Hardman & Co Research: ICG Enterprise Trust Plc (ICGT): CM day 2024 - defensive growth value creation
The key messages from ICGT’s June 2024 shareholder seminar were i) ICGT has a focused and differentiated investment strategy with a dedicated investment team, ii) operating performance remains strong and capital structures are well positioned, iii) debt pricing is reducing and debt availability is accelerating, iv) access to the ICG platform brings substantial benefits, and v) the board has a focused and deliberate approach to long-term shareholder value. In our view, what defines ICGT’s uniqueness is the “defensive growth” approach, combined with the ICG manager benefits. This has delivered five-year, local currency portfolio returns of 17.1% CAGR, NAV p/sh. returns of 14.6% and shareholder total returns of 11.2%.
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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