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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In a recent interview with DirectorsTalk, Mark Thomas of Hardman & Co discussed his report on ICG Enterprise Trust, highlighting the firm’s continued resilience and growth.
ICG Enterprise Trust has completed the realisation of its investment in Froneri, generating cash proceeds of €41 million. Froneri, a leading ice cream manufacturer and distributor, was ICGT’s largest portfolio holding at 2.7% of total assets as of 31 July 2025.
ICG Enterprise Trust delivered £222m of proceeds in H1 FY26, with NAV per share at 2,040p and a share price total return of 12.6%. The portfolio generated a 2.1% local currency return, supported by strong realisations and £113m of new investments, including increased exposure to secondaries.
Mark Thomas from Hardman & Co breaks down the new hard data behind ICGT’s long-term share outperformance.
Benchmark-beating IRRs, minimal co-investment losses and strong EBITDA growth have driven long-term outperformance.
Analyst Mark Thomas of Hardman & Co breaks down how ICGT Enterprise Trust continues to outperform
