Analysts believe that technology investor Hg Capital Trust (HGT) could see fewer asset realisations this year and at lower prices – a situation that could drag on the trust’s net asset value (NAV).

Hg Capital mainly invests in software businesses where it sees opportunity to improve operations or change strategic direction. Roughly 80% of its funds are currently backing this type of technology turnaround.

Last year the trust exited several technology-based businesses, including workforce management specialist Allocate Software in April 2018, having funded its takeover back in 2014.

Hg Capital’s three largest remaining investments are enterprise software firm Visma, regulations specialist Sovos Compliance and Iris, the accounting tools supplier. Together they represent more than a third of the portfolio.

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