27th Feb 2019 08:41
LONDON (Alliance News) - Pantheon International PLC on Wednesday reported a rise in net asset value, and an outperformance on both its comparative indexes in its interim period due to positive gains from its underlying portfolio.
As at November 30, net asset value per share increased by 11% to 2,674.28 pence from 2,414.82 pence as at May 31.
Over the year, net asset value per share grew by 19%, outperforming the FTSE All-Share Total Return which saw a negative return of 1.5%, and the MSCI World Total Return, which returned 6.9%.
Net assets at the end of November increased to GBP1.44 billion from GBP1.34 at the end of May. Pantheon attributed the rise to investment returns generated by its underlying portfolio as well as positive foreign exchange movements.
Pantheon International's share price was 2,050.0 pence as at November 30, reflecting a discount on net asset value of 23%, widened from 17% at the end of May.
Shares in the FTSE 250-listed investment trust have risen since, though were down 0.5% on the day Wednesday at 2,110.00p.
During the six-month period, Pantheon made 37 new investments amounting to GBP203 million in commitments, and received GBP134 million in distributions from its portfolio.
Looking ahead, Pantheon said that with remaining political challenges and trade tensions, along with volatility in public markets, the trust's outlook for 2019 was less positive.
"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," said Chair Laurie Magnus.
"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," Magnus added.
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