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Share price

1,228 p
6:57PM 23 Jan 2022

Net Asset Value

1,523 p
As of 31 Jul 2021
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Our Portfolio

Performance overview

In this section

£1,019m

VALUE OF THE PORTFOLIO

+14.9%

INVESTMENT PORTFOLIO RETURN (LOCAL CURRENCY)

+12.8%

INVESTMENT PORTFOLIO RETURN (STERLING)

Consistently strong Portfolio performance

Despite continued volatility as a result of the COVID-19 pandemic within the period, the strength of our business model and highly focused investment strategy remains. Over the six month period to 31 July 2021 the Portfolio generated a 14.9% Portfolio Return on a Local Currency Basis and 48.5% over the last twelve months. Over the last five years, the Portfolio has generated Portfolio Return on a Local Currency Basis of 21% p.a.

We aim to deliver attractive risk-adjusted returns by executing our focused and differentiated investment strategy. We focus on buyouts in developed markets, targeting mid-market and larger deals. We look for businesses that are profitable, cash generative and with strong defensive growth characteristics. We find these characteristics in a range of sectors and invest in these businesses directly, through ICG managed funds and through third party private equity managers. When combined, we believe this results in a uniquely balanced portfolio with attractive growth characteristics.

The strength of performance during the period was broad-based, with only one single portfolio company contributing over 10% of gains. Realisation activity has also continued to support Portfolio performance during the period, with an average Uplift to Carrying Value on realisation of 26%.

High Conviction Investments underpinned by investments in leading Third Party Funds

High Conviction Investments are those where ICG has actively selected the underlying companies. We seek to enhance returns and increase visibility on underlying performance drivers. Over the last five years, this part of the Portfolio has generated a Portfolio Return on a Local Currency Basis of 25% p.a.


High Conviction Investments represented 48% of the Portfolio value at 31 July 2021 (31 January 2021: 51%), and we anticipate these investments will represent 50% - 60% of the Portfolio in the medium term. High Conviction Investments generated 10% Portfolio Return on a Local Currency Basis for the period. Key contributors to the strength of performance were from businesses in the technology sector, in particular IRI and Visma. IRI, a provider of mission-critical data and predictive analytics to consumer goods manufacturers, performed extremely well during the period and its valuation was marked up following a partial realisation. Visma, a provider of business management software and outsourcing services, also displayed strong operational performance in the period. Our direct investment in Visma is held alongside Hg Capital and ICG. A number of ICG funds also generated broad-based valuation increases.

Third Party Funds provide a base of strong diversified returns. They also play an important strategic role by providing direct and secondary investment opportunities. Over the last five years, this element of the Portfolio has generated a Portfolio Return on a Local Currency Basis of 18% p.a.
Third Party Funds represented 52% of total Portfolio value at 31 July 2021 (31 January 2021: 49%). Our Third Party Funds generated 20% Portfolio Return on a Local Currency Basis for the period. The most significant contributor to these returns was U-POL Ltd (“U-POL”). U-POL’s valuation was increased by 132% compared to its carrying value at 30 April 2021, reflecting an agreed sale price.

All data at 31 July 2021 except where specified otherwise 

Shareprice Net Asset Value

Share price (ICGT)

1,228p
-32.00P (-2.54%)
6:57PM 23 Jan 2022
The share price information is delayed by at least 15 minutes
Share price information

Net Asset Value

1,523p
As of 31 July 2021
Next update: Q3 results for quarter ended 31 October 2021
NAV information
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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