28th Feb 2025 11:26
(Alliance News) - Pantheon International PLC on Friday said its net asset value return fell short of its benchmark index during the first half of its current financial year, despite a swing to positive pretax returns.
The Exeter, England-based private equity investment trust said its net asset value total return for the six months that ended November 30 was 5.3%, falling short of the 15.7% return seen in its benchmark, the FTSE All-Share index.
"Valuation gains across the portfolio and NAV accretion from share buybacks were partially offset by unfavourable currency movements, given that Pantheon's portfolio is predominantly USD-denominated", said Pantheon, noting however that currency movements "tend to balance out over the long term".
Pantheon swung to a pretax return of GBP46.7 million in its first half, from a loss of GBP12.1 million the year before, driven by its swing to a GBP61.6 million gain on investments at fair value from a GBP4.8 million loss.
The firm's net asset value at November 30 was GBP2.3 billion, up 2.3 % during the six-month period.
"We have had a very busy six-month period during which we have continued to implement Step Three of our three-step programme, building on the success of the large share buyback and the implementation of the capital allocation policy in the previous financial year," said Chair John Singer.
"While our journey began years ago with the shift towards direct investments in PIP's portfolio, the last two years have seen huge developments across our corporate and leverage strategy, and the integration of our investment, corporate and leverage strategies so that each supports the other. All driven by our firm belief that investment trust boards need to be proactive, and go beyond stewardship.
"The market environment continues to evolve, requiring us to respond nimbly and to ensure that we continue to put shareholders first and to build trust. The board is excited about the work that still lies ahead of us and this excitement stems from the increasing interest in private equity and the opportunity that we have to reach a widening range of investors. We will continue to work hard to deliver value for shareholders over the long term."
Shares in Pantheon International were down 0.2% at 323.75 pence in London on Friday morning.
By Emily Parsons, Alliance News reporter
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