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HgCapital Trust PLC on Monday reported strong net asset value growth over 2021, outperforming its benchmark.
The technology-focused investment trust participates in the private equity investments of manager Hg.
NAV per share as at December 31 increased 44% to 440.5 pence each from 310.3p seen at the same point a year prior. By comparison, the FTSE All-Share index rose by 18% in 2021.
Since the start of 2022, NAV has slipped slightly, standing at 436.7p on February 28.
Total net assets at the end of 2021 stood at £2.0 billion, up 55% from £1.29 billion at the end of 2020.
HgCapital's share price as at December 31 was 420.5p, reflecting 40% growth from 305.0p at the same point the year prior. Shares in London were down 4.9% on the day Monday at 360.63p each.
HgCapital credited the results to strong trading by portfolio firms.
As a result, HgCapital proposed a final dividend of 5.0p, up 66% from 3.0p a year before, giving a full-year payout of 7.0p. This represents a 40% increase from 5.0p the year before.
Looking ahead, HgCapital said it was confident about its future prospects but noted some potential ‘risks’ in relation to the war in Ukraine.
‘While 2021 has been very encouraging for HGT, we have all witnessed the recent events unfolding in eastern Europe. Your board remains extremely focused on ensuring that the risks inherent in managing a successful and fast-growing investment company, during such uncertain times, are fully addressed,’ Chair Jim Strang added.
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