Equities in general continue to be weak and volatile as investors weighed mostly positive US earnings reports against the threat of rising interest rates.

Last week, the BoE’s monetary policy committee voted to increase the base interest rate by 25 basis points to 0.5%. This marked the first back-to-back rate hike since 2004 and came after data revealed UK inflation surged to a 30-year high in December amid rising energy costs and ongoing supply chain issues. The BoE also raised its inflation forecast to an April peak of 7.25%, which would be the highest since 1991.

What does this mean for AIM?

Global stock markets are led by the US, with the volatility experienced in larger growth companies felt to an even greater extent by smaller ones. Consequently, this has brought heightened volatility to AIM, London’s growth market, notwithstanding news and results, with the AIM index down around 11% for the year to date.

At the end of January 2022 there were 845 companies on AIM, with the total market value £134 billion. 

AIM is a market with many growth focussed and successful businesses at the higher end but, given its smaller company start-up nature, it is also a market with companies yet to come into their own and even others which are yet to make a profit. In 2021 AIM welcomed 70 newcomers coming from a broad range of sectors with market capitalisations extending up to £1 billion.

AIM is a stock pickers market which is clear from the consistently strong performance made by AIM portfolio managers in the space.

Over the 5 years to end December 2021 the AIM index had risen 41% while the main UK stock market was only 7.5% higher. This suggests that UK investors had a better chance of outperforming by focusing on companies on AIM, as opposed to the UK main market, and also ignores the added potential benefit from Inheritance Tax savings. It will be interesting to see how the next 5 years work out.

At the end of 2021 30 AIM companies were valued at more than £1 billion each.

Over recent weeks, results and updates from AIM companies within our AIM Inheritance Tax planning universe have, with a few rare exceptions, been overwhelmingly positive, although share price declines would suggest otherwise.

You can find out more about the benefits of investing in AIM for IHT planning purposes in our free report available from the link here.

Our AIM IHT portfolio companies are well-established, highly profitable and cash generative and have excellent growth prospects – our latest fact sheets, available from our Document Library here, provide examples of some of these.

While inflationary fears and interest rate rises are upper most in some commentator’s minds, our AIM portfolio stocks are well-placed to maintain their growth, whatever the economic climate, having already proven themselves through challenging economic conditions over the last couple of decades.

At times like these there is nowhere to hide and our investing policy, followed consistently since our inception in 2004, is to ‘wait for the storm to blow over’.

If you want to hear more about AIM and its Inheritance Tax planning benefits, please watch our recent webinar here where we consider what 2022 might have in store for AIM and whether the compelling tax reliefs might be at risk.

You can access the webinar from our Educational Webinars page here or by going to the Fundamental Asset Management Brighttalk channel here. You will need to register on the Brighttalk platform, but registration is free.

Opportunity

As is so often the case during periods of irrational stock market selling, good companies are thrown out with the bad. So, for those with excess cash on the sidelines, the current AIM sell-off could present a good opportunity to buy into some excellent AIM companies at far more modest valuations.

It is worth remembering that from the middle of February to the middle of March 2020, during the early stages of the pandemic, AIM fell 36%, only to finish the year as a whole 20% up on where it had started, eclipsing the UK main stock market which remained 12% down over the course of the year – AIM companies offer plenty of volatility but also plenty of opportunity, as 2020 illustrated!

If you would like to talk to our portfolio managers about their curent thoughts on AIM, please contact Jonathan Bramall on 01923 713894 or email [email protected]

Our other popular educational webinars include:

All you need to know about investing in AIM for Inheritance Tax (Aug 2020)

And

The Truth about Risk in AIM (Sept 2020)

Fundamental Asset Management
www.fundamentalasset.com

In this year-end video interview with Jeremy Naylor of IGTV, Chris Boxall, co-founder of AIM specialist investment manager Fundamental Asset Management, discusses the performance of London’s AIM market in 2021 and considers themes, sectors and stocks to keep an eye on in 2022.

Money raised on AIM to the end of November was, at £7.9 billion, already the highest for 14 years and December has brought several IPOs as well as more secondary fund raisings from existing AIM companies.

The value of shares traded on AIM to the end of November has also surged to £92 billion in the year to date, an all-time high for a year which hasn’t even finished, and nearly £10 billion more than 2020, averaging just over £399 million a day – who said AIM shares were illiquid!

Watch the video by clicking the image above.

WEBINAR

You can also join co-founders Chris Boxall and Stephen Drabwell on Wednesday 4th May 2022 at 3pm as they answer your questions on using AIM for Inheritance Tax Planning.

Sign up for the webinar here.
The Fundamental AIM IHT Portfolio is a discretionary investment management service where clients can obtain 100% mitigation from Inheritance Tax, benefit from the capital growth afforded by the AIM market and retain control of their assets.

You can find out more about Fundamental Asset Management’s high performing AIM IHT ISA and AIM Inheritance Tax portfolio service, which has been delivering exceptional investment returns for more than 17 years, from the link here.

2021 is proving to be the first year since 2014 that Initial public Offerings (‘IPOs’) on London’s AIM market have exceeded cancellations, although our research, which was picked up by The Telegraph’s Questor column, indicates that it’s proved hard for IPO investors to make money investing in AIM’s new arrivals.

You can download the Telegraph article from the link here Fundamental in The Telegraph Dec 21 or, if you have a subscription, read the article online here.

By the end of November AIM had attracted a total 75 new issues in 2021, while over the same period only 51 companies cancelled their admission. That’s a welcome change for AIM, where, since 2014, delistings have significantly exceeded new issues. This has seen the number of companies on AIM decline from 1,104 at the end of December 2014 to 842 at the end of November 2021.

While there has been a material decline in the number of companies on AIM over the past decade, the quality of companies has improved considerably, particularly over recent years, which has driven a strong performance from AIM over this period, significantly outperforming the main UK stock market.

The average value of companies on AIM at the end of November was £172 million which compares to an average value of only £65 million at the end of 2014. 28 AIM companies were valued at more than £1 billion each, with Hutchmed China the largest at £4.4 billion.

Excluding transfers from the main London market and reverse takeovers, our research suggests there were 60 true IPOs. One of the largest of these was the aptly named Big Technologies (AIM:BIG), which listed in July but saw its shares soar in quick time, lifting its market capitalisation to just over £1 billion by the middle of September. While the shares have fallen back since, they are still up 40% since IPO, with the market capitalisation £807m. Big Technologies public markets experience to date is a lot better than many others.

The shares of only 30 of the new arrivals remain above their IPO price, although there have been some very big winners to encourage IPO investors and our research reveals there is distinct profile to the star performers.

The best performing IPO on AIM in the year to date is 4basebio UK Societas (AIM: 4BB), a specialist life sciences group operating in the field of gene therapies and DNA vaccines. 4basebio joined AIM in February via an introduction (where no new money was raised on IPO), at a share price of 118 pence and market capitalisation of only £14.5m. It hopes to become a market leader in the manufacture and supply of high purity, synthetic DNA for research, therapeutic and pharmacological use. The shares are currently up 408% since IPO, lifting its market value to £74m.

The next best performer in the year was also a new arrival in February. Cornish Metals Inc (AIM:CUSN), is a mineral exploration and development company with projects in Cornwall which had previously been listed on the TSX Venture Exchange in Canada. Its dual listing on AIM raised £8.2m of new money at 7 pence per share which is being used to conduct a drill programme at its United Downs copper-tin project in Cornwall. The project lies within a densely mined district which was the richest copper producing region in Cornwall (and the world) in the 18th and early 19th centuries, and at that time referred to as “the richest square mile on earth” – how times have changed! Shares in Cornish Metals are up over 240% since IPO.

Other top performers in the year to date are Bens Creek Group (AIM:BEN), which operates metallurgical coal mines in West Virginia and whose shares are up 220% since October and Belluscura (AIM:BELL), a medical device developer focused on lightweight and portable oxygen enrichment technology, whose shares have climbed 160%.

It’s noticeable that all the top performers are early-stage companies which are not yet revenue generating and come from either the resources or life sciences sectors.

We are generally reluctant investors at IPO and like to see small companies deliver on public markets before investing. Many companies list after having enjoyed a strong period of growth prior to listing which has often proved tough to sustain. We are also very wary of big insider selling at IPO, notably by founders, which we have seen on several occasion in 2021.

Victorian Plumbing Group (AIM:VIC), the online retailer of over 24,000 bathroom products joined AIM in June in a blaze of glory and a market capitalisation of a whopping £850m. Only £11.8m was raised by the company itself on IPO, with c£286m received by selling shareholders, principally founder and CEO Mark Radcliffe (£212m) and his brother Neil (£42m), who is Product Director. While Mark Radcliffe remains the largest shareholder with a 45% stake, that was a material sell down and the shares currently sit 60% below the IPO price.

At the time of writing, 6 more companies have joined AIM in December, with the shares of 3 currently above the IPO price.

For more information:
Jonathan Bramall
[email protected]
01923 713 894

The AIM market has seen liquidity soar in the last year by almost 50%. Furthermore, the value of M&A deals have jumped over 150% to £8.4 billion between 2020 and 2021.

But what’s behind the rise in activity on the AIM market?

IGTV’s Jeremy Naylor discusses this with Chris Boxall from Fundamental Asset Management in their latest podcast.

Watch by clicking the image above.

The Fundamental AIM IHT Portfolio is a discretionary investment management service where clients can obtain 100% mitigation from Inheritance Tax, benefit from the capital growth afforded by the AIM market and retain control of their assets.

You can find out more about Fundamental Asset Management’s high performing AIM IHT ISA and AIM Inheritance Tax portfolio service, which has been delivering exceptional investment returns for more than 17 years, from the link here.

Collective Investment Schemes are commonplace in UK investment management and are the overwhelming choice for UK retail investors for use within their ISA and SIPP tax-wrappers when looking for exposure to UK smaller companies. But are they all that they seem and are they the only choice? Models of directly held equities are often overlooked but investors could be missing out on the added value models bring over collective investment schemes.

UK smaller companies prove themselves to be big outperformers on the global stage

Texas based fund manager Alta Fox, published an analysis of the best performing small-listed companies in the developed world. This was over the five years from 2015-20 and companies were required to have positive revenue growth and earnings before taxation, interest and depreciation for the previous 12 months. This included companies in North America, western Europe and Australia valued at $150m- $10bn, and that had generated a total shareholder return of at least 350% over the five-year period (35% a year compounded). It excluded all companies in the energy, materials and financials sectors.

Of the 104 companies to make the final cut, 55.7% were from Western Europe vs 32.7% from North America. 13.46% of the top performing companies were found on AIM while only 2.88% were on the UK Main Market. 21.15% were on the Nasdaq, with technology overall making up only 34% of the total.

US companies made up 28.8% of the total, with the UK in second place with 15.4%.

You can hear more about the outperformance of AIM from our CPD adviser webinar session: Is AIM heading for a fall… or is its outperformance set to continue?

Key benefits

Model portfolios give you full visibility and knowledge of all holdings, not simply the ‘Top 10’. This means you can see exactly what you are investing in.

Portfolios of shares are priced at the market price of the underlying holdings and most closed ended small/micro-cap funds trade at a discount to net assets (discounts typically widen during market sell-off), some as high as 19%.

The nature of segregated portfolios of shares means individual investors interests are not bundled with those of others. They therefore benefit from greater liquidity, an ability to sell when needed. Open ended funds holding small-cap shares are very hard to manage given the fluid nature of subscriptions and redemptions. During market sell-offs fund managers will be struggling to manage redemptions which will require them to sell holdings, thereby exacerbating share price declines.

Liquidity is an important investment fundamental not to be over looked. The illiquid nature of small cap holdings worsened the return for holders of Woodford’s fund and ultimately enforced its closure.

Low Costs

Direct equity portfolios standard management fee is around 1%, often less for larger accounts. On top of this, portfolios do not charge often sizable performance fees and trading costs, notably on adviser wrap platforms, are extremely low.

The cost of running closed ended funds with a focus on small caps is very high, with the Total Expense Ratio (‘TER’) of those we have seen ranging from 1.34% to as much as 7.50% where a performance fee has been charged.

Stated fund TERs also ignore the impact of trading costs. Venture Capital Trusts with a focus on AIM quoted companies also trade at discount with high TERs and performance fees.

Direct equity portfolios managed on behalf of individual clients can easily acquire positions in smaller companies. Closed-ended small cap funds struggle to pick up positions of size in their target investments.

Direct equity investment via portfolios encourages efficient portfolio structure and the avoidance of over-diversification. Open-ended small cap funds are often over-diversified, holding hundreds of positions. This is often due to the less liquid nature of smaller quoted companies

One popular Investment Trust we have come across has 360 different company holdings, with the top 10 only accounting for 17% of net assets.

And finally…..

UK investors in collective investment schemes (funds/investment trusts/VCTs) holding AIM shares don’t benefit from the tax advantages available to those UK investors having direct holdings in the companies.

You can find out more about the benefits of investing in AIM for IHT planning purposes in our free report available from the link here.

Disadvantages

• The management of capital gains is harder via a segregated portfolio.
• It’s much harder to judge performance
• Segregated portfolios can be prohibitively costly for smaller accounts of less than £40k

The Fundamental AIM IHT Portfolio is a discretionary investment management service where clients can obtain 100% mitigation from Inheritance Tax, benefit from the capital growth afforded by the AIM market and retain control of their assets.

You can find out more about Fundamental Asset Management’s high performing AIM IHT ISA and AIM Inheritance Tax portfolio service, which has been delivering exceptional investment returns for more than 17 years, from the link here.

July 2021 has been the best month since December 2014 for IPOs on the AIM market, with 16 new arrivals and five departures.

IGTV’s Jeremy Naylor discusses the sector breadth of the new listings and the opportunities for investors with Chris Boxall from Fundamental Asset Management.

The Fundamental AIM IHT Portfolio is a discretionary investment management service where clients can obtain 100% mitigation from Inheritance Tax, benefit from the capital growth afforded by the AIM market and retain control of their assets.

You can find out more about Fundamental Asset Management’s high performing AIM IHT ISA and AIM Inheritance Tax portfolio service, which has been delivering exceptional investment returns for more than 17 years, from the link here.

AIM, is one of the London Stock Exchange’s great success stories. However, back in 2008 the London’s growth market began to see a decline in the number of new listings. This was a direct result of the financial crisis and the global uncertainty that followed.

Given the nature of AIM, there will always be companies which are taken over by a competitor, merge, delist, join the FTSE main market or occasionally even fail – thankfully the last of these is far less frequent than it used to be. AIM therefore requires a steady flow of new listings to maintain numbers and replace the leavers.

AIM reached its peak in number of listed companies in 2007 at 1,694, when the resources boom saw a lot of small early-stage oil and gas companies and many overseas companies also join, many of which were of questionable quality. In July 2021 this number was at 832, less than half its peak.  Our associates Investor’s Champion cover all the new arrivals to AIM in July in their update here.

Many large companies which could qualify to be on the FTSE main market have become all too happy to remain on AIM, lifting the total market value. There are several reasons for a large company to remain on AIM: Business Relief investment might provide a welcome additional source of capital, they may prefer the reporting regime on AIM, owners and major shareholders might appreciate the Business Relief benefit for their own Inheritance Tax planning. As a result of this, AIM has seen a decline in the number of companies listed but a significant increase in total market value and quality of companies.

You can find out more about the benefits of investing in AIM for IHT planning purposes in our free report available from the link here.

Has this downward trend continued?

No. In fact from Q4 2020, the number of companies joining AIM began to increase and the rate of companies leaving the market began to slow. As a result, by the end of Q2 2021 the number of companies on AIM had increased by 13, raising £664m. The market also broke its record with the largest new admission in the second quarter of the year, as Victorian Plumbing Group raised £298m upon listing, with its market capitalisation £850m. The positive trend has continued with July 2021 the best month since December 2014 for IPOs on AIM, with a couple of very large new arrivals further highlighting the growing appeal of AIM for larger, high-growth companies.

Why are companies listing?

Many believe the reason for the change in direction is because some companies held back on their IPO plans during 2020 due market uncertainty brought on by Covid and Brexit. Going into 2021, the UK Covid vaccine strategy began to roll out which dramatically reduced the number of deaths from the virus. The Brexit deal agreed in the latter part of 2020 gave further reassurance to markets. A combination of the two could be the reason we are seeing more and more companies listing on AIM through 2021.

Interested in hearing more about how AIM for IHT works? Then why not watch our webinar session named All you need to know about investing in AIM for inheritance Tax where we delve into the subject in more detail.

The Fundamental AIM IHT Portfolio is a discretionary investment management service where clients can obtain 100% mitigation from Inheritance Tax, benefit from the capital growth afforded by the AIM market and retain control of their assets.

You can find out more about Fundamental Asset Management’s high performing AIM IHT ISA and AIM Inheritance Tax portfolio service, which has been delivering exceptional investment returns for more than 17 years, from the link here.

AIM IHT ISAs can be higher risk, more volatile and less liquid when compared to conventional ISAs. Tax rules can change and benefits depend upon circumstances.

Read the What Investment coverage of Fundamental Asset Management’s recent decision to broadening its investment mandate and introduce positive & sustainable growth into its AIM IHT portfolio. (Read the full article here)

Chris Boxall, co-founder & co-managing director at Fundamental Asset has said: “this is an inevitable evolution of our successful AIM for IHT portfolio service. We recognise the opportunity for growth which positive and sustainable early-stage investing presents, while also supporting those businesses executing positive change”.

Rather than avoiding companies which do not meet typical ESG criteria, Fundamental wants to support those businesses executing positive change in their respective industries.

For example, many of AIM’s healthcare related companies have come to fore over the pandemic, whether in the area of testing or drug development. There has also been growing interest in the alternative energy arena, notably the hydrogen economy, as well as environmental matters in general.

The Fundamental’s AIM IHT portfolios have, up to now, avoided earlier stage, smaller, non-profitable companies in these sectors, due to the perceived heightened risk of these types of business for an IHT planning mandate. However, from discussions with clients and advisers they see a growing enthusiasm for supporting companies making a positive commitment to society, despite the majority of such businesses not having yet achieved profitability.

Fundamental Asset will continue to adopt their proven core/satellite approach to portfolio construction, but will increasingly consider investing small elements of the satellite basket in smaller, fast-growing, earlier stage companies.

While there is clearly perceived added risk investing in companies which are potentially in need of further capital injections to commercialise their product or service, the nature of markets has seen these types of ‘new economy’ businesses perform strongly over recent years and attract significant amounts of capital. We consider that investors’ enthusiasm for supporting more innovative companies in fast growing sectors may continue to deliver outperformance.

Enjoy your weekend,

The Fundamental Asset Team

You can find out more about Fundamental Asset Management’s high performing AIM IHT ISA and AIM Inheritance Tax portfolio service, which has been delivering exceptional investment returns for more than 17 years, from the link here.

Third-party due diligence provider MICAP have recently released their report for the Fundamental Asset AIM IHT portfolio for year 2020/2021. We are pleased to announce that we continue to lead the way on performance with a top quartile position over 1, 3, 5 & 10 years! Read the full report here.

Against all apparent and previously established logic London’s AIM market for smaller growing companies has comfortably outperformed London’s main market in all key areas during the Covid-19 period so far, one of the worst periods of economic uncertainty and downturn in our economic history.

The AIM All-Share index rose 26% between the end of January 2020 and the end of March 2021, while the FTSE All-Share Index fell -7.8%.

Also, in 2020 AIM saw a -27% fall in the number of companies leaving the market bringing the total to 55. However, the number of companies de-listing on the FTSE All-Share, rose 8% to 53, with some of those joining AIM.

On top of that, money raised by new companies joining the main market fell -19% to £2.5bn, while AIM only saw a decline of -1% from £496m to £489m.

Our associated online investment magazine Investor’s Champion covers all the new arrivals to AIM. April’s new arrivals are covered in the Blog here.

But why such a difference? Well AIM by its nature is a marketplace for many innovative and fast-moving business which are better positioned to adapt quickly. AIM also has a large exposure to some of the economy’s best-performing sectors, such as technology. The main market on the other hand has been pulled down by more established and slow-moving businesses with some in struggling sectors in the pandemic such as oil, banking and housebuilding.

The main market is yet to reach its pre-pandemic level. In contrast, AIM keeps its place as one of the most successful growth markets in the world and continues to prosper and generate enviable returns for investors.

Enjoy your weekend,

The Fundamental Asset Team

You can find out more about Fundamental Asset Management’s high performing AIM IHT ISA and AIM Inheritance Tax portfolio service, which has been delivering exceptional investment returns for more than 17 years, from the link here. We also have an Adviser Centre with a wealth of information to support financial advisers including case studies, adviser webinars, guides and platform partners.

Third-party due diligence provider MICAP have recently released their report for the Fundamental Asset AIM IHT portfolio for year 2020/2021. We’re pleased to announce that we continue to lead the way on performance with a top quartile position over 1, 3, 5 & 10 years!

Read the report here.

London’s AIM market had a remarkable 2020, ending the year with its market value at an all-time high and with the AIM Index also significantly outperforming other UK main market indices. But what drove this remarkable performance in such a challenging year?

AIM (formerly known as the Alternative Investment Market) closed 2020 with 819 companies and a total stock market value of £131 billion. While there was a net decline of 44 companies from 2019, the overall market value was £16.9 billion higher. A lot of the strong performance came from companies qualifying for the popular Inheritance Tax planning reliefs.

The AIM index continues to be dominated by relatively few large companies, with AIM’s twenty largest companies valued at £45 billion, representing 34% of the total value of AIM. At the end of the year there were a record 24 AIM companies valued at more than £1 billion each, compared to only 16 at the end of 2019.

With its shares up 42% in 2020, ASOS closed the year as AIM’s largest company, valued at £4.8 billion, having assumed the crown from online fashion rival Boohoo Group, which came in second, valued at £4.35 billion, despite attracting criticism for poor working conditions at its suppliers and questionable corporate governance.

AIM’s Leisure Goods sector was another beneficiary of the pandemic seeing its value soar £3.7 billion to £7 billion, driven by strong trading from video gaming companies, three of which were valued at more than £1billion each at the year end, with Codemasters Group not far behind.

AIM subsequently lost Codemasters as it was acquired by US giant Electronic Arts. It’s a shame to see another fast-growing UK company acquired by an overseas rival, but this is very much the nature of AIM, with UK shareholders seemingly unwilling to back the longer-term growth opportunity. Codemasters was a constituent of our AIM Inheritance Tax portfolios.

Having attracted little attention for many years, many of AIM’s small healthcare companies were quick to develop tests for Covid-19, subsequently benefiting from explosive demand and share price growth.

The value of AIM’s Healthcare related companies, encompassing the sub-sectors of Medical Equipment and Services and Pharmaceuticals and Biotechnology, rose £5 billion in value to £17 billion.

There were big moves from anything involved in Covid-19 testing and vaccine development, with companies in these areas adding £1.6 billion of market value. The Healthcare sector also brought AIM’s top performer in the year in Novacyt, which received large orders from the UK’s Department of Health for its Covid-19 tests, helping to lift the shares over 6000% in the period.

With many countries (and notably Germany) getting behind hydrogen as an alternative to natural gas, there was growing interest in hydrogen-based energy, which is being pushed as a solution to fill the energy gap left from the impending closure of nuclear and coal-fired power stations.

AIM has several hydrogen fuel cell companies, whose shares soared over the course of the year, despite the challenges of the pandemic, adding £5.9 billion in market value to the Alternative Energy sector. Both ITM Power and Ceres Power closed the year valued at more than £2 billion each, with shares of the former up 600%.

AIM’s Technology sector consisting of 113 companies, encompassing the sub sectors of Software, Hardware and Telecommunications related activities, proved extremely resilient with its value rising £4 billion to £18 billion.

Our associates Investor’s Champion provided a review of AIM’s electrifying performance in 2020 in this update here.

AIM’s outperformance relative to the main UK market was driven by the latter having no exposure to video gaming and hydrogen fuel cells, two sectors seeing exceptional share price gains, and relatively little pure exposure to niche software, technology and online retail. The UK main market also continues to suffer from a distinct lack of growth!

The AIM of today consists of a far greater number of good quality businesses, many of which are delivering far more impressive growth than their peers on the main market and are also suitable for AIM Inheritance Tax portfolios.

As individuals own 25.1% of AIM companies, against just 11.3% of FTSE 100 companies, UK private investors will also have benefited very nicely from this outperformance and supported many fast growing UK businesses.

To benefit from the Inheritance Tax planning reliefs, individuals need to own the qualifying AIM shares directly in a segregated portfolio in their own name i.e. the tax benefit cannot be gained through investing via a collective/fund structure. In support of this, a growing number of financial advisors embrace AIM and AIM Inheritance Tax portfolios, which can also be accessed through a number of advisor wrap platforms.

We discuss AIM’s impressive performance in 2020 and potential themes to follow in 2021 in our Webinar here.  

Click the picture below to register for the session.

 You can find out more about Fundamental Asset Management’s high performing AIM IHT ISA and AIM Inheritance Tax portfolio service, which has been delivering exceptional investment returns for more than 16 years, from the link here.

We also have an Adviser Centre with a wealth of information to support financial advisers including case studies, adviser webinars, guides and contact details.