HgT NAV down 5.4% as software multiple compression hits valuations, but underlying trading holds up

HgCapital Trust posted a 5.4% drop in NAV per share to 528.3p in the first quarter of 2026.

The decline came as a sharp re-rating of public software comparables flowed through to portfolio valuations, even as underlying trading at the listed Hg vehicle’s portfolio companies continued to grow at double digits.

The board said operating fundamentals across the portfolio remained robust, with last twelve months revenue and EBITDA growth of 16% and 19% respectively and