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HgCapital Trust PLC on Monday reported it beat its benchmark as its net asset value rose.
Net asset value per share at June 30 was at 443.2 pence, up 19% from 373.4p a year ago. Since late June, NAV grew a further 1.0% to 447.5p as at August 31. A year ago, NAV had remained virtually flat in the same two months, as its NAV was 373.3p at August 31, 2021.
The London-based investment vehicle provides shareholders access to the unquoted businesses managed by Hg.
HgCapital Trust posted an NAV total return of 1.8% in the first six months of 2022, while the share price total return was negative 21%. In the same period, the total return of the FTSE All-Share index was negative 4.6%.
HgCapital Trust declared an interim dividend of 2.5p per share, up 25% from 2.0p a year ago.
Regarding its future, Head of Research David Toms said: ‘Increasingly, we see this environment as one of opportunity, as short-term valuations create space for greater long-term performance for those who have and will continue to maintain a disciplined approach and strategy.’
HgCapital Trust said its portfolio companies have a positive trading outlook, benefiting from recurring revenue and ‘pricing power’. Further, the trust said it has an ‘attractive pipeline of investment opportunities’.
HgCapital Trust shares were up 2.6% at 378.00 pence each in London on Monday morning.
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