Icg Enterprise Trust Plc Gbp · LSE:ICGT
Icg Enterprise Trust Plc Gbp — ICG Enterprise Trust — Q3 FY2024 Earnings Presentation
14 slides from Icg Enterprise Trust Plc Gbp's earnings presentation, Jan 25, 2024
Slide 1: Trading update for the period ended 31 October 2023
Trading update for the period ended 31 October 2023 25 JANUARY 2024 For professional investors only. Not for onward distribution Note: All data as at 31 October 2023 unless specified PRIVATE AND CONFIDENTIAL
Slide 2: Our investment strategy
Our investment strategy Focused on risk-adjusted returns and defensive growth Buyouts Developed Mid-market and Top-tier markets larger deals managers Defensive More consistent returns Primarily in North More likely to be Track records of growth profile, with less risk America and Europe; resilient a
Slide 3: Portfolio Manager perspectives
Portfolio Manager perspectives • Portfolio up 3.4% on Sterling basis, including 3.3% benefit of Sterling movement • Portfolio cashflow positive during the quarter driven by Secondary programme, underlining benefits of our portfolio construction • Realisation activity continuing, with twelve full exi
Slide 4: Q3 in review
Q3 in review PORTFOLIO VALUE NAV PER SHARE CAPITAL RETURNS Dividend per Share £1,437m 1,959p share buybacks 0.1%1 3.3%2 8p £3.8m INVESTMENT ACTIVITY REALISATION ACTIVITY New Fund Commitments New Investments Realisation Proceeds Uplift to Carrying Value from 12 Full Exits £29m £29m £39m 33.7% 1 Portf
Slide 5: Portfolio activity overview
Portfolio activity overview Primary Direct Secondary Total ICG-managed Portfolio Return on a Local Currency Basis 0.1% (0.1)% 0.1% 0.1% 2.4% Portfolio Return in Sterling 3.1% 3.4% 4.3% 3.4% 6.0% New Investments £26m £1m £2m £29m £5m Proceeds £24m £1m £14m £39m £16m New Fund Commitments £29m - - £29m
Slide 6: Portfolio composition today
Portfolio composition today ASSESSING OUR PORTFOLIO AGAINST OUR MEDIUM-TERM TARGETS Medium-term target Five-year average Q3 FY24 1. Target Portfolio composition 1 Investment category Primary ~50% 61% 55% Direct ~25% 24% 27% Secondary ~25% 15% 18% Geography North America ~50% 40% 43% Europe (inc. UK)
Slide 7: Manager relationship case study
Manager relationship case study TJC ~$62M Top tier manager Strong reputation in the US mid-market, with a stable, tenured team who have worked together for over 20 years TOTAL COMMITMENTS TO TJC FUNDS SINCE 2018 Partners across Primary investment and strong relationship unlocked the primaries and ab
Slide 8: Shareholder returns
Shareholder returns 1 3 PROGRESSIVE DIVIDEND POLICY MAINTAINED LTM CASH RETURNS TO SHAREHOLDERS5 LONG-TERM SHARE BUYBACK PROGRAMME 30p 32p 2 1.3m shares repurchased 27p 1.9% of issued share capital at start of programme 24p 23p Q3 FY24: 22p 21p 8p per share £12.1m £14.6m capital returned to sharehol
Slide 9: Track record of delivering for shareholders
Track record of delivering for shareholders LTM RETURNS L3Y (ANNUALISED) L5Y (ANNUALISED) Portfolio Return1 +4.8% +21.1% +17.5% NAV per Share2 +3.8% +18.3% +15.4% 1 Portfolio Return on a Local Currency Basis 2 NAV per Share on a Total Return basis Source: ICG Enterprise Trust, as at 31 October 2023
Slide 10: Q&A
Q&A PRIVATE AND CONFIDENTIAL
Slide 11: Appendix
Appendix PRIVATE AND CONFIDENTIAL
Slide 12: Liquidity
Liquidity • Total available liquidity of £154m • Net debt of £55m • £490m of Undrawn Commitments within investment period, and a further £95m of commitments to funds that are outside of their investment period Source: ICG Enterprise Trust, as at 31 October 2023 PRIVATE AND CONFIDENTIAL 11
Slide 13: Performance figures
Performance figures Performance for 12 months ending: 31 October 2023 31 October 2022 31 October 2021 31 October 2020 31 October 2019 NAV per Share Total Return 3.8% 19.9% 33.2% 11.1% 11.3% Share Price Total Return 11.6% (17.6)% 56.3% (9.8)% 15.5% FTSE All-Share Index Total Return 5.9% (2.8)% 35.4%
Slide 14: Legal notice
Legal notice What this document is for This document has been prepared by ICG Alternative Investment Limited (“ICG AIL”) as manager of ICG Enterprise Trust plc (“ICG Enterprise”). The information and any views contained in this document are provided for general information only. It is not intended t
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