CT Private Equity Trust : Quarterly Report

CT

Private

Equity

Trust PLC

Quarterly Report

31 March 2023

CT Private Equity Trust PLC

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 31 March 2023

£511.7 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

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Overview

Financial Highlights

-0.2%	NAV total return
NAV total return per Ordinary Share for the three month period ended 31 March

2023 of -0.2 per cent.

Share price total return

6.8% Share price total return for the three month period ended 31 March

2023 of 6.8 per cent for the Ordinary Shares.

6.95p	First Quarterly Dividend for 2023
on 31 July 2023.
	Quarterly dividend of 6.95p per Ordinary Share payable

6.0% Yield

Dividend yield of 6.0 per cent based on the period end share price$.

$ Calculated as dividends of 6.31p paid on 31 October 2022, 6.62p paid on 31 January 2023, 6.79p paid on 28 April 2023 and 6.95p payable on 31 July 2023 divided by the Company's share price of 445.00p as at 31 March 2023.

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CT Private Equity Trust PLC

Summary of Performance

		Three months ended	Year ended
Total Returns for the Period*		31 March 2023	31 December 2022	% change
Net asset value per Ordinary Share	-0.2%	14.8%
Ordinary Share price	+6.8%	-8.9•%
		As at	As at
		31 March 2023	31 December 2022	% change
Capital Values
Net assets (£'000)		511,711	517,675	-1.2%
Net asset value per Ordinary Share		702.47p	710.65p	-1.2%
Ordinary Share price		445.00p	423.0p	+5.2%
Discount to net asset value		36.7%	40.5•%
Income
Revenue return after taxation (£'000)		463	2,941
Revenue return per Ordinary Share		0.63p	4.01p
Gearing†		4.0%	0.7%
Future commitments (£'000)		189,848	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 Refinitive Eikon

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The Longer Term Rewards

CT Private Equity Trust PLC

Ordinary Share NAV and Share Price Total Returns versus FTSE All Share Total Return

450
400
350
300
250
200
150
100
50
0
Mar-13	Mar-14	Mar-15	Mar-16	Mar-17	Mar-18	Mar-19	Mar-20	Mar-21	Mar-22	Mar-23

FTSE All Share total return		Ordinary Share NAV total return				Ordinary Share Price total return	Source: Columbia Threadneedle Investment Business Limited

Manager's Review

Introduction

As at 31 March 2023 the net assets of the Company were £511.7 million giving a Net Asset Value ("NAV") per share of 702.47p, which taking account of the dividend of 6.62p paid on 31 January 2023 gives a total return of -0.2% for the first quarter. This valuation comes only a few weeks after the full year valuation and is largely composed of 31 December 2022 valuations with c.10% of valuations struck at 31 March 2023. This is in line with the proportions in previous years. The pound has strengthened slightly over the quarter and this has acted at a portfolio level to reduce the valuation by just under 1% largely offsetting the small underlying gain in the overall valuation before taking account of costs.

The share price total return over the quarter was 6.8%. More recently there has been an improvement and at the time of writing (price 493p) the discount to NAV is 30%.

At 31 March 2023 the Company had net debt of £21.2 million. The outstanding undrawn commitments are £189 million, of which £26 million is to funds where the investment period has expired.

A dividend of 6.79p was paid on 28 April 2023. In accordance with the Company's dividend policy the next dividend will be 6.95p which will be paid on 31 July 2023 to Shareholders

on the register on 7 July 2023 with an ex-dividend date of 6 July 2023.

New Investments

Three new fund commitments have been added during the quarter. £8 million has been committed to Kester Capital III, a UK focussed lower mid-marketbuy-out manager whom we have backed before in two previous funds and in a number of co-investments. $8 million has been committed to MidOcean VI, a US mid-marketbuy-out fund whom we have backed through one of our other funds before. Lastly £8 million has been committed to Axiom I, a debut mid-market enterprise software fund, where we know the principals from earlier in their careers.

Two new co-investments were added. We have invested £2.5 million in the MVM-led life sciences company GT Medical. This company has developed an innovative brain cancer treatment consisting of bioresorbable tiles with embedded radioactive caesium seeds. The tiles are placed next to the tumour cavity and are eventually fully absorbed by the body. This is thought to extend life and promote recovery. We have also invested £4.1 million (80% of our expected investment in the business) in LeadVenture, a leading SaaS provider of digital retailing, digital storefronts, e-commerce, proprietary data and vertical ERP dealer management software (DMS).

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