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The information contained herein and on the pages that follow does not constitute an offer to sell, or the solicitation of an offer to acquire or subscribe for, any securities in any jurisdiction where such an offer or solicitation is unlawful or would impose any unfulfilled registration, qualification, publication or approval requirements on Hardman and Co (the “Company”) or its affiliates or agents. Equity securities in the ICG Enterprise Trust have not been and will not be registered under the applicable securities laws of the United States, Australia, Canada, Japan or South Africa (each an “Excluded Jurisdiction”). The equity securities in ICG Enterprise Trust referred to herein and on the pages that follow may not be offered or sold within an Excluded Jurisdiction, or to any U.S. person (“U.S. Person”) as defined in Regulation S under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or to any national, resident or citizen of an Excluded Jurisdiction.
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In our note, FY’21 results: blew the roof off, not just the doors, published on 20 May 2021, we noted the 4Q 11.8% NAV total return (22.5% in the year, vs. the 15.9% five-year average). Portfolio returns (local currency) were 24.9%, with the “High Conviction” (HC) portfolio generating 48.0% and third-party funds 22.4%. Underlying investee company revenue growth was 15%. Realisations continued (at a 31% average uplift to carrying value), and investments were paced to current and prospective opportunities. FY’22 has started well (£97m proceeds in two months, vs. £147m p.a. annual five-year average). ICGT’s “defensive growth” strategy delivered on its promises in FY’21.
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