Icg Enterprise Share Discussion Threads

[its the oxman] 18/4/2021 23:10

Recent article from hvpe website.Trust discountsMost trusts in the sector are trading today on wide discounts to net asset value while the more mainstream sectors are at par or even a premium. The discounts are perhaps surprising when you realise that the listed private equity sector offers early stage exposure to the kinds of opportunities described above, and that the same private equity groups who manage these portfolios often raise billions of dollars a year from institutional clients away from the public markets.For investors who may be interested in gaining exposure to private equity, one potential concern today is the prospect of a rotation out of growth-oriented technology stocks and into value, that is, unloved traditional businesses trading at low valuations. Were this to happen, however, listed private equity trust portfolios would potentially benefit from another type of exposure that they typically provide: the more mature buyout investments whereby a manager takes a controlling stake in an established business.Many of the investee companies are large enough to be listed on stock exchanges, but their owners have chosen to keep them private rather than file for IPO. Instead, they seek capital injections from private equity managers who offer to partner with management teams and drive value creation over a period of several years, without obsessing unduly over short- term results, as is often the case in the public markets.In private equity, the interests of owners and managers are aligned in pursuit of the best possible outcome for the business. Historic track records indicate strongly that this partnering approach delivers returns in excess of the public equity indices over extended time periods.Good ValueIt might also be said that the listed private equity investment trusts in themselves represent value: they have generally performed well yet are available at wide discounts to their published NAVs.At present, there may be additional latent value in their portfolios, as some of the NAVs are still based largely on valuations last updated at the end of September 2020. This is because valuing private company investments takes time, often resulting in a lag of several months before the latest quarterly figures are included in the fund NAVs.Private companies are often valued with reference to a comparable set of public companies. Given the strong performance that we saw from the public markets in Q4 2020, the December valuations have the potential to drive significant gains.Some brokers are anticipating further NAV upside; increases that may not yet be priced into the listed private equity trusts' shares.

[its the oxman] 16/4/2021 10:04

1134p offered this morning

[its the oxman] 16/4/2021 09:35

Struggling to see why these havent risen a bit more, currency hit perhaps or market just wanting to see confirmation of nav. Did spike to 1100p and market has gone better since.

[its the oxman] 11/4/2021 20:58

Final results date should be end of April but can't find exact date anywhere.

[its the oxman] 01/4/2021 12:10

Loaded up a little under 1000p, hoping for a run to 1200p come results if Nasdaq and wider market can stay robust from here. If not happy to hold long term regardless.

[its the oxman] 31/3/2021 15:42

Hvpe discount has narrowed and still see this on a 10-15% discount if returns are good as US exposure increases.

[its the oxman] 31/3/2021 10:30

Chewy beat earnings last night and should move up strongly. Expect year end nav to be in 1350-1390p range if I had to guess (Chewy was 102 at year end v 60 at Q3). Regardless expect steady nav progress and sub 1000p looks pretty compelling to me c.30% discount. Guess we have been caught up with US tech sell off and bit of growth profit taking. Nice opportunity I think to top up. May bounce strongly from these levels come results and nav update.

[brexitplus] 30/3/2021 14:32

Will you be adding in the new tax year?

[horseyphil] 30/3/2021 09:10

If it's still at this level when the new tax year starts, I'll be adding too.

[its the oxman] 29/3/2021 20:44

Added today c.1000p, come back too far, and looking forward to year end results and a push toward and hopefully through 1100p.

[its the oxman] 12/3/2021 22:01

We briefly touched 1100p this week, should be back there soon.

[horseyphil] 24/2/2021 17:45

Anything <1000p has to be a good buy. Telos sale looks to have been well-timed. Price usually rises just after the dividend is paid (next 5th March). I think that's because some hold through the old F&C, now BMO, and they offer a dividend reinvestment program. Since no treasury shares are issued, the MMs generally mark it up at divvy time.

[lomax99] 24/2/2021 16:55

Did likewise