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ICGT’s latest update, 1Q to 30 April 2021, was very positive, stating i) its highest-ever quarterly realisation proceeds, ii) 12 full exits, at a 42% uplift to carrying value, and iii) a portfolio return on a local currency basis of 3.4%, despite a partial correction in the listed Chewy share price. It also reported a substantial pipeline. In June, there was further confirmation of favourable conditions, with the realisation of U-POL generating an estimated 19.8p per share uplift in NAV (1.4%). It was the 13th-largest holding and sold at a 128% uplift to carrying value (again confirming that ICGT’s approach to valuation is conservative). The 21% discount to NAV appears anomalous with the outlook.
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