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Continued strong performance across the portfolio
PORTFOLIO RETURN IN CONSTANT CURRENCIES
TOP 30 LTM EARNINGS GROWTH (DEC 17)
During the 12 months to 31 January 2018, the portfolio has continued to build on its strong performance, generating a gain of 16.4% in constant currencies, or 15.3% in sterling, and ending the year valued at £601m.
These returns have been driven by both strong operating performance and realisation activity and further extend the average 15.0% p.a. constant currency growth that the Portfolio has generated over the last five years.
Performance in the year was driven primarily by strong earnings growth, which combined with a modest increase in valuation multiples, has translated into valuation write-ups across the Portfolio. In particular, our largest 30 underlying companies, which represent 47% of the Portfolio, continue to perform well, with aggregate LTM earnings growth of 12% and revenue growth of 11%. As we look at the entire Portfolio, the growth and valuation trends are similar, reflecting the high quality of the Portfolio overall. Almost a third of the underlying Portfolio gains came from companies which were realised during the year.