Uncovering Trusts – HgT (HGT): Strong portfolio trading through the software sell-off
29/09/2026
In this episode, our director of content for investment companies, Milosz Papst, talks about HgT (HGT), a listed private-equity investment company managed by Hg that gives shareholders exposure to more than 60 unquoted mission-critical B2B software and technology-enabled services businesses. Milosz covers HgT’s H126 results, including continued strong underlying trading, with 16% last-12-month revenue growth and 19% EBITDA growth across the portfolio. This was offset by lower valuation multiples amid the sell-off in public software, resulting in a 4.9% NAV total return decline. He discusses why Hg believes its portfolio is well positioned to benefit from AI, the progress at its largest holdings, Visma and IFS, and realisations above carrying value, including the Intelerad and Quantios exits. Milosz also touches on HgT’s outstanding commitments and extended credit facility, its new buyback framework, Hg’s plan to increase its combined stake to more than 15% and a discount to NAV that remains wide despite the recovery in software markets.
Listen on your preferred podcast player below:
About Uncovering Trusts: Uncovering Trusts is a podcast run by Edison analysts, which is released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors.
HgT – equity proposition
11/08/2026
HgT is a private equity investment company that invests in leading, profitable, unquoted European mid-market businesses with an international footprint. These companies offer software solutions to small and medium-sized enterprises and benefit from a high share of recurring revenues based on software-as-a-service subscription models and high customer retention. HgT is managed by Hg, Europe’s leading private equity technology investor, which is well-positioned for the agentic AI opportunity. It provides public market investors with exposure to Hg’s portfolio of around 60 such holdings, representing more than $190bn in aggregate enterprise value. We highlight the key points of HgT’s investment story. HgT’s earnings growth is underpinned by the secular digitalisation trend. Hg has a dedicated AI product incubator. HgT’s portfolio companies have multiple competitive moats. The ‘skin in the game’ of insiders is set to increase. HgT has delivered a high level of liquidity events. For further details, please refer to our latest research on HgT.
HgT — HgT’s NAV stabilises in Q226
10/08/2026
HgT published its preliminary trading update for H126, reporting that its portfolio delivered a last-12-month (LTM) revenue and EBITDA growth (based on latest available data) of 16% and 19%, respectively (of which 11% and 17% was organic, respectively), at a strong average EBITDA margin of 34%. Average net debt to EBITDA across its portfolio fell to 6.9x from 7.4x at end-2025. The robust contribution from underlying portfolio performance (broadly consistent with 2025 performance and adding 6pp to HgT’s Q226 NAV performance) was partly offset by a negative 5pp impact from a further fall in peer multiples amid continued investor uncertainty related to AI’s effect on the software industry. Weighted average EV/EBITDA across HgT’s portfolio was 22.9x versus 25.2x at end-2025. We believe that HgT is well-placed to benefit from the AI augmentation of software products across its portfolio, see our previous research for details. NAV total return (TR) in Q226 came in at 0.5%, which resulted in a NAV TR of -4.9% in H126. Following the sell-off in public software, HgT’s shares trade at a historically wide discount to NAV of 25%.