ICGT gives all investors a liquid, managed option to replicate the above-market, compounding returns and risk diversification that institutional managers get by accessing PE. An investment in ICGT, made on the period-end date in any of the past 20 years, would have outperformed the FTSE All-Share Index (Total Return) if still held on 31 July 2021. To that date, it saw 247% 10-year share-price growth, outperforming the index by 156%. It has consistently delivered superior returns across cycles (five-year NAV per share total return 16% p.a., with only two down quarters in past 20 years). In our view, the discount to NAV (15%) offers additional value.
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