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

Investor Day: defensive growth in practice

ICGT hosted an Investor Day on 13 June 2023. The key takeaways were i) a clear, defensive-growth investment strategy, targeting superior risk-adjusted returns over the long term, ii) a differentiated portfolio with exposure to profitable, cash-generative businesses with downside resilience, iii) the benefits of having a dedicated investment team focused exclusively on the trust, but leveraging Intermediate Capital (ICG) as the manager, and iv) a disciplined approach to capital allocation with shareholder distributions through dividends and buybacks. The 1Q trading update noted a small fall in NAV (forex-driven), with the underlying portfolio value growing 10.2% over the past 12 months in constant currency.

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