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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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We reviewed ICGT’s results in our note 1HFY’24: defensive growth/disciplined approach. They confirmed the robust nature of its strategy and portfolio with LTM NAV per share total return of 4.1%. The 1HFY’24 portfolio return, on a constant currency basis, was 4.6% and the long-term, ongoing buyback programme enhanced NAV. The minimum 32p FY’24 expected dividend was reconfirmed. Realisations were £94m, new investments £64m and new commitments £110m; activity that is slower than the recent past but still ongoing. Exits were at an average 18% premium to carrying value, demonstrating the conservative approach to accounting. ICGT’s defensive growth is delivering in challenging markets.
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