High risk technology VCT that appears to be well managed to select good companies leading to successful realisations. Climate for these has been improving in the last year making me doubt the historical declining revenue growth.
What I like about this trust is the dedicated team and that distribution is via share buybacks to increase capital value from realisations rather than the usual VCT method of destroying value by capital and income redistributions. What I dont like is the almost static asset value in the last year. Most of the share price increase has been narrowing of the discount through buybacks in addition to investor interest and publicity.
However the discount has narrowed to 30% and I would question how much more there is to go if buyer interest wanes or there is a USA tech sell off this year. Perhaps another 10% narrowing plus any capital uplift due future realisations.
Allowing for the present positive momentum on the shares, I am setting my price target at about 570p., depending on the news flow in the next few months.
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