Venture Capital Trusts (VCTs) showed extraordinary resilience in 2020 despite the challenges of the pandemic, according to a new survey of VCT managers conducted by the Association of Investment Companies (AIC).

In the survey, which was conducted between 1 December 2020 and 6 January 2021, 40 per cent of managers said trading conditions for their investee companies had improved since January 2020 with a further 27 per cent saying conditions were unchanged. Reflecting this, the average VCT delivered a positive total return of 4 per cent in 2020, while the FTSE All Share delivered a 10 per cent loss in the calendar year and UK GDP shrank 9 per cent between January and November.

Of the VCT managers surveyed, 53 per cent made at least the same number of new investments in 2020 as they did in 20193. The same percentage (53 per cent) said COVID-19 had either increased investment opportunities or that it had no impact, with 33 per cent reporting it had diminished opportunities.

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