Umbrella Fund
Unlike a unit trust, an ICVC can act as an umbrella scheme holding various sub-funds each with their own investment goals. For example one ICVC may hold a subfund investing called UK smaller companies and another subfund called UK equity income. Each subfund has its own investment aims and is held separately from other subfunds within the same ICVC. This has some cost savings for the investment manager.
Read more about this topic: Open-ended Investment Company
Famous quotes containing the words umbrella and/or fund:
“There are certain things—as, a spider, a ghost,
The income-tax, gout, an umbrella for three—
That I hate, but the thing that I hate the most
Is a thing they call the Sea.”
—Lewis Carroll [Charles Lutwidge Dodgson] (1832–1898)
“I am advised that there is an unexpended balance of about $45,000 of the fund appropriated for the relief of the sufferers by flood upon the Mississippi River and its tributaries, and I recommend that authority be given to use this fund to meet the most urgent necessities of the poorer people in Oklahoma.”
—Benjamin Harrison (1833–1901)