AIC Sectors - The AIC

AIC Sectors

May 2019

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© Association of Investment Companies 2019. This information is not to be distributed to, or used in connection with work on behalf of, an investment company which is not a member of the AIC, without the express permission of the AIC.

www.theaic.co.uk

Contact details

The Association of Investment Companies (AIC) represents closed-ended investment companies whose shares are traded on public markets. To discuss the issues raised in this paper please contact: David Michael, Website and Statistics Director, [email protected], 020 7282 5565

AIC Website and Statistics team,

[email protected], 020 7282 5599

mailto:[email protected]

mailto:[email protected]

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Contents 1 Principles & process 3

2 Understanding the sectors 7

3 AIC sector summary 9

4 Detailed sector names, descriptions & indicative characteristics 12

5 AIC Sector change request form 43

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Principles & process Overview

The AIC collaborates with key industry stakeholders to create and define the various categories (AIC sectors) in which investment companies sit. It is important that these sectors are allocated consistently and remain relevant as industry and global investment trends develop. Part of the process is to ensure that each individual company is allocated to the most appropriate AIC sector. This is carried out for all investment companies in the AIC’s universe. This classification system is used throughout the industry by asset managers, the media, brokers, platforms and data vendors. It provides meaningful and relevant peer groups for numerous forms of analysis, including performance rankings and data tables, peer group comparisons, awards and screening purposes. General principles The AIC uses the following guidelines when categorising investment companies: Aim & objective of the company The most important part of the classification process is a review of the company’s investment policy and objective. Asset allocation at any given time can be driven by short-term market conditions and can be subject to large fluctuations, whereas the company’s policy will rarely change. On occasions the investment policy and objective may not be definitive in terms of allocating the appropriate sector. The AIC would therefore also look at the asset class, sector and geography of current and historic underlying holdings to try and gauge what the most appropriate sector for the company is. Flexibility & stability The AIC allows for a degree of flexibility around the sector definitions. We aim to group companies in accordance with the spirit of their objective rather than to mechanistically apply a set of rules. Equally we strive for stability. Companies will not be moved in or out of sectors frequently and such moves will be done only with the agreement of the AIC Statistics Committee. This committee is made up of industry professionals representing asset managers, brokers, research analysts and data vendors. If a company has fallen someway short of its sector’s definition, we would engage with the company to discuss

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the reasons for this. We would try to ascertain if the company is likely to re-qualify going forward or whether a sector change would be appropriate. Comparability The AIC encourages ease of comparison between funds which meet similar investor needs, whether they are closed-ended or open-ended. As such, and where possible, the use of the same sector names as used by the Investment Association (which defines and allocates sectors in the open-ended universe) is beneficial. We also aim to use similar definitions for these equivalent sectors. Transparency and consultation Decisions on sector allocation and definition can have important commercial implications for the company concerned. The AIC will therefore always ensure the company is aware of any decisions that might be taken in these areas and involve them from the earliest opportunity so that they can provide any information that may be relevant to a final decision. The AIC aims to make all decisions with the support of the company concerned and in good time. In most cases, these decisions are not contentious and can be agreed rapidly. However, there may be occasions where agreement cannot immediately be reached. In such cases, the AIC would first escalate the matter to the Statistics Committee for further discussion. If it was still not possible to reach agreement, the matter would be referred to the AIC’s board for a final decision. The company would be kept informed at each stage of this process and allowed the opportunity to present any further information to support its case. No AIC sector changes will occur within the first seven business days of the month due to monthly industry reporting cycles. AIC sector allocation process There are four events that can lead to a company being allocated or reallocated an AIC sector classification: New listings / launches When a new company is launched, or there is a listing new to the AIC universe, the AIC reviews the investment objectives and policy published in the company’s prospectus and determines which of the existing sectors is most appropriate. There is usually sufficient detail within the document for the AIC to make a decision which is normally straightforward.

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The AIC aims to have this process completed by the first day of trading on the exchange. However, if the AIC needs to refer the matter to its Statistics Committee for more detailed consideration (which can take up to 2 weeks) the AIC will provisionally allocate the company to the sector it deems most relevant.

Change of investment objective Each business day the regulatory news wires are monitored by the AIC for announcements of material changes to companies’ investment policies. The process is conducted for all companies in the AIC universe. Any material changes can lead to the AIC proposing a sector change. Initially the AIC would notify the affected company and (subject to their feedback) the Statistics Committee for consideration and approval. The AIC would aim to complete this process within 2 weeks.

Review request from company or its advisers On occasion, the investment company or its advisers may contact the AIC directly to request a change of sector. To facilitate this process, there is a dedicated form (at the back of this paper) which the AIC requires the company to complete. The AIC would

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then make a proposal to the Statistics Committee and seek its approval. The AIC would aim to complete this process within 2 weeks.

Biennial sector review Every two years the AIC carries out a review of all companies within the AIC’s universe to see if their sector allocations remain appropriate. Where the AIC believes a change of sector may be appropriate, it will refer the matter to the Statistics Committee for a view and, depending on the outcome, open a dialogue with the company. The full biennial review is scheduled to take up to 6 months.

New AIC sectors If a company does not naturally fit within any of the existing AIC sectors, the AIC will consider creating a new sector. This process would also involve identifying whether there are other companies that potentially fit more readily into the new category rather than their existing one. These matters would initially be referred to the Statistics Committee for its view, after which all the companies potentially affected by any proposed change would be contacted for their views. This process may take up to 3 months depending on the scope of the changes being proposed and the number of companies involved.

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Understanding the sectors

Introduction This document sets out three elements involved in the assignment and description of the AIC sectors:

• Sector name: this is the name of the sector that is used to help identify

investment companies which share common characteristics and are used

by investors, for example, to filter investment companies on financial

websites. The AIC aims to choose sector names that are accurate, helpful

and can be readily understood by retail investors.

• Sector description: this is a short description that provides an overview

of what companies in this sector aim to do. On the AIC website, this

description will appear when, for example, the cursor hovers over the

sector name. As with the sector name, the AIC aims to provide

descriptions that are accurate, helpful and can be readily understood by

retail investors.

• Indicative characteristics: these are a non-exhaustive list of factors that

the AIC would consider when deciding whether to allocate an investment

company to a specific sector. The more characteristics of a sector that an

individual investment company shares, the more likely that company is to

be allocated to that sector. However, the AIC does not consider these

characteristics mechanistically. In some cases, individual factors may

carry more weight than others. In other cases, a company may share a

significant number of characteristics with more than one sector. In all

cases, the AIC will work with the company concerned to identify the most

appropriate sector.

On occasion a company might meet sufficient characteristics to be classified in more than one sector. However, as each company can only appear in one sector for classification purposes we would prioritise the aspect that we believe would be of most interest to an investor. For example, we may prioritise the business focus of the company. So, a company which specialised in unquoted technology stocks would be housed in the technology sector rather than private equity. In other cases, such as debt, we may prioritise the type of instrument the company is invested in. For convenience, and to help when comparing investment companies with open-ended funds, we have indicated the closest Investment Association (IA) sector(s).

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However, as the AIC’s classification methodologies are not the same as those used by the IA, this is for general guidance only.

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AIC sector summary

Sector type

New AIC sector Previous AIC sector IA equivalent

UK UK All Companies UK All Companies UK All Companies

UK UK Equity & Bond Income UK Equity & Bond Income

UK Equity & Bond Income

UK UK Equity Income UK Equity Income UK Equity Income

UK UK Smaller Companies UK Smaller Companies UK Smaller Companies

Overseas Asia Pacific Asia Pacific - Excluding Japan

Asia Pacific including Japan/Asia Pacific excluding Japan

Overseas Asia Pacific Asia Pacific - Including Japan


Overseas Asia Pacific Income New sector N/A

Overseas Asia Pacific Smaller Companies

New sector N/A

Overseas Country Specialist: Asia Pacific – ex Japan

Country Specialists: Asia Pacific

N/A

Overseas Country Specialist: Europe – ex UK

Country Specialists: Europe

N/A

Overseas Country Specialists: Latin America

Country Specialists: Latin America

N/A

Overseas Country Specialists: Rest of the World

Country Specialists: Other

N/A

Overseas Europe Europe Europe including UK/Europe excluding UK

Overseas European Emerging Markets

European Emerging Markets

N/A

Overseas European Smaller Companies

European Smaller Companies


Overseas Global Global Global

Overseas Global Emerging Markets Global Emerging Markets

Global Emerging Markets

Overseas Global Equity Income Global Equity Income Global Equity Income

Overseas Global High Income Global High Income Global Equity Income/Global Bonds

Overseas Global Smaller Companies Global Smaller Companies

N/A

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Sector type


Overseas Japan Japan Japan

Overseas Japanese Smaller Companies

Japanese Smaller Companies


Overseas Latin America Latin America N/A

Overseas North America North America North America

Overseas North American Smaller Companies

North American Smaller Companies


Flexible Flexible Investment Flexible Investment Flexible Investment

Specialist Biotechnology & Healthcare

Sector Specialist: Biotechnology & Healthcare

N/A

Specialist Commodities & Natural Resources

Sector Specialist: Commodities & Natural Resources

N/A

Specialist Debt – Direct Lending Sector Specialist: Debt N/A

Specialist Debt – Loans & Bonds Sector Specialist: Debt N/A

Specialist Debt – Structured Finance Sector Specialist: Debt N/A

Specialist Environmental Sector Specialist: Environmental

N/A

Specialist Financials Sector Specialist: Financials

N/A

Specialist Forestry & Timber Sector Specialist: Forestry & Timber

N/A

Specialist Hedge Funds Hedge Funds N/A

Specialist Infrastructure Sector Specialist: Infrastructure

N/A

Specialist Insurance & Reinsurance Strategies

Sector Specialist: Insurance & Reinsurance Strategies

N/A

Specialist Leasing Sector Specialist: Leasing

N/A

Specialist Liquidity Funds Sector Specialist: Liquidity Funds

N/A

Specialist Private Equity Private Equity N/A

Specialist Growth Capital New sector N/A

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Sector type


Specialist Renewable Energy Infrastructure

Sector Specialist: Infrastructure - Renewable Energy

N/A

Specialist Royalties New sector N/A

Specialist Technology & Media Sector Specialist: Small Media, Comms & IT Cos

Technology & Telecommunications

Specialist Technology & Media Sector Specialist: Tech Media & Telecomm


Specialist Utilities Sector Specialist: Utilities

N/A

Property Property - Debt Sector Specialist: Debt N/A

Property Property - Europe Property Direct - Europe Property Other

Property Property - Rest of the world Property Direct - Asia Pacific

Property Other

Property Property - UK Commercial Property Direct - UK UK Direct Property

Property Property - UK Healthcare Property Specialist Property Other

Property Property - UK Residential Property Specialist Property Other

Property Property Securities Property Securities Property Other

VCT VCT AIM Quoted VCT AIM Quoted N/A

VCT VCT Generalist VCT Generalist N/A

VCT VCT Sector Specialist: Environmental

VCT Sector Specialist: Environmental

N/A

VCT VCT Sector Specialist: Healthcare & Biotechnology

VCT Sector Specialist: Healthcare & Biotechnology

N/A

VCT VCT Sector Specialist: Infrastructure

VCT Sector Specialist: Infrastructure

N/A

VCT VCT Sector Specialist: Media, Leisure & Events

VCT Sector Specialist: Media, Leisure & Events

N/A

VCT VCT Sector Specialist: Technology

VCT Sector Specialist: Technology

N/A

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Detailed sector names, descriptions & indicative characteristics

(click to scroll to region or asset class)

1) UK

2) Overseas

3) Flexible

4) Specialist

5) Property

6) VCTs

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UK sectors Sector name Sector description

UK All Companies

Invests in the shares of quoted UK companies for capital growth.

Indicative characteristics

• Over 80% invested in quoted UK shares

• Investment objective/policy to generate majority of returns from capital growth

• Majority of investments in medium to giant cap companies1

• Majority of expenses allocated to capital

• UK benchmark

IA equivalent

UK All Companies

Sector name Sector description


Invests in the shares of larger quoted UK companies, or high yielding securities, for a high income.


• Over 80% invested in quoted UK shares, fixed income or other high-yielding

securities

• Less than 80% in fixed income securities

• Majority of equity investments in medium to giant cap companies1

• Investment objective/policy to generate majority of returns from income

• Majority of expenses allocated to revenue

• Portfolio or dividend yield above the average market yield

• UK benchmark

IA equivalent


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UK Equity Income

Invests in the shares of larger quoted UK companies for both capital growth and income.


• Over 80% invested in quoted UK shares

• Investment objective/policy to generate returns from both capital growth and

income


• No more than 75% of expenses allocated to either capital or revenue account

• Portfolio or dividend yield close to the average market yield

• UK benchmark

IA equivalent

UK Equity Income


UK Smaller Companies

Invests in the shares of smaller quoted UK companies.


• Over 80% invested in quoted UK smaller companies shares

• Investment objective/policy to invest in medium to smaller cap stocks

• Majority of investments in medium to micro-cap companies1

• UK smaller companies benchmark

IA equivalent

UK Smaller Companies

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Overseas sectors Sector name Sector description

Asia Pacific

Invests in the shares of larger quoted Asia Pacific companies.


• Over 80% invested in quoted Asia Pacific shares

• Less than 80% in any single geographic area

• Investment objective/policy to invest in Asia Pacific shares


• Asia Pacific benchmark

IA equivalent



Asia Pacific Income

Invests in the shares of larger quoted Asia Pacific companies, or high yielding securities, for a high income.


• Over 80% invested in Asia Pacific shares






• Asia Pacific benchmark

IA equivalent

Not applicable

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Asia Pacific Smaller Companies

Invests in the shares of smaller quoted Asia Pacific companies.


• Over 80% invested in quoted Asia Pacific smaller companies shares




• Asia Pacific smaller companies benchmark

IA equivalent

Not applicable


Country Specialist: Asia Pacific - ex Japan

Invests in the shares of quoted companies in up to two Asia Pacific countries, excluding Japan.


• Over 80% invested in quoted shares in up to two Asia Pacific countries (not

including Japan)

• Investment objective/policy to invest in shares of companies in up to two Asian

Pacific countries

• Single Asia Pacific country or regional benchmark

IA equivalent

Not applicable

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Country Specialist: Europe – ex UK

Invests in the shares of quoted companies in up to two European countries, excluding the UK.


• Over 80% invested in quoted shares in up to two European countries (not

including the UK)

• Investment objective/policy to invest in shares of the companies in up to two

European countries (not including the UK)

• Single European country or regional benchmark

IA equivalent

Not applicable


Country Specialist: Latin America

Invests in the shares of quoted companies in up to two Latin American countries.


• Over 80% invested in quoted shares in up to two Latin American countries

• Investment objective/policy to invest in shares of companies in up to two Latin

American countries

• Single Latin American country or regional benchmark

IA equivalent

Not applicable

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Country Specialist: Rest of the World

Invests in the shares of quoted companies in up to two countries.


• Over 80% invested in quoted shares in up to two countries not already

covered in the other AIC geographical sectors

• Investment objective/policy to invest in shares in companies in up to two

countries

• Single country or regional benchmark

IA equivalent

Not applicable


Europe

Invests in the shares of larger quoted European companies.


• Over 80% invested in quoted European shares


• Investment objective/policy to invest in European shares


• European benchmark

IA equivalent

Europe including UK/Europe excluding UK

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European Emerging Markets

Invests in the shares of quoted European emerging market companies.


• Over 80% invested in quoted European emerging market shares

• Less than 80% in any single country

• Investment objective/policy to invest in European emerging market shares

• European Emerging benchmark

IA equivalent

Not applicable



Invests in the shares of smaller quoted European companies.


• Over 80% invested in quoted European smaller companies shares




• European smaller companies benchmark

IA equivalent


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Global

Invests in the shares of larger quoted global companies for capital growth.


• Over 80% invested in quoted global shares


• Investment objective/policy to generate majority of returns from capital growth


• Majority of expenses allocated to capital

• Global benchmark

IA equivalent

Global



Invests in the shares of quoted global emerging market companies.


• Over 80% invested in quoted global emerging market shares


• Investment objective/policy to invest in global emerging market shares

• Global emerging benchmark

IA equivalent


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Global Equity Income

Invests in the shares of larger quoted global companies for both capital growth and income.


• Over 80% invested in quoted global shares


• Investment objective/policy to generate returns from both capital growth and income


• No more than 75% of expenses allocated to either capital or revenue account

• Portfolio or dividend yield close to the average market yield


IA equivalent

Global Equity Income


Global High Income

Invests in the shares of larger quoted global companies, or high yielding securities, for a high income.


• Over 80% invested in quoted global shares, fixed income or other high-yielding

securities

• Less than 80% in fixed income securities







IA equivalent

Global Equity Income/Global Bonds

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Global Smaller Companies

Invests in the shares of smaller quoted global companies.


• Over 80% invested in quoted global smaller company shares




• Global smaller companies benchmark

IA equivalent

Not applicable


Japan

Invests in the shares of larger quoted Japanese companies.


• Over 80% invested in Japanese shares

• Investment objective/policy to invest in Japanese shares


• Japanese benchmark

IA equivalent

Japan

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Invests in the shares of smaller quoted Japanese companies.


• Over 80% invested in quoted Japanese smaller companies shares



• Japanese smaller companies benchmark

IA equivalent



Latin America

Invests in the shares of quoted Latin American companies.


• Over 80% invested in quoted Latin American shares

• Less than 80% in any single country

• Investment objective/policy to invest in Latin American shares

• Latin American benchmark

IA equivalent

Not applicable

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North America

Invests in the shares of larger quoted North American companies.


• Over 80% invested in quoted North American shares

• Investment objective/policy to invest in North American shares


• North American benchmark

IA equivalent

North America



Invests in the shares of smaller quoted North American companies.


• Over 80% invested in quoted North American smaller companies shares



• North American smaller companies benchmark

IA equivalent


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Flexible sector Sector name Sector description

Flexible Investment

Invests in a range of asset types.


• Investment objective/policy which allows the company to invest in a range of

asset types, such as quoted and unquoted equity, bonds, other debt

instruments and property

• Company demonstrates a track record of investing in a range of different

asset types over time

IA equivalent

Flexible Investment

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Specialist sectors Sector name Sector description

Biotechnology & Healthcare

Invests in biotechnology and healthcare.


• Over 80% invested in biotechnology and healthcare securities

• Less than 80% in debt

• Investment objective/policy to invest in biotechnology or healthcare securities

IA equivalent

Not applicable


Commodities & Natural Resources

Invests in commodities and natural resources.


• Over 80% invested in commodities and natural resources securities or assets


• Investment objective/policy to invest in commodities and natural resources

securities or assets

IA equivalent

Not applicable

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Debt – Direct Lending

Invests in direct lending.


• Over 80% invested in debt instruments that have originated or been issued by

a directly lending platform or market, including-peer to-peer lending.

• Investment objective/policy to invest in debt instruments that have originated

or been issued by a directly lending platform or market, including-peer to-peer

lending.

IA equivalent

Not applicable


Debt – Loans & Bonds

Invests in general loans and bonds.


• Over 80% invested in general debt instruments such as secured loans and

bonds and syndicated lending

• Investment objective/policy to invest in general debt instruments such as

secured loans and bonds and syndicated lending

IA equivalent

Not applicable

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Debt – Structured Finance

Invests in structured finance.


• Over 80% invested in debt instruments specialising in structured finance

including asset backed securities, CLOs/CDOs and securitised products.

• Investment objective/policy to invest in debt instruments specialising in

structured finance including asset backed securities, CLOs/CDOs and

securitised products

IA equivalent

Not applicable


Environmental

Invests in the environmental sector.


• Over 80% invested in environmental securities or assets


• Investment objective/policy to invest in environmental securities or assets

IA equivalent

Not applicable

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Financials

Invests in financial service businesses.


• Over 80% invested in finance or financial service securities


• Investment objective/policy to invest in finance or financial services securities

IA equivalent

Not applicable


Forestry & Timber

Invests in forestry and timber.


• Over 80% invested in forestry and timber securities or assets


• Investment objective/policy to invest in forestry and timber securities or assets

IA equivalent

Not applicable

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Hedge Funds

Invests in hedge funds.


• Over 80% invested in hedge funds, either directly or via master funds or a

range of hedging strategies

• Investment objective/policy to invest in hedge funds, either directly or via

master funds or a range of hedging strategies

IA equivalent

Not applicable


Infrastructure

Invests in infrastructure assets. Investments can be made via debt, equity or a combination of both.


• Over 80% invested in infrastructure securities or assets.

• Investment objective/policy to invest in infrastructure securities or assets

IA equivalent

Not applicable

31 © Association of Investment Companies 2019. This information is not to be distributed to, or used in connection with work on behalf of, an investment company which is not a member of the AIC, without the express permission of the AIC.

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Insurance & Reinsurance

strategies Invests in insurance and reinsurance.


• Over 80% invested in insurance or reinsurance-based securities


• Investment objective/policy to invest in insurance or reinsurance-based

securities

IA equivalent

Not applicable


Leasing Invests in assets to be leased.


• Over 80% invested in assets to be leased


• Investment objective/policy to invest in assets to be leased

IA equivalent

Not applicable

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Liquidity Funds

Invests in liquidity funds.


• Over 80% invested in Liquidity Funds

• Investment objective/policy to invest in liquidity funds

IA equivalent

Not applicable


Private Equity

Invests in unquoted shares.


• Over 80% invested in private equity/unquoted shares

• Investment objective/policy to invest in private equity or unquoted shares

IA equivalent

Not applicable

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Growth Capital

Invests in unquoted shares. Generally takes non-controlling stakes in early to maturing companies.


• Over 80% invested in private equity/unquoted shares with the opportunity to

hold post IPO

• Investment objective/policy to invest in private equity or unquoted shares

• Takes non-controlling stakes

• Looks to provide expansion capital for the investee company

• Rarely employs leverage on investee company to finance the purchase price


Renewable Energy Infrastructure

Invests in renewable energy infrastructure.


• Over 80% invested in renewable energy infrastructure securities and assets


• Investment objective/policy to invest in renewable energy infrastructure

securities or assets

IA equivalent

Not applicable

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Royalties

Invests in royalties.


• Over 80% invested in royalties

• Investment objective/policy to invest in royalties

IA equivalent

Not applicable


Technology & Media

Invests in technology and media.


• Over 80% invested in technology and media securities


• Investment objective/policy to invest in technology and media securities

IA equivalent


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Utilities

Invests in utilities.


• Over 80% invested in utility securities or assets


• Investment objective/policy to invest in utilities securities or assets

IA equivalent

Not applicable

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Property sectors Sector name Sector description

Property - Debt

Invests in property debt.


• Over 80% invested in debt instruments specialising in property

• Investment objective/policy to invest in debt instruments specialising in

property

IA equivalent

Not applicable


Property – Europe

Invests in European property.


• Over 80% invested in European property


• Investment objective/policy to invest in European property

IA equivalent

Property Other

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Property – Rest of World

Invests in property in the rest of the world.


• Over 80% invested in property not covered by other AIC regional property

sectors


• Investment objective/policy to invest in global property (not covered by other

AIC regional property sectors)

IA equivalent

Property Other


Property – UK Commercial

Invests in UK commercial property.


• Over 80% invested in UK commercial property


• Investment objective/policy to invest in UK commercial property

IA equivalent

UK Direct Property

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Property – UK Healthcare

Invests in UK healthcare property.


• Over 80% invested in UK healthcare property


• Investment objective/policy to invest in UK healthcare property

IA equivalent

Property Other


Property – UK Residential

Invests in UK residential property.


• Over 80% invested in UK residential property


• Investment objective/policy to invest in UK residential property

IA equivalent

Property Other

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Property Securities

Invests in property shares.


• Over 80% invested in the shares of property companies


• Investment objective/policy to invest in the shares of property companies

IA equivalent

Property Other

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VCTs


VCT AIM Quoted

Invests in AIM stocks.


• VCT status

• Over 80% invested in a range of qualifying investments listed, or about to be listed, on AIM or any other exchanges where the securities are treated as unquoted

• Investment objective/policy to invest in VCT qualifying investments listed, or about to be listed, on AIM or any other exchanges where the securities are treated as unquoted

IA equivalent

Not applicable


VCT Generalist

Invests in a range of different sectors.


• VCT status

• Invests in a range of qualifying investments in different sectors

• Investment objective/policy to invest in VCT qualifying investments in a range

of sectors

IA equivalent

Not applicable

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VCT Sector Specialist: Environmental

Invests in environmental companies.


• VCT status

• Over 80% invested in qualifying investments of environmental companies

• Investment objective/policy to invest in VCT qualifying investments in

environmental companies

IA equivalent

Not applicable


VCT Sector Specialist: Healthcare & Biotechnology

Invests in healthcare and biotechnology companies.


• VCT status

• Over 80% invested in qualifying investments of healthcare and biotechnology companies

• Investment objective/policy to invest in VCT qualifying investments in a

healthcare and biotechnology companies

IA equivalent

Not applicable

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VCT Sector Specialist: Infrastructure

Invests in infrastructure companies.


• VCT status

• Over 80% invested in qualifying investments of infrastructure companies


infrastructure companies

IA equivalent

Not applicable


VCT Sector Specialist: Media, Leisure & Events

Invests in media, leisure and events companies.


• VCT status

• Over 80% invested in qualifying investments of media, leisure or event companies

• Investment objective/policy to invest in VCT qualifying investments in media,

leisure or event companies

IA equivalent

Not applicable

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VCT Sector Specialist: Technology

Invests in technology companies.


• VCT status

• Over 80% invested in qualifying investments of technology companies


technology companies

IA equivalent

Not applicable

Explanatory Notes

1. For the purposes of assessing the size of investee companies the AIC uses the

following percentages of market capitalization, within each market.

Investment size Market capitalization band

Giant Top 40%

Large Next 30%

Mid-cap Next 20%

Small-cap Next 7%

Micro-cap Lowest 3%

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AIC sector change request form

If you believe the company you represent is in an inappropriate sector you can contact the AIC using the attached form to request a change of sector. Please provide as much detail and supporting evidence as possible. Refer to the page 5 of this document for further details on the process.

Sector Change

Request Form.docx

Company name:

Current AIC sector:

Proposed AIC sector:

Company objective/investment policy:

Do you believe this company has been in line with the proposed AIC sector definition in the last three years? (delete as applicable)

Yes/No

If yes, please provide details here:

If no, please provide details here: (including any proposed dates on which compliance is expected)

Additional information:

https://www.theaic.co.uk/sites/default/files/hidden-files/Sector%20Change%20Request%20Form.docx

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Form completed by:

Name:

Company:

Date:

Supporting documents attached? (delete as applicable)

Yes/No

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The Association of Investment Companies www.theaic.co.uk EU Transparency Register Number: 83957346078-57

http://www.theaic.co.uk/

AIC Sectors - The AIC

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Transcript of AIC Sectors - The AIC