Mithras IT

Private equity investment trust with mezzanine exposure.

  • 0.00p Price (Inc)
  • - Price (Acc)
  • 0.00% Initial charge
  • 0.90% Annual management charge
  • 1.50% Ongoing charges
  • 0.00% Yield

Fund data last updated 20 May 2004

This trust is managed by Legal & General Ventures and focuses upon mid market buyouts within the leisure sector. For historical reasons the portfolio has a bias to mezzanine finance although this is reducing. With all specialist investments, potential investors should have a strong understanding of what they are holding.

Fund summary

Sector Private Equity
Structure X-INVESTMENT TRUST
Launched February, 1994
Size £15m
Yield 0.00%
Charging basis
Dividends paid Sep, Dec

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.90%
Ongoing charges figure 1.50%

Allocation

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Investment process

This private equity investment trust, is managed by LGV (Legal & General Ventures). The focus of the portfolio is to invest where LGV feel they have an advantage. LGV feel this advantage lies within mid market buyouts, within the leisure sectors. Around three deals are completed each year (ranging from £60-300m). Cash generative companies are targeted with the team explicit in their goal of understanding their investments. Once a stake has been purchased, the investment team spend a large amount of their time managing their investments, which includes sitting on the boards of their investments.

Manager research

Average monthly relative returns

  • 14/15 0.00%
  • 15/16 -0.09%
  • 16/17 2.70%
  • 17/18 -2.05%
  • 18/19 0.00%

Bestinvest MRI

  • 3 years 0.00%
  • 5 years 0.00%
  • Career 0.81%
  • 3 years 0.00%
  • 5 years 0.00%
  • Career 85.80%

Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Adrian R B Johnson

Adrian qualified as a Chartered Accountant with PricewaterhouseCoopers working in London and New York. In 1983, he joined 3i plc, where he spent six years, before joining LGV in 1989. At LGV he led a number of successful investments before his appointment as Chief Executive in July 2000. Adrian graduated from Oxford University.

Track record

Adrian R B Johnson has 4.3 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.81%. During the worst period of relative performance (from October 2002 - February 2004) there was a decline of 31% relative to the index. The worst absolute loss has been 36%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 86%.

Periods of worst performance

Absolute -36.00% (October 2000 - February 2003)
Relative -31.00% (October 2002 - February 2004)

About the MRI

Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.

Allocation

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Top 10 holdings

Data accurate as at 31 December 2017

33% Cvc European Equity Partners V
27% Doughty Hanson & Co V
13% Ocm Principal Opportunities Fund Iv
12% Pai Europe V
10% Riverside Europe Fund Iii
Source: Trustnet

Sector breakdown

Services 30.00%
Travel 17.00%
Health Care 10.00%
Resources 8.00%
Food, Beverages and Tobacco 8.00%
Building Materials & Merchants 5.00%
Financial Services 5.00%
Industrials 5.00%
Household Goods 5.00%
Telecom, Media & Technology 5.00%

Portfolio

Historically the trust provided mezzanine finance, but has moved into unquoted equity holdings, through LGV vehicles.

Constraints

The trust allows for up to 50% of the portfolio to be invested within unquoted equity.

Key Investor Information

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