Hardman & Co Research on ICG Enterprise Trust Plc (ICGT): 3Q’23: continued growth and resilience

Hardman & Co Research on ICG Enterprise Trust Plc (ICGT):

3Q’23: continued growth and resilience 

ICGT reported another strong quarter, with an NAV per share total return of 3.6% in 3Q’22 and a portfolio return of 13.8% (local currency) for the last 12 months. Total proceeds and new investments for the quarter were strong, at £63m and £60m, respectively. Disciplined net investment continues, capitalising on attractive opportunities. ICGT saw an average 33% exit uplift, despite the challenging market conditions. It has a progressive dividend policy, is doing share buybacks 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.

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