Core Insights - ICG Enterprise Trust reported a NAV per Share Total Return of (0.7)% for the six months ended 31 July 2025, impacted by a negative foreign exchange effect of (2.0)% due to the strengthening of Sterling, while the Share Price Total Return was 12.6% [2][16][30]. Financial Performance - The Portfolio delivered a Return on a Local Currency Basis of 2.1% and earnings growth of 15% over the last twelve months despite a challenging macroeconomic environment [3][30]. - Total Proceeds for the half-year reached £222 million, surpassing the total for FY25 of £151 million, with net cash generation of £109 million compared to a net cash outflow of £(18) million in H1 FY25 [4][18]. - New Investments totaled £113 million, with £42 million allocated to secondary investments, representing 37% of new investments [5][36]. Investment Strategy - The company is focused on investing in profitable, cash-generative private companies primarily in Europe and the US, with a flexible mandate allowing for Primary, Secondary, and Direct Investments [10][27]. - The Portfolio's composition includes 50% Primary, 33% Direct, and 17% Secondary investments as of 31 July 2025 [28]. Shareholder Returns - The Board declared a Q2 dividend of 9p per share, bringing total dividends for the period to 18p, with an intention to pay at least 38p per share for FY26, a 6% increase from FY25 [51][50]. - Share buybacks executed in H1 FY26 totaled £16 million, increasing NAV per Share by 14p [6][52]. Portfolio Composition - At 31 July 2025, the Portfolio was valued at £1,416 million, with the Top 30 companies representing 40% of the Portfolio by value [29][58]. - The Portfolio's sector exposure includes 29% in Technology, Media, and Telecommunications (TMT), 17.1% in Consumer Goods and Services, and 13.3% in Healthcare [55]. Realisations - The Portfolio generated Total Proceeds of £222 million, with significant realisations from companies such as Minimax, Datasite, and European Camping Group [42][45]. - Realisation activity included 13 Full Exits generating proceeds of £62.1 million, completed at a weighted average uplift to carrying value of 14% [43].

Ares Management Corporation (NYSE:ARES) is one of the 20 Best Stocks to Buy and Hold for a Lifetime, delivering consistent revenue and dividend growth. TD Cowen Reaffirms Its Buy Rating on Ares Management Corporation (ARES) with $205 Price Target After a thorough sell-side teach-in on September 25, TD Cowen reaffirmed its Buy recommendation on Ares Management Corporation (NYSE:ARES) on September 26, 2025, with a $205 price target. Updates in five major growth areas—wealth management, secondaries, real es ...