HgCapital Trust PLC on Monday said in the first half of 2023, it achieved a significant long-term net asset value outperformance.

The London-based investment vehicle that provides access to the private equity investments of New York-based manager Hg said NAV per share at June 30 was 473.1 pence, up 3.6% from 456.6p per share at December 31.

At August 31, NAV per share was 473.3p and NAV total return was 4.7%, with HgCapital citing post-period transactions and foreign exchange movements.

Meanwhile, NAV total return in the six months to June 30 was 4.6%, while across the same period, the FTSE All-Share Index saw a return of just 2.6%, it noted.

HgCapital Trust proposed an interim dividend of 2.0p, down 20% from 2.5p a year ago.

Looking ahead, the trust said there were signs that ‘tight capital market conditions’ were beginning to ‘abate somewhat’, especially within the sectors and asset types that align with its investment strategy.

Shares in HgCapital Trust were down 1.0% at 410.00p each in London on Monday morning.

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