Hardman & Co Research: Defensive growth: explaining downside resilience

We called our 6 July initiation Outperformance through every stage of cycle. In this note, we explore ICGT's resilience to a downturn in more detail. We first explain why private equity (PE) is so resilient, and then we deep dive into what ICGT has done to further reduce risk. Its performance through the initial stages of COVID-19, earlier NAV returns through downturns and academic research all confirm our view of PE's and ICGT's market-beating resilience. For ESG investors, this aspect of ICGT shows good "S" (jobs are preserved) and "G" (better governance, especially managing for the long term, is key to this performance).

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