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Investment trust insider on Pantheon International

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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 designed to provide liquid access to some of the world’s best private equity managers, saw its net asset value (NAV) rise from 344.8p to 451.6p (up again since to 462.7p as at 30 June 2022).

The 31% uplift in the NAV was more than 23 percentage points ahead of the return on the MSCI World index. It is also way better than any global equity trust.

Close peers such as abdrn Private Equity Opportunities (APEO) and Oakley Capital (OCI) may be doing even better but ranked against the Association of Investment Companies’ private equity sector over the past 12 months, PIN comes in at a creditable fifth of 19 funds.

Where it really falls down is in its returns to shareholders. A widening discount dragged the trust’s share price returns for its financial year down to 8.6%. At the end of May, the trust was trading on a 35% discount. Today, that has widened further to 43%.

PIN has been around since 1987, and so it has survived numerous market cycles. From launch to the end of May 2022, it made investors 11.3% a year, around 3% a year more than the return on the MSCI World Index. Over the decade that I have held it, it has made me about 3.8 times my money….

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