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OF THE PORTFOLIO
OF TOP 30 INVESTMENTS ARE HIGH CONVICTION INVESTMENTS
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
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.