Investment Companies (AIC) is to simplify its venture capital trust (VCT) sectors following a sector review. Eight VCT sectors will be merged into just two: VCT and VCT AIM Quoted. The changes will enter into force on May 31, 2024.

The newly created VCT sector will contain 50 VCTs and the existing AIM Quoted VCT sector will contain seven VCTs. The VCT industry (comprising these two sectors) has accumulated assets worth a total of £6.2 billion.

The new sectors and definitions are presented below.

Comparison of new sectors and previous sectors

New sector name	Sector definition	Previous sector name
VCT	He invests in various sectors	VCT generalist VCT Generalist entry qualifications VCT specialist: Environment VCT specialist: Healthcare and biotechnology VCT Specialist: Technology VCT specialist: Initial technology qualification
Quoted by VCT AIM	Invests in AIM shares	Quoted by VCT AIM VCT AIM quoted before qualifying

The changes follow a regular review of investment firm sectors by the AIC’s independent statistical committee, which includes brokers, research analysts and industry data providers. The reviews are carried out in consultation with AIC members to ensure that sectors continue to be helpful to investors.

Richard Stone, chief executive of the Association of Investment Companies (AIC), said: “We regularly review our sectors to ensure they are as transparent and useful as possible for

investors. The newly streamlined VCT sectors eliminate distinctions that have become less important over time and will make it easier for investors to find and research VCTs.”

Changes to the VCT sector will be reflected on the website from 31 May 2024. A full list of all sectors and definitions can be found on the AIC website.