Our Portfolio

30 largest underlying companies

39%

OF THE PORTFOLIO

90%

OF TOP 30 INVESTMENTS ARE HIGH CONVICTION INVESTMENTS

23.1%

LOCAL CURRENCY RETURN FROM HIGH CONVICTION INVESTMENTS

Top 30 companies report another period of double-digit revenue and earnings growth

Our largest 30 underlying companies (“Top 30 companies”) represented 39% of the Portfolio by value at 31 January 2022. They performed well in the period, underpinned by strong operational performance, and reported LTM revenue growth of 27%.

Top 30 Underlying companies

High conviction underlying investments Third party fund underlying investments

1. PetSmart/Chewy — USA 1

Retailer of pet products and services

Value as % of Portfolio — 4.6%

Manager — BC Partners

Invested — 2015

2. Minimax — Germany 1

Supplier of fire protection systems and services

Value as % of Portfolio — 2.7%

Manager — ICG

Invested — 2018

3. IRI — USA 1

Provider of mission-critical data and predictive analytics to consumer goods manufacturers

Value as % of Portfolio — 2.7%

Manager — New Mountain Capital

Invested — 2018

4. Yudo — South Korea 1

Designer and manufacturer of hot runner systems

Value as % of Portfolio — 2.2%

Manager — ICG

Invested — 2017

5. Leaf Home Solutions — USA

Provider of home maintenance services

Value as % of Portfolio — 2%

Manager — Gridiron Capital

Invested — 2016

6. DOC Generici — Italy 1

Manufacturer of generic pharmaceutical products

Value as % of Portfolio — 1.7%

Manager — ICG

Invested — 2019

7. Endeavor Schools — USA 1

Provider of private schooling

Value as % of Portfolio — 1.7%

Manager — Leeds Equity Partners

Invested — 2018

8. Froneri — UK 1

Manufacturer and distributor of ice cream products

Value as % of Portfolio — 1.6%

Manager — PAI Partners

Invested — 2019

9. Visma — Norway 1

Provider of business management software and outsourcing services

Value as % of Portfolio — 1.4%

Manager — HgCapital & ICG

Invested — 2017 & 2020

10. David Lloyd Leisure — UK 1

Operator of premium health clubs

Value as % of Portfolio — 1.3%

Manager — TDR Capital

Invested — 2013 / 2020

11. DomusVi — France 1

Operator of retirement homes

Value as % of Portfolio — 1.3%

Manager — ICG

Invested — 2021

12. DigiCert — US 1

Provider of enterprise internet security solutions

Value as % of Portfolio — 1.3%

Manager — ICG

Invested — 2021

13. AML Rightsource — USA 1

Provider of compliance and regulatory services and solutions

Value as % of Portfolio — 1.2%

Manager — Gridiron Capital

Invested — 2020

14. Ivanti — US 1

Provider of IT management solutions

Value as % of Portfolio — 1.1%

Manager — Charlesbank Capital Partners

Invested — 2021

15. PSB Academy — Singapore 1

Provider of private tertiary education

Value as % of Portfolio — 1.1%

Manager — ICG

Invested — 2018

16. Curium Pharma — UK 1

Supplier of nuclear medicine diagnostic pharmaceuticals

Value as % of Portfolio — 1%

Manager — ICG

Invested — 2020

17. Precisely — United States

Provider of enterprise software

Value as % of Portfolio — 0.9%

Manager — ICG

Invested — 2021

18. Planet Payment — Ireland 1

Provider of integrated payments services focused on hospitality and luxury retail

Value as % of Portfolio — 0.9%

Manager — Eurazeo / Advent

Invested — 2021

19. Ambassador Theatre Group — United Kingdom 1

Operator of theatres and ticketing platforms

Value as % of Portfolio — 0.8%

Manager — ICG

Invested — 2021

20. Davies Group — UK 1

Provider of business process outsourcing services to the insurance sector

Value as % of Portfolio — 0.8%

Manager — BC Partners

Invested — 2021

21. Class Valuation — US 1

Provider of residential mortgage appraisal management services

Value as % of Portfolio — 0.7%

Manager — Gridiron Capital

Invested — 2021

22. RegEd — USA 1

Provider of SaaS-based governance, risk and compliance enterprise software solutions

Value as % of Portfolio — 0.7%

Manager — Gryphon Investors

Invested — 2018

23. Crucial Learning — US 1

Provider of corporate training courses focused on communication skills and leadership development

Value as % of Portfolio — 0.7%

Manager — Leeds Equity

Invested — 2019

24. MoMo Online Mobile Services — Vietnam

Operator of remittance and payment services via mobile e-wallet

Value as % of Portfolio — 0.7%

Manager — ICG

Invested — 2019

25. European Camping Group — France 1

Operator of premium campsites and holiday parks

Value as % of Portfolio — 0.7%

Manager — PAI

Invested — 2021

26. Brooks Automation — United States 1

Provider of semiconductor manufacturing solutions

Value as % of Portfolio — 0.7%

Manager — Thomas H. Lee

Invested — 2022

27. Olaplex — UK

Provider of hair care products

Value as % of Portfolio — 0.6%

Manager — Advent

Invested — 2020

28. AMEOS Group — Switzerland 1

Operator of private hospitals

Value as % of Portfolio — 0.6%

Manager — ICG

Invested — 2021

29. nGAGE — United Kingdom

Provider of recruitment services

Value as % of Portfolio — 0.6%

Manager — Graphite

Invested — 2014

30. WCT — United States

Provider of clinical research outsourcing services

Value as % of Portfolio — 0.6%

Manager — The Jordan Company

Invested — 2021

1  All or part of this investment is held directly as a Co-investment or other direct investment

Share price (ICGT)

1,066p
-14.00P (-1.30%)
9:42PM 1 Jul 2022
The share price information is delayed by at least 15 minutes

NAV per share

1761p
As of 30 April 2022
Full year results for the twelve months ended 31 January 2022
Year Net assets NAV per share Share price Dividends per share
Jan 2022 £1,158m 1,690p 1,200p 27p
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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