Our Portfolio

Analysis

The portfolio was valued at £1,172 at 31 January 2022

The Top 30 contribute 39% 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.

Focus on developed markets

The Portfolio is focused on developed private equity markets, invested across the US (41%), continental Europe (32%) and the UK (18%).

Portfolio by geography %

Europe 32.1
UK 18.6
North America 41.4
ROW 7.9

Focus on sectors with defensive growth characteristics

The Portfolio is well diversified and weighted towards sectors with defensive growth characteristics. Technology (24.1%), Healthcare (16.6%), Business Services (11.0%) and Education (5.1%) make up 56.8% of the Portfolio. We feel these are particularly attractive sectors, benefitting from structural growth trends. Within our exposure to the Consumer and Industrial sectors (20.8% and 8.3% respectively), we have a bias to companies with more defensive business models, non-cyclical growth drivers and high recurring revenue streams. We have relatively low exposure to the Financials and Leisure sectors (5.5% and 3.9% respectively).

Portfolio by sector %

TMT  24.1
Consumer goods and services 20.8
Healthcare 16.6
Business services 11
Industrials 8.3
Financials  5.5
Education 5.1
Leisure 3.9
Other 4.7

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.

During the financial year, 17 portfolio companies were publicly listed. The listings generated a combined gross valuation uplift for ICGT of £17.18m compared to their valuation at 31 January 2021.

At 31 January 2022 there were two quoted investments that individually accounted for 0.5% or more of the Portfolio value:

  Company Ticker % value of Portfolio
1 Chewy (part of PetSmart)1 CHWY-US 4.6%
2 Olaplex* O0.9LPX 0.6%
Other     5.1%
Total     10.3%

% value of Portfolio includes entire holding of PetSmart and Chewy. Majority of value is within Chewy
* Company listed during the period

Share price (ICGT)

1,066p
-14.00P (-1.30%)
8:16PM 1 Jul 2022
The share price information is delayed by at least 15 minutes

NAV per share

1761p
As of 30 April 2022
Full year results for the twelve months ended 31 January 2022
Year Net assets NAV per share Share price Dividends per share
Jan 2022 £1,158m 1,690p 1,200p 27p
Jan 2021 £952m 1,384p 966p 24p
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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