- NAV per Share of 1,918p (31 July 2022: 1,852p); NAV per Share Total Return of 3.6% for the quarter and 19.9% for the last twelve months (‘LTM’)
- Portfolio Return on a Local Currency Basis of 0.2% for the quarter and 13.8% on an LTM basis
- New Investments of £59.9m, including 3 Direct Investments
- Realisation Proceeds of £62.6m during the quarter, including 11 Full Exits executed at a 33.0% weighted average Uplift to Carrying Value
- Third quarter dividend of 7p per share, taking total dividends for the period to 21p (Q3 FY22: 18p); reiterated intention to declare total dividend for FY23 of at least 30p per share
- Long-term share buyback programme initiated in October, with £0.3m being invested in share buybacks during the quarter and total repurchases under the program of £2.1m up to and including 31 January 2023
- Revised management fee agreement and cost-sharing, effective from 1 February 2023
ICG Enterprise Trust extended its track record of delivering resilient growth during the period, generating NAV per Share Total Return of 3.6% in the third quarter, bringing our five-year annualised NAV per Share Total Return to 17.6%.
Our Portfolio generated local currency returns of 0.2% in the third quarter, and 13.8% on an LTM basis. Importantly, we continued to realise assets at a premium, with 11 full exits completed during the third quarter at an average Uplift to Carrying Value of 33%. We believe these uplifts underline the quality and value of our Portfolio. We are also encouraged to see this momentum continuing post-period end.
ICG and our third-party managers have continued to source attractive opportunities, whilst our strong capitalisation is enabling us to invest for the future. Our investment strategy, centred on ‘defensive growth’, is underpinned by a disciplined approach to capital allocation, seeking to enable ICG Enterprise Trust shareholders to benefit from both income and capital appreciation over the long term.