HgCapital Trust (ticker: HGT) was launched in 1989 and has been one of the best-performing trusts over the last 30 years. It invests in around 50 unquoted companies, held via various private equity funds run by Hg Capital, and specialises in Northern European software companies that cover B2B services such as Tax & Accounting, ERP & Payroll, Legal & Compliance, and Insurance. Over the 20 years to December 2024, its annualised NAV return was 15.3% versus 6.9% for the FTSE All-Share. Returns have been even higher over the last decade after HGT narrowed its focus from a broader range ...