ICG Enterprise Trust (LON: ICGT) reported a 3.3% total return on net asset value per share for the six months to the 31st of July. The listed private equity investor, which owns stakes in unquoted companies and funds, said the Board’s intention remains to pay at least 42p in dividends for FY27, up 8% from 39p for FY26.
The shares were quoted at 1,390p at 8.11am today, up 1.3% on yesterday’s close of 1,372p but below this morning’s 1,410p open. Net asset value (NAV) per share was 2,091p at the 31st of July, so that quote implies a discount of about 33.5% to that figure.
The shares sit below their peak close of 1,494p on the 28th of August. Their six-month total return was minus 4.8%, against 7.9% for the FTSE All-Share, even as NAV per share rose from 2,044.6p at the 31st of January.
The trust also bought back shares. It spent £20m repurchasing 1,399,156 shares at a weighted average discount of 31.0% to the last reported NAV, which added 14.9p, or 0.7%, to NAV per share.
The portfolio returned 3.2% in local currencies. Direct investments in companies gained 6.8%, while secondary purchases of existing fund stakes lost 3.2%.
Exits test the valuations. The trust made 24 full exits at a weighted average 3.0 times cost and a 9.4% uplift to carrying value, including Curium and Yudo. A further £70m is expected from the sales of Exail, its largest holding, and Ambassador Theatre Group, both marked up to their expected sale prices.
Total proceeds were £84m, against £222m a year earlier, which included fund disposals. Net debt rose to £66.4m from £32.8m at the 31st of January, and the overcommitment ratio, which measures overcommitment net of liquidity as a share of NAV, reached 40.2%.
Oliver Gardey, Portfolio Manager, framed the half around resilience, while noting private equity is seeing lower transaction activity than in the decade running up to 2021.
ICGT’s Portfolio demonstrated the resilient growth we seek against a volatile market backdrop.
Oliver Gardey, Portfolio Manager
The next dividend, 9.5p, goes ex-dividend on the 12th of November and is paid on the 27th of November. An investor presentation is due at 11.30am today.
