The Battle Against Cancer Investment Trust (Bacit) has made its first £1m donation to charity following strong performance since inception.
The investment trust, headed up by F&C’s Jeremy Tigue and including Jupiter’s John Chatfield-Roberts, donated half of the money to the Institute of Cancer Research and half to the Bacit Foundation for distribution to other charities.
Between the trust’s launch in October 2012 and its financial year end on March 31 2013, it had delivered a return of 12.7 per cent, beating the FTSE All-Share return of 11.8 per cent.
Mr Tigue said the majority of managers the trust has invested in, currently 26 funds from 19 managers, had continued to outperform their benchmarks since the end of the financial year, in spite of the impact of the proposed tapering of quantitative easing.
The trust has committed to pay 1 per cent of its assets, which currently stand at £235.5m, to charity in the year to March 2014, and Mr Tigue said the trust was looking at ways to grow its assets further.