Our Portfolio

30 largest underlying companies

46%

OF THE PORTFOLIO

71%

OF TOP 30 INVESTMENTS ARE HIGH CONVICTION INVESTMENTS

17%

LTM EARNINGS GROWTH

Our largest 30 underlying companies (“Top 30”) represent 46% of the Portfolio by value (31 Jan 19: 46%), and are weighted towards our high conviction investments, which make up 71% of the Top 30 by value (31 Jan 19: 70%).

During the year, the Top 30 performed well, reporting average LTM earnings growth of 17% and revenue growth of 12%. It is particularly encouraging that a quarter of these companies generated LTM earnings growth in excess of 20% in the year, driven by both organic growth and M&A activity. The valuation multiples of the Top 30 increased from 10.9x to 11.7x, a reflection of the change of mix and weightings, rather than an increase in aggregate multiples overall. The net debt/EBITDA ratio remained relatively unchanged at 4.1x, although mix and weightings also had an impact with the majority of companies de-levering in the year on a like-for-like basis.

Since the year end the economic landscape has altered dramatically. In the 71% of the top 30 portfolio which are high conviction investments, there is a strong bias towards investments in sectors which have defensive characteristics. This includes a number of recent co-investments in sub-sectors such as software and packaging which continue to perform well even in the current climate. We also believe that our investments alongside ICG will, in addition to having defensive business models, benefit from being structured to provide downside protection. This makes these investments less sensitive to short term earnings or valuation pressure compared to a conventional buy-out deal structure.

Performance in the current environment will vary between sector and company, and while our underlying portfolio companies are not immune to the impact of a global pandemic, we believe that the vast majority of our Top 30 are well placed to weather the current uncertainty and take advantage of any recovery.

Q1 Update

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. 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 — 2.9%

Manager — Graphite Capital

Invested — 2013

3. 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

4. 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 — 2.5%

Manager — PAI Partners

Invested — 2016

5. 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 — 2.4%

Manager — BC Partners

Invested — 2015

6. 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 — 2.1%

Manager — Gridiron

Invested — 2016

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 — 1.8%

Manager — ICG

Invested — 2017

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 — 1.8%

Manager — ICG

Invested — 2018

9. 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 — 1.8%

Manager — ICG

Invested — 2019

10. 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 — 1.7%

Manager — Thomas H Lee Partners

Invested — 2016

11. 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

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 — 1.7%

Manager — ICG

Invested — 2017

13. 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 — 1.6%

Manager — PAI Partners

Invested — 2019

14. 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 — 1.5%

Manager — Graphite Capital

Invested — 2014

15. 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 — 1.5%

Manager — Graphite Capital

Invested — 2016

16. 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 — 1.4%

Manager — New Mountain

Invested — 2018

17. 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

18. 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 — 1.4%

Manager — Graphite Capital

Invested — 2017

19. 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 — 1.3%

Manager — Graphite Capital

Invested — 2014

20. 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 — 1.1%

Manager — Graphite Capital

Invested — 2017

21. 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 — 1.1%

Manager — Oak Hill Capital Partners

Invested — 2019

22. 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%

Manager — Leeds Equity Partners

Invested — 2019

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 — 1%

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 — 0.9%

Manager — Graphite Capital

Invested — 2010

25. 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 — 0.9%

Manager — Thomas H Lee Partners

Invested — 2007

26. 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

27. 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

28. Random42 — UK

A provider of medical animation and digital media services to the healthcare and pharmaceutical industries. The company generates scientific animations, which demonstrate disease mechanisms and how medical and pharmaceutical products interact with the human body.

Value as % of Portfolio — 0.6%

Manager — Graphite Capital

Invested — 2017

29. EuroGarages — 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

30. Teamviewer — Germany

Global provider of cloud-based software to enable online secure remote support and collaboration (including web-conferencing and file sharing solutions). Listed on the Frankfurt Stock Exchange in Sept 2019 in one of the largest ever software IPOs.

Value as % of Portfolio — 0.4%

Manager — Permira

Invested — 2014

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)

754p
24.00P (3.29%)
6:57PM 6 Jul 2020
The share price information is delayed by at least 15 minutes

Net Asset Value

1,100p
As of 30 April 2020
Next update: October 2020 – Q2 results
Year Net assets NAV per share Share price Dividends per share
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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