REG-Quarterly Update for the Quarter to 31 October 2016 <Origin Href="QuoteRef">ICGT.L</Origin>
Quarterly Update for the Quarter to 31 October 2016 9 December 2016
ICG ENTERPRISE TRUST PLC
QUARTERLY UPDATE
FOR THE QUARTER TO 31 OCTOBER 2016
Performance overview
- Net asset value per share Total Return1 for the quarter of 3.2% (nine months to 31 October 2016 of 13.5%), with the net asset value per share at 813.5p. In the last twelve months, net asset value per share increased by 19.4%, while the share price increased by 8.8% against a 12.2% increase in the FTSE All-Share Index
- The Portfolio1 is valued at 518.6m at 31 October 2016, driven by strong underlying growth of 8.6%, and favourable foreign exchange movements of 9.9% for the nine months to 31 October 2016
- In line with our strategy of becoming fully invested and reflecting the benefit of being part of ICG, the investment rate increased in the quarter with investments of 43.4m outstripping realisations of 17.3m
- Share price up to 650p (implying a 20.1% discount to the net asset value) from 545p at 31 January 2016, with a Share price Total Return for the period of 22.5%. The FTSE All-Share Index was up 16.6% in the same period
- The long term performance2 of the Company remains strong, with the net asset value outperforming the FTSE All-Share Index over one, three and ten years.
| Performance to 31 October 2016 | 1 year | 3 year | 5 year | 10* year |
| Net asset value per share | 19.4% | 28.5% | 57.1% | 118.8% |
| Share price | 8.8% | 27.6% | 92.4% | 107.1% |
| FTSE All-Share Index | 12.2% | 16.8% | 57.4% | 76.5% |
* As the Company changed its year end in 2010, the ten year figures are for the 121 month period to 31 October 2016.
Commenting on performance, Mark Fane, Chairman, said
"The environment for realisations continues to be positive despite volatility in markets and geopolitical concerns, and the prospects for further growth in unrealised valuations remain strong. Our investment strategy, which is fundamentally unchanged following the move to ICG, gives us the flexibility to adapt the mix of primary funds, secondaries and co-investments to changing market conditions and to deploy cash where we see the best relative value. The move to ICG is generating significant new investment opportunities. In addition, ICG is providing access to a range of specialist functions to provide support and enhance the management of the Company.
Footnote
- Included in this Quarterly Update are Alternative Performance Measures ("APMs"). APMs have been used if considered by the Board and the Manager to be the most relevant basis for shareholders in assessing the overall performance of the Company, and for comparing the performance of the Company to its peers and its previously reported results. The Glossary includes further details of APMs and reconciliations to IFRS measures, where appropriate. The rationale for the APMs was discussed in detail in the Manager's Review in the July 2016 interim results. The Glossary includes a reconciliation of the Portfolio to the most relevant IFRS measure.
- All performance figures are on a total return basis, including the effect of re-invested dividends.
Activity in the quarter to 31 October 2016
Investment activity
The Portfolio generated 17.3m of proceeds in the quarter to 31 October 2016. This brings the total proceeds year to date to 62.8m (nine months to 31 October 2015: 88.2m).
Seven full realisations were completed during the quarter, accounting for 7.7m of the proceeds received at an average return of 2.8 times cost. The remaining 9.6m of total proceeds was generated by a combination of refinancings, sell-downs of listed holdings by third party managers and other partial realisations.
In the nine months to 31 October 2016, 30 full realisations were completed with 22 post-crisis investments generating an average uplift on realisation of 32% for a return of 2.9 times cost. The eight pre-crisis investments dragged the average return down generating an average uplift on realisation of 8% at a return of 1.2 times cost.
New investment activity in the quarter totalled 43.4m, comprising fund drawdowns of 24.0m and secondary purchases and co-investments of 19.4m. This brings the total invested in the nine months to 73.7m (nine months to 31 October 2015: 37.5m), in part reflecting the investment opportunities generated from our relationship with ICG.
During the quarter to 31 October 2016 three new commitments were made to third party funds, BC European Capital X (15.0m), Permira VI (10.0m) and Gridiron Capital III ($15.0m). A further two new commitments were made to ICG funds, $15.0m to ICG Asia Pacific III and 0.5m to ICG Europe V through a secondary transaction. Finally, two new co-investment commitments were made to System One ($10.0m) and Roompot (10.0m). Please refer to further information in the supplementary information.
Since the change of Manager on 1 February 2016, 13 new commitments and discretionary investments totalling 135m have been completed, of which 40% has been sourced directly or indirectly from ICG.
Cash and liquid assets1
Cash and liquid assets decreased by 33.0m to 77.4m mainly as a result of a net 26.1m invested in the Portfolio in the three months to 31 October 2016. Non-investment cash flows and favorable currency movements increased cash by 1.0m. The interim dividend of 10.0p per share returned 7.1m to shareholders. The Company also bought back 98,919 shares for 0.6m.
| Movement in liquid assets | 3 months to | 9 months to |
| m | 31 October 2016 | 31 October 2016 |
| Additions | (43.4) | (73.7) |
| Cash proceeds generated by the portfolio (including income) | 17.3 | 62.8 |
| Net cash generated by the investment portfolio | (26.1) | (10.9) |
| Non-investment cash flows | (2.2) | (6.8) |
| Effect of changes in foreign exchange rates | 3.2 | 5.9 |
| Cash outflow before shareholder distributions | (25.1) | (11.8) |
| Dividends | (7.1) | (11.4) |
| Share buy-backs settled in the period | (0.8) | (3.2) |
| Net cash movement | (33.0) | (26.4) |
| Opening cash and liquid assets | 110.4 | 103.8 |
| Closing cash and liquid assets | 77.4 | 77.4 |
Footnote
- All balance sheet data is presented on a look-through basis to the investment portfolio held by the Company, which is consistent with the commentary in previous annual and interim reports.
Balance sheet
The summary balance sheet and commitment position at 31 October 2016 is set out below.
| 31 October 2016 | % of total assets | 31 January 2016 | % of total assets | |
| m | m | |||
| Total portfolio | 518.6 | 87.6% | 428.2 | 80.3% |
| Cash and liquid assets | 77.4 | 13.1% | 103.8 | 19.5% |
| Other net current (liabilities)/assets | (4.3) | (0.7%) | 1.3 | 0.2% |
| Net assets | 591.7 | 100.0% | 533.3 | 100.0% |
| Equity shareholders' funds | 575.7 | 521.3 |
| 31 October 2016 | 31 January 2016 | |
| m | m | |
| Cash and liquid assets | 77.4 | 103.8 |
| Undrawn bank facility | 105.3 | 97.1 |
| Total liquidity | 182.7 | 200.9 |
| Outstanding commitments | 334.3 | 253.8 |
| Less: Total liquidity | (182.7) | (200.9) |
| Over-commitment | 151.6 | 52.9 |
| Overcommitment as % of shareholders' funds | 26.3% | 10.1% |
Enquiries
Analyst / Investor enquiries:
Emma Osborne, Portfolio Manager, ICG +44 (0) 20 3201 1302
Mark Crowther, Investor Relations, ICG +44 (0) 20 3201 7842
Anthony McKay, Finance, ICG +44 (0) 20 3201 7700
Disclaimer
This Quarterly Update may contain forward looking statements. These statements have been made by the Directors in good faith based on the information available to them up to the time of their approval of this report and should be treated with caution due to the inherent uncertainties, including both economic and business risk factors, underlying such forward looking information.
These written materials are not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration under the US Securities Act of 1933, as amended, or an exemption therefrom. The issuer has not and does not intend to register any securities under the US Securities Act of 1933, as amended, and does not intend to offer any securities to the public in the United States. No money, securities or other consideration from any person inside the United States is being solicited and, if sent in response to the information contained in these written materials, will not be accepted.
This Quarterly Update contains information which, prior to this announcement was insider information.
Supplementary information
The 30 largest underlying investments
The table below presents the 30 companies in which the Company had the largest investments by value at 31 October 2016. These investments may be held directly or through funds, or both. The valuations are gross and are shown as a percentage of the total investment portfolio.
| Company | Manager | Year of investment | Country | Value as a % of investment portfolio | |
| 1 | Micheldever + | ||||
| Distributor and retailer of tyres | Graphite Capital | 2006 | UK | 5.1% | |
| 2 | City & County Healthcare Group | ||||
| Provider of home care services | Graphite Capital | 2013 | UK | 3.1% | |
| 3 | Education Personnel + | ||||
| Provider of temporary staff for the education sector | ICG | 2014 | UK | 2.4% | |
| 4 | nGAGE | ||||
| Provider of recruitment services | Graphite Capital | 2014 | UK | 2.4% | |
| 5 | R&R Ice Cream + | ||||
| Manufacturer and distributor of ice cream products | PAI Partners | 2013 | UK | 2.1% | |
| 6 | Skillsoft + | ||||
| Provider of off-the-shelf e-learning content | Charterhouse | 2014 | USA | 2.0% | |
| 7 | Standard Brands + | ||||
| Manufacturer of fire lighting products | Graphite Capital | 2001 | UK | 2.0% | |
| 8 | PetSmart + | ||||
| Retailer of pet products and services | BC Partners | 2015 | USA | 1.8% | |
| 9 | Frontier Medical + | ||||
| Manufacturer of medical devices | Kester Capital | 2013 | UK | 1.6% | |
| 10 | TMF | ||||
| Provider of management and accounting outsourcing services | Doughty Hanson | 2008 | Netherlands | 1.6% | |
| 11 | System One + | ||||
| Provider of temporary staff and other associated services | Thomas H. Lee Partners | 2016 | USA | 1.6% | |
| 12 | U-POL | ||||
| Manufacturer and distributor of automotive refinishing products | Graphite Capital | 2010 | UK | 1.5% |
| 13 | Co-investment + (We are not permitted to disclose details of this investment) | ||||
| Provider of business services | Large buy-out manager | 2014 | Europe | 1.5% | |
| 14 | Beck & Politzer | ||||
| Provider of industrial machinery installation and relocation | Graphite Capital | 2016 | UK | 1.4% | |
| 15 | Algeco Scotsman | ||||
| Supplier and operator of modular buildings | TDR Capital | 2007 | USA | 1.4% | |
| 16 | Roompot + | ||||
| Operator and developer of holiday parks | PAI Partners | 2016 | Netherlands | 1.4% | |
| 17 | The Laine Pub Company + | ||||
| Operator of pubs and bars | Graphite Capital | 2014 | UK | 1.4% | |
| 18 | David Lloyd Leisure + | ||||
| Operator of premium health and fitness clubs | TDR Capital | 2013 | UK | 1.3% | |
| 19 | CPA Global + | ||||
| Provider of patent and legal services | Cinven | 2012 | UK | 1.3% | |
| 20 | NWTC | ||||
| Operator of distinctive pub restaurants | Graphite Capital | 2016 | UK | 1.3% | |
| 21 | Cambium | ||||
| Provider of educational solutions and services | ICG | 2016 | USA | 1.1% | |
| 22 | Formel D | ||||
| Provider of quality control for automotive services | Deutsche Beteiligungs | 2013 | Germany | 1.0% | |
| 23 | Ceridian + | ||||
| Provider of payment processing services | Thomas H. Lee Partners | 2007 | USA | 0.9% | |
| 24 | Cognito + | ||||
| Supplier of communications equipment, software and services | Graphite Capital | 2002 | UK | 0.9% | |
| 25 | Swiss Education + | ||||
| Provider of hospitality training | Invision Capital | 2015 | Europe | 0.9% | |
| 26 | Quironsalud | ||||
| Provider of private healthcare services | CVC Capital | 2011 | Spain | 0.9% | |
| 27 | Parques Reunidos | ||||
| Operator of attraction parks | Arle Capital | 2007 | Spain | 0.9% | |
| 28 | Aero Technics | ||||
| Provider of civil aircraft maintenance | Graphite Capital | 2015 | UK | 0.8% | |
| 29 | InVentiv Health | ||||
| Provider of healthcare and pharmaceutical consulting | Thomas H. Lee Partners | 2010 | USA | 0.8% | |
| 30 | Gerflor | ||||
| Manufacturer of vinyl flooring | ICG | 2011 | France | 0.8% | |
Total of the 30 largest underlying investments | 47.2% | ||||
+ All or part of this investment is held directly as a co-investment or other direct investment.
The 30 largest fund investments
The 30 largest funds by value at 31 October 2016 are:
| Fund | Year of commitment | Country/ region | Value m | Outstanding commitment m | |
| 1 | Graphite Capital Partners VIII * | ||||
| Mid-market buy-outs | 2013 | UK | 43.0 | 48.3 | |
| 2 | Graphite Capital Partners VI ** | ||||
| Mid-market buy-outs | 2003 | UK | 24.6 | 2.1 | |
| 3 | CVC European Equity Partners V ** | ||||
| Large buy-outs | 2008 | Europe/ USA | 21.0 | 1.3 | |
| 4 | Thomas H. Lee Parallel Fund VI | ||||
| Large buy-outs | 2007 | USA | 18.0 | 1.1 | |
| 5 | BC European Capital IX ** | ||||
| Large buy-outs | 2011 | Europe | 17.8 | 4.2 | |
| 6 | Graphite Capital Partners VII */** | ||||
| Mid-market buy-outs | 2007 | UK | 14.5 | 7.6 | |
| 7 | Fifth Cinven Fund | ||||
| Large buy-outs | 2012 | Europe | 14.5 | 2.1 | |
| 8 | Deutsche Beteiligungs Fund V | ||||
| Mid-market buy-outs | 2006 | Germany | 14.4 | 0.3 | |
| 9 | TDR Capital II | ||||
| Mid-market and large buy-outs | 2006 | Europe | 13.4 | 0.9 | |
| 10 | ICG Europe V | ||||
| Mezzanine | 2012 | Europe | 12.5 | 1.2 | |
| 11 | Activa Capital Fund II | ||||
| Mid-market buy-outs | 2007 | France | 11.4 | 0.4 | |
| 12 | PAI Europe V ** | ||||
| Mid-market and large buy-outs | 2007 | Europe | 10.8 | 1.1 | |
| 13 | Doughty Hanson & Co V ** | ||||
| Mid-market and large buy-outs | 2006 | Europe | 10.4 | 6.8 | |
| 14 | Bowmark Capital Partners IV | ||||
| Mid-market buy-outs | 2007 | UK | 9.5 | - | |
| 15 | ICG Velocity Partners Co-Investor** | ||||
| VSS IV fund restructuring | 2016 | USA | 9.2 | 1.6 | |
| 16 | IK VII | ||||
| Mid-market buy-outs | 2013 | Europe | 8.9 | 0.6 | |
| 17 | ICG European Fund 2006 B ** | ||||
| Mezzanine | 2014 | Europe | 8.4 | 2.2 | |
| 18 | Permira V | ||||
| Large buy-outs | 2013 | Europe | 8.4 | 1.2 | |
| 19 | Deutsche Beteiligungs Fund VI | ||||
| Mid-market buy-outs | 2012 | Germany | 7.5 | 1.2 | |
| 20 | CVC Capital Partners VI | ||||
| Large buy-outs | 2013 | Global | 6.4 | 10.7 | |
| 21 | Candover 2005 Fund ** | ||||
| Large buy-outs | 2005 | Europe | 6.1 | 0.1 | |
| 22 | Hollyport Secondary Opportunities V | ||||
| Tail-end secondary portfolios | 2015 | Global | 5.9 | 4.1 | |
| 23 | Piper Private Equity Fund V | ||||
| Small buy-outs | 2010 | UK | 5.9 | 0.7 | |
| 24 | PAI Europe VI | ||||
| Mid-market and large buy-outs | 2013 | Europe | 5.3 | 12.5 | |
| 25 | Nordic Capital Partners VIII | ||||
| Mid-market and large buy-outs | 2013 | Nordic | 5.0 | 4.3 | |
| 26 | Activa Capital Fund III | ||||
| Mid-market buy-outs | 2013 | France | 4.8 | 8.0 | |
| 27 | TDR Capital III | ||||
| Mid-market and large buy-outs | 2013 | Europe | 4.6 | 4.8 | |
| 28 | Thomas H. Lee Fund VII | ||||
| Large buy-outs | 2015 | USA | 4.4 | 12.1 | |
| 29 | Egeria Private Equity Fund IV | ||||
| Mid-market buy-outs | 2012 | Europe | 4.3 | 4.4 | |
| 30 | Bowmark Capital Partners V | ||||
| Mid-market buy-outs | 2013 | UK | 4.2 | 5.8 | |
Total of the largest 30 fund investments | | | 335.1 | 151.7 | |
Percentage of total investment portfolio | | | 64.6% | |
* Includes the associated Top Up funds.
** All or part of interest acquired through a secondary fund purchase.
Portfolio analysis
The following tables analyse the companies in which ICG Enterprise had investments at 31 October 2016.
| Portfolio by investment type | % of value of underlying investments | |
| Large buy-outs | 45.7% | |
| Mid-market buy-outs | 42.5% | |
| Mezzanine | 8.5% | |
| Small buy-outs | 3.3% | |
Total | 100.0% |
| Portfolio by geographic distribution based on location of company headquarters | % of value of underlying investments | |
| UK | 41.9% | |
| North America | 19.7% | |
| Germany | 10.4% | |
| France | 9.7% | |
| Benelux | 6.0% | |
| Scandinavia | 5.3% | |
| Italy | 2.5% | |
| Spain | 2.3% | |
| Other Europe | 1.9% | |
| Rest of world | 0.3% | |
Total | 100.0% | |
| Total Continental Europe | 38.1% |
| Portfolio by year of investment | Valuation as multiple of cost | % of value of underlying investments | |||
| 2016 | 1.0x | 14.5% | |||
| 2015 | 1.3x | 12.3% | |||
| 2014 | 1.2x | 20.4% | |||
| 2013 | 1.8x | 16.1% | |||
| 2012 | 1.7x | 6.5% | |||
| 2011 | 1.2x | 4.9% | |||
| 2010 | 1.6x | 6.0% | |||
| 2009 | 2.6x | 1.4% | |||
| 2008 | 1.0x | 4.3% | |||
| 2007 | 1.5x | 4.8% | |||
| 2006 and before | 1.3x | 8.8% | |||
Total | | 1.3x | 100.0% | ||
| Portfolio by sector | % of value of underlying investments | ||||
| Business services | 21.2% | ||||
| Healthcare and education | 16.7% | ||||
| Consumer goods and services | 15.0% | ||||
| Industrials | 14.5% | ||||
| Leisure | 11.7% | ||||
| Automotive supplies | 7.6% | ||||
| Financials | 5.8% | ||||
| Technology and telecommunications | 3.5% | ||||
| Media | 2.7% | ||||
| Chemicals | 1.3% | ||||
Total | 100.0% | ||||
Quoted equity holdings at 31 October 2016
All quoted equity holdings are held indirectly through third party funds and may have restrictions on their sale. The timing of any disposal of these interests is determined by the managers of those funds.
| Underlying investment | Ticker | m | % of investment portfolio |
| Parques Reunidos | PQR | 4.2 | 0.8% |
| Ahlsell | AHSL | 2.9 | 0.6% |
| VWR International | VWR | 2.6 | 0.5% |
| Party City | PRTY | 2.2 | 0.4% |
| Black Knight | BKFS | 2.1 | 0.4% |
| JRP | JRP | 1.5 | 0.3% |
| ComHem | COMH | 1.5 | 0.3% |
| Technogym | TGYM | 1.1 | 0.2% |
| Fogo de Chao | FOGO | 0.7 | 0.1% |
| West Corporation | WSTC | 0.7 | 0.1% |
| First BanCorp | FBP | 0.6 | 0.1% |
| FleetCor | FLT | 0.5 | 0.1% |
| Others (less than 0.5m) | 1.4 | 0.3% | |
Total | | 22.0 | 4.2% |
Closing portfolio by value at 31 October 2016
| Third party m | Graphite Capital m | ICG m | Total m | % of investment portfolio | |
| Primary investments in funds | 234.5 | 69.4 | 12.7 | 316.6 | 61.1% |
| Secondary investments in funds | 41.3 | 12.7 | 21.9 | 75.9 | 14.6% |
| Direct and co-investments | 77.1 | 37.3 | 11.7 | 126.1 | 24.3% |
Total portfolio | 352.9 | 119.4 | 46.3 | 518.6 | 100.0% |
% of portfolio | 68.1% | 23.0% | 8.9% | 100.0% |
Largest new underlying investments
| Investment | Description | Manager | Country | Cost m |
| System One | Provider of temporary staff and other associated services | Thomas H. Lee Partners | USA | 8.2 |
| Roompot | Operator and developer of holiday parks | PAI Partners | Netherlands | 7.1 |
| NWTC | Operator of distinctive pub restaurants | Graphite Capital | UK | 6.8 |
| Atlas for Men | Retailer of outdoor clothing | Activa | France | 1.3 |
| LOOK Cycle | Manufacturer of bicycle equipment | Activa | France | 1.1 |
Total of 5 largest new underlying investments | | | 24.5 | |
Largest underlying realisations
| Investment | Manager | Year of investment | Realisation type | Proceeds m | |
| Spheros | Deutsche Beteiligungs | 2011 | Trade | 9.0 | |
| David Lloyd Leisure | TDR Capital | 2013 | Recapitalisation | 5.0 | |
| Swissport | PAI Partners | 2011 | Trade | 3.4 | |
| La Maison Bleue | Activa | 2008 | Secondary | 3.1 | |
| Stork | Candover 2005 | 2008 | Trade | 2.0 | |
Total of 5 largest underlying realisations | | | 22.5 | ||
Commitments analysis
The following tables analyse commitments at 31 October 2016. Original commitments are translated at 31 October 2016 exchange rates.
| Original commitment m | Outstanding commitment m | Average drawdown percentage | % of Outstanding commitments | |
| Investment period not commenced | 64.8 | 64.8 | n/a | 19.4% |
| Funds in investment period | 414.3 | 222.8 | 46.2% | 66.6% |
| Funds post investment period | 583.0 | 46.7 | 92.0% | 14.0% |
Total | 1,062.1 | 334.3 | 68.5% | 100.0% |
| Remaining investment period of commitments | % of commitments |
| Investment period not commenced | 19.4% |
| 4-5 years | 12.4% |
| 3-4 years | 22.5% |
| 2-3 years | 10.7% |
| 1-2 years | 18.9% |
| <1 year | 2.1% |
| Investment period complete | 14.0% |
Total | 100.0% |
Movement in outstanding commitments in the quarter | m |
| As at 1 August 2016 | 296.8 |
| New primary commitments | 46.3 |
| New commitments relating to co-investments | 17.1 |
| New commitments arising through secondary purchase of fund interests | 0.4 |
| Drawdowns | (39.3) |
| Currency and other movements | 13.0 |
As at 31 October 2016 | 334.3 |
New commitments in the quarter to 31 October 2016
| Fund | Strategy | Geography | m |
| Primary commitments | |||
| BC European Capital X | Large buy-outs | Europe | 12.9 |
| ICG Asia Pacific III | Mezzanine | Rest of the World | 12.3 |
| Gridiron Capital III | Mid-market buy-outs | USA | 12.2 |
| Permira VI | Large buy-outs | Europe | 8.9 |
| Total primary commitments | 46.3 | ||
| | |||
| Commitments in relation to co-investments | |||
| Roompot | Operator and developer of holiday parks | Netherlands | 8.9 |
| System One | Provider of temporary staff and other associated services | USA | 8.2 |
| Total co-investment commitments | 17.1 | ||
| Commitments arising from secondary purchases | |||
| ICG Europe V | Mezzanine | Europe | 0.4 |
| Total new commitments | 63.8 | ||
Portfolio currency exposure
| 31 October 2016 m | 31 October 2016 % | 31 January 2016 m | 31 January 2016 % | |
| Sterling | 236.9 | 45.7% | 209.1 | 48.8% |
| Euro | 139.3 | 26.8% | 122.8 | 28.7% |
| US dollar | 97.4 | 18.8% | 60.9 | 14.2% |
| Other European | 37.2 | 7.2% | 33.5 | 7.8% |
| Other | 7.8 | 1.5% | 1.9 | 0.5% |
Total | 518.6 | 100.0% | 428.2 | 100.0% |
Outstanding commitment currency exposure
| 31 October 2016 m | 31 October 2016 % | 31 January 2016 m | 31 January 2016 % | |
| Sterling | 90.8 | 27.2% | 102.3 | 40.3% |
| Euro | 185.8 | 55.6% | 131.2 | 51.7% |
| US dollar | 55.6 | 16.6% | 18.4 | 7.2% |
| Other European | 2.1 | 0.6% | 1.9 | 0.8% |
Total | 334.3 | 100.0% | 253.8 | 100.0% |
Glossary
Portfolio
Throughout, reference is made to the "Portfolio", which represents the aggregate of the investment portfolios of the Company and of its subsidiary limited partnerships. This is consistent with the commentary in previous annual and interim reports. The Board and the Manager consider that this is the most relevant basis for shareholders to assess the overall performance of the Company and comparison with its peers.
The closest equivalent amount reported on the balance sheet is "investments at fair value". A reconciliation of these two measures is presented below.
| m | Investments at fair value as per balance sheet | Cash held by subsidiary limited partnerships | Balances receivable from subsidiary limited partnerships | Co-investment incentive scheme accrual | Portfolio |
| 31 October 2016 | 502.4 | (3.1) | 3.3 | 16.0 | 518.6 |
| 31 January 2016 | 414.1 | - | 2.1 | 11.9 | 428.2 |
FTSE All-Share Index Total return - The change in the level of the FTSE All-Share Index Index, assuming that dividends are re-invested on the day that they are paid.
Net asset value per share Total Return - The change in the Company's net asset value per share, assuming that dividends are re-invested at the end of the quarter in which the dividend was paid.
Share price Total Return - The change in the Company's share price, assuming that dividends are re-invested on the day that they are paid.
Total Return is a performance measure that assumes the notional re-investment of dividends. This is a measure commonly used by the listed private equity sector and listed companies in general.
The tables below set out the share price and the net asset value per share growth figures for periods of 1, 3, 5 and 10 years to the balance sheet date, on both an unadjusted basis (i.e. without dividends re-invested) and on a Total Return basis.
| Unadjusted performance in years to 31 October 2016 | 1 year | 3 year | 5 year | 10 year |
| Net asset value per share | 17.1% | 19.7% | 44.0% | 91.2% |
| Share price | 5.9% | 17.1% | 72.4% | 74.1% |
| FTSE All-Share Index | 8.1% | 5.1% | 31.7% | 23.5% |
| Total Return performance in years to 31 October 2016 | 1 year | 3 year | 5 year | 10 year |
| Net asset value per share | 19.4% | 28.5% | 57.1% | 118.8% |
| Share price | 8.8% | 27.6% | 92.4% | 107.1% |
| FTSE All-Share Index | 12.2% | 16.8% | 57.4% | 76.5% |
Underlying valuation movement is the change in the valuation of the Company's Portfolio, before the effect of currency movements.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: ICG Enterprise Trust Plc via Globenewswire
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