Our Portfolio

Analysis

The portfolio was valued at £1,019m at 31 July 2021

The Top 30 contribute 43% 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 (33%) and the UK (18%).

Portfolio by geography %

Europe 33.0
UK 18.0
North America 40.9
ROW 8.1

Portfolio by investment type %

Large buyouts 56.5
Mid-market buyouts 34.9
Small buyouts 8.6

Focus on sectors with defensive growth characteristics

The Portfolio is well diversified and weighted towards sectors with defensive growth characteristics. Technology (18%), Healthcare (16%), Business Services (13%) and Education (5%) make up 52% of the Portfolio. We feel these are particularly attractive sectors, benefitting from structural growth trends. Within our exposure to the Consumer and Industrial sectors (26% 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 relatively low exposure to the Financials (6%) and Leisure (3%) sectors.

Portfolio by sector %

Consumer goods and services 26.2
TMT 18.4
Healthcare 16.2
Business services 12.6
Industrials 8.3
Education 5.0
Financials 6.0
Leisure 2.8
Other 4.5

Quoted companies

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

Our managers took advantage of the currently attractive market conditions for initial public offerings during the period. A total of seven underlying portfolio companies were listed, generating a combined gross valuation uplift of £8m compared to their valuation at 31 January 2021.

At 31 July 2021, we had 40 underlying investments in quoted companies, representing 14.2% of the Portfolio value compared to 20.4% at 31 January 2021. The reduction was largely driven by the realisation of our entire stake in Telos during February as well as by the fall in Chewy’s share price, partially offset by new IPOs.

At 31 July 2021 there were three investments that each accounted for 0.5% or more of the Portfolio value:

  Company Ticker % value of Portfolio
1 * Chewy (part of PetSmart) CHWY-US 7.5%
2 Allegro ALE-PL 1.0%
3 Synlab** SGFY-US 0.6%
Other     5.1%
Total     14.2%

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

Share price (ICGT)

1,130p
-10.00P (-0.88%)
3:51AM 17 Oct 2021
The share price information is delayed by at least 15 minutes

Net Asset Value

1,523p
As of 31 July 2021
Next update: Q3 results for quarter ended 31 October 2021
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