As expected, ICGT’s results to end-January 2026 showed the benefit of its defensive growth strategy focusing on high-quality companies, which i) attracts through-cycle interest from buyers, ii) saw good operating company EBITDA and revenue growth, and iii) meant software exposure is modest in size and focused in areas that may benefit from AI adoption. Multiple market dynamics are structurally favourable to further exits, and while there may be quarterly noise around global uncertainties, medium-term realisations look good. The discount appears anomalous with its performance, a conservative NAV and the outlook.
