Continued strong performance from ICG Enterprise Trust – ICG Enterprise Trust (ICGT, formerly Graphite Enterprise) is an investment trust listed on the London Stock Exchange with a diversified portfolio of private equity assets.
The company has released its results for the year ending 31st January 2018. Here are the headlines from the companies news release:
NAV per share of 959p – total return of 12.5% in the year
· Growth driven by strong operating performance and realisation uplifts
High quality portfolio and record period for realisations
· 16.4% constant currency return on the investment Portfolio; 15.3% return in sterling
· 12% average past twelve months earnings growth from Largest 30 Companies; 47% of the Portfolio
· £227m of realisations; cash proceeds 37% of the opening Portfolio value
· Realisations at 40% uplift to carrying value; 2.7x multiple to cost
Selective investment into compelling opportunities
· £142m of new capital deployed; 42% into high conviction investments
· Flexibility to adapt investment mix according to where the investment team see the best relative value
· £110m committed to nine primary funds; four new relationships
Strategic benefits of move to ICG continue to add significant value
· £30m of co-investment alongside ICG; ICG managed investments now represents 18% of the Portfolio
· Focus on defensive growth companies and structural downside protection
· Continued geographic diversification; US now represents 22% of the Portfolio
Move to new annual dividend policy – dividend of 21p
· 5% increase on previous year and 2.6% yield on year end share price
· Move to quarterly dividend payments
Continued short, medium and long-term outperformance of UK equity indices
Performance to 31 January 2018 |
1 year |
3 year |
5 year |
10* year |
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Net asset value per share (total return) |
12.5% |
48.0% |
67.8% |
113.0% |
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Share price (total return) |
20.1% |
55.1% |
89.7% |
107.3% |
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FTSE All-Share Index (total return) |
11.3% |
27.4% |
50.3% |
80.9% |
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All performance figures are stated on a total return basis (i.e. including the effect of re-invested dividends) *As the Company changed its year end in 2010, the ten-year figures are for the 121-month period to 31 January 2018. |
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1 Alternative Performance Measure
ICGT : Continued strong performance from ICG Enterprise Trust