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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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In our 8 September note, Defensive growth: explaining downside resilience, we explored ICGT’s resilience to a downturn in more detail. We first explained why PE is so resilient, and then we deep-dived into what ICGT has done to further reduce risk. Its performance through the initial stages of COVID-19, earlier NAV returns through downturns and academic research all confirm our view of PE’s and ICGT’s market-beating resilience. For ESG investors, this aspect of ICGT shows good “S” (jobs are preserved) and “G” (better governance, which, especially managing for the long term, is key to this performance).
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