ICG Enterprise Trust plc (ICGT): FY results: proving the market-beating model again
ICGT reported another strong year to end-January 2023. The NAV per share was 1,903p, up from 1,690p in January 2022. The NAV total return was 14.5%, driven by the local-currency portfolio return of 10.5%, its 14th consecutive year of double-digit growth. Realisations and new investments were in line with historical averages. On exit, ICGT saw an average 24% uplift, despite the challenging market conditions. It has a progressive dividend policy (up 11%), is doing share buybacks (£5.2m), and has a new, reduced management fee. ICGT’s investee companies offer good risk-adjusted returns and defensive characteristics, giving investors both growth and resilience.ICG Enterprise Trust is an investment trust. Co. is a private equity investment company focused on buyouts in developed markets. Co. invests in private equity funds and also directly in private companies. As of Jan 31 2017, Co.'s total investment portfolio amounted to £594.3 million.
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