Pantheon International Plc (LON:PIN), an investment trust that provides access to a global and diversified portfolio of private equity, today published its Interim Report for the half year ended 30 November 2018.
PIP’s objective is to generate capital gains which outperform the equity returns of broader public markets over the long term. PIP had a busy half year during which it capitalised on its active deal pipeline and its portfolio delivered a strong performance.
ANNUALISED PERFORMANCE AS AT 30 NOVEMBER 2018
| 1 yr | 3 yrs | 5 yrs | 10y yrs | Since inception | |
| Nav per share | 19.1% | 18.2% | 15.3% | 8.8% | 11.9% |
| Ordinary share price | 9.7% | 16.5% | 14.8% | 20.1% | 11.5% |
| FTSE All Share, TR | -1.5% | 7.0% | 5.3% | 9.9% | 7.7% |
| MSCI World TR (Sterling) | 6.9% | 15.3% | 12.8% | 13.6% | 8.0% |
Share price outperformance
| Versus FTSE All Share, TR | +11.2% | +9.5% | +9.5% | +10.2% | +3.8% |
| Versus MSCI World TR (Sterling) | +2.8% | +1.2% | +2.0% | +6.5% | +3.5% |
HIGHLIGHTS – SIX MONTHS ENDED 30 NOVEMBER 2018
Performance update
· NAV per share grew by 10.7% to 2,674.3p.
· Net assets at 30 November 2018 increased to £1,447m (May 2018: £1,307m).
· The ordinary share price increased from 2,010.0p to 2,050.0p, an increase of 2% however the discount widened from 17% to 23%, reflecting a sector-wide trend.
Portfolio update
· Assets in the portfolio generated underlying (pre-FX) returns of 8.9%.
· Distributions received in the six months to 30 November 2018 were £134m, equivalent on an annualised basis to 23% of the opening attributable portfolio. After funding £55m of calls, net cash flow from the portfolio totalled £79m.
· £203m was committed to 37 new investments during the half year of which £118m was funded at the time of purchase.
Financial position update
· New four-year £175m multi-currency credit facility agreed in June to replace facility that was due to expire in November 2018; the facility remains undrawn.
· Undrawn commitment cover comfortable at 3.6x.
Commenting on PIP’s performance for the half year, Sir Laurie Magnus, Chairman, said:
“PIP has made good progress during the first half of its financial year. Our performance was helped by the strong flow of distributions from exits. These have been used by our Manager to replenish the portfolio with a range of compelling, carefully selected new investments. The Board is confident, in view of PIP’s strong balance sheet and liquidity, that it is well placed both to take advantage of opportunities and to withstand possible headwinds that may emerge from the uncertain political and economic environment that lies ahead.”
