Unicorn AIM sees recovery for AIM

19th May 2010 17:13

Unicorn AIM VCT has released its first figures since it merged with Unicorn AIM VCT II. The merger happened during the six months to March 2010 and Unicorn AIM VCT has become the largest AIM-focused VCT. Net assets were £58m at the end of March 2010. The combined value of the two VCT portfolios increased by 6.9% over the six month period, which is behind the 9.5% gain on the FTSE AIM All Share index. The main reason for the shortfall was that Unicorn AIM VCT does not have mining or oil company investments, which were strong in the period, because they are not qualifying investments. Online antibodies retailer Abcam continues to be a star in the portfolio as is the vet drugs supplier Animalcare. On the negative side, Hexagon Human Capital appointed administrators and defence technology company Cohort discovered problems with its accounts. Unicorn AIM VCT believes that the prospects for AIM are improving. There should also be cost savings from the merger. The NAV is 94.6p per share.