HgCapital Trust

LN: HGT

Market Cap£1,803m

Last Close 393.5p

HgCapital Trust’s investment objective is to achieve long-term capital appreciation by indirectly investing in unquoted companies. It does this through its investments in fund partnerships, mostly in the UK and Europe.

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Investment summary

HgCapital Trust’s (HGT’s) sector expertise has allowed it to consistently deliver strong performance, with a 10-year NAV total return (TR) at 17.6% per year (with 30.9% over the last 12 months), materially above the FTSE All-Share of 7.2% per year and LPX Europe NAV Index of 11.5% per year. Importantly, this has largely been driven by top-line and earnings growth (90% of returns on HGT’s software and services holdings exited in 2001–2022 ytd) rather than multiple expansion, with five-year EBITDA growth to end-2021 across HGT’s top 20 holdings of 28% per year. While HGT typically assumes a multiple contraction as part of its asset investment case, it has not actually seen much of this historically, due to its successful repositioning of portfolio companies, most notably through boosting recurring software-as-a-service (SaaS) revenues.

Content on HgCapital Trust
HgCapital Trust – The King of ‘Dulltech’
Investment companies | research Review | 16 May 2022
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HgCapital Trust – NAV total return of 36% in 9M21
Investment companies | research Update | 13 December 2021
futuristic earth map technology abstract background
HgCapital Trust – Strong momentum continues
Investment companies | research Update | 9 June 2021
futuristic earth map technology abstract background
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Sector
Investment companies
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Share price graph
Price performance
%
1m
3m
12m
Actual (12.8) (6.5) 16.6
Relative* (9.5) (4.0) 14.3
52-week high/low 454.0p/330.5p
*% relative to local index
Key management
Laura Dixon Senior Investor Relations Manager

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