DJ Hardman & Co Research: Pantheon International Plc (PIN): The real costs of public vs. PE ownership
Hardman & Co Research
Hardman & Co Research: Pantheon International Plc (PIN): The real costs of public vs. PE ownership
14-Jan-2021 / 16:00 GMT/BST
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Hardman & Co Research: The real costs of public vs. PE ownership
In this note, we use some high-profile, mainly hostile, bid situations to illustrate the "agency" costs that can be a
material drag on the performance of a listed equities portfolio. The strong corporate governance embedded in PE limits
such costs, allowing i) a long-term focus (with a through-cycle perspective), ii) shorter periods of operational
underperformance, iii) reduced risk of non-financially motivated acquisitions, and iv) aligned managers' and
shareholders' interests. While PE is resource-intensive, we demonstrate how PIP avoids agency costs - a material factor
in it delivering market-beating, post-cost returns since inception.
Please click on the link below for the full report
https://www.hardmanandco.com/research/corporate-research/the-real-costs-of-public-vs-pe-ownership/
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1160732 14-Jan-2021
(END) Dow Jones Newswires
January 14, 2021 11:00 ET (16:00 GMT)
