The Battle Against Cancer investment trust (BACIT) has announced its first charitable donations, totalling almost £1m, after a strong first five months.
The trust, which raised £200m at launch and listed on 26 October 2012, saw NAV rise by 12.7% over the period to 31 March 2013, compared with an 11.8% rise in the FTSE All Share and a 12.3% rise in the HFRI Fund of Funds Strategic index. Chaired by Jeremy Tigue, with directors including Jon Moulton and former Cazenove manager Tom Henderson, the trust is to donate £492,829 to the Institute of Cancer Research and the same amount to a foundation that will invest in a range of cancer charities. The trust charges no performance or management fees and aims to invest 1% of its net asset value...
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