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The portfolio was valued at £765m at 31 July 2020
We have exposure to over 600 underlying companies, of which the Top 30 contributes 47% of the Portfolio value. This strikes an appropriate balance between concentration, so that high conviction investments can meaningfully impact performance, and diversification, so that we are not overly exposed to the risks of individual portfolio companies.
Focus on mid-market and large companies
The Portfolio is weighted towards the mid-market (37%) and large deals (53%), which we view as more defensive than smaller deal sizes, benefiting from stronger management teams and often market leading positions. A total of 95% of the Portfolio is invested in buyouts.
Portfolio by investment type %
Focus on developed markets
The Portfolio is focused on developed private equity markets, with 93% invested across continental Europe (37%), the US (35%) and the UK (21%). We have 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 moving to ICG in 2016. Over the same period, the UK weighting has reduced from 45%.
Portfolio by geography %
Focus on sectors with defensive growth characteristics
The Portfolio is well diversified and weighted towards sectors with defensive growth characteristics. Healthcare (18%) and education (6%) make up 24% of the Portfolio and are particularly attractive sectors. Elsewhere the Portfolio is broadly spread across the industrials (14%), business services (13%), consumer goods and services (18%) and technology (16%) sectors. Within our exposure to the consumer and industrial sectors, we have a bias to companies with more defensive business models, non-cyclical growth drivers and high recurring revenue streams. The Company has a minimal exposure to the leisure (7%) and financials (6%) sectors.
Portfolio by sector %
|Heathcare and education||24.0|
|Consumer goods and services||17.8|
|Technology, Media & Telecommunications||15.5|
Well-balanced vintage year exposure
Our vintage year exposure is well-balanced with 62% of the value of the Portfolio in investments made since 2017 or later. These vintages have yet to see significant realisation activity unlike investments made in 2016 or earlier which make up the remaining 38% of the Portfolio.