Our Portfolio

30 largest underlying companies

52%

OF THE PORTFOLIO

87%

OF TOP 30 INVESTMENTS ARE HIGH CONVICTION INVESTMENTS

14%

LTM EARNINGS GROWTH

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

Our largest 30 underlying companies (“Top 30 companies”) represent 52% of the Portfolio by value. They performed well, underpinned by strong operational performance, and reported LTM revenue growth of 15%.

Of the Top 30 companies, EBITDA is a relevant metric for 26 , which in aggregate represent 35% of the Portfolio by value. These companies reported LTM revenue and EBITDA growth of 12% and 14% respectively. Their Enterprise Value / EBITDA multiples were 14.0x and the Net Debt/EBITDA ratio was 4.3x.Our Top 30 companies are heavily weighted towards developed private equity markets. 48% of the Top 30 by Portfolio value is invested in the US, 25% in Europe and 21% in the UK. The Top 30 is diversified by sector, with a bias towards companies with strong defensive growth characteristics.

Within our Top 30 companies, three companies listed during the financial year (Telos, Allegro, and Dr. Martens). All three enjoyed strong performance during the financial year. In addition, we have exposure to Chewy (which is also quoted) through our investment in PetSmart, whose share price also performed very strongly during the financial year. The carrying value of these companies increased significantly during the financial year and combined they contributed £125m to the growth of the Portfolio, gross of underlying managers’ fees and Carried Interest.

Top 30 Underlying companies

High conviction underlying investments Third party fund underlying investments

1. PetSmart/Chewy — USA 1,2

A leading in-store (PetSmart) and online (Chewy) retailer of pet products and services in North America. It operates through over 1,600 stores offering a wide variety of pet products, in addition to in-store services such as professional grooming and training. PetSmart and Chewy are separately managed companies.

Value as % of Portfolio — 9.6%

Manager — BC Partners

Invested — 2015

2. Telos — USA 1

A global provider of cyber, cloud and enterprise security services. The company’s solutions provide continuous security of individuals, systems and information. It serves organisations in business, government and the military, including Fortune 500 members, the US Department of Defense and civilian agencies of the federal government.

Value as % of Portfolio — 4.6%

Manager — n.a.

Invested — 1998

3. DomusVi — France 1

The third largest nursing home operator in Europe, active across all areas of elderly care including nursing homes, residential facilities, psychiatric hospitals and home care services with market-leading positions in France and Spain.

Value as % of Portfolio — 3.9%

Manager — ICG

Invested — 2017

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 — 2.9%

Manager — ICG

Invested — 2018

5. Leaf Home Solutions — USA

One of the largest home improvement companies in the US, with multiple offices across North America. Its flagship offering is the installation and maintenance of its LeafFilter-branded gutter protection.

Value as % of Portfolio — 2.6%

Manager — Gridiron Capital

Invested — 2016

6. 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 1 million enterprises.

Value as % of Portfolio — 2.2%

Manager — HgCapital & ICG

Invested — 2017 & 2020

7. 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 — 2.1%

Manager — ICG

Invested — 2019

8. Yudo — South Korea 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 — 1.9%

Manager — ICG

Invested — 2017

9. 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 — 1.8%

Manager — New Mountain Capital

Invested — 2018

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 — 1.7%

Manager — ICG

Invested — 2014

11. Froneri — UK 1,2

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 — 1.7%

Manager — PAI Partners

Invested — 2019

12. Berlin Packaging — USA 1

A 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 — 1.5%

Manager — Oak Hill Capital Partners

Invested — 2018

13. Allegro — Poland

Poland’s largest online marketplace, with more than 20 million registered users allowing businesses and individuals to sell their products to consumers. In addition, Allegro operates Ceneo, a leading online price comparison website.

Value as % of Portfolio — 1.4%

Manager — Cinven & Permira

Invested — 2017

14. Endeavor Schools — USA 1

An owner and operator of over 55 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. System One — USA 1

A provider of specialist staffing services diversified across the engineering, IT, scientific and legal sectors. System One helps some of the largest US companies staff complex mission critical functions on a recurring basis and is one of the largest staffing providers in its niche sectors.

Value as % of Portfolio — 1.3%

Manager — Thomas H Lee Partners

Invested — 2016

16. 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 — 1.2%

Manager — Graphite Capital

Invested — 2010

17. 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 — 1.1%

Manager — Graphite Capital

Invested — 2002 & 2014

18. 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

19. Curium Pharma — UK 1

A leading global supplier of nuclear medicine diagnostic pharmaceuticals. Its mission critical radiopharmaceutical products are used by hospitals for patient imaging and diagnosis of life-threatening diseases. The diagnostic information visualises at a cellular level which cannot be done using conventional imaging methods.

Value as % of Portfolio — 0.9%

Manager — ICG

Invested — 2020

20. VitalSmarts — USA 1

A provider of corporate training courses focused on communication skills and leadership development. The company has worked with more than 300 of the Fortune 500 and trained over 2.4 million people.

Value as % of Portfolio — 0.8%

Manager — Leeds Equity Partners

Invested — 2019

21. David Lloyd Leisure — UK 1

Europe’s largest operator of premium racquets, health and fitness clubs with 99 clubs in the UK and 23 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 — 0.8%

Manager — TDR Capital

Invested — 2013

22. AML Rightsource — USA 1

An outsourced provider of compliance and regulatory services to banks and other financial institutions. Its service offering is focused on suspicious transaction investigations and customer due diligence.

Value as % of Portfolio — 0.7%

Manager — Gridiron Capital

Invested — 2020

23. 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 — 0.7%

Manager — Graphite Capital

Invested — 2017

24. 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 — 0.6%

Manager — TDR Capital

Invested — 2014

25. Dr. Martens — UK

A British footwear and clothing brand. Its products are sold in over 60 countries across Europe, the US and Asia.

Value as % of Portfolio — 0.6%

Manager — Permira Advisers

Invested — 2014

26. RegEd — USA 1

A provider of regulatory compliance and management software, primarily to clients in the financial services sector. Its software is sold under a ‘Software-as-a-Service’ model.

Value as % of Portfolio — 0.6%

Manager — Gryphon Investors

Invested — 2018

27. 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 — 0.6%

Manager — Graphite Capital

Invested — 2014

28. IRIS — UK

A provider of business critical software and services for the accountancy, payroll and education sectors. It has approximately 17,000 accountancy practices using its core practice management software and 80,000 small-to-medium sized enterprises using its bookkeeping, payroll and HR software solutions.

Value as % of Portfolio — 0.5%

Manager — ICG

Invested — 2018

29. Springer Nature — Germany 2

A leading scientific, technical and medical research publisher.It provides editing, peer review and publishing services for academic journals and books. It operates in approximately 50 countries worldwide.

Value as % of Portfolio — 0.5%

Manager — BC Partners

Invested — 2013

30. YSC Consulting — 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 — 0.5%

Manager — Graphite Capital

Invested — 2017

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.

Share price (ICGT)

1,186p
-22.00P (-1.82%)
5:06PM 25 Sep 2021
The share price information is delayed by at least 15 minutes

Net Asset Value

1,402p
As of 30 April 2021
Next update: Q2 results, 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

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