“It boils down to sustainable competitive advantage”, Foresight partner James Livingston tells Wealth Club CEO Alex Davies about the type of company their VCTs look to invest in. The Foresight 4 VCT, having undergone mergers and a change of manager, has been whittled into shape and is looking to raise up to £100 million to invest – the second-highest target of a VCT offer this tax year. What's in the portfolio? How does the investment approach compare to other managers? What kind of companies have they been backing lately – and what kind of deals to they avoid? What's the track record with exits? And in summary, why should VCT investors look at Foresight this year? Alex Davies interviews James Livingston to find out.