Puma AIM VCT
Applications open
for the 2025/26 tax year
Important information - Venture Capital Trusts (VCTs) invest in small, early-stage, unlisted companies and are considered high-risk investments. It’s difficult to access your money in the short term and their value can go down as well as up so you could get back less than you put in. VCTs are long-term investments and should only be a consideration for experienced investors with larger portfolios. We suggest they form a small part of a diversified portfolio. This isn’t personal advice, if you’re unsure if VCTs are right for you, please consider taking advice. Tax rules can change, and their benefits depend on your individual circumstances.
About Puma AIM VCT
Puma AIM VCT, Puma’s newest VCT, aims to provide returns by investing in established companies traded on the Alternative Investment Market (AIM). It will focus on stable returns from companies with growth potential, avoiding the volatility of start ups.
Key facts
- New VCT launch.
- Annual dividend target of 5p per share. But dividends are not guaranteed.
- Raising £10mn.
- Launch offer: 0% initial charge for the first £5mn of applications.
- Puma has a decade of investing experience on AIM and the team behind this VCT has a collective track record of over 50 years with investing in AIM companies.
Before applying you should read the prospectus and key information document. This contains helpful information about how the VCT works and is invested, but also will help you understand any further risks you should be aware of.
Ready to invest?
Make sure you’ve read these key documents. They cover in more detail the risks and investment strategy of this VCT.
Puma AIM VCT prospectus Puma AIM VCT brochure Key Information Document (KID) HL offer terms and conditions
VCT offer details
- Open to UK investors located and resident in the UK.
- Minimum application of £10,000, capped at a maximum of £200,000.
- You must hold an HL Fund and Share Account to apply, you can open one during the application process. It’s free to hold VCT shares in this account.
- HL dealing charge of £50 applies.
- Investors will qualify for a 0.6% annual rebate of the ongoing charge. This will be provided annually as bonus shares for 5 years.
- The offer price will be established through the issue.
- Shares are allocated in tranches by the VCT manager during the offer period. There may be a few weeks until your shares are allotted.
- Applications can close early and at short notice, especially if there is strong demand.
Any application in this VCT should be made on the basis of the prospectus. These documents are provided by Puma Investments, Hargreaves Lansdown has not authorised or approved them and is not responsible for their accuracy.
To see more detail on how the VCT will invest, check the VCT prospectus and brochure.
Ready to invest?
Make sure you’ve read these key documents. They cover in more detail the risks and investment strategy of this VCT.
View the Prospectus View the Key Information Document (KID) HL offer terms and conditions
Costs and charges
Early bird discount: 3% discount to the initial charge for the first £5mn of applications
Initial commission waived by HL: an additional 0.6% of the value of your application will be added to your allotment as extra shares.
An HL dealing charge of £50 applies to purchases and sales.
Other incidental charges for buying and selling investments may apply. Details on this are available in the prospectus and key information document.
The following charges are based on an investment of £10,000 within a Fund and Share Account over 5 years assuming a 5% growth rate. We’ve used the initial charge including the HL saving, but no further discounts like early bird or existing investor discounts have been applied. The annual rebate is also not included.
Holders should also get income from the VCT, on which there's no charge from HL and so isn't included in these figures. The income you’ll receive isn't guaranteed and you could get back less than you invest.
£100
£2,637.15
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Total | |
|---|---|---|---|---|---|---|
| HL Charges | £50.00 | £0.00 | £0.00 | £0.00 | £50.00 | £100.00 |
|
Management charge
The annual charges to hold funds in an HL account.
|
£0.00 | £0.00 | £0.00 | £0.00 | £0.00 | £0.00 |
|
Entry dealing charge
The charge to invest in the VCT.
|
£50.00 | £0.00 | £0.00 | £0.00 | £0.00 | £50.00 |
|
Exit dealing charge
The charge to sell your investment.
|
£0.00 | £0.00 | £0.00 | £0.00 | £50.00 | £50.00 |
| Investment charges | £765.86 | £467.56 | £467.77 | £467.98 | £467.98 | £2,637.15 |
| Stamp duty (N/A) | £0.00 | £0.00 | £0.00 | £0.00 | £0.00 | £0.00 |
| Net initial charge (3%) | £298.50 | £0.00 | £0.00 | £0.00 | £0.00 | £298.50 |
| Net ongoing charge (3.9%) | £371.11 | £371.28 | £371.44 | £371.61 | £371.61 | £1,857.05 |
| Transaction costs | £9.65 | £9.65 | £9.66 | £9.66 | £9.66 | £48.29 |
| Incidental charges | £86.59 | £86.63 | £86.67 | £86.71 | £86.71 | £433.31 |
|
Total
charges
over 5 years The total of all HL charges and investment charges for the period.
|
£815.86 | £467.56 | £467.77 | £467.98 | £517.98 | £2,737.15 |
|
Average annual charge
Total charges expressed as a percentage of the average portfolio value over the 5-year period.
|
8.45% | 4.84% | 4.84% | 4.84% | 5.36% | 5.67% |
|
Illustrative 5-year value
Value after all charges are applied over the 5-year period.
|
£9,655.78 | £9,660.06 | £9,664.34 | £9,668.62 | £9,622.90 | £9,622.90 |
|
Illustrative 5-year value with
no
charges applied
Hypothetical where no charges applied over the 5-year period, based on the assumptions you have chosen. This is an illustration, returns are not guaranteed and all investments will have charges.
|
£10,500.00 | £11,025.00 | £11,576.25 | £12,155.06 | £12,762.82 | £12,762.82 |