Transaction activity picked up in 2024

HgT reported a robust 10.1% preliminary NAV total return (TR) in FY24 (of which 4.4% in Q424), which the company highlighted was primarily driven by the strong trading performance of the underlying portfolio (in line with HgT’s long-term track record). The last-twelve-month revenue and EBITDA growth across its top 20 holdings (making up 76% of its portfolio) to end-November 2024 stood at 19% and 22%, respectively. We note that HgT’s NAV TR reflects some fx headwinds from the strengthening of sterling against the euro by close to 5% in 2024. The trust’s share price TR was even stronger than the NAV TR at 25.7%, resulting in the shares trading at a slight premium to NAV at end-2024. HgT’s portfolio valuations continue to be validated by up...