Overview
Pantheon International is an investment trust that invests in private equity funds globally. Pantheon International tries to actively manage risk by the careful selection and purchase of high quality private equity funds in a diversified and balanced portfolio. Exposure is balanced across buyout, venture and growth, and special situations funds from a multitude of geographical regions and vintage.
You can access the fund’s website here
Fundamentals
Price
Research History
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25 Oct 2024 1 min read
Interview with Helen Steers from Pantheon International
In this week’s show, James Carthew spoke to Helen Steers from Pantheon International. If you were looking for the first part of QuotedData’s show, focused on the roundup of the week’s news click here. If there is a guest speaker you’d particularly like to hear from, please email Aiman. Additionally, if you would prefer to watch and […]
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17 Oct 2023 14 min read
QuotedData’s Investment Companies Quarterly Review – Third Quarter 2023
Third quarter of 2023 Investment Companies | Quarterly roundup | October 2023 Kindly sponsored by abrdn ‘Uncomfortable’ Following a fast start to the first half of the year, globally equities took a breather in Q3, as markets assessed the implications of the worst bond sell-off in a generation. Yields on 10-year US treasuries and UK […]
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14 Sep 2023 41 min read
QuotedData’s Economic and Political Monthly Roundup September 2023
Economic and Political Monthly Roundup Investment companies | Monthly | September 2023 August was a moderately volatile month for markets as the economic picture in China worsened. Developed markets held up better than emerging markets. Yields on US government debt rose. Oil prices edged up, but the big jump was in natural gas prices as […]
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11 Aug 2023 1 min read
Interview with Helen Steers from Pantheon International
In this week’s show, James Carthew spoke to Helen Steers from Pantheon International. If you were looking for the first part of QuotedData’s show, focused on the roundup of the week’s news, click here. If there is a guest speaker you’d particularly like to hear from, please email us on [email protected]. Additionally, if you would prefer to […]
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12 Nov 2021 1 min read
Interview with Helen Steers from Pantheon
In this week’s show, James Carthew talked to Helen Steers from Pantheon If you were looking for the first part of QuotedData’s show, focused on the roundup of the week’s news, click here. If there is a guest speaker you’d particularly like to hear from, please email us. Additionally, if you would prefer to watch […]
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19 May 2021 1 min read
QuotedData’s Spring Webinar Series – Private Equity playback
On 19th May 2021, QuotedData hosted the second of three Spring webinars. This webinar was focused on Private Equity and included presentations and Q&As from 4 investment companies’ managers, covering different aspects of this area. We would like to thank all of our speakers and attendees for joining us. Click on the links below to watch […]
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07 May 2021 1 min read
Interview with Helen Steers of Pantheon International
In this week’s show, James Carthew talked to Helen Steers of Pantheon International. Watch it again here If you were looking for QuotedData’s roundup of the week’s news, this is now in the news section – just click here. If there is a guest speaker you’d particularly like to hear from, please email us – [email protected]. The […]
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07 Apr 2020 8 min read
QuotedData’s Investment Companies Roundup – April 2020
Investment Companies Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Table of contents New research In this issue Performance data Discounts and premiums Money in and out Major news stories Income Events Guide Appendix – Performance by sector full list New research Here is a list of research we published over March: An update note […]
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10 Mar 2020 6 min read
QuotedData’s Economic Roundup – March 2020
Economic & Political Roundup Kindly sponsored by Polar Capital and Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you […]
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06 Dec 2019 6 min read
QuotedData’s investment companies roundup – December 2019
Investment Companies Roundup Kindly sponsored by Baillie Gifford Table of contents New research In this issue Performance data Discounts and premiums Money in and out Income Events New research Here is a list of research we published over November: An initiation note on Henderson High Income “We have initiated coverage on Henderson High Income (HHI). Since […]
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22 Mar 2019 2 min read
QuotedData’s economic roundup – March 2019
QuotedData’s economic roundup – March 2019 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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13 Mar 2018 1 min read
QuotedData’s Economic round up – March 2018
QuotedData’s economic round up – March 2018 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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18 Jan 2018 1 min read
QuotedData – 2017 review of the year
QuotedData – 2017 review of the year – Many commentators, including us, were wary going into 2017. In the event, economic growth and markets surprised on the upside: US markets hit new highs despite three interest rate rises. Perceived low/no growth areas such as Europe and Japan burst into life. Asia’s technology stocks surged. India’s […]
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11 Dec 2017 2 min read
QuotedData investment companies roundup – December 2017
QuotedData investment companies roundup – December 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of November 2017. Kindly sponsored by Baillie Gifford. December Investment Companies Roundup Money raised and returned in November There were no […]
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19 Oct 2017 1 min read
Quarterly investment companies roundup – Third quarter 2017
Quarterly investment companies roundup – Third quarter 2017 – Markets moved up a little over the course of the three months ended 30 September 2017. Regionally, emerging markets did well. The pound strengthened a bit relative to the US dollar but was flat against the euro. The oil price rose by more than 20%. In […]
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12 Oct 2017 1 min read
QuotedData investment companies roundup – October 2017
QuotedData investment companies roundup – October 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of September 2017. Kindly sponsored by Baillie Gifford. October Investment Companies Roundup Amongst the top performers, Alternative Liquidity Fund sold its […]
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14 Sep 2017 2 min read
QuotedData’s economic round up – September 2017
QuotedData’s economic round up – September 2017 – is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to […]
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10 Apr 2017 1 min read
QuotedData’s round up of views on the global economy – April 2017
A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell any of the companies mentioned. Kindly sponsored […]
News
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29 Nov 2024 1 min read
QuotedData’s Investors’ Choice: The results are in!
If you missed the announcement that followed today’s quarterly panel show, here are the winners of our inaugural QuotedData’s Investors’ Choice Awards Many thousands of you visited our dedicated Awards website. One lucky voter won the £5,000 prize for correctly predicting all the winners. A big thank you to our sponsors: Cazenove Capital and Stonehage […]
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28 Oct 2024 2 min read
QuotedData’s morning briefing 28 October 2024 – VNH, PIN, CHRY, PPET, BOOK
In QuotedData’s morning briefing 28 October 2024: VietNam Holding (VNH) announced that the final number of shares validly tendered for redemption for 2024 is 3,411,748 shares. This reduced number represents approximately 12.57% of shares in issue as at 31 August 2024. All shareholders who validly applied to have their shares redeemed will receive the redemption price […]
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01 Aug 2024 3 min read
Pantheon International outlines next phase of its corporate strategy
Pantheon International has published results covering the 12 months ended 31 May 2024. Over that period, the NAV return was 6.1%, behind comparators such as the All-Share (up 15.4%) or, more relevantly, the MSCI World (up 22.2%). Fortunately for shareholders, the board’s efforts to rein in the discount seem to be bearing fruit and that […]
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14 Jun 2024 1 min read
Pantheon International appoints Charlotte Morris as co-lead manager
Pantheon International (PIN) has announced that Charlotte Morris has been appointed as co-lead portfolio manager of the trust with immediate effect to work alongside Helen Steers, succeeding Jie Gong in the role. Based in London, Charlotte is an investment partner at Pantheon and actively involved in the firm’s private equity secondaries business. PIN says that […]
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07 Jun 2024 1 min read
QuotedData’s morning briefing 7 June 2024 – PIN
In QuotedData’s morning briefing 7 June 2024: Pantheon International (PIN) has announced that, following the announcement of its capital allocation policy (CAP) on 16 May 2024, it has appointed Investec Bank and J.P. Morgan Securities to undertake an ongoing share buyback programme for the company. The maximum price payable is an amount equal to the […]
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17 May 2024 1 min read
QuotedData’s weekly news show 17th May 2024
Thank you to everyone that listened in today, whether you watched the Zoom live or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • Chrysalis (0:16) • Pantheon International (5:07) • Henderson European Focus / Henderson Eurotrust (6:48) This week’s interview was with Mark Sheppard from Manchester & London IT […]
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16 May 2024 2 min read
Pantheon International outlines capital allocation policy
Pantheon International has published details of its capital allocation policy (CAP). This is the second step of the company’s three-step programme of shareholder-focused corporate strategy, following the £200m buyback that kicked off last sumer and is now almost complete. As at 15 May 2024, £189.6m had been invested in share repurchases, adding about 4.5% to […]
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22 Feb 2024 2 min read
Pantheon International combines share buybacks with positive performance
Pantheon International (PIN) has released its half year report, for the six months ending 30 November 2023. PIN’s NAV increased by 3.1% over the 6 months, driven by valuation gains in the portfolio, however it was negatively impacted by adverse currency movements. The largest driver of returns came from PIN’s investment in fund secondaries. The […]
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02 Feb 2024 3 min read
QD view – VIP access at bargain prices
After an extended period of trading at wide discounts, private equity funds seem to be more responsive to the idea of using share buybacks to tackle the problem. Is it time to pick up these bargains before they disappear? HarbourVest launching distribution pool The latest to make a move on this is HarbourVest Private Equity […]
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12 Jan 2024 2 min read
QuotedData’s morning briefing 12 January 2024 – PIN, SERE
In QuotedData’s morning briefing 12 January 2024: Pantheon International (PIN) has agreed a private placement of US$150m (£118m equivalent) of loan notes that have been structured over different maturities of 5, 7 and 10 years, resulting in a weighted average maturity of 6.9 years. PIN says that the loan notes were three times oversubscribed at […]
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27 Oct 2023 3 min read
QD view – is there an easy fix to the sector’s discount problem?
Like me, you may have been looking at your portfolio of investment companies over the past 18 months or so and swinging between despair and puzzlement. I keep asking the question, how can so many ostensibly good companies be so out of favour? Take Greencoat UK Wind, for example, which I bought for my portfolio […]
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19 Oct 2023 2 min read
QuotedData’s morning briefing 19 October 2023 – HTCF, RSE, ABD, PIN, AERI, ASLI, AEWU
In QuotedData’s morning briefing 19 October 2023: Highbridge Tactical Credit (HTCF) will compulsorily redeem almost all of its shares on 1 November 2023 and then go into liquidation. Round Hill Music (RHM) shareholders overwhelmingly approved the takeover by Concord Bidco. The shares will stop trading before the market opens on 31 October and shareholders should […]
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25 Sep 2023 1 min read
QuotedData’s morning briefing 25 September 2023
In QuotedData’s morning briefing 25 September 2023: Round Hill Music (RHM) has announced the publication of a scheme document which outlines the actions required, timetable, and recommendations in respect of the purchase offer made for the trust. Shareholders will be given the opportunity to vote on the offer at a General Meeting to be held […]
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03 Aug 2023 8 min read
Pantheon International wades into discount battle
Pantheon International has published results for the 12 months ended 31 May 2023 and in NAV terms it was good to see a positive return of 2.4% for the year, although this lagged the 4.3% return on the MSCI World Index. In share price terms, it is a different story as the discount widened further […]
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21 Jul 2023 1 min read
QuotedData’s morning briefing 21 July 2023
Riverstone Credit Opportunities Income (RCOI) provided an update for the quarter ended 30 June 2023. NAV rose 1.4% for the period principally due to continued strong performance by the company’s unrealised portfolio and the successful refinancing and amendment of its investment in Streamline Innovations Inc. The company continues to be a beneficiary of the current […]
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19 May 2023 2 min read
QuotedData’s morning briefing 19 May 2023
The Unbound Group (UBG) (formerly Electra Private Equity) provided an update follow its strategic review. The company had recently reported that the trading environment remained challenging over Q1 with conditions deteriorating more than expected, leaving the company with cash constraints. As a result the board has decided to initiate a formal review of strategic options available […]
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14 Mar 2023 2 min read
More SVB updates – fortunately not too serious
A number of funds made comments on the fallout from the collapse of Silicon Valley Bank and Signature – as far as we can tell, there is nothing earth-shattering here. HarbourVest may be worrst-affected. Although as the managers of Polar Capital Global Financials Trust suggest, this episode may not be quite over yet. NB Private […]
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03 Mar 2023 4 min read
QD view – Discounts – time to get serious?
The chart below shows how the median discount of share price to net asset value (NAV) across the whole London-listed investment companies market has moved since the start of 2021. What we see is a big lurch downwards around the outbreak of the war in Ukraine. Then a steady widening over the next few months […]
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04 Aug 2022 2 min read
Pantheon will battle discount with buybacks
Pantheon International’s results for its financial year ended 31 May 2022 are very good. The NAV total return for the period was 31.0%, well ahead of the 7.8% return posted by the MSCI World Index. However, discount widening left shareholders with a return of 8.6%. The trust’s returns were boosted by weak sterling. However, even […]
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03 Aug 2022 3 min read
QuotedData’s morning briefing 3 August 2022
In QuotedData’s morning briefing 3 August 2022: European Assets (EAT) has posted its half-year results for the six months to 30 June 2022. During the period, its NAV fell by 31.4% while its share price fell by 31.8%. The chair said the trust has been hit by the aggressive market sell-off exacerbated by the war […]
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24 Feb 2022 2 min read
QuotedData’s morning briefing 24 February 2022
In QuotedData’s morning briefing 24 February 2022: Pantheon International (PIN) has posted its interim results for the six months to 30 November 2021. Over the period, the trust delivered 22.1% NAV increase and a 17.6% increase in its share price, while it continued to benefit from a supportive exit environment with realisations primarily to strategic […]
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05 Aug 2021 2 min read
Pantheon benefits from substantial discount narrowing
Pantheon benefits from substantial discount narrowing – for the year ended 31 May 2021, Pantheon International posted an NAV return of 19.6% but shareholders got a return of 31.7% as its discount narrowed considerably. The share price returns were ahead of the UK market but about 5.9% behind those of the MSCI World Index (which […]
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02 Nov 2020 2 min read
QuotedData’s morning briefing 2 November 2020
In QuotedData’s morning briefing 2 November 2020 – Downing Strategic Micro-Cap (DSM) reported interim results for the six months ended 31 August 2020. The NAV increased by 22.5% from the March 2020 low-point, but was down 5.5% over the period, on a per-share basis. Chairman, Hugh Aldous, noted the following: “I said in May that we […]
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06 Aug 2020 2 min read
Pantheon demonstrates undervaluation of private equity
Pantheon demonstrates undervaluation of private equity – Pantheon International has published results for the year ended 31 May 2020. These capture the panic and subsequent recovery in markets related to COVID-19. Pantheon’s NAV return was +4% over the year, which compares to -11.2% for the UK market and +7.4% for the MSCI World Index. This […]
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23 Mar 2020 2 min read
Update from private equity company Pantheon International
Private equity company, Pantheon International (PIN), invests in funds of funds in the primary and secondary market, and directly into private companies through co-investments. Earlier this morning, PIN released a joint-statement from its board and manager: Recent substantial movements in asset prices and currency exchange rates associated with the Covid-19 crisis and its inevitable impact on […]
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07 Aug 2019 1 min read
Pantheon powers ahead
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 […]
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08 Aug 2018 3 min read
Pantheon International has had a “milestone year”
Pantheon International has had a “milestone year” – In his introductory comment to Pantheon International (PIN)‘s full report for the twelve months to 31st May 2018, chairman Sir Laurie Magnus noted that the company had celebrated its 30 year anniversary, simplified its capital structure and entered the FTSE 250 index, in what he saw as a milestone […]
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28 Sep 2017 2 min read
Pantheon to combine share classes
Pantheon to combine share classes – Pantheon International plans to effect the consolidation of its ordinary and redeemable share capital into a single class of ordinary shares. The Proposals include the issue of an unlisted Asset Linked Note (the “ALN”) to the largest holder of Pantheon’s redeemable shares in exchange for part of its shareholding. […]
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05 Sep 2017 1 min read
Investment Trust Insider on Northern Investors
This year’s summer lull is a bit busier than usual with Warehouse Real Estate Investment Trust (Reit) publishing a prospectus and running around trying to raise £80 million to £150 million to buy a portfolio of multi-let urban warehouse estates. I have been occupied on a new guide for investors interested in listed private equity […]
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09 Aug 2017 2 min read
Pantheon makes 17% in shortened year
Pantheon makes 17% in shortened year – Pantheon International has published results for the 11 months ended 31 May 2017 (it moved its year end from June to May). Over this period: NAV per share increased by 17%, from 1,873.6p to 2,189.9p. Net assets increased to GBP1,388m (June 2016: GBP1,187m). The ordinary share price increased […]
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06 Oct 2016 2 min read
SVG Capital proposes sale and wind down for approximately 680p per share
SVG Capital has provided an update regarding the proposed sale of the company’s investment portfolio and wind down. The Board says that it has agreed in principle the key commercial terms of a proposed sale of 100% of the investment portfolio to funds managed by Goldman Sachs Asset Management’s Alternative Investments & Manager Selection Group […]
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04 Oct 2016 1 min read
SVG and Harbourvest update on offer
HarbourVest has made a statement to the effect that it notes that despite the Board of SVG Capital stating on 3 October 2016 that it would be in a position to update Shareholders as to its discussions with other parties by this morning, no announcement has been made. This came out at 13:14 today. SVG […]
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20 Sep 2016 1 min read
Pantheon discount narrowing again
For the financial year ended 30 June 2016, Pantheon International’s net assets stood at just under GBP1.2bn and it recorded an increase of 22.3% in NAV per share. The ordinary share price increased from 1,272.0p to 1,285.0p, an increase of 1%. The discount widened from 17% to 31%. The redeemable share price decreased from 1,285.0p to […]
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09 Mar 2016 1 min read
Pantheon let down by discount widening
Pantheon International’s NAV per share rose by 8.2% over the course of 2015, outperforming the FTSE All-Share, which fell by 2.0%, and the MSCI World, which rose by 3.3%. However, they say share price performance was disappointing (-4.1%) as it was impacted by a sector-wide increase in discounts which have been driven by uncertainty in financial […]
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25 Nov 2015 1 min read
Pantheon International drops the participations
Pantheon International Participations Plc has announced that it has changed its registered name to Pantheon International Plc. The Company’s tickers for its Ordinary and Redeemable shares remain the same. PIN for the ordinary shares and PINR for the redeemable shares. Pantheon International drops the participations : PIN and PINR
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01 Oct 2015 1 min read
Pantheon benefits from uptick in distributions
Pantheon International Participations reports a 12% increase in NAV per share for the year to the end of June 2015 which compares favourably to a 3% return on the FTSE All-Share Index and an 11% return on the MSCI World Index. The ordinary share discount widened slightly from 16% to 17% but the discount on the redeemable shares […]
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24 Apr 2015 1 min read
Cayenne Trust says considering proposals for future of the company
The Cayenne Trust’s results for the year ended 31 January 2015 have been published. The company’s net asset value total return and share price total return were both 12.1% for the period. This compares to an 11.6% return on the FTSE All-Share Equity Investments Index. The dividend has been increased from 1.2p to 3.8p. The […]
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26 Feb 2015 1 min read
Pantheon close to £1bn of assets
Pantheon International Participations’ interim figures, covering the second half of 2014, are pretty good. The net asset value rose by 11% and the share price by 10% (over a time when the FTSE All-Share didn’t deliver much of a return and the MSCI World returned 9.7%). The net asset value is now just shy of £1bn […]
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02 Oct 2014 1 min read
Flurry of deals increases Pantheon’s exposure to co-investments
PIN : Flurry of deals increases Pantheon’s exposure to co-investments Pantheon International Participations has published results for the year ended 30 June 2014. The net asset value rose by 2% over the year and the share price rose by 10%, narrowing the discount from 22% to 16%. The performance lagged that of the FTSE All-Share […]
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28 Feb 2014 1 min read
Pantheon International : PIN – interim results
Pantheon International’s net asset value fell by 2.1% over the latter half of 2013 as Sterling strength offset a 5.7% positive underlying return on the fund’s investments. The share price slipped a little (by 1.3%). The portfolio threw off £93m of cash and Pantheon reinvested £79m of this
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14 Dec 2013 1 min read
Miton Worldwide Growth : MWGT
Half year results to 31 October 2013 show an NAV uplift of 6.5% and an increase in the share price of 5.6%. MWGT’s benchmark is the return on Sterling LIBOR +2% (equal to 1.3% over the period – so MWGT comfortably outperformed its benchmark). MWGT’s return lagged that of the FTSE All-Share and MSCI World Indices […]
Upcoming Events
Videos
In The Press
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28 Oct 2024 1 min read
With shares of many private equity trusts trading at a huge discount, is now the time to pounce?
By Anne Ashworth, Daily Mail, 25 October 2024: The word ‘discount’ is one of the most enticing in the English language. But in the case of private equity investment trusts, discounts are provoking more suspicion than excitement at present. The share prices of many of these trusts – which back the unlisted businesses poised to […]
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14 Oct 2024 1 min read
Investment trust insider on HarbourVest Global Private Equity
Investment trust insider on HarbourVest Global Private Equity – James Carthew: I bought HarbourVest because its discount is far too wide HarbourVest Global Private Equity languishes on a 42% share price discount, which ignores several positive features of the £1.7bn portfolio I said two weeks ago I was thinking about buying shares in another undervalued […]
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30 Sep 2024 1 min read
Investment trust insider on my portfolio
Investment trust insider on my portfolio – James Carthew: New trusts for my portfolio Our columnist considers where to reinvest his cash from the Hipgnosis Songs takeover, and the forthcoming sale of assets in Abrdn Property Income. Flush with cash from the Hipgnosis (SONG) takeover and, soon perhaps Abrdn Property Income (API), which just announced […]
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09 Sep 2024 1 min read
Investment trust insider on AVI Global Trust
Investment trust insider on AVI Global Trust – James Carthew: AVI Global can extend its excellent track record Discounts across global markets present opportunities for the UK-based bargain hunter, which recently cashed in on Starwood’s Balanced Commercial Property bid. The investment companies sector continues to shrink. So far in September, we have seen bids for Tritax […]
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13 May 2024 1 min read
How these four private equity trusts could help you cash in on… The STARS of TOMORROW
By ANNE ASHWORTH, Daily Mail, 11 May 2024: De-equitisation is one of the top trends of 2024 and it is unlikely to prove a fad, with implications for our pensions and savings. More companies are opting not to list their shares on a stock market, but to find ‘equity’ or finance from banks and other […]
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10 May 2024 1 min read
Number of investment trust share buybacks hits record high but effectiveness called into question
Cristian Angeloni, Investment Week, 09 May 2024: Share buybacks carried out by investment trusts reached a record high in 2023.. The rationale behind share buybacks stems from investment trust boards’ urge to proactively attempt to narrow discounts. At the end of October 2023, the average investment trust discount hit 16.9%, the widest month-end disparity since […]
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23 Apr 2024 1 min read
A glaring opportunity to snap up these cheap investment trusts
by Cherry Reynard from interactive investor, 23rd April 2024: Private equity investment trusts look like a glaring opportunity. They are trading at or near all-time record discounts after a long period where the sector has been out of favour. Holdings in the trusts have generally continued to perform well, with valuations stable. Yet these trusts […]
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05 Apr 2024 1 min read
Buyback bonanza
Cherry Reynard, for AIC Compass, 5 April 2024: In March, Scottish Mortgage Investment Trust announced a £1 billion share buyback programme, designed to narrow its persistent discount to net asset value. At a time when investment trust discounts are wide relative to history and arbitrageurs are hovering over the sector, it is one of a […]
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26 Feb 2024 2 min read
Perfect Storm
Cherry Reynard, Portfolio Adviser Magazine, February 2024: Investment trusts have a well-deserved reputation as an effective way to manage such illiquid assets as property, smaller companies and infrastructure, yet the past 18 months have also highlighted the problems of this type of vehicle, as discounts have widened in response to higher interest rates, cost-disclosure problems […]
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2 min read
IT Factor
Tom Aylott, Portfolio Adviser Magazine, February 2024: Poor market conditions have sent the share price of investment companies plummeting in recent years, with 93.8% of all trusts now trading at a discount to their net asset value. While this has been a thorn in the side of many portfolios, widespread discounts could be used to […]
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23 Feb 2024 1 min read
How to value investment trusts’ private assets
by Val Cipriani, Investors Chronicle, February 21, 2024: The valuations of private assets have increasingly come under scrutiny in the past two years, as inflation and higher interest rates sent listed company values on a rollercoaster but left the likes of private equity relatively untouched. Private investors typically get exposure to private assets through investment […]
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03 Jan 2024 1 min read
Are investment trust discounts getting out of hand?
by Jennifer Hill from interactive investor, 28th December 2023: Risk-off sentiment has pushed investment trust discounts to historically wide levels and many boards have been proactively trying to address the issue. This year will be a record for share buybacks with almost £3.5 billion of investment trust share buybacks in the first 11 months, data […]
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30 Oct 2023 1 min read
Investment trust insider on costs and spreads
James Carthew: Where is investment companies’ Brexit dividend? In many articles over the past few years, I have expressed frustration that investment company share price discounts seem to be divorced from reality. Initially, this was centred around private equity funds, but over the past 12 months or so the problem has widened to encompass much […]
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03 Oct 2023 1 min read
Is the reputation of private equity trusts finally on the turn?
Cherry Reynard, PORTFOLIO ADVISER, 02 OCTOBER 2023: The Bank of England’s change of direction on interest rates has rippled through investment markets. Perhaps one of its most surprising impacts has been felt in the growth capital and private equity sectors, where trusts have seen a considerable bounce over the last three months. After a torrid […]
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12 Sep 2023 1 min read
What’s behind big investment trust discounts and when will they narrow?
by Sam Benstead from interactive investor, 12th September 2023: Investment trust investors are suffering this year, with the sector dropping around 2% so far in 2023, including dividends. A key reason for the average trust being in the red is the widening of discounts, which in the spring reached their widest levels since the financial […]
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09 Aug 2023 2 min read
Private equity trusts hold up well despite heavy discounts
By Val Cipriani, Investors Chronicle, August 8, 2023: Private equity trust valuations have broadly held up so far this year despite higher interest rates leading to pessimism and huge discounts across the sector. Private equity net asset values (NAVs) are published with a few months of delay, so most of the data currently available refers […]
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02 Aug 2023 1 min read
Eight investment trusts that could be takeover targets
by Sam Benstead from interactive investor, 2nd August 2023: Wide investment trust discounts are making them appealing takeover targets, with rumoured or confirmed deals likely to lead to sudden share price jumps… Discounts have widened due to negative sentiment about the economy, and therefore private company valuations, but also due to the impact of higher […]
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24 Jul 2023 1 min read
Why I’m sticking some start-ups in my pension
David Brenchley, The Times, July 22 2023: Cheap private equity investment trusts can be lucrative pension investments – but you need to pick the best and back them for the long-term. Private equity funds have been in the spotlight since the chancellor, Jeremy Hunt, got nine of Britain’s biggest pension firms to agree to pump […]
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18 Oct 2022 1 min read
Investment trust insider opportunities in troubled times
Investment trust insider opportunities in troubled times – James Carthew: Where trust opportunities lie after another Tory regime collapse The U-turns, clumsy mistakes, muddled thinking and general ineptitude of current UK economic policy may have killed any hope of a relatively shallow recession in the UK. For investors, the way forward is hard to fathom, […]
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08 Aug 2022 1 min read
Investment trust insider on Pantheon International
Investment trust insider on Pantheon International – James Carthew: I’m still willing to PIN my hopes on a cheap private equity stalwart The Pantheon International (PIN) annual report is out – all 200 pages of it – and I think it’s worth dissecting. Over the 12-month period ended 31 May 2022, the fund, which is […]
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07 Feb 2022 2 min read
Gateway to private markets
Hannah Smith, AIC’s Compass, 4 February 2022: Unquoted companies offer the exciting potential for unbridled growth, albeit with a high level of stock-specific risk. With companies taking longer to reach IPO stage, there are more opportunities in this space, and now even mainstream investment trusts are making unlisted businesses a significant part of their portfolios. […]
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21 Jan 2022 1 min read
WI Daily: Share splits and investors
Rory Palmer, What Investment, 18 Jan 2022: Near the end of last year, I was told that my shares in Henderson EuroTrust had been subdivided after the board announced a reorganisation of the company’s share capital. As a relatively new investor, this was a first. I knew it was an option trusts could exercise, but I wanted […]
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25 May 2021 1 min read
Investment trust insider on private equity again
Investment trust insider on private equity again – James Carthew: Private equity trusts remain grossly mispriced Just over a year ago, I wrote an article to highlight the unjustified discounts that trusts in the private equity sector were trading on. My pick of the bunch was Standard Life Private Equity (SLPE), which at that time was […]
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16 Aug 2019 1 min read
Retail investors turn to private equity investment trusts
Retail investors have significantly upped their exposure to private equity investment trusts over the past 12 months in search of bargains, causing discounts to narrow considerably during 2019. HarbourVest Global Private Equity (HVPE) said retail exposure within its pool of clients has almost doubled over the past year, climbing to 5.3% of its share register […]
