Pantheon Share Discussion Threads

[this_is_me] 23/2/2023 12:39

Dividends are now becoming less worthwhile outside an ISA since the government now intends to confiscate more of our dividends (not to mention profits of eg. oil companies which contribute to nearly everyone's pension pots).

I am happy for PIN not to pay dividends while we have such a left wing government.

[skyship] 11/2/2023 14:12

1968jon - I posted this a few days ago on the PE thread. Pretty much an open and shut case; but I know your mind is shut to the logic of the situation; just like the PIN BoD it would seem.

==========================

The PEIT sector continues to languish; however like the REIT sector there are winners and losers:

# APAX - Disc. @ 29.1%
# APEO - Disc. @ 36.0%
# CTPE - Disc. @ 36.1%
# ICGT - Disc. @ 36.8%
# NBPE - Disc. @ 30.3%
# PEY - Disc. @ 35.7%

The thing to notice with the above is that they all pay dividends; yields range from 2.6% to 6.9%

Compare those discounts to the remaining two standouts who still pay no dividends, preferring to maximise their manager fees rather than maximise shareholder returns:

# HVPE - Disc. @ 44.4%
# PIN - Disc. @ 44.1%

Yet in correspondence the PIN Chairman denies any connection between discount & yield. Hopefully he may read this thread; but unlikely as patently totally disinterested in shareholder views.

[skyship] 10/2/2023 11:35

Well, if he reads this thread then he knows how to do it!

As to the old canard of a false dividend; it would be no such thing. It would be paid partly out of income (yes, they do get income) and mainly out of capital gain. In exactly the same way as all the other PEITs. The differentiation between income and capital gain is entirely false - not the dividend that should be paid.

Roll on the day for when an activist decides to release the value here.

[johntobin] 10/2/2023 10:39

Its never paid a dividend, and makes it quite clear that any dividend would be a false dividend in that the companies it invests in do not pay dividends. They are companies in their, hopefully, growth phases and are reinvesting their profits.
If you want dividends then go elsewhere.
I am happy to sell shares and use my capital gains allowance.
I dont particularly feel that the management are enriching themselves at my expense; certainly not the board.
Total board remuneration was £311k last year.
And I suspect that many of the board are not happy with the discount, they all have shares, some have fairly significant amounts. Burgess has £5million+, but it would be closer to £10million if there was no discount...
I am pretty sure he would like to see the discount narrow.. no???

[skyship] 09/2/2023 08:00

",,their cunning unprincipled plan to maximise their fees is to not charge a management fee (2% of 5%)"

Could you explain that please.

[1968jon] 08/2/2023 16:39

Skyship, I hear you. You do keep going on about it! At least three other posters on here don't give a monkeys about the lack of dividend. If you think they are unprincipled cowboys do not invest. Your complaints are not exactly Hindenburg vs Adani are they? Move on. Seriously, their cunning unprincipled plan to maximise their fees is to not charge a management fee (2% of 5%). Mate?

[skyship] 08/2/2023 14:15

ali - absolutely nothing new in that IC article. Just repeated almost word for word what she stated in her last presentation.

My only take from it was her opening statement:

"We are completely baffled and frustrated by the discount, and so is the board,” says Helen Steers, manager of private equity investment trust Pantheon International (PIN). As of 26 January, the trust was trading at a hefty discount to net asset value (NAV) of 44 per cent."

Plainly the Board can't be stupid, so surely the height of disingenuity not to admit that the discount is due to the lack of dividend. They know it really; but they want to maximise their fees by not paying out 4%/5% of the fund to shareholders every year!

BoD a band of unprincipled cowboys.

!

[cwa1] 08/2/2023 13:21

Just Google the headline Pantheon tries to confound the discount doubters yourself, hit the link on there and you'll get the whole article free to non-subscribers

[ali47fish] 08/2/2023 13:18

can so summarixse the verdict of the article by inv chr as it is only accessible to subscribers

[skyship] 07/2/2023 20:41

johntobin - a typically obsequious IC article which permitted Steers to preach the Pantheon story without any serious interrogation.

As per earlier posts, there is a reason as to why HVPE & PIN jointly rank for the highest NAV discounts. It is because neither of them reward shareholders with a dividend. No yield means that 80% of the institutional market cannot buy PIN; hence the wide valuation disparency with peers.

To rely on buybacks when they are levied at less than 1% is just amateur or plain naive.

[ali47fish] 07/2/2023 19:28

you have ro ne susbscribed to inv chr

[johntobin] 07/2/2023 19:15

If you just google investors chronicle pantheon for the past week then there is a good article, or follow the link if it works.


The NAV is probably over 500p as markets have bounced back.
And I for one don't want a divi, but share buy backs yes please, they should reduce the discount and the if they don't they will increase the NAV

[ali47fish] 04/2/2023 17:47

any further details or any conclusions in the article please

[hashertu] 04/2/2023 16:51

There is a 2 page feature article in yesterday's Investors Chronicle looking at discount to NAV and comparing to other PE IT.

[skyship] 20/1/2023 11:04

No clear TA signal, but MACD moving up and on Fundamentals the 43.5% NAV discount suggests a re-rating rather overdue.

The problem as ever is the lack of dividend; and a management intent more upon maximising their fees rather than rewarding shareholders. The Chairman John Singer is a modern day hustler who points to the miniscule buybacks as his sole defense on that score.

It is no coincidence that the two largest discounts in the sector remain Harbourvest (HVPE) & Pantheon – both on a 43.5% discount; yet in correspondence with him he simply denies the connection. Such blatantly poor corporate governance deserves its come-uppance; but at the moment that would only seem likely to come from an activist dictating events.


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[this_is_me] 20/1/2023 10:25

Unfortunately for my small holding the share price is currently drifting downwards. I hope to add to my small holding at some point, but not just yet.

[ali47fish] 20/1/2023 09:31

so investors long term here is this a good time to add given the profile of this company

[cwa1] 20/1/2023 07:34

PIN monthly update:-

[rambutan2] 16/1/2023 23:27

And the most recent factsheet, which includes half year stats:

[rambutan2] 16/1/2023 23:14

Purely out of interest - noting the 2nd largest stake:

[spangle93] 06/1/2023 07:49

PIN splashing the cash



Monthly NAV is down 2%, driven by adverse Forex.

"Although PIP's portfolio has continued to generate cash, there has been a slowdown in distributions during the period. This combined with PIP's continued deployment of capital into compelling investment opportunities has resulted in PIP's cash declining from £227m at the beginning of the period to £52m as at 30 November 2022."

"In December 2022, following the period end, PIP committed $112.5m to the Pantheon Secondary Opportunity Fund II (PSOF II), which is focused on single-asset secondaries. PIP's commitment, which will be deployed over a three-year investment period, forms part of the Company's strategy to capitalise on attractive opportunities in this fast-growing segment of the secondaries market."


You wonder, if they are buying (rather than buying back shares, which seems to be the rage in every morning's list of RNS's, whether they see it as the time to get back into the market?