# Pantheon International Performance Update at 31 January 2020

- Link: https://www.directorstalkinterviews.com/pantheon-international-performance-update-at-31-january-2020/412806405
- Published: 2020-02-25T07:30:05+00:00
- Author: Giles Arbor

**Month to 31 January 2020**

**Pantheon International plc** (LON:PIN) has announced an unaudited net asset value(“
NAV”) per share as at 31 January 2020 of 2,768.7p, an increase of 19.4p (+0.7%) 
from the NAV per share as at 31 December 2019. Valuation gains* (16.3p, +0.6%), 
investment income* (0.3p, 0.0%) and foreign exchange movements* (5.8p, +0.2%) were
partially offset by expenses and taxes**** (-3.0p, -0.1%).

**Highlights**

2,768.7p                      NAV per share

+0.7%                          NAV per share movement for the month

£1.5bn                         Net asset value

£8.6m                          Net portfolio cash flow*

3.5x                             Financing cover**

+89%                           Total shareholder return (5Y)***

PIP’s valuation policy for private equity funds is based on the latest valuations
reported by the managers of the funds in which PIP has holdings. In the case of 
PIP’s valuation as at 31 January 2020, 96% of reported valuations are dated 30 September
2019 or later. A detailed description of PIP’s valuation policy can be found on 
pages 100 and 101 of the 2019 Annual Report and Accounts.

At 31 January 2020, PIP’s private equity assets stood at £1,428m, whilst net available
cash balances^ were £135m. The Asset Linked Note^^ (“ALN”) outstanding as at 31 
January 2020 amounted to £65m. Undrawn commitments to investments stood at £490m
as at 31 January 2020, calculated using exchange rates at that date. PIP’s multi-
currency revolving credit facilities comprise a US$163.0m facility and a €59.8m 
facility, which remained undrawn as at the month end.

Pantheon International made four new investments during the month amounting to £
9.5m in new commitments. This included a £4.5m co-investment, alongside Lovell Minnick
Partners, to Charles Taylor, a leading international provider of professional services
and technology solutions to the global insurance market

*Figures are stated net of movements associated with the ALN share of the reference
portfolio.

**Ratio of net available cash, portfolio value and undrawn loan facility to outstanding
commitments.

***Based on the change in the ordinary share price over the period.

****Withholding taxes on investment distributions.

^Net available cash calculated as cash and net current assets / (liabilities) less
undistributed net cashflows associated with the ALN.

^^Unlisted 10-year note issued on 31 October 2017 whose cost and repayments are 
linked to a reference portfolio consisting of the Company’s older vintage funds.

Performance as at 31 January 2020^^^

|  | **1 Year****(%)** | **3 Years****(% pa)** | **5 Years****(% pa)** | **10 Years****(% pa)** | **Since Inception****(% pa)** | 
| NAV per share |   8.5% | 10.2% | 12.3% | 12.6% | 11.6% | 
| Ordinary share price | 16.0% | 12.1% | 13.6% | 17.8% | 11.5% | 
| FTSE All-Share TR | 10.7% |   5.8% |   6.3% |   8.2% |   7.7% | 
| MSCI World (£) TR | 19.3% | 10.7% | 12.7% | 12.8% |   8.1% |

Share on: