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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% |
1 % value of Portfolio includes entire holding of PetSmart and Chewy. Majority of value is within Chewy
* Company listed during the period