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ABOUT PUMA
Puma Investments is a subsidiary of
Shore Capital Group Limited, an AIM
listed company with a 30 year history.
Shore Capital has a network of five
offices including London, Liverpool and
Edinburgh. One of its divisions is a leading
market-maker on AIM and an advisor to a
large number of AIM listed companies.
The asset management division of
Shore Capital manages approximately
£800m. Puma specialises in Inheritance
Tax Services, VCTs and EIS. We’ve raised
over £200m in tax efficient investments,
including the largest limited life VCT fund
raise in the 2014/15 tax year of over £29m.
We have two discrete BPR qualifying
offerings: Puma AIM ITS and Puma
Heritage PLC. Puma AIM ITS is a
discretionary portfolio service that
seeks to mitigate Inheritance Tax
by investing in a carefully selected
portfolio of AIM shares. Puma
Heritage PLC through its wholly-
owned subsidiary, undertakes trading
activities with the principal aims of
preserving capital and generating stable
returns, whilst offering downside risk
protection. The core strategy of Puma
Heritage is focused on secured lending
to businesses with tangible assets,
particularly in the real estate sector.
Puma Heritage provides a BPR qualifying
offering via a single company which is a
simple and transparent structure.
Puma Investments has a long track
record of managing tax efficient
investments dating back to 2005. The
original Puma Limited Life VCTs were the
first to reach the milestone of returning
over 100p per share to investors,
equating to annualised growth of 11.6%.
THE TEAM AND OUR BPR
QUALIFYING OFFERINGS
The Puma AIM ITS is overseen by
Investment Director Justin Waine.
Justin has 16 years’ experience of
analysing UK and European small and
mid-sized companies. He spent 8 years
at Polar Capital as a Fund Manager
on their European Funds where he
managed a significant portion of their
award winning European Forager Fund;
an absolute return fund focused on
Pan-European small and mid-sized
companies. He was also responsible for
investment across the whole of Europe,
but predominantly focused on the UK,
Germany and Switzerland, including
companies listed on AIM.
Puma Investments acts as trading
adviser to Puma Heritage PLC. The
trading adviser provides strategic
input in the origination, acquisition
and realisation of loans and monitors
the financial performance of the Puma
Heritage companies. The same team
also advises on the range of Puma
VCTs. The team is multi-disciplinary and
its track record extends across all of
the Puma VCTs. Each new transaction
must be approved by the Investment
Committee before being recommended
to the independent board of Puma
Heritage for approval.
The Investment Committee is chaired
by Graham Shore. Graham has been
involved with AIM since its inception,
helps to manage the Puma VCT’s,
evaluating new deals and representing
the funds with investee companies.
OUR INVESTMENT APPROACH
The Puma AIM Portfolio Service focuses
on investing in quality companies with
strong margins, good returns and a
track record of cash generation. The
Investment Director selects companies
on strict valuation criteria with a focus
on capital preservation. Puma seeks to
invest in companies which can deliver
solid long term growth.
The Puma approach is research driven
and we only select companies that meet
strict valuation criteria with a focus on
capital preservation. As at 31 March
2015 the Puma AIM Portfolio Service
has delivered a 13.19% return since
launch in July 2014, which represents
an outperformance of the AIM All Share
Index of 22%.
The Puma AIM Portfolio Service is
constructed on the following criteria:
Fully invested in AIM shares, with a
small cash position (3-5%)
Target approximately 20 holdings
Min. market capitalisation of £50m
Average position size is 3%-6%, with
no position greater than 10%
Target holding period 3 to 5 years
Longer holding periods considered if
the fundamentals work
Low portfolio turnover
Puma Heritage PLC’s core focus is on
secured lending, generating stable
returns for shareholders while seeking
to offer robust downside protection. The
offer is unique because in June 2014 the
UK Listing Authority (UKLA) approved
the prospectus for Puma Heritage plc
under sections 85 and 86 of FSMA. The
Company targets an annual return of 3%
in order to counter long-term inflationary
pressures. Any potential loan undergoes a
rigorous screening and approval process
via the trading advisor’s Investment
Committee before it is recommended to
the Puma Heritage Board of Directors for
their independent approval.
The investment process has proved
reliable to date as Puma Heritage has
made 127 loans with a weighted average
interest rate of 9.15%. The company
has a strong pipeline of loans and is
well placed to deliver its target return.
Furthermore the interests of Puma
Investments (the trading adviser) and
Shareholders are entirely aligned:
Puma Investments will not receive any
performance fees and its annual advisory
fees are only paid in full if the minimum
target annual return is paid in full.
“Shareholders in BPR qualifying companies and AIM stocks do not lose control
of their assets as is the case when making a gift or placing assets in trust”
David Kaye, Puma Investments
+44 (0)20 7408 4010
