Hardman & Co Research
Hardman & Co Research: Pantheon International Plc (PIN) - (Initiation of
coverage): 11.9% average annual NAV growth since 1987
06-Sep-2019 / 07:30 GMT/BST
Hardman & Co Research: 11.9% average annual NAV growth since 1987
PIP (ticker PIN) invests in a diversified portfolio of private equity (PE)
funds and directly in private companies. On average, it has beaten its
benchmark index by ca.4.0% p.a. since inception in 1987, generating ca.1.5x
the market's returns. This has been delivered by i) PE funds earning better
returns than quoted companies, ii) PIP investing in the right parts of the PE
market, iii) benefits from being in the Pantheon family, and iv) a structured
fund selection process. PIP gives investors access to the whole PE market,
with strong corporate governance. We believe the "real" NAV is above "book"
NAV. There are risks (see below), but the discount makes the risk/reward
anomalous, in our view.
Please click on the link below for the full report:
https://www.hardmanandco.com/research/corporate-research/pantheon-internationa
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869501 06-Sep-2019
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(END) Dow Jones Newswires
September 06, 2019 02:30 ET (06:30 GMT)
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