Our Portfolio

Portfolio overview

Broad-based growth across High Conviction Investments and Third Party Funds

The benefits of our approach to portfolio construction are demonstrated by our long-term track record. Over the last five years, our High Conviction Investments have generated an annualised Portfolio Return on a Local Currency Basis of 23.9% p.a. and our Third Party Fund investments have generated an annualised Portfolio Return on a Local Currency Basis of 17.8% p.a.

High Conviction Investments represented 48.9% of the Portfolio value at 31 January 2022 (31 January 2021: 50.7%). We anticipate that High Conviction Investments will continue to represent 50% - 60% of the Portfolio in the medium term.

During the year High Conviction Investments generated a 23.1% Portfolio Return on a Local Currency Basis. Key contributors to the performance included IRI (a provider of mission-critical data and predictive analytics to consumer goods manufacturers) and Visma (a provider of business management software and outsourcing services). The Secondary Investments made during the year have already shown positive returns, benefitting from the performance of a mature portfolio of invested assets.

Third Party Funds generated a 36.0% Portfolio Return on a Local Currency Basis for the year (FY21: 22.4%) and represented 51.1% of the Portfolio value at 31 January 2022 (31 January 2021: 49.3%). These returns were driven by the strong performance of a number of funds that we invest in, including those managed by Advent, Gridiron, CVC and Thomas H. Lee, as well as the realisation of U-POL.

ICG managed investments (27% 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 (16% 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 (18% 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.

All data at 31 January 2022 except where specified otherwise 
1Annualised return for five year period ended at 31 January 2022

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

26.9%
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 26.9% invested with ICG, 17.1% is via funds (both primary and secondary investments) and 9.8% is via co-investments.

15.2%
Third-party direct co-investments

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

6.2%
Third-party secondary investments
Insights and source of deal flow for third party co-investments and secondary investments.

6.0% invested in funds managed by the former manager, Graphite Capital, a leading mid-market buyout manager.

51.7%
Third-party primary funds

45.7% invested in other third party funds. The funds portfolio has a bias to mid-market and large cap European and US private equity managers.

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48% - 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 25% p.a. for period to 31 July 2021

52% - Third party fund investments

  • Underlying companies selected by 38 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 18% p.a. for period to 31 July 2021

Share price (ICGT)

1,088p
34.00P (3.23%)
3:17AM 17 May 2022
The share price information is delayed by at least 15 minutes

Net Asset Value

1690p
As of 31 January 2022
Full year results for the twelve months ended 31 January 2022
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