Portfolio analysis

The top 30 largest companies represent 40.2% of the Portfolio value.

The Portfolio is appropriately diversified by sector and geography.

This strikes a good balance between concentration, so that Direct Investments can meaningfully impact performance, and diversification, so that we are not overly exposed to the risks of individual portfolio companies or sectors.

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Our investment strategy

The portfolio was valued at £1,523m at 31 January 2025

Our investment strategy

We invest in resilience and deliver growth – by investing in buyouts of businesses that are profitable, cash generative and exhibit characteristics that we believe will deliver strong and attractive returns across economic cycles. There are a number of themes that contribute to a business having, in our view, such characteristics. These include (among others) attractive market positioning, providing mission-critical services to their clients and customers, pricing power, and structurally high margins.

We believe a share in ICG Enterprise Trust gives you access to a unique portfolio of private companies.

Portfolio composition at 31 January 2025

We take an active approach to portfolio construction, with a flexible mandate that enables us to deploy capital in:

Primary investments (52% of the Portfolio)
Secondary investments (15%)
Direct investments (33%)

We invest in funds managed by ICG and other leading private equity managers who focus on creating long-term value and building sustainable growth through active management and strategic change.

Investments managed by ICG account for 28% of the Portfolio.

Portfolio performance

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Portfolio performance

Focus on sectors with resilient growth characteristics

Portfolio composition at 31 January 2025

The Portfolio is well diversified and weighted towards sectors with resilient growth characteristics. Technology (29.9%), Business Services (12.4%), Healthcare (11.5%) and Education (5.0%) make up 58.8% of the Portfolio. We feel these are particularly attractive sectors, benefitting from structural growth trends. Within our exposure to the Consumer and Industrial sectors (18.1% and 7.8% respectively), we have a bias towards companies with more resilient business models, non-cyclical growth drivers and high recurring revenue streams. We have relatively low exposure to the Financials and Leisure sectors (7.6% and 4.0% respectively).

Portfolio by sector

Focus on developed markets

Portfolio composition at 31 January 2025

The Portfolio is focused on developed private equity markets, invested across North America (46%) and Europe including the UK (48%).

Portfolio by geography

Quoted companies

We do not actively invest in publicly quoted companies but gain listed investment exposure when IPOs are used as a route to exit an investment. In these cases, exit timing typically lies with the third party manager alongside whom we have invested.

At 31 January 2025, exposure to quoted companies was valued at £73.1m, equivalent to 4.8% of the Portfolio value (31 Jan 2024: 4.8%).

Only one quoted investment individually accounted for 0.5% or more of the Portfolio value:

Company	Ticker	% value of Portfolio
Chewy	CHWY-US	2.0%
Other companies		2.8%
Total		4.8%

Disclaimer

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