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OF THE PORTFOLIO
OF TOP 30 INVESTMENTS ARE HIGH CONVICTION INVESTMENTS
LTM EARNINGS GROWTH
Our top 30 companies have reported another period of double-digit revenue and earnings growth
Our top 30 underlying companies, which represent 47% of the Portfolio by value and are biased towards high conviction investments, continue to perform well, reporting aggregate LTM revenue and EBITDA growth of 11% and 15%, respectively. This compares to LTM revenue and EBITDA growth of -9% and -24% respectively for the FTSE All-Share. Over the six months, valuation multiples increased from 11.7x to 13.0x, which is largely a reflection of the change of mix and weightings in the Top 30 underlying companies with a modest increase in aggregate multiples overall. The EBITDA multiples used to value our Top 30 companies not only reflect the high quality of these companies and the strong momentum in EBITDA growth, but also public market comparable multiples. The net debt/EBITDA ratio has increased to 4.4x.
Top 30 Underlying companies

1. PetSmart — USA 1
A leading retailer of pet products and services in North America. It operates through over 1,300 stores offering a wide variety of pet products, in addition to in-store services such as professional grooming and training, boarding and veterinary clinics.
Value as % of Portfolio — 4.3
Manager — BC Partners
Invested — 2015

2. DomusVi — France 1
Third largest nursing home operator in Europe, active across all areas of elderly care, including medical nursing homes, non-medical nursing homes, residential and home-care services with market leading positions in France and Spain.
Value as % of Portfolio — 4.1
Manager — ICG
Invested — 2017

3. Roompot — Netherlands 1
A leading operator and developer of holiday parks with over 30 holiday parks in the Netherlands and Germany. Roompot has a leading position in coastal locations and an impressive track record in developing new parks and integrating acquired holiday parks.
Value as % of Portfolio — 3.6
Manager — PAI Partners
Invested — 2016

4. Minimax — Germany 1
A leading global provider of fire protection systems and services. Minimax operates an integrated business model throughout the fire protection value chain, including R&D, sourcing and manufacturing, product sales and distribution, system integration and associated services.
Value as % of Portfolio — 3.3
Manager — ICG
Invested — 2018

5. Leaf Home Solutions — USA
LeafFilter Gutter Protection manufactures and installs gutter cover solutions and is considered one of the largest home improvement companies in the US, with multiple offices across North America.
Value as % of Portfolio — 3.1
Manager — Gridiron
Invested — 2016

6. DOC Generici — Italy 1
Largest independent generic pharmaceutical company in Italy and the third largest player in the Italian market overall. Employs a large network of suppliers to maintain an asset light, agile business model.
Value as % of Portfolio — 2.2
Manager — ICG
Invested — 2019

7. Visma — Norway 1
A leading provider of business-critical accounting, resource planning and payroll software to small and mid-sized businesses and the public sector in the Nordic and Benelux regions with a customer base of more than 600,000 enterprises.
Value as % of Portfolio — 2.1
Manager — ICG
Invested — 2017

8. City & County Healthcare Group — UK
A leading provider of home care services with over 100 branches across the UK. The company provides high quality care where trained carers assist with day-to-day tasks to enable elderly and disabled people to continue living independently in their own homes.
Value as % of Portfolio — 2
Manager — Graphite Capital
Invested — 2013

9. Froneri — UK 2
Created through a joint venture between R&R and Nestlé ice cream, Froneri operates in more than 20 countries and is the second largest manufacturer of ice cream in Europe and the third largest worldwide.
Value as % of Portfolio — 1.9
Manager — PAI Partners
Invested — 2019

10. Supporting Education Group — UK 1,2
UK’s leading provider of supply teachers and teaching assistants. Its offering also includes online and centre-based tutoring, teacher training and professional development, and HR / legal / compliance services to schools.
Value as % of Portfolio — 1.9
Manager — ICG
Invested — 2014

11. Yudo — Hong Kong 1
The global leader in the production of mission critical components for plastic injection moulding. Yudo’s technology is used in the automotive parts, electronics, consumer products, household, medical, closures, packaging and transportation industries.
Value as % of Portfolio — 1.8
Manager — ICG
Invested — 2018

12. IRI — USA 1
One of the world’s leading data providers to the consumer packaged goods industries. Data provided by IRI is used to understand product demand patterns and to guide critical business decisions around promotional activities, production and performance.
Value as % of Portfolio — 1.6
Manager — New Mountain
Invested — 2018

13. System One — USA 1
Provider of specialist staffing services diversified across the engineering, IT, scientific and legal sectors. System One helps some of the largest companies in the US staff complex mission critical functions on a recurring basis and is one of the US’ largest staffing providers in its niches sectors.
Value as % of Portfolio — 1.5
Manager — Thomas H Lee Partners
Invested — 2016

14. Endeavor Schools — USA 1
An owner and operator of over 50 independent schools across the US.
Endeavor’s strategy is to acquire private schools and to maintain their existing identities/local reputation. The company ensures operational best practices, regulatory compliance and provides a number of group services.
Value as % of Portfolio — 1.4
Manager — Leeds Equity Partners
Invested — 2018

15. Berlin Packaging — USA 1
Global provider of rigid packaging (plastic and glass) and packaging related services to a wide range of industries including food and beverage, healthcare, chemicals, and personal and pet care.
Value as % of Portfolio — 1.4
Manager — Oak Hill Capital Partners
Invested — 2019

16. VitalSmarts — USA 1
Provider of corporate training courses focused on communication skills and leadership development, mostly delivered through live, in-person sessions. The company has worked with more than 300 of the Fortune 500 and trained 2.4 million people.
Value as % of Portfolio — 1.1
Manager — Leeds Equity Partners
Invested — 2019

17. PSB Academy — Singapore 1
A provider of private tertiary education in Singapore, with a presence across five regional campuses in Vietnam, Myanmar and Indonesia. It has c.10,000 students undertaking graduate certificates, diplomas and degrees offered in partnership with eight globally recognised universities.
Value as % of Portfolio — 1.1
Manager — ICG
Invested — 2018

18. U-POL — UK 2
A manufacturer and global distributor of automotive refinishing products with a leading position in the UK and growing presence in the US and key emerging markets. The company sells a broad range of high quality, branded products worldwide.
Value as % of Portfolio — 1
Manager — Graphite Capital
Invested — 2010

19. Cognito — UK 1,2
A provider of specialist software and services to optimise mobile communications systems for companies with large field workforces. Its digital network is accessed using third party devices and enables customers to improve service quality by providing rich, real-time information.
Value as % of Portfolio — 0.8
Manager — Graphite Capital
Invested — 2002 & 2014

20. EG Group — UK
Global operator of petrol stations with c.5,200 sites across Europe, US and Australia. It manages branded petrol stations (BP, Shell, Esso) and has strategic partnerships with leading convenience / food-to-go brands including Starbucks, Subway and Greggs.
Value as % of Portfolio — 0.8
Manager — TDR Capital
Invested — 2014

21. Compass Community — UK
An independent provider of fostering services and child residential care. The company recruits and places foster carers with local authority customers and provides carers with ongoing training and support. Compass also operates residential care homes for children.
Value as % of Portfolio — 0.8
Manager — Graphite Capital
Invested — 2017

22. nGAGE — UK
A diversified recruitment company serving a range of customers within the public and private sectors in the UK. nGAGE provides specialist staff to clients within the health and social care, social housing, construction and infrastructure, and engineering sectors.
Value as % of Portfolio — 0.7
Manager — Graphite Capital
Invested — 2014

23. RegEd — USA 1
A leading provider of regulatory compliance software services, primarily to broker-dealers, insurance companies and banks in the United States. The company’s customers include over 200 blue-chip customers including 80% of the top 25 financial services firms in the US.
Value as % of Portfolio — 0.6
Manager — Gryphon Investors
Invested — 2019

24. David Lloyd Leisure — UK 1
Europe’s largest operator of premium racquets, health and fitness clubs with 98 clubs in the UK and 13 across mainland Europe. The company provides an enhanced experience for its members with swimming, racquet sports, food and beverage facilities and children’s areas.
Value as % of Portfolio — 0.6
Manager — TDR Capital
Invested — 2013

25. Beck & Pollitzer — UK
A global engineering services business, serving a range of blue-chip multinational manufacturing clients. It operates from 26 offices in 14 countries, providing specialist installation of new machinery, relocation of existing machinery and maintenance services.
Value as % of Portfolio — 0.6
Manager — Graphite Capital
Invested — 2016

26. Allegro — Poland
Allegro is a leading online marketplace in Poland, used by companies and individuals to sell products directly to consumers. Allegro has around 19 million active monthly users, typically selling more than one million items per day.
Value as % of Portfolio — 0.6
Manager — Cinven / Permira
Invested — 2017

27. YSC — UK
A provider of leadership consulting and management assessment services to corporate and private equity clients globally. Headquartered in London, YSC has a further 15 offices in Europe, North America and Asia-Pacific.
Value as % of Portfolio — 0.6
Manager — Graphite Capital
Invested — 2017

28. ICR Group — UK
A leading provider of specialist repair and maintenance services to the energy industry. ICR’s offering includes repair and inspection services, pipe connections and other engineering solutions used to service and repair pipes on offshore platforms and in onshore plants.
Value as % of Portfolio — 0.6
Manager — Graphite Capital
Invested — 2014

29. Alerian — USA 2
Alerian is an independent provider of energy infrastructure market intelligence. Its benchmarks are widely used by industry executives, investment professionals, research analysts, and national media to analyse relative performance.
Value as % of Portfolio — 0.6
Manager — ICG
Invested — 2018

30. IRIS — UK
IRIS is a provider of business critical software and services to the accountancy, payroll and education sectors. The company has around 17,000 accountancy practices using its core practice management suite and around 80,000 SMEs using its bookkeeping, payroll and HR software solutions.
Value as % of Portfolio — 0.6
Manager — ICG
Invested — 2018
1 All or part of this investment is held directly as a co-investment or other direct investment
2 All or part of this investment was acquired as part of a secondary purchase.