- IG is a UK spread-betting platform with a dominant market share
- It also has a number of other growth avenues
- It has not consulted shareholders on an agreement to acquire US broker Tastytrade
"We have exited our investment in IG Group. It has a dominant market share and resultant tight dealing spreads conferring a sustainable competitive advantage. In addition to the core UK trading business, it has a number of other avenues of growth, which we did not think were adequately reflected in the valuation of the shares. Troy Trojan Global Income has held IG since 2016, having established an investment at a very attractive valuation owing to regulatory concerns that we expected to dissipate over time. During the holding period, the shares appreciated by 91.5 per cent compared with 52.4 per cent for MSCI World index.