Calculus VCT
Applications open
Earlybird deadline: 12pm 17 Feb 2026
Important Information - Venture Capital Trusts (VCTs) invest in small, early-stage, unlisted companies and are considered high-risk investments. It’s difficult to access your money in the short term and their value can go down as well as up so you could get back less than you put in. VCTs are long-term investments and should only be a consideration for experienced investors with larger portfolios. We suggest they form a small part of a diversified portfolio. This isn’t personal advice, if you’re unsure if VCTs are right for you, please consider taking advice. Tax rules can change, and their benefits depend on your individual circumstances.
About Calculus VCT
Calculus VCT invests in entrepreneurial business with growth potential across technology, healthcare and entertainment sectors. It looks for scalable companies with developed market traction with defensible intellectual property.
Key facts
Started in 2016
£45mn total assets under management
Annual dividend target yield of 5% of the net asset value - this is not guaranteed
Holds around 35-40 companies across technology, healthcare and entertainment sectors
Raising £10mn with an over-allotment facility of a further £10mn
Before applying you should read the prospectus and key information document. This contains helpful information about how the VCT works and is invested, but will also help you understand any further risks you should be aware of.
VCT offer details
Open to UK investors located and resident in the UK.
Minimum application of £5,000, capped at a maximum of £200,000.
It’s free to hold VCT shares in an HL Fund and Share Account.
Investors will qualify for a 0.5% annual rebate of the ongoing charge. This is paid annually in bonus shares and capped at 3% of the cumulative application amount.
The offer price will be established through the issue.
Deadline for applications for the next allocation is expected on 15 December, though applications can close early at short notice especially if there is strong demand.
Any application in this VCT should be made on the basis of the prospectus and any supplementary information issued by the VCT manager. The prospectus and supporting documents are provided by Calculus, Hargreaves Lansdown has not authorised or approved them and is not responsible for their accuracy.
Ready to apply?
Make sure you’ve read these key documents. They cover in more detail the risks and investment strategy of this VCT.
Example companies held by Calculus VCT
A platform which commercialises gene editing induced gene silencing (GEiGS®) for all human therapeutic applications. It has programmes in regenerative medicine and immuno-oncology, with a focus on Type 1 Diabetes and solid tumour therapies.
A full-service advertising agency, a television production company and a data insight unit supporting the work of the other two units. Clients include Three Mobile, Starling Bank and Coral. The production business has sold programming to every UK public service broadcaster and Sky.
Specialists in task-based, psychometric assessments during recruitment, Arctic Shores’ software helps companies build diverse, successful workforces.
To see more detail on how the VCT invests, including why they’ve chosen certain companies check the VCT prospectus and brochure.
Past performance
You can view the past performance data of this VCT on our factsheet. You’ll need to return to this page to place a deal. Past performance is not a guide to the future.
Costs and charges
| VCT manager initial charge: | 3% |
| HL saving on the initial charge: | 0% |
| Net initial charge: | 3% |
| Ongoing charge: | 2.5% |
| Performance fee: | 10% |
Early bird offer: 1.5% discount to the initial charge for applications received by 12pm 17 Feb 2026.
Existing investor discount: Further 0.5% discount to the initial charge for applications received by 1 October 2026.
If you wish to sell your VCT, telephone rates of commission will apply (1%, minimum £20, maximum £50).
Existing investors must hold their VCT shares in an HL Fund and Share Account to qualify for the discount.
Other incidental charges for buying and selling investments may apply. Details on this are available in the prospectus and key information document.
Full breakdown of charges
The following charges are based on an investment of £10,000 within a Fund and Share Account over 5 years assuming a 5% growth rate. We’ve used the initial charge including the HL saving, but no further discounts like early bird or existing investor discounts have been applied. The annual rebate is also not included.Holders should also get income from the VCT, on which there's no charge from HL and so isn't included in these figures. The income you’ll receive isn't guaranteed and you could get back less than you invest.
| Management charge | £0.00 |
| Entry dealing charge | £0.00 |
| Exit dealing charges | £50.00 |
| Stamp duty (N/A) | £0.00 |
| Net initial charge (3%) | £300.00 |
| Ongoing charge (2.5%) | £1,277.67 |
| Transaction costs | £0.00 |
| Incidental charges | £0.00 |
| Total charges over 5 years | £1,627.67 |
| Average annual charge | 3.18% |
| Illustrative 5-year value | £10,889.27 |
| Illustrative 5-year value with no charges applied | £12,762.82 |
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Total | |
|---|---|---|---|---|---|---|
| HL Charges | £0.00 | £0.00 | £0.00 | £0.00 | £50.00 | £50.00 |
| Management charge | £0.00 | £0.00 | £0.00 | £0.00 | £0.00 | £0.00 |
| Entry dealing charge | £0.00 | £0.00 | £0.00 | £0.00 | £0.00 | £0.00 |
| Exit dealing charge | £0.00 | £0.00 | £0.00 | £0.00 | £50.00 | £50.00 |
| Investment charges | £543.41 | £249.34 | £255.41 | £261.62 | £267.89 | £1,577.67 |
| Stamp duty (N/A) | £0.00 | £0.00 | £0.00 | £0.00 | £0.00 | £0.00 |
| Net initial charge (3%) | £300.00 | £0.00 | £0.00 | £0.00 | £0.00 | £300.00 |
| Ongoing charge (2.5%) | £243.41 | £249.34 | £255.41 | £261.62 | £267.89 | £1,277.67 |
| Transaction costs | £0.00 | £0.00 | £0.00 | £0.00 | £0.00 | £0.00 |
| Incidental charges | £0.00 | £0.00 | £0.00 | £0.00 | £0.00 | £0.00 |
| Total charges over 5 years | £543.41 | £249.34 | £255.41 | £261.62 | £317.89 | £1,627.67 |
| Average annual charge | 5.53% | 2.48% | 2.48% | 2.48% | 2.94% | 3.18% |
| Illustrative 5-year value | £9,936.08 | £10,177.90 | £10,425.62 | £10,679.35 | £10,889.27 | £10,889.27 |
| Illustrative 5-year value with no charges applied | £10,500.00 | £11,025.00 | £11,576.25 | £12,155.06 | £12,762.82 | £12,762.82 |
The costs and charges shown are for illustration purposes only based on the assumptions presented. Total HL charges and 5 year HL charges also include a £50 exit dealing charge. Figures may not add up to the given total due to rounding.
Key documents
Make sure you’ve read these key documents. They cover in more detail the risks and investment strategy of this VCT.