ICG Enterprise Trust plc (LON:ICGT) is the topic of conversation when Mark Thomas talks to DirectorsTalk. Mark explains why he called his report Defensive growth: explaining downside resilience, why PE is more resilient, evidencing his assertions, how ICGT has incrementally reduced risk and the evidence that this has worked.
ICG Enterprise Trust Defensive growth (Analyst Interview)
- Written by: Giles
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Mark Thomas, Analyst at Hardman & Co, discusses ICG Enterprise Trust PLC’s FY26 results and why he believes the trust’s defensive growth strategy could support future realisations.
ICG Enterprise Trust’s end-January 2026 results reflected the benefits of its defensive growth strategy, with strong operating company performance, conservative NAV valuations and a 32% discount that appears anomalous against its long-term record and outlook.
ICG Enterprise Trust posted a 4.8% local-currency portfolio return for the year to 31 January 2026, with strong realisations, high liquidity and continued shareholder returns.
Hardman & Co analyst Mark Thomas outlines ICG Enterprise Trust’s strong 2025 performance, disciplined capital allocation, and long-term strategy focused on delivering private equity returns with reduced risk and enhanced liquidity.
The 2026 seminar highlighted double-digit EBITDA growth, active portfolio management, and strong liquidity. With a focus on defensive private equity and shareholder returns, ICGT combines long-term outperformance with an unusually wide discount to NAV.
ICG Enterprise Trust’s 3QFY’26 update shows a sharp acceleration in realisations, with the nine-month run-rate around double that of FY’24–25.
