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OF THE PORTFOLIO
OF TOP 30 INVESTMENTS ARE HIGH CONVICTION INVESTMENTS
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
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