Icg Enterprise Share Discussion Threads

[its the oxman] 08/7/2021 00:28

Crazy discounts on these vcts have persisted for years unfortunately - though unusually wide at present - but agree they really should close down, c.10-15% seems plenty for the quality operators like icgt. One day maybe.

[riverman77] 07/7/2021 15:34

Another very positive update - U-Pol sold at 128% (!) uplift to carrying value. Utterly ludicrous that this is still trading on a 25% discount.

[its the oxman] 28/6/2021 18:36

26% discount, excessive for icgt. And chewy also recovering a little.

[horseyphil] 28/6/2021 15:53

Friendless at the moment despite all the insider purchases.

What does the market know that the insiders don't?

Buybacks at these levels would seem to make a lot of sense.

[horseyphil] 22/6/2021 10:24

Surprised they're not buying back shares at sub 1100.

[its the oxman] 22/6/2021 09:34

Back to 1100p surely. Hefty discount persists.

[killing_time] 21/6/2021 15:56

NAV up 1.6% to 1402p

Q1 Div up 1p to 6p

Div now 2.57% at share price of 1050p

[its the oxman] 18/6/2021 11:33

Q1 update on Monday, hoping nav is up slightly.

[its the oxman] 02/6/2021 13:47

c.23% discount to nav looks overdone, added a few. Ex Div to come soon as well.

[ali47fish] 31/5/2021 12:35

it s a long time since I Sold fwhen it was graffite-is this a good time to enter IGC

[arja] 12/5/2021 10:55

still drifting down and I decided to cut my loss but only closed out part of my position . But US indices futures falling again today

[18bt] 11/5/2021 07:24

Talking to various PE houses, there are going to be a lot of realisations in H2 this year and early 2022 if pricing for assets holds up. And that will then also increase the number of secondary purchases i.e. PE to PE house. Sales between funds of the same PE house increasing in Europe as well as most publicly in the US.

[its the oxman] 10/5/2021 14:15

More director buying, got to tell u something.

[its the oxman] 08/5/2021 20:02

Discount has narrowed to c.10-15% on a number of occasions in the past and very strong case for that now, giving more upside. Hoping next nav update shows further growth , perhaps c.5% despite chewy falling back. Suspect many tech growth plays may have to wait till nearer year end before another big rally but broader based icgt may still gradually climb higher meantime.

[lomax99] 08/5/2021 11:54

Telegraph's Questor today:Questor: ICG Enterprise reports its best returns in a decade – so why is the discount so wide?Questor investment trust bargain: the shares' persistent discount is refusing to budge despite buoyant returnsFor investment trust bargain hunters, few sectors appear to offer as many rich pickings as private equity, where discounts of 20pc are commonplace. The only problem is they show no signs of shifting.There is certainly no concern about the performance of these trusts. Questor's picks in this area have generated strong growth in their assets, but this has yet to be reflected in a better rating for their shares.ICG Enterprise stands out as a prime example. Last rated a "buy" by this column in April last year, the trust has just reported its best year of performance in a decade, marking the 12th consecutive year in which it has returned more than 10pc.Yet shares in this fund, a consistently strong performer, continue to trade at a hefty discount to its assets of 24pc. That seems particularly unjustified, though depressingly familiar given Questor's experiences with other private equity trusts.In February this column highlighted the discounts on offer from three other trusts that invest in private companies. While these discounts appeared attractive even at face value, the real discounts on offer were even larger, analysts had argued, pointing to the buoyancy in stock markets towards the end of last year that had not been reflected in their net asset values.They were right. HgCapital, HarbourVest Global Private Equity and Pantheon International surpassed even the expectations of analysts at Stifel, the broker: all reported big jumps in their assets. Yet in all three cases their shares have failed to keep pace with those rises.Shares in HarbourVest and Pantheon have risen by 6pc and 9.1pc since then, but their discounts to asset value have remained stubborn: 17.8pc in the case of Pantheon, while HarbourVest's discount has stretched from 15.6pc to 19.8pc. HgCapital's shares have fallen as its assets have risen, leading to its premium narrowing from 14pc to 8.6pc.Results from ICG Enterprise last week meanwhile showed the trust's assets had jumped in value by 11.8pc over the three months to the end of January, outstripping the returns of rivals during a strong few months for markets and contributing to a 12-month gain of 22.5pc to that date.But its discount is also one of the widest in its peer group. Granted, it has narrowed from the 39pc that existed when we advised readers to buy the shares a year ago, since which they have rallied by 49pc. But for a trust with such a strong track record, a 24pc discount is still too high.Peter Hewitt, who has held ICG Enterprise in his BMO Managed Portfolio investment trust since 2010, agreed. He acknowledged that some form of discount was warranted on shares in private equity trusts to reflect the difficulty in trading the unquoted companies they held. But he suggested that a discount of around 10pc would be appropriate for ICG, rather than the current level of more than double that.Investors appear to be overlooking the likes of ICG in favour of private equity trusts such as HgCapital and Schiehallion, both of which focus on high-growth technology companies and whose shares both trade at a premium.ICG's focus on what it calls defensive growth companies may not quicken the pulse as much, but the firms it backs are far from plodders. Four have floated on the stock market since October; Telos, an encryption software firm since sold by the trust, was the standout thanks to its 87pc gain.The trust's approach also leads to a more balanced portfolio and one better suited to those making their first foray into private equity investment than those trusts with a sharper focus on technology. Questor says: hold

[arja] 07/5/2021 10:37

wishful thinking it seems as can not even make progress today in this bull market !nice weekend all

[arja] 07/5/2021 07:36

thanks skyship and having to pay SD in UK is a real pain . certainly need patience with this one and I sold half . But chart still looks good for medium and long term after the pullback . MIGHT top 1100 again today with US futures rising but it is a FRIDAY !

[skyship] 06/5/2021 13:21

arja - YES. As RAM pointed out in 166 above.

Sold again at breakeven first thing this morning - though lost most of the Stamp Duty!

[18bt] 06/5/2021 11:23

In Questor column of DT which possibly accounts for opening bounce.

[arja] 06/5/2021 10:51

great start today but now slipped back but US futures coming off a bit . Is CHWY a US holding of this Trust skyship ?

[skyship] 04/5/2021 16:25

Perhaps weakness due to a further 5% fall in CHWY

[arja] 04/5/2021 14:48

1050 should be worst case scenario as it will hit up trendline at about that level . still a good medium term uptrend .

[arja] 04/5/2021 10:37

looking shaky skyship and I am tempted to close out and cut loss . no doubt it will rally as soon as I do that ! ( smile ) .

[arja] 30/4/2021 21:10

might be a good move skyship but a little risky with UK market not open again until tuesday and who knows how US indices will perform on monday . Unlikely that they will tank and the dow recovered after UK close today . nice long weekend all !

[skyship] 30/4/2021 16:40

Following that director purchase at 1122p, decided to buy back in on today's slide. Paid 1087.5p...