This document accompanies the report to 31 March 2025. The information in this document contains a summary of information set out in this report.
References in this document to HgCapital Trust plc have been abbreviated to 'HgT'.
HgCapital Trust ("HgT") HgT is a FTSE 250 investment company listed on the main market of the London
£2.3bn
market cap
Stock Exchange and managed by Hg, Europe's largest software investor1Investment strategy focused on profitable and growing companies providing mission-critical B2B software and services
Resilient business models with highly recurring revenues and low customer churn
+12.8% p.a.
10 year outperformance vs.
public markets2
+19.0% p.a.
10 year share price CAGR
At 31 March 2025. All performance figures are shown on a total return basis, assuming the re-investment of dividends. Past performance is not a reliable indicator of future results.
2024 PEI 300 ranking 2
HgT share price total versus FTSE All-share index
Compounding growth: the power of a long-term investment strategy
£2.4bn
Net assets
£2.3bn
Market capitalisation
531.3p
NAV per share
506.0p
Share price
Both HgT's share price and net asset value per share have consistently outperformed the FTSE All-Share Index over the long-term
Year to | 1 | 3 | 5 | 10 | 20 | |
date | year | years | years | years | years | |
% | % | % p.a. | % p.a. | % p.a. | % p.a. | |
Share price | -5.5 | 9.4 | 6.7 | 19.8 | 19.0 | 14.9 |
NAV per share | -2.0 | 5.0 | 8.4 | 19.2 | 18.2 | 15.1 |
FTSE All-Share Index | 4.5 | 10.5 | 7.2 | 12.0 | 6.2 | 6.9 |
Share price performance relative -10.0 | -1.1 | -0.5 | 7.8 | 12.8 | 8.0 | |
NAV per share performance relative -6.5 | -5.5 | 1.2 | 7.2 | 12.0 | 8.2 | |
19.0%
p.a.
18.2%
p.a.
6.2%
p.a.
to the FTSE All-Share Index to the FTSE All-Share Index
Performance figures to 31 March 2025. Past performance is not a reliable indicator of future results. The value of shares and the income from them can go down as well as up as a result of market 3
and currency fluctuations. You may not get back the amount you invest. All performance figures are based on total return assuming that all historic dividends have been re-invested.
Continued strong trading from "Rule of 40+" portfolio
Rule of 40+: 12% organic revenue growth and 33% EBITDA margins for the full portfolio
20%
LTM revenue growth1
A "sleep well" investment strategy
21%
LTM EBITDA growth1,2
Highly recurring revenues and low customer churn due to mission critical software and services provided
Portfolio has demonstrated positive EBITDA growth across all
market conditions including the GFC and pandemic
33%
EBITDA margin2
No material first-order impact on portfolio expected from US tariffs. Software/technology licenses, and cloud-based services are not currently subject to tariffs
Over 70% of the portfolio is headquartered in Europe, primarily serving domestic markets
At 31 March 2025. 1. LTM revenue and EBITDA growth including M&A. 2. LTM EBITDA growth and EBITDA margin exclude companies valued on a basis other than earnings.
The Rule of 40 is a principle that states a software company's combined organic revenue growth rate and profit margin should equal or exceed 40%. 4
Past performance is not a reliable indicator of future results.
Consistent realisation activity despite a challenging environment for private equity exits
HgT has continued to realise investments, while global buyout distributions hit a low as a percentage of net assets1
40%
35%
Distributions as % of NAV
30%
£659m of realisations since the start of 2024
£51m
£50m
2024: £508m
£47m
£98m
£92m
25%
20%
15%
10%
Average 24%
Average 18%
22%
11%
£17m
£16m
£14m
£37m
£34m
£33m
YTD 2025: £151m
£51m
5%
0%
2020 2021 2022 2023 2024
£21m
£30m
£45m
1. Source for Global Buyout data, Bain Global Private Equity Report 2025
YTD 2025 covers the period to 6 May 2025, including realisations of P&I, smartTrade and Trackunit which have been signed but not yet closed. Figures relate to HgT's share of transactions and are
gross of carried interest. Sterling equivalent where transaction made in Euros or US Dollars. Chart excludes immaterial realisations from portfolio companies not shown. 5
Past performance is not a reliable indicator of future results.
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Disclaimer
HgCapital Trust plc published this content on May 14, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 14, 2025 at 14:22 UTC.
