ICG Enterprise Trust Newsletter – May 2025

Portfolio Managers Oliver & Colm discuss FY25 results

The eagle-eyed among you will notice this is a week later than usual. Given we had our results last Thursday, we didn’t have that much we could say last Tuesday. But with results now out (NAV per Share at 31 Jan: 2,073p), we are pleased to share our main takeaways:

  1. Attractive portfolio companies
    Our resilient private companies continue to grow earnings (15% LTM earnings growth1), reflecting the resilient qualities of our underlying portfolio.
     
  2. Delivering growth
    This is translating to strong returns for our shareholders:
    • 10.2% Portfolio Return on a Local Currency Basis
    • 10.5% NAV per Share Total Return
    • 12.5% Share Price Total Return
       
  3. Active portfolio management from our dedicated investment team
    We evolved our medium-term portfolio construction targets towards more secondary and direct investments, and sold a portfolio of mature funds accessed the secondary market for a sale post period-end (more details here).
     
  4. Shareholder-focused capital allocation
    Our dividend per share for the year totalled 36p, up from 33p last year, continuing our progressive dividend policy. In addition, we bought back £36m of shares during the year at an average discount of 36.6%, which added 1.8% to our NAV per Share.

Looking ahead, the macroeconomic climate is nuanced and there is a wide range of potential outcomes. For investors such as ICGT with a robust balance sheet and strong origination capabilities, this can present opportunities.
 
We look forward to discussing these results with current and potential shareholders in the coming days, and thank you for your continued support.

Oliver and Colm

EBITDA, based on Enlarged Perimeter covering 67% of the portfolio

Past performance is not a reliable indicator of future results.
Unsure of some of these terms? See our Glossary.