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Share price

958 p
10:26AM 21 Jan 2021

Net Asset Value

1,127 p
As of 31 Jul 2020
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Our Portfolio

Analysis

In this section

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 %

Large buyouts 52.6
Mid-market buyouts 36.8
Small buyouts 9.8
Other 0.8

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 %

Europe 37.3
UK 20.8
North America 34.9
ROW 7.0

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
Industrials 14.4
Business services 12.5
Leisure 6.7
Financials 5.6
Other 3.5

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.

Shareprice Net Asset Value

Share price (ICGT)

958p
7.90P (0.83%)
10:26AM 21 Jan 2021
The share price information is delayed by at least 15 minutes
Share price information

Net Asset Value

1,127p
As of 31 July 2020
Next update: January 2021 – Q3 results
NAV information
Year Net assets NAV per share Share price Dividends per share
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

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