Investors

Key information document (KID)

This document provides you with key information about this investment product. It is not marketing material.

The information is required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you compare it with other products.

PRIIPs Regulation Key Information Document

Under the EU’s Packaged Retail and Insurance-based Investment Products (‘PRIIPs’) Regulation, ICG Enterprise Trust is required to produce a Key Information Document (‘KID’) setting out prescribed information regarding its ordinary shares.

The performance and costs disclosures contained in the KID and the methods by which they are calculated are strictly prescribed by the PRIIPs Regulation and differ from the ways in which ICG Enterprise presents its own financial information. It may therefore be helpful to investors to understand these differences:

Performance

The purpose of a KID is to provide retail investors with standardised illustrations of theoretical risk and returns to enable the comparison of different investment products available across a very wide range of financial sectors.

  • In the case of investment trust companies, these illustrations are based on daily share prices with dividends reinvested (“Total Shareholder Return”) over the previous five years, which are then projected forward over various time periods and adjusted for risk.
  • The KID presents stress, unfavourable, moderate and favourable performance scenarios which are derived from Total Shareholder Return.
  • In recent years, equity markets have however experienced a period high returns and low volatility, which under the KID’s prescribed methodology could lead to projections which are potentially over-optimistic. We would therefore remind investors that past performance is not a reliable guide to future returns.
  • ICG Enterprise Trust measures its actual performance by its net asset value per share total return (‘NAVTR’). The NAVTR includes all of the components of the Company’s performance. We believe it remains the most appropriate measure of the success of the investment strategy and how the portfolio is managed and will continue to report our actual performance on this basis.
  • The Total Shareholder Return will differ from the NAVTR depending on the movement in the share price discount to NAV per share.
  • Further information on the Company’s NAVTR can be found in the Results and Reports.

Costs

  • The KID presents a table of costs which are not included within ICG Enterprise Trust’s ongoing charges ratio, a measure of expenses prepared in accordance with guidance published by the Association of Investment Companies and broader market practice.

Please see table below for a summary of the differences between the KID costs and the Company’s ongoing charges.

  Ongoing charges KID
 Direct costs    
-  Management fee  Yes – 1 year basis  Yes – 1 year basis
 - Company running costs  Yes – 1 year basis  Yes – 1 year basis
 - Performance fee  No  Yes – 5 year average
 - Financing costs  No  Yes – 1 year basis
 - Transaction costs payable to third parties  Yes – 1 year basis    Yes – 3 year average
 Indirect costs    
 - Fees payable to underlying managers of funds the Company invests in No   Yes – 1 year basis
 - Performance fees payable to underlying managers of funds the Company invests in  No   Yes – 5 year average
 - Transaction costs payable to third parties  No   Yes – 3 year average

Share price (ICGT)

1,088p
34.00P (3.23%)
2:37AM 17 May 2022
The share price information is delayed by at least 15 minutes

Net Asset Value

1690p
As of 31 January 2022
Full year results for the twelve months ended 31 January 2022
Year Net assets NAV per share Share price Dividends per share
Jan 2021 £952m 1,384p 966p 24p
Jan 2020 £794m 1,152p 966p 23p
Jan 2019 £731m 1,057p 822p 22p
Jan 2018 £664m 959p 818p 21p
Jan 2017 £613m 871p 698p 20p
Jan 2016 £521m 731p 545p 11p
Jan 2015 £507m 695p 575p 15.5p
Jan 2014 £494m 677p 563p 15.5p
Jan 2013 £460m 631p 487p 5p
Jan 2012 £415m 569p 357p 5p
Jan 2011 £389m 534p 308p 2.25p
Dec 2009 £338m 464p 305p 2.25p
Dec 2008 £327m 449p 187p 4.5p