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Share price

1,186 p
3:36PM 25 Sep 2021

Net Asset Value

1,402 p
As of 30 Apr 2021
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Our Portfolio

Analysis

In this section

The portfolio was valued at £893m at 30 April 2021

We have exposure to over 600 underlying companies, of which the Top 30 contribute 46% of the Portfolio value and 220 companies represent 90% of the Portfolio value. The Portfolio is broadly diversified by sector and geography. This strikes an appropriate 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 mid-market and large companies

The Portfolio is weighted towards the mid-market (34%) and large deals (56%), which we view as more defensive than smaller deal sizes, benefiting from stronger management teams and often market leading positions.

Portfolio by investment type %

Large buyouts 53.9
Mid-market buyouts 35.2
Small buyouts 10.9

Focus on developed markets

The Portfolio is focused on developed private equity markets, invested across the US (40%), continental Europe (35%) and the UK (18%). 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 34.7
UK 17.7
North America 39.7
ROW 7.9

Focus on sectors with defensive growth characteristics

The Portfolio is well diversified and weighted towards sectors with defensive growth characteristics. Technology (17%), Healthcare (19%), Business Services (12%) and Education (7%) make up 55% of the Portfolio and are particularly attractive sectors. Within our exposure to the Consumer and Industrial sectors (25% and 8% respectively), we have a bias to companies with more defensive business models, non-cyclical growth drivers and high recurring revenue streams. We have low exposure to the Leisure (3%) and Financials (5%) sectors.

Portfolio by sector %

Consumer goods and services 25.0
TMT 16.8
Healthcare 18.9
Business services 12.1
Industrials 8.1
Education 6.7
Financials 5.2
Leisure 2.7
Other 4.5

Quoted companies

We do not invest in publicly quoted companies but gain listed investment exposure when IPOs are used to exit an investment. In these cases, exit timing typically lies with the third party manager we have invested alongside. We therefore have exposure to listed businesses within our Portfolio.

At 30 April 2021, we had 42 investments in quoted companies, representing 14.3% of the Portfolio value compared to 20.4% at 31 January 2021. The reduction was largely driven by the sale of our entire stake in Telos during February, as well as by the reduction in Chewy’s share price.

During the quarter Signify Health listed on the NYSE and therefore became a quoted company within our Portfolio. It now represents 0.5% of our Portfolio by value. The company provides technology-enabled healthcare payor services, and we have exposure through our investment via New Mountain V

At 30 April 2021 there were three quoted investments that individually accounted for 0.5% or more of the Portfolio value:

  Company Ticker % value of Portfolio
1 * Chewy (part of PetSmart) CHWY-US 8.2%
2 Allegro ALE-PL 0.9%
3 Signify Health SGFY-US 0.5%
Other     4.7%
Total     14.3%

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

Shareprice Net Asset Value

Share price (ICGT)

1,186p
-22.00P (-1.82%)
3:36PM 25 Sep 2021
The share price information is delayed by at least 15 minutes
Share price information

Net Asset Value

1,402p
As of 30 April 2021
Next update: Q2 results, October 2021
NAV information
Year Net assets NAV per share Share price Dividends per share
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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