Our Portfolio

Portfolio overview

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

57%

In third party funds

43%

In high conviction investments

>500

Companies

Our portfolio combines investments managed by ICG with those managed by third parties, in each case both through funds and directly. This approach enables us to enhance returns by proactively increasing exposure to companies that we have a high conviction will outperform through the cycle. The common theme in our high conviction portfolio is that ICG has made the decision to invest in the underlying company, unlike in a conventional fund of funds model where the third party managers make all of the underlying investment decisions.

Our portfolio has exposure to over 500 underlying companies, of which the largest 30 represent 48% of the portfolio. The balance of investments provides deal flow and valuable insights that inform the management of the portfolio as a whole.

We believe that our strategy strikes the right balance between concentration and diversification and combines the best elements of both the direct and fund of funds models which are prevalent in the listed private equity sector, differentiating us from our peers.

All data at 30 April 2018

Investment Portfolio

Third party fund investments

57%
  • Underlying companies selected by 37 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 13.1% p.a.

High conviction investments

43%
  • 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 18.6% p.a.

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

18.1% ICG Managed Investments

Within the ICG weighting, we are invested in three of ICG's strategies with a focus on funds that have a bias to equity returns targeting annualised returns of 15% - 20%.

Of the 18.1% invested with ICG, 11.4% is via funds (both primary and secondary investments) and 6.7% is via co-investments.

19.1% Third-party direct co-investments
6.0% Third-party secondary investments

A quarter of the portfolio is weighted towards third party co-investments and secondary investments.

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

14.6% invested in funds managed by the former manager, Graphite Capital, a leading mid-market buyout manager.

56.8% Third-party primary funds

42.2% invested in other third party funds. The funds portfolio has a bias to mid-market and large cap European and US private equity managers.

Share price (ICGT)

868p
-10.00P (-1.14%)
3:11PM 18 Jul 2018
The share price information is delayed by at least 15 minutes

Net Asset Value

970p
As of 30 April 2018
Next update: October 2018 – Q2 results
Year Net assets NAV per share Share price Dividends per share
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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