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VALUE OF THE PORTFOLIO
INVESTMENT PORTFOLIO RETURN (LOCAL CURRENCY)
INVESTMENT PORTFOLIO RETURN (STERLING)
Continuing our track record of growth
Despite businesses worldwide facing ongoing challenges due to sustained impact from the COVID-19 pandemic, rising inflation, and concerns around potential interest rate rises, we continued to deliver strong NAV growth, generating NAV per share Total Return of 24.4% and ending the year with a NAV per Share of 1,690p.
At 31 January 2022, our Portfolio was valued at £1,172.2m, reflecting a 29.4% Portfolio Return on a Local Currency Basis (FY21: 24.9%). Our Portfolio growth represents strong performance across all areas of our investment strategy.
Our growth this year extends the track record of strong performance that we have delivered for our shareholders. Over the last five years, our Portfolio has generated an annualised Portfolio Return on a Local Currency Basis of 20.4% and FY22 is the 13th consecutive year that we have delivered a double-digit Portfolio Return on a Local Currency Basis.
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 23.9% p.a.
High Conviction Investments represented 48.9% of the Portfolio value at 31 January 2022 (31 January 2021: 51%), and we anticipate these investments will represent 50% - 60% of the Portfolio in the medium term. High Conviction Investments generated 23.1% Portfolio Return on a Local Currency Basis for the period
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 17.8% p.a.
Third Party Funds represented 51.1% of total Portfolio value at 31 January 2022 (31 January 2021: 49%).
All data at 31 January 2022 except where specified otherwise.