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| The Querns Income First Fund, launched on 14 June 2010, is dedicated to providing income seekers, with a high level of income. Income is paid monthly and the Fund can be held in tax efficient wrappers such as ISAs and SIPPs. The objective of the Fund is to achieve a high level of income, together with some long term capital growth. The fund is a Tax Elected Fund (TEF), one of the first to take advantage of the regime introduced in September 2009. The fund pays a dividend distribution from the income from UK equities and a non-dividend distribution from interest earned including from corporate bonds, thereby putting investors in the same tax position as if they held the underlying investments direct. As a result, shareholders holding the fund through tax efficient wrappers, such as an ISA or a pension fund, are entitled to receive the non-dividend distribution gross. Until the TEF regime was introduced, it was only possible to receive gross interest (or reclaim the tax credit) from UK funds that paid interest distributions, although such funds were required to have a minimum of 60% invested in fixed interest investments. The Querns Income First Fund does not have that restriction. |
| Key Highlights |
Designed to achieve a high annual income – yield estimated to be initially about 6.2 % for gross
shares and 5.6 % for net shares
Invests in high quality UK corporate bonds and UK equities, both with high levels of income
Low 0.75% annual management fee charged to capital
Tax efficient Tax Elected Fund status
Income paid monthly
Available for direct investment and for both ISA and SIPP investments
No initial charge
Designed to prioritise income and aim for some long term capital growth
Flexible asset allocation with bond/equity ratio of up to 20/80 either way to provide substantial
flexibility between asset classes based on relative value at any given time
Tax elected regime allows receipt of gross income from corporate bonds for ISA and SIPP investors,
no matter what the proportion of bonds to equities
Straightforward single pricing
UK authorised UCITS scheme
Fund structure designed as a low cost post Retail Distribution Review product
Issued by Querns Asset Managers LLP, authorised and regulated by the Financial Services Authority. See Important information.
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