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The information contained herein and on the pages that follow does not constitute an offer to sell, or the solicitation of an offer to acquire or subscribe for, any securities in any jurisdiction where such an offer or solicitation is unlawful or would impose any unfulfilled registration, qualification, publication or approval requirements on Hardman and Co (the “Company”) or its affiliates or agents. Equity securities in the ICG Enterprise Trust have not been and will not be registered under the applicable securities laws of the United States, Australia, Canada, Japan or South Africa (each an “Excluded Jurisdiction”). The equity securities in ICG Enterprise Trust referred to herein and on the pages that follow may not be offered or sold within an Excluded Jurisdiction, or to any U.S. person (“U.S. Person”) as defined in Regulation S under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or to any national, resident or citizen of an Excluded Jurisdiction.
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Five key takeaways from ICGT’s interim results to July were: i) NAV return -1% (1Q -4.1%, 2Q +3.2%) well ahead of the FTSE All-Share’s -17.8%; ii) 15% average past 12 months’ (LTM) earnings growth in top 30 underlying companies (47% portfolio), again well ahead of the -24% LTM FTSE All-Share EBITDA growth; iii) continued realisations (£39m) at uplifts to carrying values and secondary sales (£55m) with more post period-end, and the latter helping to rebalance the portfolio; iv) £197m of available liquidity to fund uncalled commitments and new investments; and v) a strong, good-quality pipeline, especially for high-conviction investments.
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