Q3 2025 CT Private Equity Trust PLC Earnings Call Transcript
Key Points
- CT Private Equity Trust PLC (LSE:CTPE) reported a 4.1% increase in NAV for the third quarter, with a year-to-date NAV total return of 1.5%.
- The company achieved GBP30.8 million in realizations during the third quarter, doubling the previous quarter's realizations.
- CT Private Equity Trust PLC has maintained a consistent dividend increase for over 13 years, earning the title of 'next generation dividend hero'.
- The portfolio is well-diversified across sectors, geographies, and managers, reducing risk and enhancing potential returns.
- Recent exits, such as ATech and Amethyst Radiotherapy, have delivered strong returns, with some achieving over 4 times cost and significant IRRs.
- The NAV growth of 1.5% year-to-date is considered modest and reflects a quieter first half of the year.
- The company anticipates not reaching last year's realization level of GBP108.6 million, despite recent improvements.
- The dividend has remained unchanged due to insufficient NAV growth, although it is expected to increase once NAV rises.
- There is a significant discount to NAV in the share price, currently at 26%, which is considered too wide.
- The portfolio's co-investment element is below the long-term target of 50%, currently at just below 40%, due to ongoing realizations.
Good morning and welcome to the CT Private Equity Trust PLC investor presentation. Throughout this recorded presentation, investors will be in listen-only mode. (Operator Instructions) Before we begin, I would like to submit the following poll. And I would now like to hand you over to Fund Manager, Hamish Mair. Good morning to you.
Good morning, everybody, and thank you for joining this webinar on CT Private Equity Trust. We're going to take you through the third-quarter results and cover the main highlights of that. The other thing that you will have noticed that came out a couple of days after the results is that I will be retiring in six months' time.
And from the beginning of June, the new manager of the company will be Andrew Carnwath. Andrew's joining me on the webinar today, and I think most of you will have heard from Andrew already because he has taken part in these before, and he's going to be doing a good section of the presentation today.
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