Pantheon International PLC (LON:PIN), an investment trust that provides access to a global and diversified portfolio of private equity, today published its Annual Report for the year ended 31 May 2019.
PIP has continued to execute its objective of generating capital gains which outperform the equity returns of broader public markets over the long term. PIP had a positive year during which its portfolio delivered a strong performance and it continued to invest for the future.
ANNUALISED PERFORMANCE AS AT 31 MAY 2019
|1 yr||3 yrs||5 yrs||10y yrs||Since inception (1987)|
|Nav per share||14.7%||16.8%||14.9%||11.2%||11.9%|
|Ordinary share price||10.7%||19.6%||14.3%||18.9%||11.5%|
|FTSE All Share, TR||-3.2%||8.7%||5.3%||9.6%||7.7%|
|MSCI World, TR (Sterling)||2.5%||13.8%||11.8%||13.0%||7.8%|
Share price outperformance
|Versus FTSE All Share, TR||+13.9%||+10.9%||+9.0%||+9.3%||+3.8%|
|Versus MSCI World, TR (Sterling)||+8.2%||+5.8%|
HIGHLIGHTS – 12 MONTHS ENDED 31 MAY 2019
· NAV per share grew by 14.7% to 2,770.6p, reflecting a strong performance from the underlying portfolio, positive FX movements and a share buyback.
· Net assets at 31 May 2019 increased to £1,499m (May 2018: £1,307m).
· The ordinary share price increased from 2,010.0p to 2,225.0p, an increase of 10.7%.
· Five-year cumulative Total Shareholder Return was +95%.
· 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 £277m, equivalent on an annualised basis to 24% of the opening attributable portfolio. After funding £107m of calls, net cash flow from the portfolio totalled £170m.
· £341m was committed to 59 new investments during the year of which £165m was funded at the time of purchase.
Financial position update
· New four-year £175m 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 Company’s 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.
Commenting on PIP’s performance for the full year, Sir Laurie Magnus, Chairman, said:
“PIP has continued its 32-year record of growth this year with both its NAV per share and share price significantly outperforming the benchmark public market indices on a one-year basis as well as since inception. PIP’s strong performance was primarily driven by the gains in the underlying portfolio. The distributions from exits have been redeployed by the Manager into carefully selected new investments with some of the best private equity managers in the world. We have announced that Rhoddy Swire will retire from the Board at the forthcoming AGM. Rhoddy’s contribution towards PIP’s success and growth into a FTSE 250 company cannot be overstated and he leaves the Board with our warmest thanks and best wishes. We are delighted that Mary Ann Sieghart will join the Board in October and we look forward to welcoming her. As we look ahead, the Board is confident that PIP is well placed to continue to source a global, diversified portfolio of high quality private equity assets that can deliver impressive returns for the benefit of its shareholders over the long term.”
A video of the team at Pantheon International PLC, discussing PIP’s financial year is available on our website at www.piplc.com.