CT Private Equity Trust : Interim Report and Accounts 2023

CT

Private

Equity

Trust PLC

Interim Report

30 June 2023

Contents

Overview

Company Overview	1
Financial Highlights	2
Summary of Performance	3

Strategic Report

Chairman's Statement	4
The Longer Term Rewards	6
Manager's Review	6
Portfolio Summary	10
Portfolio Holdings	11

Financial Report

Statement of Comprehensive Income	14
Amounts Recognised as Dividends	14
Balance Sheet	15
Statement of Changes in Equity	16
Statement of Cash Flows	17
Notes to the Accounts	18

Other Information

Directors' Statement of Principal Risks and Uncertainties	22
Statement of Directors' Responsibilites	23
Shareholder Information	24
Alternative Performance Measures	25
How to Invest	26
Corporate Information	27

CT Private Equity Trust PLC

Overview

Company Overview

The Company

CT Private Equity Trust PLC ("the Company") is an investment trust and its Ordinary Shares are traded on the Main Market of the London Stock Exchange.

Objective and Investment Policy

The Company's objective is to achieve long-term capital growth through investment in private equity assets, whilst providing shareholders with a predictable and above average level of dividend funded from a combination of the Company's revenue and realised capital profits.

Dividend Policy

The Company aims to pay quarterly dividends with an annual yield equivalent to not less than four per cent of the average of the published net asset values per Ordinary Share as at the end of each of its last four financial quarters prior to the announcement of the relevant quarterly dividend or, if higher, equal (in terms of pence per share) to the highest quarterly dividend previously paid. All quarterly dividends will be paid as interim dividends. The interim dividends payable in respect of the quarters ended 31 March, 30 June, 30 September and 31 December are expected to be paid in the following July, October, January and April respectively.

Management

The Company's investment manager, Columbia Threadneedle Investment Business Limited ("the Manager") is part of Columbia Threadneedle Investments. The ultimate parent company of Columbia Threadneedle Investments is Ameriprise Financial, Inc.

Net Assets as at 30 June 2023

£495.9 million

Capital Structure

72,844,938 Ordinary Shares of 1 pence, each entitled to one vote at a general meeting. In addition, the Company has 1,096,491 shares held in treasury.

Visit our website at www.ctprivateequitytrust.com

Interim Report 30 June 2023 | 1

CT Private Equity Trust PLC

Financial Highlights

-2.3%	NAV total return
NAV of 680.75p per Ordinary Share reflecting a total return for the six months

of -2.3 per cent for the Ordinary Shares.

15.3%	Share price total return
Share price total return for the six months of 15.3 per cent for the

Ordinary Shares.

13.96p	Quarterly dividends
• Quarterly dividend of 6.95p per Ordinary Share paid on 31 July 2023.
	Total quarterly dividends of 13.96p per Ordinary Share.

• Quarterly dividend of 7.01p per Ordinary Share to be paid on 31 October 2023.

5.8% Yield

Dividend yield of 5.8 per cent based on the period end share price$.

$Calculated as dividends of 6.62p paid on 31 January 2023, 6.79p paid on 28 April 2023, 6.95p paid on 31 July 2023 and 7.01p payable on 31 October 2023, divided by the Company's share price of 473.00p as at 30 June 2023.

2 | CT Private Equity Trust PLC

Financial Highlights

Summary of Performance

	Six months ended		Year ended
Total Returns for the Period*	30 June 2023		31 December 2022
Net asset value per Ordinary Share	-2.3%		14.8%
Ordinary Share price	+15.3%		-8.9%
	As at		As at
	30 June 2023		31 December 2022	% change
Capital Values
Net assets (£'000)	495,895		517,675	-4.2%
Net asset value per Ordinary Share	680.75p		710.65p	-4.2%
Ordinary Share price	473.0p		423.0p	+11.8%
Discount to net asset value	30.5%		40.5%
Income
Revenue return after taxation (£'000)	567		2,941
Revenue return per Ordinary Share	0.78p		4.01p
Gearing†	10.0%		0.7%
Future commitments (£'000)	208,929		178,933

• Total return is the combined effect of any dividends paid, together with the rise or fall in the net asset value per Ordinary Share or share price. Any dividends are assumed to have been re-invested in either the Company at net asset value or share price.

† Borrowings less cash ÷ total assets less current liabilities (excluding borrowings and cash).

Sources: Columbia Threadneedle Investment Business Limited and Refinitiv Eikon

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