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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 the most recent results to Oct’22 in our note, 3Q’23: continued growth and resilience, ICGT reported another strong quarter, with an NAV per share total return of 3.6% in 3Q’22 and a portfolio return of 13.8% (local currency) for the past 12 months. Total proceeds and new investments for the quarter were strong, at £63m and £60m, respectively. Disciplined net investment continues, capitalising on attractive opportunities. ICGT saw an average 33% exit uplift. It has a progressive dividend policy, is doing share buybacks and has a new, reduced management fee. ICGT’s investee companies offer good risk-adjusted returns and defensive characteristics, giving investors both growth and resilience.
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