Abrdn Private Equity Opp... Share Discussion Threads

[spangle93] 20/12/2022 09:07

Indeed, and it's not pleasant to view a portfolio containing PE vs this time last year.

But some of the other PE companies are well off their lows, unlike SLPET which is heading back towards October's drop into the 3's

[rambutan2] 19/12/2022 20:17

Purely down to investor sentiment towards PE. Similar discounts abound across the sector.

Buy and hold this for a few years and I've no doubt that it will outperform, both on the nav and the shares. It is a well run and nicely diversified. No worries!

[spangle93] 19/12/2022 16:07

Why is the discount so large here? Surely the valuations are relatively recent - it's not an NAV lag-factor? Is it related to the geography of the holdings?

[rambutan2] 18/12/2022 22:24

And on we sail - note move to 30 Sept valuations:

At 30 November 2022, APEO's estimated NAV was 730.4 pence per share (estimated net assets GBP1,123.0 million), representing a 0.6% per share increase from the estimated NAV at 31 October 2022 of 725.8 pence per share (estimated net assets GBP1,115.8 million). The 4.6 pence increase in NAV per share reflected gains arising primarily from a 0.7% uplift in the valuation of investments as at 30 September 2022 and a 0.7% appreciation in the euro versus sterling during November, partially offset by a 3.4% depreciation in the dollar versus sterling during November.

The 0.7% uplift in the valuation of investments was primarily driven by strong earnings growth across a number of underlying portfolio companies. In particular, APEO's co-investment portfolio increased in value by 6.8% over the quarter to 30 September 2022, driven by notable valuation uplifts at Action, Prollenium and ACT. This offset a valuation decrease of 0.8% in the primary fund investments portfolio over the same period, which was particularly impacted by listed company exposures held from recent IPOs. Further detail on the performance of the portfolio to 30 September 2022 will be included in the Company's annual results, due to be released on or around 25 January 2023.

[rambutan2] 14/11/2022 16:08

FX reverses. Cash in, cash out, still balancing:

At 31 October 2022, APEO's estimated NAV was 725.8 pence per share (estimated net assets GBP1,115.8 million), representing a 2.9% per share decrease from the estimated NAV at 30 September 2022 of 747.2 pence per share (estimated net assets GBP1,148.9 million). The 21.4 pence decrease in NAV per share reflected losses arising primarily from a 2.2% depreciation in the euro versus sterling during October, a 3.1% depreciation in the dollar versus sterling during October, and the third interim dividend payment of 3.6 pence per share on 28 October 2022. The cash cost of the third interim dividend was GBP5.5 million.

Drawdowns and distributions

APEO received GBP29.7 million of distributions and paid GBP26.1 million of drawdowns during the month of October. The distributions received generated realised gains and income of GBP20.0 million.

[rambutan2] 14/10/2022 14:58

FX doing its job:

At 30 September 2022, APEO's estimated NAV was 747.2 pence per share (estimated net assets GBP1,148.9 million), representing a 1.8% per share increase from the estimated NAV at 31 August 2022 of 734.1 pence per share (estimated net assets GBP1,128.6 million). The 13.1 pence increase in NAV per share reflected gains arising primarily from a 1.5% appreciation in the euro versus sterling during September, and a 4.1% appreciation in the dollar versus sterling during September.

[rambutan2] 12/10/2022 20:06

Now hitting a 50% discount. Below, some recent comment from the manager:

www.abrdnpeot.co.uk/en-gb/news-and-insights/insights/abrdn-private-equity-opportunities-trust-latest-manager-commentary-sep-2022

[rambutan2] 23/9/2022 15:17

I bought a few today. Must be on approx 45% discount. But only approx 19% of nav is US$, so not had the same currency boost as most of the others:

14 September 2022

abrdn Private Equity Opportunities Trust plc ("APEO" or "the Company") announces its estimated net asset value ("NAV") at 31 August 2022

-- Estimated NAV at 31 August 2022 was 734.1 pence per share (estimated NAV at 31 July 2022 was 710.4 pence per share)

-- Excluding new investments, 99.0% by value of portfolio dated 30 June 2022 (estimated NAV at 31 July 2022 was 98.2% dated 31 March 2022)

-- APEO received GBP18.9 million of distributions and paid GBP6.1 million of drawdowns during the month of August

[rambutan2] 11/9/2022 22:09

"abrdn Private Equity Opportunities (APEO) has recently been trading at discounts to NAV in excess of 40%, way above its long-term average of around 16-17%, suggesting that the market is pricing in an NAV fall comparable to that seen during the GFC. Alan Gauld, APEO’s lead portfolio manager, thinks this is nonsensical, and we agree."

[deadly] 04/8/2022 20:41

6% fall today when other PE trusts are up. What's the news?

[skyship] 15/7/2022 10:33

APEO NAV as at Jun'22 up again to 727.3p At 406p the discount = 44.2%.

Currency risk with the Euro; nevertheless this joins HVPE & PIN as the highest discount plays; and at least APEO pays a dividend. Yield = 3.55%.

[rambutan2] 16/6/2022 13:43

No nav slippage as move to end March valuations:

Estimated NAV at 31 May 2022 was 715.2 pence per share (estimated NAV at 30 April 2022 was 704.3 pence per share)

APEO's valuation policy for private equity funds and co-investments is based on the latest valuations reported by the managers of the funds and co-investments in which the Company has interests. In the case of APEO's valuation at 31 May 2022, excluding new investments, 90.6% by value of the portfolio valuations were dated 31 March 2022. The value of the portfolio is therefore calculated as the 31 March 2022 valuation, adjusted for subsequent cashflows over the period to 31 May 2022.

This is an update from the estimated NAV at 30 April 2022, whereby 97.0% of the portfolio valuations, excluding new investments, were dated 31 December 2021, adjusted for subsequent cashflows over the period to 30 April 2022.

Estimated NAV

At 31 May 2022, APEO's estimated NAV was 715.2 pence per share (estimated net assets GBP1,099.6 million), representing a 1.5% per share increase from the estimated NAV at 30 April 2022 of 704.3 pence per share (estimated net assets GBP1,082.9 million). The 10.9 pence increase in NAV per share reflected gains arising from a 0.9% uplift in the valuation of investments as at 31 March 2022, in addition to a 1.1% appreciation in the euro versus sterling during May.

[spangle93] 25/4/2022 06:31

Quarterly figures published



NAV now 705p, up 4.7% despite Forex headwinds

[spangle93] 24/4/2022 08:39

Thanks rambutan :-)

SKYSHIP - it's pretty much how it's pronounced by its residents, except perhaps the first sound is more AI or AY than straight A.

[skyship] 23/4/2022 15:43

RAM - thnx for that. Personally I think the ABRDN rebrand is a desecration of the English language; but then, they are Scottish I suppose!

[rambutan2] 23/4/2022 04:16

As name changes go, not a great one!

Standard Life Private Equity Trust plc (the "Company") announces that its name changed, with effect from 1 April 2022, to abrdn Private Equity Opportunities Trust plc. The change of name was approved by the Company's shareholders at the Annual General Meeting on 22 March 2022, and the Company has today received final approval from Companies House to effect the change.

In line with the change in name, the Company's ticker will change to APEO with effect from 5 April 2022. The Company's SEDOL and ISIN are unchanged.



Out of interest:
"Our new brand – abrdn - symbolises the transition underway to bring a clarity of focus, renewed sense of purpose and drive for sustainable growth for clients, customers and shareholders."

[rambutan2] 23/4/2022 04:00

www.abrdnpeot.co.uk

The investment objective is to achieve long-term total returns through holding a diversified portfolio of private equity funds and direct investments into private companies alongside private equity managers (“co-investments”), a majority of which will have a European focus.

Until the recent, ill advised name change, this was Standard Life Private Equity (SLPE)
Old thread:

Link to the Private Equity thread:


The sector and up-to-date stats:


Annual Report to 30/09/22:


Costs (from 21/12/22 KID):
- 1.13% of direct costs (including the Annual Management Charge of 0.95% of net assets)
- 5.12% of indirect costs incurred in the underlying portfolio. Comprise of carried interest of 3.44%, underlying management fees of 1.31% and other expenses of 0.37%.

Shareholders are invited to email any feedback or questions to the Board at [e-mail]