Icg Enterprise Share Discussion Threads

[spangle93] 09/2/2023 07:25

Latest Hardman research

I'm not a top notch investor when it comes to numbers, but unlike Hardman I can spot that it's not 3Q23 ;-)



ICGT has consistently generated superior returns, by adding value in an attractive market, having a strategic focus on defensive growth and leveraging synergies from being part of ICG since 2016. Valuations appear conservative, and governance is strong. ICGT focuses on delivering resilient risk-adjusted returns, and balancing risk and reward. The risks are primarily sentiment-driven on costs, cyclicality and the underlying assets’ liquidity. A 37% discount to NAV appears anomalous with ICGT’s performance.

[rambutan2] 05/2/2023 20:51

The Q3 webcast is available to watch, after registration:

[riverman77] 02/2/2023 13:38

Good solid update this morning - managed to buy in early before markets reacted. Particularly pleasing to see continued realisations 30% above book value - makes a mockery of the 40% discount (you're effectively paying 60p for assets that sell at 130p)

[ali47fish] 01/2/2023 16:01

so from the knowledgeable investors here i have been watching this for some time but cannot decise when to enter- any ideas / opinions welcome

[h1a3] 01/2/2023 09:44

Hi Skyship,
Yes, I have been investing in ICG for a very long time.
Putting a few hundred pounds monthly into the F&C (BMO) saving scheme and so I have been riding the market ups and downs. Now I have over 12K+ of ICG so a nice holding (£140K+) and overall I am pleased with the performance.
I have many other holdings but this one has been classed as a no brainer!
Good luck all.

[18bt] 19/12/2022 10:20

Personally I'm cautious about private equity in general and do quite a bit of work with the sector. There is a wall of uninvested money which is struggling to find a home and lack of exit opportunities. I suspect some PE managers are a bit aggresive in valuations and will be caught. FWIW I would invest in a highly diverse fund such as ICGT.

[ali47fish] 19/12/2022 09:24

i am not invested- is this a good time to enter

[18bt] 19/12/2022 08:23

I've been holding since Jan 2000. First year was hairy, but have ridden out the bear markets since then and happy shareholder.

[skyship] 18/12/2022 14:40

Strewth - you've been holding this for 25+ years?


free stock charts from uk.advfn.com

[h1a3] 13/12/2022 11:04

I have been a long term monthly saving plan buyer since ICG were around
£1.00/1.50 ish. At times, the market price has been extremely bizarre but overall I think ICG is very good long term holding, and you just need to ignore the price volatility. Good luck everyone.

[18bt] 05/12/2022 15:40

Big closing of discount in past month plus a bit of asset growth.

[ga_dti] 21/11/2022 08:09

Mark Thomas, Analyst at Hardman & Co discusses how the underlying companies are doing, the metrics and results and in the uncertain world we live in what defensive growth as a strategy actually means in practice -

[rambutan2] 11/10/2022 22:53

Well worth watching the webcast which available:

[18bt] 11/10/2022 08:09

46% discount on these results. No wonder they are going to buyback shares. More than happy with the long term performance and with my long term allocation to private equity.

[deadly] 04/10/2022 07:39

Market likes the news today for some reason.

[apple53] 02/9/2022 11:49

Added even more (averaging down, I'm afraid).
Sellers have to be betting on a really big step down in NAV which won't materialise. Upside at present probably limited by comparisons with PE trusts with almost-as-large discounts.
I have to be committed to at least 15% upside before considering more PE trust surfing with this slug of cash, as the spread is material (though not large) and there is stamp, unlike with nbpe and hvpe.

[lomax99] 02/9/2022 09:59

Added a few

[riverman77] 02/9/2022 08:37

Bought in here here after sharp drop. Last NAV was 1761p at end of April, but this should have seen a decent boost from fx moves (around 40% held in US assets and a third in Euro assets). Rough estimate is around 4% uplift from currency moves, which would put this on 47% discount!

[ali47fish] 01/9/2022 11:58

oliver gardey adding should i follow him?

[ali47fish] 26/8/2022 15:28

kepler note not new- that where i follow PE trusts- i am surprised the share price has come down a lot but i am none the wiser- will have to wait for news!

[nexusltd] 26/8/2022 14:10

On my watch list. Why do you like ICGT?
Missed the Kepler note. Issue date please? Was it just ICGT or a broad PEIT review?
July 31st NAV update due 1st week October.
Bear case. I don't think much of the technicals at the mo; sellers still in control.
Bull case. 30th April NAV QoQ +4.5%. one of four of the nine I watch, still +ve.

[ali47fish] 26/8/2022 12:50

now that this has come down kepler said now is a good entry point- do investors here agree?

[income investor] 23/7/2022 14:40

Super_sub, yes I received both dividends. Agree Q1 dividend was much later last year. No idea why they decided to pay Q1 so early, but better early than late, so not complaining!

[super_sub] 23/7/2022 10:39

Did everyone else receive the Q1 FY23 dividend (7p) along with the expected Q4 FY22 dividend (9p) on Friday 22-July?
Last year Q1 was paid in September, so I was surprised to receive it so early?

[riverman77] 29/6/2022 15:53

Well for a start, 3% of the gain was due to fx movements, so only a 2% valuation gain in local currency terms. I don't think this is far fetched as the portfolio is largely valued with reference to company earnings - it is quite a formulaic approach which isn't subject to big swings in valuations like public equities. Most of the companies are in quite defensive sectors so I would expect earnings (and hence NAV) to be holding up pretty well.

The reason many equities have lost 30% or more this year is because multiples went to ridiculous levels and now coming back to earth. ICGT never used such high multiples in its valuation - to a degree this should insulate them from the sharp multiple contraction in public equities