Hardman & Co Research on ICG Enterprise Trust Plc (ICGT): 

1H’23 and beyond: safe harbour in the storm
 

ICGT reported another strong half-year, with an NAV per share total return of 10.9% and sterling portfolio returns of 12.4% (local currency 7.4%). Total proceeds and new investments were strong, at £107m and £144m, respectively. At this stage of the cycle, disciplined net investment is expected, capitalising on attractive opportunities, especially in secondaries. ICGT saw an average 25.2% exit uplift, despite the challenging market conditions. Investment remains focused on businesses with good risk-adjusted returns and defensive growth characteristics. The board is optimising shareholder returns with a progressive dividend policy and share buybacks.

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