JIM STRANG, CHAIRMAN’S STATEMENT
The first half of 2025 has proven to be a period of considerable uncertainty. The change of government in the United States and the significant variability of policy and actions that ensued have exacerbated what was an already highly volatile environment. Against this backdrop, the companies within the HgT portfolio continued to report robust underlying trading performance, with LTM sales growing at 19% and EBITDA growing at 18% respectively, materially above the growth rates of their quoted peers. However, any appreciation in HgT’s NAV per share was substantively affected by the reduction in the valuations of comparable listed companies used to derive the carrying value of the HgT portfolio. The HgT share price declined by 3.8% and the NAV per share by 0.4% in the period.
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Highlights to 30 June 2025 included:
- -0.4% NAV per share growth on a total return basis, with net assets of £2.5 billion
- -3.8% total share price return, with market capitalisation of £2.4 billion
- LTM revenue and EBITDA growth of 19% and 18% respectively for the overall portfolio, with an average EBITDA margin of 33%
- Investments of £306 million and gross realisations of £165 million
- Available liquid resources of £432 million (including a £375 million credit facility, which was undrawn at 30 June 2025)
- Outstanding commitments to Hg funds totalling £1.4 billion which are expected to be drawn over the next 4-5 years
Based on HgT’s share price at 30 June 2025 and allowing for all historic dividends being reinvested, an investment of £1,000 made 20 years ago would now be worth £15,317, a total return of 1,432%. An equivalent investment in the FTSE All-Share Index would be worth £3,808.
1 By Enterprise Value, Source: Hg, Factset.
Past performance is not a reliable indicator of future results. The value of shares and the income from them can go down as well as up as a result of market and currency fluctuations and investors may not get back the amount they originally invested.
20 year historical performance
As at 30 June 2025
20-year performance
Total share price return
Annualised total share price return
Annualised NAV per share total return
Share price performance relative to the FTSE All-Share Index
Top 20 investments
As at 30 June 2025
LTM sales growth
LTM EBITDA growth
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