Hardman & Co Research
Hardman & Co Research: ICG Enterprise Trust (ICGT) - Initiation of coverage:
Outperformance through every stage of cycle
06-Jul-2020 / 10:05 GMT/BST
Hardman & Co Research: Outperformance through every stage of cycle
ICGT, the 39-year listed private equity (PE) investor, has delivered a total
NAV return of 178% over 10 years (comparable FTSE All Share return 61%). Since
Intermediate Capital became the manager in 2016, ICGT has earned mid-teen p.a.
underlying returns every year. This has been achieved by leveraging the
attractive PE market with incremental manager synergies. It has a concentrated
portfolio of "high-conviction" investments (19% p.a. average returns over five
years, 42% of portfolio, defensive growth focus) and a diversified third-party
PE funds book. ICGT manages over-commitment tightly. The 33% discount to NAV
is above peers.
Please click on the link below for the full report:
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h-every-stage-of-cycle/ [1]
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1086849 06-Jul-2020
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(END) Dow Jones Newswires
July 06, 2020 05:05 ET (09:05 GMT)
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