HgCapital Trust reports lower NAV despite growth across its software portfolio
HgCapital Trust ($HGT) posted a first-half net-asset-value total return of negative 4.9%, with NAV of 530.7 pence per share. Underlying portfolio revenue and EBITDA grew 16% and 19% respectively, but falling software valuation multiples outweighed that trading growth. The weighted valuation multiple declined to 22.9 times EBITDA from 25.2 times. The trust declared an unchanged 2 pence interim dividend. Manager Hg intends to increase its aggregate strategic ownership from roughly 6% to more than
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