Pantheon Share Discussion Threads

[rcturner2] 29/4/2014 15:13

Still chugging away nicely growing the NAV.

This is one of the IC top 100 funds.

[skyship] 24/10/2013 14:26

Pantheon International Participations PLC ("PIP") announces an unaudited net
asset value ("NAV") per share at 30th September 2013 of 1,283.3p, a decrease of
49.9p (-3.7%) from the NAV per share at 31st August 2013. Adverse currency
movements, caused in particular by the US dollar which declined by c. 4.5%
against sterling, explained the majority of the movement in NAV over the
period. PIP received little new valuation information in the month.

[skyship] 21/5/2013 07:59

NAV back to 1273p versus an share price of 1055 - a 17.1% NAV discount.

Looking rather expensive against their peers. Both HVPE & NBPE are at discount levels of just over 23%; and the latter also yields 4.4%...

[rambutan2] 21/3/2013 15:05

Nice...

Pantheon International Participations PLC ("PIP") announces an unaudited net
asset value ("NAV") per share at 28th February 2013 of 1,303.7p, an increase of
5.0% from the NAV per share at 31st January 2013. Valuation gains in the month
accounted for 19.2p of the increase in NAV per share. In addition, PIP
benefited from foreign exchange movements, which accounted for 41.3p of the
increase in NAV per share.

PIP's valuation policy for Private Equity funds is based on the latest
valuations reported by the managers of the funds in which PIP has holdings. In
the case of PIP's valuation at 28th February 2013, the majority of reported
valuations (accounting for circa 61% by value) are dated 31st December 2012.

At 28th February 2013, PIP's private equity assets stood at GBP816m, whilst cash
balances were GBP81m. Undrawn commitments to investments stood at GBP188m at 28th
February 2013, calculated using exchange rates at that date. In addition, the
Company's multi-currency revolving credit facility agreement, comprising an
US$82m facility and a EUR57m facility, remained completely undrawn.

PIP's portfolio generated GBP4.2m of cash during the month, with distributions of
GBP5.6m relative to GBP1.4m of calls from existing commitments to private equity
funds.

PIP completed two new co-investments in the month. A GBP2.1m co-investment was
made to acquire a telecommunications equipment firm in the USA and a GBP2.0m
co-investment was made in a US-based domestic bank. Furthermore, PIP invested GBP
4.9m in share buybacks, acquiring 550,000 redeemable shares at a price of 890p.
This price represented a 28% discount to the NAV per share at 31st January
2013.

[rambutan2] 19/3/2013 00:53

1055-1065 at close today as rerating continues.

[damanko] 12/3/2013 18:56

Ho hum, like the cash reference.......

Don't blame you, and have a glass of rouge to celebrate. Am of course minded to offload the rest of my holding, but won't right now. At the rate it's motoring right now eleven pounds is on the radar.

Or three. We'll see...

[skyship] 12/3/2013 17:15

1000p already - that's enough for me as I'm trying to up CASH again...

[skyship] 08/3/2013 14:10

A nice breakout - 963p/977p as I type. The end Feb'13 NAV due in two weeks time may well show an NAV up from 1241.7p to something approaching 1300p - mainly due to Sterling weakness.

At 1000p the NAV discount would still be 23%...

[skyship] 27/2/2013 17:05

RAM - Actually bought a few at about the time you were posting that. Decided that even at this late stage there may be more to go for with that 25% NAV discount...

[rambutan2] 27/2/2013 16:09

Interims tommorrow.

I think these still v good value on over 25% discount. Mature port producing large amounts of (non Sterling) cash, with well under £100m of commitments. Board, having been burned once, is unlikely to start piling up new commitments and so has to do something with the cash. Either they continue to buy back shares, which at current discount is nicely value enhancing, or they plan some sort of tender offer or special div. Whatever, it should all be good for shareholders.

Also, remember that average write up on sale from last reported nav is over 25%, so a bullish salesman would no doubt be saying that these are still on a circa 50%+ discount to true nav!

[damanko] 21/2/2013 22:44

Well bowlhead, since we both posted last October, and a frank but friendly exchange with SKYSHIP, the bullet has been bitten. A little 'rebalancing', as you might phrase it.

Have sold a quarter of my original holding, at a profit of a little over £8 per share. Is that a good return given the timescale - some 24 years? I'm not sure, but what is done is done, and funding cricket trips and life in general for a while will be easier.

Though I remember standing over a fax machine in a wooden built office on the South Corniche in Jeddah, early 1989, sweating until I saw the word "Received" on that new fangled piece of technology, meaning my High Street bank would act on my buy instruction in GT Ventures, as it then was.

What I have left is pure profit. I think I'm right in saying that during my years of holding, the price has never been higher than at this moment. I remember about 4 years ago, as the share price nosedived to close to the £2.00 level, thinking what an idiot, I should have sold sooner.

Contrary fellow that I am, instead I bought a few more.


And now I'm thinking that perhaps I should sell the remainder, if they go over £10.00 that may be the spur. Makes the arithmetic easier......

Regards etc. D.

[bowlhead] 03/10/2012 01:24

I think that's true, you'll only really be able to crystallise the paper gain into an actual one in a share like this by selling from time to time.

Presuming most people would hold PIN or the like as part of a wider portfolio, there will at some point be a need to rebalance your entire exposure across companies/funds/sectors etc - the same way most of us know (but rarely time it right) that we ought to make sure we're not all in shares when the market is toppy, or all in gilts / fixed income when that bubble is overdue a burst.

Dividend or distribution-paying stocks give you a relatively easy route to that, as you can simply reinvest the proceeds in something different. Here you actively have to do something to get your profits out.

For me personally, I think if we have some general market improvements over the next couple of years, should not be a problem for PIN's investees to increase NAV at a rate at least equal to any other similarly diversified fund, and likely better (given some of the advantages of the PE versus public ownership model). Combining that with a narrowing discount expected from a less shaky market, the share price has potential to improve significantly faster than many ETFs and ITs with the same level of global reach - as their discounts are much lower.

I don't see a zero NAV discount happening on a fund like this, given the extreme illiquidity of the assets, but I do expect to need to join you in rebalancing away from PIN from time to time. Just not yet.

[damanko] 02/10/2012 20:33

bowlhead:

Your comment - "To conclude this somewhat long and rambling post"

Apparently I'm good at rambling myself.

But anyway, don't do yourself down, a very good comment stroke post, I'll concentrate on your last paragraph:

WB is a complete one off, or even one of. People like you and I - or other shareholders in PIP won't be going anywhere soon and listening to a banjo playing investment guru, and we know it.

My point was - after being a shareholder in GT Ventures/Pantheon for over a decade, I was more than quite pleased to receive £2.00 or whatever for each share I held back then.

In that era, it was done for a very good reason, dotcom boom stuff, irrational exuberannce comments from over the Atlantic, whatever.

Seems to me - as noted earlier, that other than having a shareholding that on paper looks good, the way to make actual money in Pantheon is to sell every now and then. Or leave it for the offspring. I have no kids..........

[damanko] 01/10/2012 22:05

Decent statement, no holes of any colour, seems (right now) to have been well received by the market. Though Pantheon have been mired in a tight trading range for several months, mostly with little regard to general market movements on any given day or week.

A little disappointing that nothing is hinted at (though I haven't pored over every page, every comment yet ...) - about any possible return of capital to shareholders. 12 years or so ago they managed to return £2 or so for each share held.

This gives the impression that if capital return is the only way a shareholder can benefit, selling periodically - then waiting for another downturn, is the only way to turn a profit from owning Pantheon. Yes Sky - I really did just write that..........

Longer term shareholders (or even and especially anyone who bought say three years ago) will be very happy with the capital gain, but as we know until a share is sold, any gain or profit is on paper only, some form of income would be welcome, even on a one off basis.

[rambutan2] 01/10/2012 08:47

Results out, webccast later today...

[northernlass] 29/9/2012 06:16

NUMIS ANALYST TIPS PANTHEON

George Crowe, investment trust analyst at Numis Securities, has tipped Pantheon International Participations, a private equity fund-of-funds investment trust.

"Pantheon is generating significant amounts of net cash from realisations from its mature portfolio, which gives it firepower to repurchase its own shares as well as take advantage of attractive investment opportunities," he said. "Their balance sheet is in good shape, and the portfolio has relatively low leverage."

Pantheon is trading on a discount of 36 per cent, compared with an average discount of 26 per cent for the sector, and Numis said there was potential for the discount to narrow.

P.S.
Here's some links about SCLP, one of the hottest stocks at the moment:

[bowlhead] 29/9/2012 00:53

Off topic, I saw HVPE semiannuals were out today, they have similar quality of investees as PIN and similarly large discount. I posted the below on the empty HVPE thread which may be of interest to those investing in this sector generally. Regrettably I can't join in the French postcode rivalry at this stage...
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I see the discount has narrowed a bit in the last 6 months or so, but at 35% is still quite compelling if you believe in the private equity sector. Compared to some global PE funds-of-funds (e.g. PIN), this has quite high US exposure (approaching 70%) and a bit more venture (about a third of total NAV), with only 15% exposure to the Euro (total Europe inc UK is 25%), as well as diversification across a lot of vintage years.

Balance sheet looks strong enough to handle ongoing new commitments, and the recent announced acquisition of Conversus, with which the diversification spreads further. With their fingers in so many pies (6000+ underlying portfolio companies which will increase with Conversus and Absolute investments this year) you could combine this one with a couple of other ITs to tweak the geographical mix, then simply sit back for a pretty passive approach to long-term PE investing.

I have these in an ISA and my SIPP, and the volume is very low. I found that if there's no liquidity, with TD Direct Investing you can just leave an At Best order with them online and it will generally get dealt quite quickly. With Sippdeal, you can't leave a limit order as their system doesn't like USD listed stocks, so you have to put the order in over the phone which costs three times an online order, but the FX rate is usually so much better than TD's that it makes up for it.

[skyship] 28/9/2012 08:24

A quick Google search shows the Antrain area of Brittany. A bit of a distance as I'm 47150, ie Monflanquin area in the Lot-et-Garonne, Aquitaine region of SW France - tends to be a retirement rather than second home choice .

In the PE space I obviously made a mistake selling my PIN, still DNE & NRI running well...

[skyship] 27/9/2012 17:39

Ah well - I'm now into my 60s & looking forward to the bonus of the State Pension - ludicrously low level compared to what our neighbours here in France receive, but will be very welcome nevertheless!

Forgot about the cricket - playing the Windies I seem to recall - off to check it out...

SBP - It really is a great read. I'm still trying to work out which one is Badtime. Praipus agrees with me that "Owen" may well be Nick John Greenwood - a major player in the SPLITs days (2002/5) and also building a near 10% stake in PEQ.

[damanko] 27/9/2012 16:36

Fair enough.

I'll endeavour to get out more, and perhaps take up rambling. Though after almost 20 years of working in the Middle East & Africa, these days I try to limit my travels.

And I remain sociable, my spots won't change simply because I've reached my fifties.

Now, back to the cricket..............

[skyship] 27/9/2012 12:18

Damanko – you really should get out more. I know in the past you saw these threads as a reclusive idyll, but for many of us the B/b is a social media as well as an excellent source of factual material.

But why the Grumpy Old Man routine? Quite recently on the NRI & PE threads you were showing signs of sociability:

..."I've read and exchanged well natured comments with posters on other threads (perhaps you might look at the Private Equity Thread) who appear to be short term holders. Nothing wrong with that"...

Your posts rambled somewhat, rather like your beloved John Le Mesurier, however I would pick up on just one point and hopefully provide something of interest for you. There are indeed investment gurus on the ADVFN threads, certainly well-proven investment experts who can teach us all a thing or two about this game. Do yourself a favour and read FREE CAPITAL by Guy Thomas. You will find that many of the 12 interviewees compounding their portfolios at 25%pa are regular posters here. Simon on the SHA thread is one such.

By the way. The reason for the short post stating I had sold was that the next time I have something to say on PIN which might be of interest to a coterie of us who regularly inter-react, then I do so from a known position. Personally I would prefer to be a holder here – I was just wanting to raise my CASH level – a passing spell of nervousness and nothing else to sell.