HgCapital Trust (LON: HGT) shares are subdued on Monday, currently down 0.1%, after the private equity investment trust reported a steep decline in share price total return for the first half of 2026, even as it held its interim dividend steady.
HgT posted a share price total return of -24.9% for H1 2026, compared with a net asset value (NAV) total return of -4.9% over the same period.
The gap reflects a widening discount to NAV, which stood at around 29% at 30 June, up from single digits at the start of the year, before narrowing to approximately 16% by 31 August as the share price partially recovered.
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At 30 June, HgT’s market capitalisation stood at £1.7 billion against net assets of £2.4 billion, with NAV per share at 530.7 pence. By 31 August, the share price had fallen further to 440.5 pence, a year-to-date decline of 12.4%, while pro forma NAV per share eased to 524.8 pence.
The trust maintained its interim dividend at 2.0p per share, unchanged from 2025, and disclosed £19 million of share buybacks during the period. Hg, the trust’s manager, also confirmed plans to raise its strategic ownership of HgT from around 6% to more than 15% over the medium term through market purchases.
Chairman Jim Strang said the board believes the discount does not reflect the value or prospects of the underlying portfolio, pointing to continued double-digit earnings growth across HgT’s technology holdings despite the market’s reaction to broader software valuation multiple contraction.
