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Share Name Share Symbol Market Type Share ISIN Share Description
Pantheon International Plc LSE:PIN London Ordinary Share GB0004148507 ORD 67P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -20.00 -0.95% 2,090.00 2,075.00 2,090.00 2,110.00 2,075.00 2,095.00 99,860 16:35:11
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 0.0 -9.9 -21.4 - 1,130

Pantheon Share Discussion Threads

Showing 51 to 75 of 325 messages
Chat Pages: 13  12  11  10  9  8  7  6  5  4  3  2  Older
DateSubjectAuthorDiscuss
17/2/2012
16:55
Not at all OT. Have been into IT's for 2 decades and more. Witan, 19 years on has been excellent, same for City of London IT. And on the high yield front, City Merchants has been a decent performer - and brought very good income for the last 10 years.
damanko
17/2/2012
16:49
My ISa is amost entirely populated with high-yielding Investment Trusts, preferably those base offshore, and paying divs, gross. That's why I have just bought Acorn Income (AIF), who have announced much increased dividend forecast (qv). But I suppose this is OT - sorry.
asmodeus
17/2/2012
16:48
There have been 2 major Investment Trust disasters in my time - Split capital trusts (I got out in time with profits), and REITs (those losses still rankle). Sharescope Gold isn't expensive, and it's got all the technical indicators I want, with useful fundamentals, and good data-mining (though there's much more in the plus & pro packages). ADVFN fulfills the live pricing data, though the trades data often don't reflect my trading.
glentimon
17/2/2012
16:30
Glen - Currently a very high %age of my SIPP is in Trusts: Private Equity trusts, Property trusts and one conventional IT - Canadian & General Invs (CGI). Liked the sound of Sharescope a few years ago. Got the info but decided that as I couldn't pay for the package out of my SIPP, it would be a bit expensive to buy out of net income. Not sure now that it would add to what I can get here in terms of charting, research and most importantly - educated opinions. If you don't already visit, add the SHA, SL & WAM threads to your favourites. If ever interested in REITs/PICs - perhaps add the CP+ thread.
skyship
17/2/2012
15:19
I still use Fairshares (discontinued, but still working fine).
asmodeus
17/2/2012
11:20
Thanks for that. I had graphite enterprises in my pension fund years ago when I used F&C, before I saw the light and transferred to a Hargreaves Lansdown SIPP. Dare I say it, performance has improved greatly since then. I specialise in Investment Trusts again, having started in them 27 years ago when I used a twin 5.25 inch drive computer, and Lotus 1-2-3, manually entering end of week prices from the FT for semi-log graphing with moving averages - those were the days! I'm now onto Sharescope - a magnificent package.
glentimon
16/2/2012
16:14
Glen - it was the IC - see Post no.16 above. Now that you've found your way here, you may be interested in this Private Equity thread: http://uk.advfn.com/cmn/fbb/thread.php3?id=26570589
skyship
16/2/2012
16:01
I can't remember where I heard of this, IC or telegraph? Good performance since buying, despite fairly large spread, and with electra and graphite enterprise putting in large percentage gains in the last 2 weeks as folks return to the sector, this has still plenty of mileage with bigger discount. I was really surprised to see how large the market capitalisation is compared to other investment trusts I follow.
glentimon
05/2/2012
16:00
RAM - thnx for views on FPEO Damanko welcome back Mein Host - & thanks for the Header update! Yes, a few of us finding our way to PIN, mainly thanks to RAM's comments on the APEF thread a couple of month's ago...
skyship
05/2/2012
09:54
For new/prospective investors, have added some history to the header. Good to see some sensible contributions to this thread, after many years of relative inactivity - please keep up the good work. This little PEIT is still undervalued compared to several of its peers. And yet it has a superior long term performance.
damanko
04/2/2012
10:46
PIN had a disappointing H2'11, falling 23% from 780p to a low of 600p at the beginning of October. Since then we've seen a solid performance and a healthy looking base formation building up over 4months. Those buybacks a couple of days ago absorbed the loose stock and instigated a good breakout yesterday. No fireworks in %age terms, but a positive step toward my 2012 target in the 750p-780p range. free stock charts from uk.advfn.com
skyship
03/2/2012
02:26
SKY, yes I've been watching the discount slip out. I like the tight management team at the trust and they have a very good knowledge of the smaller pan Euro buyout stuff that the trust tends towards. Over most periods they have performed well and a forty discount is cleary not acknowledging that. The bearish would point to the predom Euro (53%) / (UK 32%) geographical make up of the port and the net gearing, with the Zs due £45.64m in Dec 2014. But barring a big crash/mkt freeze this shouldn't be a problem as there's plenty of maturity in the port. However, I don't see any buybacks or the like on the horizon to help in a rerating, it will just have to be down to mkt sentiment and manager performance.
rambutan2
03/2/2012
01:51
Board keeping to its word... The Company announces that on 27 January 2012 it purchased in the market 500,000 redeemable shares of 1p each ("Redeemable Shares") at a price of 660 pence per share for cancellation. The Company announces that on 2 February 2012 it purchased in the market 230,000 ordinary shares of 67p each ("Ordinary Shares") at a price of 652.5 pence per share for cancellation.
rambutan2
02/2/2012
14:03
RAM - Do you have any views on FPEO? Seem to be approaching value - @ 142p the NAV discount = 41%... The Zeros (FPEZ) were a good investment a year ago. Now rather dear on a GRY of just 4.4%!
skyship
28/1/2012
17:43
RAM - many thnx for that extract from the BTEM Annual Report - a good find. I've posted it across to the PE thread, with due acknowledgments of course. Someone has raised a question over there, one I needed to look into myself. Could you answer over there perhaps...
skyship
27/1/2012
14:39
Just came across this in the BTEM 2011 annual report... Investment Trusts and Funds (5.6%) We have continued to reduce our weighting in investment trusts as value, in terms of wide discounts combined with high quality assets, has been harder to find. We have had success however, in finding value within the listed private equity sector and currently hold two investments, Electra Private Equity (0.8%) and Pantheon (1.5%). Pantheon is a London-listed investment trust, investing in a diversified portfolio of private equity funds. The company has Ordinary and Redeemable share classes, both of which are owned by your portfolio, and trade on discounts of 45% and 43% respectively. The portfolio has conservative levels of gearing by private equity standards. Approximately 40% of investments are in venture and growth funds that typically carry little or no leverage. The remaining 60% is allocated to buyout fund and direct investments; while these often carry leverage, the weighted average debt/EBITDA multiple of 3.7x of the top 50 buyout funds/direct investments is low both compared to peers and by historical levels. At the company level, Pantheon recently undertook a non-dilutive equity-for-debt swap to de-gear its balance sheet and simplify its capital structure. Like many of its private equity peers, the slow-down in both realisations and new investments during the financial downturn has left Pantheon with a significantly more mature portfolio than has been the case historically, with 70% of its portfolio being of a vintage 5 years or greater. This presents increasing opportunities for realisations, which customarily are made at prices which add to NAV. While market volatility may stymie realisations through IPOs, cash-rich corporate balance sheets make trade sales a good exit opportunity and provide validation of both the reported NAV and the conservative valuation policy used to mark investment holdings. In a further reflection of the maturity of the portfolio, earnings growth has been strong at the underlying company level. Alongside many other listed private equity funds of funds, Pantheon suffered during the financial crisis due to concerns over its ability to meet its undrawn commitments. By June 2011, however, cash balances and funds available from its undrawn credit facility covered its undrawn commitments by 3.9x. Pantheon's discount to NAV is very wide by historical standards and recent share buybacks indicate management's recognition of the value inherent in the portfolio. Once sentiment turns back in favour of the listed private equity sector and the market accepts that concerns regarding over-commitments are no longer as valid, we expect the company to be re-rated and trade at a narrower discount than most peers given its impressive performance track record. http://www.british-empire-stocks-and-shares-isa.co.uk/
rambutan2
27/1/2012
10:25
SKYSHIP, cheers your reply is much appreciated. I will be loooking to join you after assessing US GDP data this afternoon. c2i
contrarian2investor
27/1/2012
09:27
c2i - # see Numis & Collins Stewart comments in 16 above # see Ram's comments taken from the APEF thread: "Best buy at the mo is PIN which has a very mature portfolio, 40% of which is in unleveraged, mature, US venture/growth stuff. While the buyout stuff is mainly medium/small, with less leverage. It has no debt at the company level and indeed is akin to a cash machine. The board are currently using this cash to buy back shares. Any new commitments will be for secondary portfolios, which are a much safer bet than committing to new funds and are an area that Pantheon are one of the main players in. The port is US$ weighted which I think is a good place to be at the moment. On a 40% plus discount it really is completely wrongly priced." # also, I like the fact that 70% of the portfolio is in the US - so linked to a stronger economy than Europe; and also provides currency diversification NEGATIVES: # this is Private Equity - a slow burn and low-key sector; though prone to sharp moves in either direction # current global economy concerns are reducing IPO activity SUMMARY VIEW: Negatives reflected in the current price. share price supported by ongoing share buybacks. IPO/MA activity in the US should support realisations. Not expecting fireworks, but through increasing portfolio valuations and a closing of the discount, I am targeting a move back to the Summer'11 highs later in 2012, for a 15%-20% gain.
skyship
26/1/2012
19:22
SKYSHIP, what are your bull and bear points on PIN? TIA.
contrarian2investor
26/1/2012
16:07
Glad you thought the Update to be positive. I suppose that currency loss was the fault of the 25% in the Euro...
skyship
26/1/2012
16:02
Good nav update, still kicking out cash and board say will continue to buy back shares at current discount. Worth remembering that PIN reports a quarter behind most of the PEITs ie this is predom a Sept nav. http://uk.advfn.com/news/UKREG/2012/article/50896473
rambutan2
13/1/2012
11:54
IC article today: Taking into account the current market and economic environment, we asked four investment trust experts to pick a good cautious trust and a good adventurous trust to navigate the year ahead - and two of our experts have plumped for the same adventurous trust: Pantheon International Participations. Alan Brierley, director, Collins Stewart Adventurous: Pantheon International Participations (PIN) "Pantheon, a fund of private equity funds, has outperformed the MSCI World Index by an annualised 4.5 per cent over the past 15 years, yet somewhat inexplicably the shares trade on a 45 per cent discount to net asset value (NAV). The balance sheet has been strengthened in the past couple of years, and the portfolio is in good health, generating strong revenue and earnings growth, and maturing well. Provided the global economy can avoid a sharp contraction, we expect continued NAV outperformance to be compounded by a re-rating from deeply distressed levels." Charles Cade, head of investment companies research, Numis Securities Adventurous: Pantheon International Participations (PIN) "This fund invests in a diversified global portfolio of private equity funds with a focus on secondary assets. Its manager is a leading private equity specialist with over 60 investment professionals. Investors are nervous about private equity investments and, as a result, PIP's discount has widened to more than 40 per cent. But this derating has gone too far. PIP's balance sheet is in good shape and it has a mature portfolio with relatively low debt which is generating significant amounts of net cash flow from realisations. This means the fund can repurchase its own shares and take advantage of attractive investment opportunities. We see scope for NAV growth in 2012 to be enhanced by a narrowing of the discount."
skyship
12/12/2011
08:15
I have started a Private Equity thread ("PE"): http://uk.advfn.com/cmn/fbb/thread.php3?id=26570589 I do hope that readers will bookmark this new thread and share their knowledge and expertise over there from time to time.
skyship
28/10/2011
15:28
FT article - Investors urged to consider "unloved" investments- (...) He recommends listed funds such as Princess Private Equity, whose shares trade at a discount to net assets of over 30 per cent, and Pantheon International Participations, which trades at a discount of more than 40 per cent. (...)
yieldsearch
10/8/2011
13:48
PIP exchanges loan notes for redeemable shares StockMarketWire.com Pantheon International Participations is exchanging loan notes for new redeemable shares. PIP is drawing down commitments to subscribe for £100.5m of new redeemable shares from the institutions with whom the company has entered into standby subscription agreements. And, at the same time, it will repay £100.5m of outstanding unsecured subordinated loan notes held by those institutions. These actions will effectively exchange the full balance of the company's loan notes for new redeemable shares. Story provided by StockMarketWire.com
damanko
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