HARDMAN & CO RESEARCH Hardman & Co Research: ICG Enterprise Trust (ICGT): FY'21 results: blew the roof off, not just the doors
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Hardman & Co Research
Hardman & Co Research: FY'21 results: blew the roof off, not just the doors We think the market expected that, to quote Michael Caine, ICGT would "only blow the bleeding doors off" in FY'21 with a known good uplift to NAV in 4Q from listed holdings. In the event, they blew the roof off with a 4Q 11.8% NAV total return (22.5% in the year against 15.9% five-year average). Portfolio returns (local currency) were 24.9% with the "High Conviction" (HC) portfolio generating 48.0% and third-party funds 22.4%. Underlying investee company revenue growth was 15%, reflecting ICGT's defensive growth strategy. Realisations have continued (at 31% average uplift to carrying value) and FY'22 has started well (£97m proceeds). Please click on the link below for the full report: If you are interested in meeting the company, you can register your interest by clicking on the above link
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1198886 20-May-2021