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Trading statements

ICG Enterprise beats index

09 December 2016 07:36

ICG Enterprise Trust's net asset value per share rose by 3.2% in the quarter to the end of October on a total return basis and by 13.5% for the first nine months with the net asset value per share at 813.5p.

In the last 12 months, net asset value per share increased by 19.4%, while the share price increased by 8.8% against a 12.2% increase in the FTSE All-Share Index

The portfolio is valued at £518.6m at 31 October, driven by strong underlying growth of 8.6%, and favourable foreign exchange movements of 9.9% for the nine months to 31 October 2016

The group says: "In line with our strategy of becoming fully invested and reflecting the benefit of being part of ICG, the investment rate increased in the quarter with investments of £43.4m outstripping realisations of £17.3m."

Other highlights:

- Share price up to 650p (implying a 20.1% discount to the net asset value) from 545p at 31 January 2016, with a share price total return for the period of 22.5%. The FTSE All-Share Index was up 16.6% in the same period

- The long term performance of the company remains strong, with the net asset value outperforming the FTSE All-Share Index over one, three and ten years.

Chairman Mark Fane said: "The environment for realisations continues to be positive despite volatility in markets and geopolitical concerns, and the prospects for further growth in unrealised valuations remain strong. Our investment strategy, which is fundamentally unchanged following the move to ICG, gives us the flexibility to adapt the mix of primary funds, secondaries and co-investments to changing market conditions and to deploy cash where we see the best relative value. The move to ICG is generating significant new investment opportunities. In addition, ICG is providing access to a range of specialist functions to provide support and enhance the management of the Company."

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Related Company: ICGT

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