In short: Referenced only — held, no new view. Weight ~3.6%. Sheet: EPS 0.28 → 0.39 + 1.3% = 13.30%/yr.
In short: BUY (portfolio), valued on NAV: 3.88 share price vs 5.6 NAV per share — a 31.0% discount; ER 16.2%. Listed among the owned Buys in the text but absent from the 56-row Buy sheet image.
In short: ~3.9% of the book. 24x NTM P/E on a 15% EPS CAGR — the third-highest multiple in the portfolio, for a private-equity trust that elsewhere is valued on its 31% discount to NAV rather than on earnings. 11,975 shares yielding $3,428.62; modelled three-year return 13.30%. −15% YTD, −16% over twelve months.
In short: BUY (portfolio) — the one holding valued on a different basis entirely. No forward PE and no reverse DCF: the sheet carries "3.88 (stock price)" against "5.6 (NAV per share)", a 31.0% discount to net asset value, and an expected return of 16.2%. Named in the post's list of nineteen owned Buys but absent from the 55-name universe sheet.
In short: Held; shown in the fair-value and owner's-earnings tables but absent from the valuation sheet. Bought 31 Mar 2025; $5.1 against a $7.1 fair value — +39.8%. EPS 0.28 → 0.39 by 2028 (12.00% a year) plus a 1.3% dividend, giving a 13.30% three-year expected return. Results due 10 August. The omission from the third table is unexplained — most likely because a listed private-equity trust does not fit the forward-PE and reverse-DCF columns.
In short: BUY, Strong(+) conviction — priced on assets, not earnings. Share price £3.88 against NAV per share £5.6, a 31.0% discount (narrower than June's 32.2% as the price rose); ER 16.2%; the reverse-DCF cells are marked "/" as not applicable.
In short: BUY, Strong(+) conviction — valued differently from everything else in the book. The sheet drops the PE columns entirely and prices it on assets: share price £3.81 against NAV per share £5.6, a 32.2% discount, with the reverse-DCF cells marked "/" as not applicable. ER 16.3%. The same NAV-discount discipline used on 3i.
In short: BUY, Strong+ conviction, and the only holding valued on NAV rather than earnings: the table records a 3.75 stock price against a 5.6 NAV per share, an expected return of 16.4% and 34.2% undervaluation. Added to a week earlier at a 365p limit.
In short: BOUGHT — $15,000, 3,075 shares, limit 365 pence. Bought on the discount and on position size. The NAV method is spelled out step by step — "take the intrinsic value of all companies they own, add the cash they have in the bank, deduct all debt" — giving 560 pence at last year end against a 350 pence share price, a 37.5% discount. "I think Mr. Market is being way too negative on software companies like the ones HG Capital Trust invests in." The sizing rationale is stated openly: "it's also one of the smaller positions in Our Portfolio. That's exactly why we'll be adding to it." Described in the summary as "the best Private Equity company in Europe… owns great software companies that you normally can't access."
HgCapital Trust is a London-listed fund that owns stakes in private European software companies — businesses an ordinary investor could not otherwise buy into. You make money as those companies grow in value and through dividends.
Because it is a fund, the way to value it is to add up what its holdings are worth, add the cash, subtract the debt, and divide by the shares. That figure — the net asset value — was 560 pence at the last year end. The shares change hands at 350 pence. So you are buying a pound of assets for about 62 pence, a discount of 37.5%.
The judgement being made is that the market has become too pessimistic about software companies generally, and this discount is the evidence. Two weeks earlier the same NAV implied a discount of about 30%, so it has got wider, and the response is to buy more rather than less.
There is also a portfolio-management reason, stated plainly: this is one of the smallest holdings, so adding brings it closer to the weight the conviction deserves. The purchase: $15,000, 3,075 shares, at a limit of 365 pence.
In short: Strong+ conviction — the portfolio's private-equity sleeve. "They invest in and grow unlisted software and technology services companies, making money from capital appreciation and dividends… a Private Equity leader regarding software companies in Europe" focused on mission-critical software. Last year's underlying results: sales +17%, EBITDA +19%, EBITDA margin 33%. "HG Capital Trust currently has an NAV of £5.62. This means the company is trading at a discount of almost 30% currently. This is very high from an historical perspective."
HgCapital Trust is a London-listed way to own a private-equity portfolio without being a large institution. Hg buys European software companies that are not listed anywhere — the kind whose product a customer's operations depend on and would be painful to rip out — grows them, and eventually sells them; the trust's shareholders get the appreciation plus a dividend.
The businesses inside it grew sales 17% and profits 19% last year at a 33% margin, so the portfolio is not the problem. The opportunity is the wrapper: Hg publishes what those holdings are worth — £5.62 per share — while the trust's own shares change hands at a discount of nearly 30% to that figure, unusually wide by its own history. In plain terms, you are buying a pound of assets for about seventy pence, and you make money twice if the assets grow and the discount narrows. It is the same entry logic Slegers used on 3i Group two weeks earlier, and the standing caveat is the same too: a discount is only real if the stated asset value is honest.
In short: BUY in the portfolio valuation table — and the one holding valued on NAV rather than earnings: a £4.1 share price against £5.5 of NAV per share, a 25.4% discount, with a 16.8% expected return and 12.0% assumed growth. The reverse-DCF columns are left blank ("/") because the metric does not apply to a trust. Absent from the body's list of fourteen owned Buys, which names Judges Scientific in its place.
In short: Disclosed holding, category "Specialized Services": a listed trust backing software for tax, accounting, legal and healthcare — "regulated industries are slow to change and can't afford software failures, making their tools among the hardest to rip out."
In short: A ~4.2% weight and roughly −$4,500 unrealised. A Strong Buy on the 5 February sheet (valued on a £5.5 NAV against a £5.0 price) but not among the seven named here — the one rating that appears to have moved down between the two issues.
In short: BUY. Weight 4.1%, performance −1.9%. The only holding valued on net asset value rather than earnings: "NAV per Share (Intrinsic Value): £5.50 (Higher than current stock price? > £5.0 ✅)." Underlying: "As of 30 September 2025, HG Capital Trust had £2.5 billion in net assets. Net asset value per share had increased to 550.4p (up from 539.5p in June)" — a small quarterly move he explicitly asks the reader to view over twenty years instead. The portfolio quality claim: "Most companies HG Capital Trust invests in are critical software and services. That means resilient businesses with recurring revenue." Verdict: "It's interesting to have some Private Equity in your portfolio. HG Capital Trust has the best track record in Europe."
HgCapital Trust is a London-listed way to own a private-equity portfolio without being an institution. Hg buys European software companies that are not listed anywhere, grows them and eventually sells them; the trust's shareholders get the gains plus a dividend.
It is the only holding valued on what it owns rather than what it earns. Hg publishes the portfolio's worth — 550.4p per share at the end of September, up from 539.5p in June, on £2.5 billion of net assets — and the shares change hands below that figure. Slegers' own note is that a quarter's move of eleven pence means very little, and that the case is a twenty-year one.
The standing caution is the same as for any discount-to-assets purchase: it is only real if the stated value of the unlisted holdings is honest. What supports it here is what those holdings are — software a customer's operations depend on, with revenue that repeats.
In short: BUY — bought 31 March 2025, 4.15% of the portfolio, roughly flat.
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Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.