Pantheon International reports decent first-half returns
By Josh White
Date: Thursday 27 Feb 2020
(Sharecast News) - Pantheon International said its underlying assets generated returns of 5.2% in the first six months of its financial year on Thursday which, after the effect of foreign exchange movements, resulted in net asset value per share growth of 1.0%, to 2,799.2p.
The FTSE 250 firm said net assets at period end on 30 November increased to ?1.51bn, from ?1.5bn at the start of the period.
Its ordinary share price increased from 2,225.0p to 2,325.0p, which was an improvement of 4.5%, while the discount on its shares narrowed to 17%.
Looking at its portfolio, Pantheon said its assets generated underlying, pre-foreign exchange returns of 5.2% in the first half of the year.
Distributions received in the six months to 30 November totalled ?123m, equivalent on an annualised basis to 18% of the opening attributable portfolio.
After funding ?59m of calls, net cash inflow from the portfolio totalled ?64m.
Pantheon said ?79.7m was committed to 16 new investments during the half, of which ?36.7m was funded at the time of purchase.
Since the period ended, the company had committed a further ?63m to 12 new investments.
"PIP's underlying portfolio performed well during the period mainly as a result of the strong exits achieved at significant uplifts by our managers," said chairman Sir Laurie Magnus.
"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.
"It should also be noted that PIP's share price has outperformed the FTSE All-Share and MSCI World Indices since inception."
Magnus said that, although there were concerns about a downturn in the global economy, the board was "reassured" by Pantheon's track record of managing PIP through several economic cycles since it was founded more than 32 years ago.
"In addition, it believes that the Manager's approach, its ability to use its extensive network, together with its prudent management of the balance sheet, means that PIP should continue to generate attractive returns for shareholders over the long term."
At 1044 GMT, shares in Pantheon International were down 0.61% at 2,266p.
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