Hg Capital’s share price returned 1.4% over 2013. At the end of December 2013 Hg Capital’s net asset value was £11.80 – having delivered a total return for 2013 of -1.6%. Part of the problem was the drag from Hg’s high cash balances. They made five new investments but money has been flowing back from disposals too so, at the end of February 2014, cash was £85m (19% of NAV).
Gains on investments like IRIS, Manx Telecom, Visma, ATC and JLA were offset by writedowns in the values of Lumesse, RPP1 & RPP2, NetNames, Teufel and Voyage.