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Share price

874 p
1:24AM 21 May 2019

Net Asset Value

1,057 p
As of 31 Jan 2019
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Our Portfolio

Analysis

In this section

The portfolio was valued at £695m at 31 January 2019.

Focus on mid-market and large companies

The Portfolio is biased towards mid-market (47%) and large deals (45%), which we view as more defensive than smaller deals, benefiting from experienced management teams and often market leading positions. Our definition of large deals in a private equity context is those with an entry transaction size of over €500m , which would be small or mid cap for a public company.

Portfolio by investment type %

Mid-market buyout companies 47
Large buyouts 45
Small buyouts 5
Other 3

Portfolio becoming more geographically diverse

The Portfolio is focused on developed private equity markets: primarily continental Europe (39%), the UK (31%) and the US (26%). Investments in the Asia Pacific region represent 4% of value, which is primarily in developed Asian markets through ICG’s Asia Pacific subordinated debt and equity team, while there is minimal emerging markets exposure. In line with one of our strategic objectives, our weighting to the US has increased from 14% at the time of the move to ICG in 2016. Over the same period, the UK bias has reduced from 45%. We expect both of these trends to gain momentum as the benefits of being part of ICG’s global alternative asset manager platform are further realised.

Portfolio by geography %

Europe 39
UK 31
North America 26
ROW 4

Bias towards sectors with non-cyclical growth drivers

The Portfolio is weighted towards sectors that primarily have non-cyclical growth drivers, such as demographics, increasing regulation and the provision of “must-have” data. 21% of the Portfolio is invested in healthcare and education and 16% in business services with the remainder of the portfolio broadly spread across the industrial (21%), consumer goods and services (14%), leisure (9%) and technology (10%) sectors.

Portfolio by sector %

Heathcare and education 21
Industrials 21
Business services 16
Consumer goods and services 14
Leisure 9
TMT 12
Financials 5
Other 2

Attractive and well-balanced vintage year exposure

The Portfolio’s maturity profile balances near-term realisation prospects with a strong pipeline of medium to longer-term growth. Investments completed in 2015 or earlier, which are more likely to generate gains from realisations in the shorter-term, represent 42% of the Portfolio. Against this, 58% of value is in investments made in 2016 or later, providing the Portfolio with medium to longer term growth potential as value created within these businesses translates into gains.

Shareprice Net Asset Value

Share price (ICGT)

874p
-1.00P (-0.11%)
1:24AM 21 May 2019
The share price information is delayed by at least 15 minutes
Share price information

Net Asset Value

1,057p
As of 31 January 2019
Next update: June 2019 – Q1 results
NAV information
Year Net assets NAV per share Share price Dividends per share
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

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