ICG Enterprise Trust ICG Logo
Menu

Share price

754 p
5:41PM 6 Jul 2020

Net Asset Value

1,100 p
As of 30 Apr 2020
Close
Our Portfolio

Portfolio overview

In this section

A balanced and well positioned portfolio of unquoted investments generating strong and consistent returns.

59%

In third party funds

41%

In high conviction investments

46%

Top 30 companies as a % of the portfolio

We focus on the buyout segment of the private equity market, in which target companies are almost invariably established, profitable and cash generative, which we believe will generate the most consistently strong returns.

We invest in companies managed by ICG and other leading private equity managers, in both cases through specialist funds as well as directly. This approach allows us to proactively increase exposure to companies that we have a high conviction will outperform, enabling us to strike the right balance between concentration and diversification. While diversification at both the manager and company level reduces risk, concentration in our high conviction investments enhances returns and allows individual portfolio companies to make a difference to performance.

Portfolio of leading private equity funds provides a base of strong diversified returns

Our third-party funds portfolio makes up 59% of the Portfolio and underpins our strategy providing a base of strong diversified returns and deal flow for the third-party direct co-investments and secondary investments in our high conviction portfolio.

The underlying funds have a bias to mid-market and large-cap European and US private equity managers and over the last five years this portfolio has generated a constant currency return of 14% p.a.1

High conviction portfolio of actively sourced investments enhance returns

Our high conviction portfolio includes investments managed directly by the five ICG investment teams that we partner with as well as our third party co-investments and secondary funds.  The common theme in our high conviction portfolio is that we have selected the underlying companies and this approach is in contrast to a conventional fund of funds in which the third party managers make all the underlying investment decisions.  

Our high conviction portfolio is weighted towards investments in our 30 largest underlying companies and has generated a constant currency return of 19% p.a1. over the last five years. We have a strategic goal of increasing the weighting to these investments to 50% - 60% of the Portfolio.

ICG managed investments (22% of the Portfolio)

We invest in five of ICG’s 21 strategies. A key strategic advantage for ICG Enterprise is the proprietary access we have to deal flow from ICG, and the ICG portfolio is broadly split between funds and co-investments. Many of our investments include a mixture of subordinated debt and equity, targeting returns broadly in line with our usual equity investments, but the subordinated debt element significantly reduces the overall risk.

Third party co-investments (14% of the Portfolio)

These are investments directly into a company alongside a private equity fund. These opportunities enable us to proactively increase exposure to companies we have a high conviction will outperform through the cycle.

Secondary fund investments (5% of the Portfolio)

This is when we acquire an existing interest from a seller in a private equity fund that is already substantially invested. We favour funds that are at a stage when the underlying assets’ performance is visible.

Q1 Update

All data at 31 January 2020 except where specified otherwise 
1Annualised return for five year period ended at 31 January 2020

High conviction investments underpinned by a portfolio of leading third party funds

21.8%
ICG Managed Investments

Within the ICG weighting, we are invested in five of ICG's strategies with a focus on funds that have a bias to equity returns targeting annualised returns of 13% - 20%. Of the 21.8% invested with ICG, 10.4% is via funds (both primary and secondary investments) and 11.4% is via co-investments.

13.8%
Third-party direct co-investments

Almost a fifth of the portfolio is weighted towards third party co-investments and secondary investments.

5.2%
Third-party secondary investments
Insights and source of deal flow for third party co-investments and secondary investments.

13.1% invested in funds managed by the former manager, Graphite Capital, a leading mid-market buyout manager.

59.2%
Third-party primary funds

46.1% invested in other third party funds. The funds portfolio has a bias to mid-market and large cap European and US private equity managers.

Hover to expand each coloured section

41% - High conviction investments

  • Underlying companies selected by ICG
  • Increases exposure to attractive assets
  • Enhances returns, increases visibility and control
  • Enables greater flexibility in portfolio management
  • Targeting 50% – 60% weighting
  • Five year constant currency returns of 19% p.a. for period to 31 January 2020

59% - Third party fund investments

  • Underlying companies selected by 40 leading private equity managers
  • Strong relationships in many cases over multiple fund cycles
  •  A base of strong diversified returns
  • Source of deal flow and insights for the high conviction portfolio
  • Five year constant currency returns of 14% p.a. for period to 31 January 2020

You may also like

About us

Our approach

Striking the right balance
Our Portfolio

Our Portfolio

A portfolio that strikes the right balance between concentration and diversification, risk and reward.
Shareprice Net Asset Value

Share price (ICGT)

754p
24.00P (3.29%)
5:41PM 6 Jul 2020
The share price information is delayed by at least 15 minutes
Share price information

Net Asset Value

1,100p
As of 30 April 2020
Next update: October 2020 – Q2 results
NAV information
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

Disclaimer

The information contained herein and on the pages that follow does not constitute an offer to sell, or the solicitation of an offer to acquire or subscribe for, any securities in any jurisdiction where such an offer or solicitation is unlawful or would impose any unfulfilled registration, qualification, publication or approval requirements on ICG Enterprise Trust PLC (the "Company") or its affiliates or agents. Equity securities in the Company have not been and will not be registered under the applicable securities laws of the United States, Australia, Canada, Japan or South Africa (each an “Excluded Jurisdiction”). The equity securities in the Company referred to herein and on the pages that follow may not be offered or sold within an Excluded Jurisdiction, or to any U.S. person ("U.S. Person") as defined in Regulation S under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or to any national, resident or citizen of an Excluded Jurisdiction.

The promotion of the Company and the distribution of this website and the materials contained by it in the United Kingdom are restricted by law. Accordingly, this website and any materials contained by it should only be accessed by, and are directed only at:
(i) persons outside the United Kingdom to whom it is lawful to communicate to; or
(ii) persons having professional experience in matters relating to investments who fall within the definition of "investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the “Order”); or
(iii) high net worth companies, unincorporated associations and partnerships and trustees of high value trusts as described in Article 49(2) of the Order, provided that in each case the website and any materials in are only directed at persons who are "qualified investors" as defined in article 2(1)(e) of Directive 2003/71/EC (as amended) (the "Prospectus Directive") ("Relevant Persons"). Accordingly, this website does not constitute, and does not contain the information required to be contained in, a prospectus as required under the Prospectus Directive.

This website is communicated by ICG Alternative Investment Limited (“ICG AIL”), which is authorised and regulated by the UK Financial Conduct Authority. In communicating this website ICG AIL is acting for the Company and is not responsible for advising persons viewing this website or any other person, or for providing them with the protections which would be given to those who are clients of ICG AIL under the rules of the FCA.
The information on the pages that follow may contain forward looking statements. Any statement other than a statement of historical fact is a forward looking statement. Actual results may differ materially from those expressed or implied by any forward looking statement. The Company does not undertake any obligation to update or revise any forward looking statements. You should not place undue reliance on any forward looking statement, which speaks only as of the date of its issuance.

Your access to this website is governed by the above terms. The Company may change these terms. The changes will be posted on the website. Your access to this website is governed by the version of these terms then in force.

By clicking "I understand and agree" below, you represent, warrant and agree that you (1) have read and understood these terms and the other information set out above, (2) agree to be bound by the terms, (3) do not have a registered address in, and are not resident or located in, an Excluded Jurisdiction (or, if you do, you will not seek to make any investment in the securities of the Company), (4) are not a U.S. Person or a national, resident or citizen of an Excluded Jurisdiction (or, if you are, you will not seek to make any investment in the securities of the Company), (5) are permitted under applicable laws and regulations to receive the information contained in the pages that follow, and (6) agree that you will not transmit or otherwise send any information contained in this website to any person in the United States or to any U.S. Person for the purpose of that person considering an investment in the securities of the Company, or to any publication with a general circulation in the United States.
If you cannot so certify and agree, you must click the button labelled "I decline" or otherwise exit this website.

I understand and agree

I decline