27th Feb 2020 10:54
(Alliance News) - Pantheon International PLC on Thursday reported a rise in net asset value over the first half of its financial year, although it underperformed against its comparative indices.
As at November 30, net asset value per share increased to 2,799.19 pence, up 4.7% from 2,674.28p the same date the year before, and 1.0% higher from 2,770.57p at the end of May.
The 4.7% rise still reflected an underperformance compared to the FTSE All-Shares Total Return Index, which returned 11%, and the MSCI World Total Return, which returned 12.9%.
Net assets at the end of November increased to GBP1.51 billion from GBP1.45 billion the prior year, which Pantheon attributed to investment returns generated by its underlying portfolio, despite currency losses.
Pantheon International's share price at the end of November was 2,325.00, reflecting a 17% discount to net asset value.
Shares in the FTSE 250 investment trust were down 0.6% on the day Thursday at 2,266.00 pence, having declined since the period-end.
During the six-month period, Pantheon made 16 new investments amounting to GBP79.7 million, and received GBP123 million in commitments.
"PIP's underlying portfolio performed well during the period mainly as a result of the strong exits achieved at significant uplifts by our managers. While currency movements may affect the overall NAV growth in the short term, it is the performance of the company's investments that determines returns over the long term," said Chair Laurie Magnus.
"Although there are concerns about a downturn in the global economy, the board is reassured by Pantheon's track record of managing PIP through several economic cycles since it was founded over 32 years ago," Magnus added.
By Dayo Laniyan; [email protected]
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