The Association of Investment Companies (AIC) has renamed three of its investment company sectors following a sector review. The new sector names are Financials & Financial Innovation, India / Indian Subcontinent and Technology & Technology Innovation and the changes take effect immediately.
The sector definitions have also been changed as shown below.
Innovation Invests in technology and related sectors. Technology & Media Invests in technology and media.
As a result of the new classifications, one investment company, Augmentum Fintech, has moved to the Financials & Financial Innovation sector alongside Polar Capital Global Financials.
The changes follow a review of investment company sectors by the AIC’s independent statistics committee which consists of brokers, research analysts and industry data providers. Such reviews are regularly conducted in consultation with the AIC’s members to ensure the sectors provide a clear basis for comparison between similar funds.
The AIC publishes its sector definitions on its website so investors can easily understand what each sector invests in.
Annabel Brodie-Smith, Communications Director of the Association of Investment Companies (AIC), said: “The investment landscape is constantly changing and we review our sectors regularly to ensure they are as clear and relevant as possible. The revised sector names and definitions will help investors who want to compare investment companies with open-ended funds.”
For a full list of all the sectors and the definitions visit the AIC’s website.