Maven offers something distinctive from many other VCTs, with a focus on defensiveness that is difficult to achieve when investing in smaller companies.

The VCTs’ largest holding, Horizon Cremation, is a nice example of the kind of non-cyclical business Maven targets. Managed by experienced property developers, the company has been able to overcome the most significant barrier to new crematoria – availability of sites – and is currently operating three purpose built new crematoria, with two new sites under development. The significant barriers presented by the planning process help make an already a-cyclical business still more defensive.

For investors looking to add ballast to an existing portfolio of the generally growthier VCTs – Maven could be worth considering.