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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 recent Capital Markets Day in our note of 10 July, Investor Day – defensive growth in practice. The key takeaways were i) a clear defensive-growth investment strategy, targeting superior, long-term, risk-adjusted returns, ii) a differentiated portfolio, with exposure to profitable, cash-generative businesses with downside resilience, iii) a disciplined approach to capital allocation, with shareholder distributions through dividends and buybacks, and iv) a dedicated investment team, focused exclusively on the trust but leveraging Intermediate Capital as the manager. The 1Q trading update noted a small fall in NAV (forex-driven), with the underlying portfolio value growing 10.2% over the past 12 months in constant currency.
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