Edison Releases Report on HgT's H125 Performance

On August 6, 2025, Edison Investment Research released its report on HgT (LSE: HGT). The report highlights HgT's performance in the first half of 2025. According to the preliminary trading update, HgT recorded a muted -0.3% NAV total return for H125. This was mainly due to public market volatility impacting private portfolio valuations by a reduction of 4 percentage points.

Despite this, HgT saw a NAV rebound in Q2 2025, following a -2.0% NAV total return in Q1 2025. The HgT portfolio experienced a robust 19% year-on-year revenue and EBITDA growth to the end of May 2025, resulting in a 7 percentage points positive impact on portfolio value. Foreign exchange changes and increased portfolio net debt created minor headwinds, impacting NAV by 1 percentage point each.

The report also notes that gross realisation proceeds were £165 million, or 7% of opening NAV, favorably comparing to peers. Investments, including reinvestments, amounted to £306 million, or 12% of the opening NAV.