HgT - Edison Group

Overview
Price performance
Financials
Research
Sector insights
Thematics

HgT’s investment objective is to provide shareholders with consistent long-term returns in excess of the UK All-Share Index by investing predominantly in unquoted companies where value can be created through strategic and operational change.

Latest Insights

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Investment Companies |
Update

22.03.24

HgT — Strong earnings growth and realisations in FY23

Investment Companies |
audiovisual

22.03.24

Uncovering Trusts – HgT

Investment Companies |
Flash note

05.02.24

HgT — Preliminary FY23 NAV TR at 10.7%

Investment Companies |
Update

22.09.23

HgCapital Trust — Seizing ‘buy-and-build’ opportunities

Sector

Investment Companies

Equity Analyst

Milosz Papst

Director, Financials

Katherine Thompson

Katherine Thompson

Director

Key Management

Laura Dixon

Senior Investor Relations Manager

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	(1.9)	8.3	39.5
Relative	(2.8)	1.7	37.4
52 week high/low	491.5p/330.0p

Overview

HgCapital Trust (HgT) posted an 11.1% NAV total return in FY23 (based on final audited numbers), which allowed it to sustain strong five- and 10-year returns of 20.4% and 18.4% pa, respectively. This has been mostly driven by robust earnings momentum across its portfolio. HgT defied the tough private equity exit environment, generating £345.9m of total realisation proceeds excluding carried interest in FY23. Moreover, it has a healthy commitment coverage ratio of 73% (based on current pro forma figures). The market has rewarded HgT through a narrowing discount to NAV, which now stands at c 6% (vs c 22% at end-2022).

Research

Review

Investment Companies

16.05.22

HgCapital Trust — The King of ‘Dulltech’

Update

Investment Companies

13.12.21

HgCapital Trust — NAV total return of 36% in 9M21

Investment Companies

edison tv

HgCapital Trust – The King of ‘Dulltech’

Update

Investment Companies

09.06.21

HgCapital Trust — Strong momentum continues

Review

Investment Companies

31.03.21

HgCapital Trust — Posting a 24% NAV total return in FY20

Update

Investment Companies

22.12.20

HgCapital Trust — Flying high despite COVID-19

Update

Investment Companies

14.09.20

HgCapital Trust — Reporting a considerable uplift to NAV

Review

Investment Companies

08.07.20

HgCapital Trust — Resilience from tech and services focus

Review

Investment Companies

17.12.19

HgCapital Trust — Good momentum continues

edison tv

Investment Companies

01.08.19

Bitesize briefing – HgCapital Trust

Initiation

Investment Companies

03.06.19

HG Capital Trust — A specialist tech investor in the buyout market

Further insights

insight

12.04.24

Why some may have missed this European tech opportunity

Analyst of the week

Melanie Jenner

Director, Investment Trusts

mjenner@edisongroup.com

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