HgCapital Trust - NAV total return of 36% in 9M21
HgCapital Trust (HGT) delivered a strong NAV total return of c 36% in the first nine months of 2021, including c 12% in Q321, driven primarily by double-digit earnings growth across the portfolio (LTM EBITDA for top 20 holdings up 29% y o y). Its transaction activity remains high, with the volume of completed and announced investments and realisations at £378m and £204m, respectively in 2021 so far (vs £403m and £364m in the record-high 2020). HGT’s coverage ratio was a healthy c 85% at 10 December 2021 and its liquidity position has been supported with tap equity issues (c £126m in 2021 to 10 December) and a £200m credit facility, £45m of which was undrawn as at 15 November 2021.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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