Money Makers

UPDATE (Oct 2026): ICGT returned +2.1% in the year to January 2024, +10.5% to January 2025, and +0.5% to January 2026, buying back £13m, £36m, and £28m of its shares, respectively, while continuing with its progressive dividend policy; the payout for the year to January 2026 was 39p versus a year-end NAV of 2,045p. The discount on the shares has narrowed slightly over the last three years, averaging 34% over the past three years, and 29.5% over the past year.

ICG Enterprise Trust (ticker: ICGT) was launched in 1981 making it the second-oldest trust in the private equity sector after 3i. It wa...