Pantheon powers ahead – over the year ended 31 May 2019, Pantheon International generated an NAV return of 14.7% and a share price return of 10.7% against a backdrop of flat/falling markets – the MSCI World Index returned 2.5%, a UK index returned -3.2%. Weak sterling contributed to the result.
Highlights:
- Assets in the portfolio generated underlying (pre-FX) returns of 12.9%. This figure excludes returns attributable to the Asset Linked Note.
- Distributions received in the 12 months to 31 May 2019 were GBP277m, equivalent on an annualised basis to 24% of the opening attributable portfolio. After funding GBP107m of calls, net cash flow from the portfolio totalled GBP170m.
- GBP341m was committed to 59 new investments during the year of which GBP165m was funded at the time of purchase.
- Weighted average maturity of investments has fallen to 5.2 years from 6.7 years (helped by the issue of the asset linked note)
- Pantheon has made total payments to the asset linked note holder of GBP122m since it was issued and, as at 31 May 2019, the residual note was valued at GBP94m. The issuance of the note contributed 0.5% to shareholder returns during the year.
- New four-year GBP175m multi-currency credit facility agreed in June 2018 to replace facility that was due to expire in November 2018; the facility remains undrawn.
- Undrawn commitment cover comfortable at 3.4x.
- Founder and director, Rhoddy Swire, to retire from the board at the conclusion of the 2019 AGM and audit committee chairman, Ian Barby, to retire from the board by the 2020 AGM.
- Mary Ann Sieghart to be appointed to the board in October 2019.
PIP : Pantheon powers ahead
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