Quarterly update for three months to 31 October 2018
Highlights
- NAV per share of 1,046.2p; total return of 2.5% in the quarter and 10.8% over the nine months
- Continued strong performance across the portfolio
- Portfolio remains highly cash generative; realisations at significant uplifts to carrying value and cost
- Selective investment into a number of compelling high conviction investment opportunities
- NAV and share price continue to outperform FTSE All-Share over one, three, five and 10 years
Emma Osborne, Head of Private Equity Fund Investments, ICG, commented:
“The portfolio has continued to deliver strong returns in the third quarter and remains highly cash generative. Over the last few years, we have focused on companies with strong defensive characteristics in sectors with non-cyclical growth drivers and increased our weighting to international markets. In an environment of rising volatility and economic uncertainty, we believe our focus on defensive growth and our flexible mandate positions the portfolio well to weather uncertainty and continue to generate value for shareholders.”