HgCapital Trust - High quality, high growth, high margin
HgCapital Trust (HGT) continues to operate against the backdrop of a tougher macroeconomic environment, muted M&A markets and higher interest rates. Nevertheless, it delivered a 12-month NAV TR to end-March 2023 of 10.3%, which supports its longer-term outperformance of listed PE peers and major public indices. While Hg (its investment manager) expects some pressure on sales to new customers across HGT’s portfolio, it sees several other organic growth drivers, including cross- and up-sell. Last 12 month (LTM) revenue and EBITDA growth to end-March 2023 remained high across its top 20 holdings at 30% and 27%, respectively.Hgcapital Trust is an investment trust company. The policy of Co. is to invest, directly or indirectly, in a portfolio of unlisted companies. Hg Pooled Management Limited and HgCapital LLP (collectively, Hg) primarily invest in companies whose operations are headquartered or substantially based in Europe. These companies operate in a range of countries, but there is no policy of making allocations to specific countries or markets. Investments are made across a range of sectors. Co. may, from time to time, invest directly in private equity funds managed by Hg. Hg Pooled Management Limited has been appointed as Co.'s Alternative Investment Fund Manager.
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