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Share price

938 p
2:44AM 12 Nov 2019

Net Asset Value

1,175 p
As of 31 Jul 2019
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Our Portfolio

Analysis

In this section

The portfolio was valued at £794m at 31 July 2019.

Focus on mid-market and large companies

The Portfolio is weighted towards the mid-market (44%) and large deals (48%), which we view as more defensive than smaller deal sizes, benefiting from experienced management teams and often leading market positions.

Portfolio by investment type %

Large buyouts 48
Mid-market buyouts 44
Small buyouts 5
Other 3

Portfolio becoming more geographically diverse

The Portfolio is focused on developed private equity markets: primarily continental Europe (37%), the UK (29%) and the US (29%), with 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. We have a target to increase the US focus to 30% – 40% of the Portfolio and it is pleasing to see that a combination of performance and new investment has resulted in us reaching the threshold of this target in three years.

Portfolio by geography %

Europe 37
UK 29
North America 29
ROW 4

Portfolio bias towards sectors with defensive growth characteristics

The Portfolio is weighted towards sectors that primarily have non-cyclical growth drivers, such as healthcare and education (22%), business services (14%) and TMT (13%). The remainder of the Portfolio is broadly spread across the industrial (20%), consumer goods and services (14%), and leisure (8%) sectors. Even in sectors which appear cyclical, many of the underlying investments are focused on defensive niches.

Portfolio by sector %

Heathcare and education 22
Industrials 20
Consumer goods and services 14
Business services 14
TMT 13
Leisure 8
Financials 6
Other 3

Portfolio vintage remains balanced

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 35% of the Portfolio. Against this, 65% 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)

938p
2.00P (0.21%)
2:44AM 12 Nov 2019
The share price information is delayed by at least 15 minutes
Share price information

Net Asset Value

1,175p
As of 31 July 2019
Next update: January 2020 – Q3 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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