Calculus VCT has launched an offer for up to £20 million (£10 million + £10 million overallotment).
The VCT has total net assets of £45.7 million and a portfolio of more than 25 companies.
Calculus was founded in 1999 and launched the UK’s first EIS fund. It’s a generalist investor, but is notable for large positions in film and television production companies – a sector not often found in VCT portfolios.
Over the five years to June 2025 the VCT has delivered a NAV total return of 7.8%.
The VCT targets an average annual dividend equal to 5% of NAV.
Nicholas Hyett, Investment Manager at Wealth Club said, “Calculus has been running tax efficient investment products for more than a quarter of a century.
“Although the investment team are generalists, with expertise in healthcare and technology, the VCT is notable for it’s Media & Entertainment investments.
Media is a sector not often backed by VCTs, but accounts for 27% of the Calculus portfolio. The VCT generally backs production companies founded by experienced industry professionals, and has been involved in several successful TV and film projects including war photographer biopic Lee and Netflix series Black Rabbit.
That slightly off-piste portfolio might make the VCT appealing to investors who already have a portfolio of VCTs with more conventional portfolios.”
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