The prices & performance tables provide unrestricted coverage of all UK Venture Capital Trusts. The tables can be filtered into various FE Trustnet sectors, enabling you to view any fund against its peer group. The drop down menus at the top right of the page will allow you to sort the data by sector or funds open for new investment from closed funds. Simply make your choice and click the Select button. Open funds are also indicated with an asterisk.

Customise Function

This enables you to modify your view of the tables. By clicking on the Customise button you can access the pop-up filter that allows you to add to and/or remove the data columns displayed. The data items already ticked on the pop-up filter reflect the current view. You can return to the FE Trustnet default view at any time by choosing the 'Default' button. To remove or add an item, simply click into the box next to the data description and select 'Go'. The Go button will enable you to view your data selection and return to the modified view as you move about the site. The prices and performance view is reset to the FE Trustnet default option when you leave the site.

To remove all data items click 'Select none'. Fund Name cannot be removed from the list. The Customise list includes data that was previously shown on fund factsheets only.

Column Headings

You can further edit your alphabetical view of the prices & performance pages by clicking on various column headings. The tables can be sorted by fund name, group name, discount or 1, 3 or 5 year price or NAV performance.

Rank

This column is shown to provide you with a quick reference to where you are within any given prices & performance table and how a fund ranks within the universe shown i.e. a particular fund might be 6th out of 15 funds (the total number of funds is listed at the top of the table) on a 1 year price performance sorting. This number is also particularly useful in the case of long tables where only some entries can be seen on the screen at any one time or where the table is long enough to be split across more than one page.

Chart Icon

This icon acts as a link to a standard performance chart for subscribing funds. Non-subscribing funds will link into a feedback form.

Pound Sign

This icon acts as a link to a summary of the fund's dividend history. The dividend history summary page includes the payment date and dividend amount, and links to the fund factsheet. Non-subscribing funds will link into a feedback form.

Fund Name

This is a shortened name for the fund and acts as a link to a detailed fund factsheet for subscribing funds. Non-subscribing funds will link into a feedback form.

Price

The price given is the last quoted mid closing price. This figure is updated daily (usually by around 6:00 p.m. in the UK). All prices shown are in Pence Sterling unless otherwise specified in brackets after the price.

NAV (Net Asset Value)

The Net Asset Value of the fund is the value of the fund taking all existing assets and holdings at current market price and deducting the value of all current liabilities.

The NAV is usually expressed in pence per share.

NAVs are usually reported by funds on a weekly, or sometimes monthly, basis.

FE Trustnet shows daily estimated values from Thomson Financial Datastream.

These NAV estimates are calculated using the fund's portfolio at the time of the last reported NAV, taking into account subsequent individual share price movements.

The portfolio, as published in the latest accounts, is arranged into industrial and country groups and the value of each group is updated daily by the respective shareholdings or by an appropriate industry share index.

The subdivision of the portfolio is taken to the most detailed level that is considered practical, both in respect of UK and foreign investments.

Approximately 300 daily share indices and all major shareholdings are used in these calculations.

All convertibles are treated as fully converted at the first opportunity, prior charges are deducted at par and warrants are treated as exercised if the net asset value exceeds the subscription price of the warrant.

Director Share options are also taken into account.

Any asset values published by the trust since the last year end are also taken into account.

Discount/Premium

Venture Capital Trusts, like Investment Trusts, have a fixed capital and are traded on the stock exchange. Due to market fluctuations the share price does not usually reflect the Net Asset Value (NAV). The discount / premium to NAV is calculated as a percentage of share price against NAV. When the price is below the NAV the fund is said to be trading at a 'Discount' and when above, at a 'Premium'. On FE Trustnet a discount is shown with a negative sign, a premium with a positive sign.

Performance Figures

Performance averages for 1, 3 and 5 years and discount can be found below the prices & performance tables. Averages can also be seen for FE Trustnet sector selections.

Price Total Return Performance

The performance of the trust's share price over the given time period, using closing mid prices and with net income (dividends) reinvested. This figure also takes account of any capital loss or gain.

NAV Total Return Performance

The trust's NAV performance over the given time period, using fully diluted NAV figures (where applicable) and with gross income (dividends) reinvested. A diluted NAV figure is one that has been recalculated to take account of the existence of outstanding warrants or convertibles. This performance figure measures the value of the fund's underlying assets. As such, it is sometimes thought to give a better representation of a fund's real performance (and therefore the manager's abilities), as it is not influenced by the supply and demand of the market in the same way as the share price performance.

Performance Averages

Performance averages for 1, 3 and 5 years can be found below the prices & performance tables. Averages can also be seen for sector selections.

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Fund factsheets can be accessed via every highlighted fund name for subscribing funds. Non-subscribing funds will link to a feedback form. All VCTs on FE Trustnet show a daily price, discount and performance.

Investment Objectives

This is the fund's investment objectives as defined in the last set of annual accounts.

Fund performance chart

This section has the option to show up to six charts for the selected fund. To make your selection from 1, 3 and 6 month, 1, 3 and 5 year charts, simply choose the relevant time period from the drop-down list under 'Performance Chart Control'.

All charts that can be selected have total return PERCENTAGE performance plots, in Sterling terms, and are rebased. They do NOT show actual values. Charts are updated at least weekly and as such there may be small differences between the charts and the numerical data listed, especially if prices or markets have moved significantly since the charts were last updated.

To view rolling and calendar year discrete performance charts you can either click on the fund performance chart itself or the 'Click here' link under the Performance Chart Control section.

Fund performance Information

The performance of the trust's share price over the given time period, using closing mid prices and with net income (dividends) reinvested - total return. This figure also takes account of any capital loss or gain. The fund's performance is also benchmarked against a relevant index.

The fund's NAV total return performance can be viewed via the 'Click here' link under the Performance Chart Control section.

Price

The price given is the last quoted mid closing price. This figure is updated daily (usually by around 6:00 p.m. in the UK). All prices shown are in Pence Sterling unless otherwise specified in brackets after the price.

In addition to the price, this section lists the discount, daily estimated NAV values from Thomson Financial Datastream and published NAVs, dividend yield and risk rating. The NAV date for the estimated NAV figure is always the same as the price date. The date for the last published NAV is indicated under the figure.

Gross and Net Dividend Yield - The Net figure is calculated by dividing the annual net dividend income per share received from a trust by its current share price. Gross figures are totalled up using the appropriate tax rate.

The process of gearing is designed to increase shareholders returns by achieving growth at a faster rate than the cost of borrowing. This can be beneficial when markets are rising as gearing can be used to enhance gains. However, gearing can enhance losses when a sector is falling. Gearing is usually expressed as a percentage of the total assets of the trust, where a figure of 100 indicates no gearing.

The pound sign acts as a link to a summary of the fund's dividend history. The Sedol, EPIC and ISIN codes are also listed under 'Share Identifiers'.

The plus sign can be clicked on to add the fund to your Portfolio. If you view a fund factsheet when logged off from the portfolio service, clicking on the plus sign will take you to the portfolio homepage. In this case, to add the fund simply log on to your portfolio and the selected fund will appear automatically in the Valuation View. If you have more than one portfolio you have to choose which portfolio the fund is to be placed in before linking to the Valuation View.

Capital Structure

The information under capital structure includes 'Exchange', which refers to the trust's primary trading exchange and a daily updated market value figure, which is the share price multiplied by the number of shares.

Detailed Fund Information

In this section you can view essential details about the fund.

- Open/Closed

This indicates whether a fund is closed or open for new investment. Those funds shown without prices & performance data have not yet started trading on the Stock Exchange. Background details are still available for these funds.

- Gross Assets

The gross assets figure is calculated daily and is the total amount a trust has to invest, including loans. The figures are also shown in US dollars.

- Report Date

The report date refers to the date of the last annual or interim report published.

- Annual Accounts

The club symbol links to a free service for ordering annual and interim reports. A full list of reports can be linked to from the VCT homepage.

- Peer Group Performance

Every fund listed within FE Trustnet has a sector definition. The highlighted sector option on a fund profile page links directly to comparative prices & performance tables for that fund type.

Portfolio Summary

The portfolio information is collected from the last published annual / interim accounts. You can view up to three of the fund's previous portfolio breakdowns by selecting the 'historical portfolios' link. If a fund has more, a link on the historical portfolio page will allow you to view all the breakdowns available.

Links

- Company Announcements

The Company Announcements link at the top of the page or the RNS link under Share Identifiers will take you to the Investegate.co.uk web site. You can view additional press releases and other information such as director dealings, on your chosen fund.

There are also links enabling you to e-mail a friend about the fund profile page or make the page printer-friendly - to return to the previous view select 'Normal view'.

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All fund performance pages have links to the related fund factsheet. Cumulative and discrete performance figures are also shown.

The date of the performance figures is shown in the title of each section.

Cumulative Performance

The cumulative performance section shows a standard performance chart and 3 month to five year price and NAV total return performance figures. This section also has the option to show up to six fund charts. To make your selection from 1, 3 and 6 month, 1, 3 and 5 year charts, simply choose the relevant time period from the drop-down list above the chart.

All charts that can be selected have PERCENTAGE performance plots, in Sterling terms, and are rebased. They do NOT show actual values. The discount/premium charts show actual or absolute values over the time periods chosen. Charts are updated at least weekly and as such there may be small differences between the charts and the numerical data listed, especially if prices or markets have moved significantly since the charts were last updated.

Discrete Performance

The discrete performance charts act as a visual representation of the discrete performance figures seen below the charts. These daily updated charts and figures show 5 discrete 12 monthly percentage performance figures on a rolling (0-12 month, 12-24 month etc) and calendar year (2007, 2006, 2005 etc) basis.

If the fund you are viewing has a benchmark index, the discrete charts and figures will also include discrete performance data for the index, enabling you to compare performance.

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VCT education guide

This feature covers many areas such as tax benefits, risk and eligibility. Produced by FE Trustnet, the Guide also has a Frequently Asked Question section at the end and can be linked to from any page within the VCT section.

Free annual reports

You can order current annual VCT Report and Accounts. This link will take you to a full list of available reports and enable you to enter the ordering system. Please note that the list also includes Investment Trusts.

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