ICG Enterprise Trust Newsletter – November 2024

Interim results roadshow; FCA announcement on cost disclosures for investment trusts

We have enjoyed speaking with many of you during our interim results roadshow (our H1 results are linked here). The discussions focused on our six-month performance; the growth of the underlying Portfolio; and our outlook on transaction activity.

Another key area of interest was the FCA’s announcement on cost disclosures for investment trusts. We welcomed this at the time and in recent weeks have been reviewing our approach.

We have published a Statement of Expenses (available here), which details the costs borne by ICG Enterprise Trust;
We have updated our Key Information Document, in line with the FCA’s announcement, which reflects the fact that no fees are deducted from your investment¹; and
Where required to submit a cost figure (for example in certain submissions used by investment platforms), we will use our Ongoing Charges Figure (calculated in line with AIC guidance) of 1.37%. The composition of this figure is detailed in the Statement of Expenses as well as in our FY24 Annual Report (available here).

There has been a lot of discussion in the sector about how to disclose costs. We recognise that transparency and comparability are crucial to help market participants make informed investment decisions, and believe this balanced approach is in the best interests of our shareholders. We will continue to keep the situation under review, including for any future legislative or regulatory changes.

Importantly, none of this changes the substance of ICG Enterprise Trust and its ability to generate attractive risk-adjusted returns. Our investment strategy remains to deliver long-term compounding growth – we achieve this by investing in profitable, cash-generative businesses backed by leading private equity managers – and we continue to be very focused on optimising shareholder returns through our progressive dividend and buyback programmes.

We thank you for your continued support.

All the best
Oliver & Colm

¹ The person selling you or advising you about ICG Enterprise Trust may charge you other costs. If so, this person will provide you with information about these costs, and show you the impact that all costs will have on your investment over time.

Past performance is not reliable indicator of future results.
Unsure of some of these terms? See our Glossary.

Authors

Oliver Gardey

Head of Private Equity Fund Investments, ICG

Colm Walsh

Managing Director, Private Equity Fund Investments, ICG

Disclaimer

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ICG Enterprise Trust Newsletter – November 2024

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ICG Enterprise Trust Newsletter – November 2024

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