JIM STRANG, CHAIRMAN’S STATEMENT
HgT delivered another solid performance over the first six months of the year, successfully navigating challenging private market conditions. The portfolio continued to experience strong underlying trading performance over the period with sales and EBITDA across the top 20 investments (78% of the portfolio) growing at 19% and 26% respectively. Investment activity in businesses continued at a pace both in the first half and post[1]period in order to generate good future returns to shareholders. These positive fundamentals supported a near 13% increase in share price over the period and a halving of the discount to 7%.
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Highlights to 30 June 2024 included:
- 12.7% total share price return
- 6.4% NAV per share growth on a total return basis, with net assets of £2.4 billion
- Discount narrowed from 13% to 7%
- LTM revenue and EBITDA growth of 19% and 26% for the top 20 companies (78% of the portfolio)
- Investments of £310 million and gross realisations of £348 million
- £566 million of liquid resources available, including an undrawn banking facility of £375 million
- £912 million of outstanding commitments across the Hg fund platform to be invested over the next three to four years
Hg continues to screen an attractive pipeline of investment opportunities and further liquidity events are expected over the next six to twelve months.
Investing the full ISA allowance annually from 1999 to 2023, a total of £306,560, and reinvesting the dividends in HgT shares would have generated a tax-free amount of over £2.2m by 31 January 2024.
20 year historical performance
As at 30 June 2024
20-year performance
Total share price return
Annualised share price total return
Annualised NAV per share total return
Share price performance relative to the FTSE All-Share Index
Top 20 investments
As at 30 June 2024
LTM sales growth
LTM EBITDA growth
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