ICG Enterprise Trust Newsletter – November 2025

Oliver and Colm
Oliver and Colm reflect on H1 results roadshow

We enjoyed speaking with many of you during our interim results roadshow. The recurring theme was realisation activity, where ICGT bucked the market trend by recording a 15% realisation rate in H1. Whilst this was driven by a secondary sale and a few large exits, the momentum has continued into the beginning of H2:

  • £8m from Silvus Technologies (#30 at 31 July)
  • €41m from Froneri (#1 at 31 July)

We have a strong Portfolio, and believe the high transaction activity helps evidence our NAV. We believe these factors, alongside ICGT’s low gearing1 and our capital allocation across new investments, buybacks and dividends, have made a significant contribution to the 28% Share Price Total Return over the last 12 months2.
 
In recent weeks, I (Colm) and ICGT’s Chair, Jane Tufnell, have participated in two separate industry panel discussions. For those interested:

AIC Investment Company Showcase (Colm)
What we do day-to-day; the current environment; and boosting shareholder demand.
AssetTV discussion (Jane) 
The importance of governance; and why our portfolio offers investors something not easily accessible in public markets.

Feedback from last month’s survey

Firstly, a huge thank you to those who took the time to complete last month’s survey. We are grateful for the thought you gave, and it really helps us understand how you source investment ideas for your portfolios; how you engage with ICGT; and where we can improve. A number of ideas emerged; the ‘headline points’ we take away are:

  • Investment platforms and websites (e.g. the AIC) are important sources of investment ideas and information for a number of you
  • Our materials and levels of engagement are appreciated and well-read, with some expressing a desire for more short-form videos and / or podcast-type output

We will look to integrate your feedback into our communications in the coming months, and may (judiciously) ask for your views on other topics in the future as well.

With best wishes,

Oliver and Colm

Past performance is not a reliable indicator of future results.

Unsure of some of these terms? See our Glossary.

1 3% pro-forma Froneri 
2 In the 12 months to 31 October 2025