7th Aug 2019 10:21
(Alliance News) - Pantheon International PLC said Wednesday its net asset value grew in its recently ended financial year due to a strong portfolio performance and a share buyback during the period.
The investment firm reported a net asset value per share of 2,770.6 pence as at May 31, up 15% from 2,414.82p the same date the year before.
Pantheon International's share price at the end of May was 2,010.0 pence, reflecting a 20% discount to net asset value.
Shares in the FTSE 250-listed investment trust were up 1.8% on the day Wednesday at 2,230.00p, having improved since the year-end.
Pantheon said its portfolio generated 13% in returns during the year, with the strongest performance within coming from growth and small to mid-market buyout funds, through strong exits and increased company valuations.
There was also modest returns from large buyout funds, due to specific events within companies.
During the year, Pantheon bought back 25,000 shares at a discount of 18% to the net asset value at the end of May 2018, giving a small uplift to NAV at the end of May 2019 by 0.3p.
Also on Wednesday, Pantheon said it appointed Mary Ann Sieghart as non-executive director with effect from October 31.
Sieghart is currently non-executive director at The Merchants Trust PLC, and is also a political journalist, having formerly been an assistant editor of The Times newspaper from 1988 to 2007.
"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," said Chari Laurie Magnus.
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