Investment research on quoted companies and funds

Hardman & Co

Hardman & Co is a multi-disciplinary financial consultancy and investment research firm, employing highly experienced analysts and professionals with a broad range of capital markets expertise. Our clients are public and private businesses as well as fund managers, ranging from start-ups to £1 billion+ market capitalisations. Hardman & Co offers corporate research & consultancy, serving the needs of both public and private companies. We produce gold-standard research with a global reach for trading and investment companies, as well as providing market commentary and analysis. In addition, we carry out a number of bespoke investment-related assignments, including due diligence on bond listings, assessments of private company valuations and other corporate advisory services. We engage with the market through traditional and digital media, offering illuminating video content on corporate management strategy, results communication, interviews and in-house sector discussion.

Research from Hardman & Co, Hardman & Co

Research from Hardman & Co

Equity Bottom-Up

ICG Enterprise Trust plc / Equity Bottom-Up

<ul><li>In this note we examine how shareholders benefit from ICGT’s unique approach to capital allocation (first discussed on page 11 of our 16 May 2024 note 'FY’24: portfolio companies performing strongly').</li><li>We have in previous notes highlighted how ICGT’s defensive growth strategy in practice differentiates itself from peers (see Appendix 1) and the capital allocation policy is also a differentiator.</li><li>ICGT’s approach rewards investors with immediate income through a progressive dividend, long-term compounding capital growth through new PE investments, ongoing NAV accretion through a long-term buyback programme and further NAV accretion with an opportunistic buyback programme when the discount is high.</li></ul>

In this note we examine how shareholders benefit from ICGT’s unique approach to capital allocation (first discussed on page 11 of our 16 May 2024 note 'FY’24: portfolio companies performing strongly').We have in previous notes highlighted how ICGT’s defensive growth strategy in practice differentiates itself from peers (see Appendix 1) and the capital allocation policy is also a differentiator.ICGT’s approach rewards investors with immediate income through a progressive dividend, long-term compounding capital growth through new PE investments, ongoing NAV accretion through a long-term buyback programme and further NAV accretion with an opportunistic buyback programme when the discount is high.

ICG Enterprise Trust plc (ICGT): Unique approach to capital allocation