Our Portfolio

30 largest underlying companies

48%

OF THE PORTFOLIO

73%

OF TOP 30 INVESTMENTS ARE HIGH CONVICTION INVESTMENTS

16%

LTM EARNINGS GROWTH (JUN 19)

Our top 30 underlying companies, which represent 48% of the Portfolio by value and are biased to high conviction investments, continue to perform well, reporting aggregate LTM revenue and earnings growth of 13% and 16%, respectively. This compares to 5% LTM earnings growth for the FTSE All-Share. Over the six months, valuation multiples increased from 10.9x to 11.9x, 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 net debt/EBITDA ratio remains unchanged at 4.2x.

Top 30 Underlying companies

High conviction underlying investments Third party fund underlying investments

1. 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 — 3.6%

Manager — ICG

Invested — 2017

2. 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 — 3%

Manager — BC Partners

Invested — 2015

3. 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 — 3%

Manager — Graphite Capital

Invested — 2013

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 — 2.6%

Manager — ICG

Invested — 2018

5. Froneri — UK 1,2

Created through a joint venture between R&R and Nestlé’s ice cream and frozen food activities, 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 — 2.6%

Manager — PAI Partners

Invested — 2013

6. 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 — 2.2%

Manager — ICG

Invested — 2018

7. 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 — 2.2%

Manager — PAI Partners

Invested — 2016

8. 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 — 2%

Manager — Graphite Capital

Invested — 2014

9. Beck & Pollitzer — UK

A global engineering services business, serving a range of blue-chip multinational manufacturing clients. Headquartered in Dartford, 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 — 1.9%

Manager — Graphite Capital

Invested — 2016

10. 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 — 1.7%

Manager — ICG

Invested — 2017

11. 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 — 1.7%

Manager — Graphite Capital

Invested — 2014

12. Gerflor — France 2

Gerflor creates, manufactures and markets innovative, decorative and environmentally responsible solutions for flooring and interior finishes. It is the third largest manufacturer of PVC flooring in the world with its products used in professional as well as residential applications.

Value as % of Portfolio — 1.6%

Manager — ICG

Invested — 2017

13. Education Personnel — UK 1,2

A leading UK provider of supply teaching staff. Through a network of over 60 branches, it supplies teachers, teaching assistants and nursery staff to c. 25,000 primary and secondary schools in England and Wales.

Value as % of Portfolio — 1.6%

Manager — ICG

Invested — 2014

14. 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 — 1.6%

Manager — Thomas H Lee Partners

Invested — 2016

15. 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

16. Ceridian — USA 1

A provider of outsourced business processing services, with a broad range of HR services including payroll, workforce management, tax filing, benefits administration, recruitment, health and wellness, and HR outsourcing. Ceridian serves over 25 million users in more than 50 countries.

Value as % of Portfolio — 1.5%

Manager — Thomas H Lee Partners

Invested — 2007

17. Endeavor Schools — USA 1

An owner and operator of 43 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

18. DOC Generici — Italy 1

DOC Generici is a leading independent generic pharmaceutical company in Italy. It is active in the supply of drugs for the treatment of all the common medical conditions with a strong presence in areas including cardiovascular, gastrointestinal, metabolism and neurological treatments. DOC Generici is the third largest company in the Italian pharmaceutical market, which is a resilient and relatively predictable market.

Value as % of Portfolio — 1.4%

Manager — ICG

Invested — 2019

19. LeafFilter — 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 — 1.4%

Manager — Gridiron

Invested — 2016

20. Abode Healthcare — USA 1

A provider of hospice treatment and home health services in the US. The hospice segment provides palliative at-home care for terminally ill patients. The home health segment provides care to help patients avoid unnecessary hospitalisations and speed up recovery time.

Value as % of Portfolio — 1.4%

Manager — Tailwind Capital

Invested — 2018

21. 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 — 1.3%

Manager — Graphite Capital

Invested — 2017

22. 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 — 0.9%

Manager — Graphite Capital

Invested — 2017

23. 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 — 0.9%

Manager — ICG

Invested — 2018

24. 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 — 0.8%

Manager — Graphite Capital

Invested — 2010

25. 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 — 0.8%

Manager — TDR Capital

Invested — 2013

26. 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 — 0.7%

Manager — Graphite Capital

Invested — 2002 & 2014

27. EG Group — UK

EG Group is a leading forecourt retailer and operator created in November 2016 through the merger of EFR Group and Euro Garages and supplemented by further acquisitions. The business has c. 5,500 sites across Europe, the US and Australia.

Value as % of Portfolio — 0.7%

Manager — TDR Capital

Invested — 2014

28. RegEd — USA 1

RegEd is 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

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. ITN Networks — USA 2

ITN Networks is a re-seller of broadcast television airtime for advertising which creates targeted program line-ups for national advertisers across the US.

Value as % of Portfolio — 0.5%

Manager — ICG

Invested — 2016

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)

984p
2.00P (0.20%)
8:17AM 16 Dec 2019
The share price information is delayed by at least 15 minutes

Net Asset Value

1,175p
As of 31 July 2019
Next update: January 2020 – Q3 results
Year Net assets NAV per share Share price Dividends per share
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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