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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 151 to 174 of 325 messages
Chat Pages: 13  12  11  10  9  8  7  6  5  4  3  2  Older
DateSubjectAuthorDiscuss
28/10/2015
10:58
Another good monthly performance by PIN. NAV at 1629.1p; but after the rise to 1395p the discount now down to 14.4% - lowest in the sector RCT - hope your allocation to AMO not too great - I see they dropped 30% on that profits warning!
skyship
22/9/2015
08:51
I like a small company called Amino Tech (AMO) I have a big stake in them, which I started building at 80p (now 160p). They are in just the right place in the TV market and their balance sheet and cash generation are excellent. They have just made a very large acquisition that means that reading their historical figures does not fully do justice. Look at their latest interim results, see the organic growth before the acquisition (which was funded from cash and a placing at 130p).
rcturner2
22/9/2015
08:47
You are one of the posters I keep an eye on but other than your bullishness on PEY and bearishness on BRWM, have you any other views?
mad foetus
22/9/2015
08:45
mf, stick with me mate ;-)
rcturner2
22/9/2015
08:42
Pantheon International Participations PLC ("PIP") announces an unaudited net asset value ("NAV") per share at 31(st) August 2015 of 1,600.3p, an increase of 62.8p (4.1%) from the NAV per share as at 31(st) July 2015. Valuation gains (50.7p, 3.3%), investment income (4.0p, 0.3%) and foreign exchange gains (10.4p, 0.7%) were partly offset by expenses and taxes* (-2.3p, -0.2%). A very positive month and still at a ridiculous discount for a trust that is a long term star performer.
mad foetus
13/8/2015
15:45
PEY NAV H1 + 9.7%
rcturner2
12/8/2015
11:26
got it damanko
mad foetus
12/8/2015
10:32
PEY one of my favourites. PE IT that returns the profits as dividends.
rcturner2
12/8/2015
10:26
I have a monthly sub to Witan, I think their structure is very good and their choice of managers is excellent (e.g. they have given their far east mandate to Matthews, who are hard for ordinary PIs to access but have an excellent performance). I would be surprised if their NAV performance wasn't top quartile over any extended period, though of course there is no discount there any more, so share prices in something like Caledonian may rise more if they can narrow their substantial discount. It is interesting to note that most of the global ITs (F&C, Witan etc) have their highest individual allocations to PE funds. For the long term investor who doesn't particularly have an income requirement, well diversified PE funds are as good as it gets, provided of course you don't end up having to sell during the periodic widening of discounts.
mad foetus
12/8/2015
10:19
Wow. Activity on this thread, I like it .... I still haven't sold PIN, some stubborn gene I possess won't let me get rid of such a spectacularly successful investment. Sky and I have form, we've exchanged opinions over the last few years, sometimes contrary, and always lively and engaging, enjoyable in fact. As I've aged and priorities have changed over time, recently I've sold very long term holdings in companies like BAE, Dixons, Prudential and a few others. Regarding the 'fund' issue, what follows is in no way a recommendation: I've put the proceeds into Witan & City of London Investment Trusts for a couple of reasons - they pay dividends 4 times each year, which at my stage of the game I reinvest, but will one day take the cash, so 8 paydays each year. Plus I'm a bit of an Investment Trust tart, aware that without having to do too much research, I'm exposed to and involved in most of Britain's, European and American movers and shakers on the corporate scene. Witan in particular I reckon is set to outperform, it's as close to a multi asset fund as it's possible to get, without paying silly amounts of fees as one would in a Unit Trust. And we all have to look on the bright side: We've won the Ashes ......
damanko
12/8/2015
07:14
ps just to add to your comment on 15 years of sideways movement in UK shares, that is of course a function of the FTSE 100. The FTSE 250 over the same period has provided a massive return, which is more evidence for the stagnation at the top, while the bull run is lower down.
rcturner2
12/8/2015
07:12
mf, I hold a reasonable stake in MGHU. A split trust, the MGHU shares pay 10% dividend and are at a nice discount to the NAV. It has chugged away doing exactly what it says on the tin. Another one I have looked at before is Schroders income maximiser, although this is a unit trust and I am not a massive fan of UTs, much preferring ITs. It focusses on boring defensives mainly and uses options to add a few % to the income. The only risk on the options is they cap the capital growth, but actually it is not a bad strategy and it has a pretty good long term record.
rcturner2
11/8/2015
11:39
FWIW the average date of incorporation of the companies that Fundsmith invests in is 1913. You are completely correct in your view that the vast majority of large companies are large by virtue of being in the right place at the right time. Probably 90% of large companies are companies which are at the height of their powers and will soon go into decline, to be replaced by the sort of entities that we hope PIN has a stake in. But there are a small number of companies that dominate their sectors and have advantages that cannot be replicated. You can certainly buy and hold them.
mad foetus
11/8/2015
11:29
I would be willing to bet that in 50 years none of those companies exist. In the relatively short life of the FTSE 100 (30 years?) only about 25 remain from the original 100.
rcturner2
11/8/2015
11:21
RC, I am sure you are right and it was Terry Smith quoting Buffet I meant to say. I think big companies still have a lot to offer in many sectors: in 50 years time I suspect Colgate will still be making most of the toothpaste we use, Unilever most of the washing powder, Kone the lifts and Diageo the drinks. But they all operate in sectors where disruptive change is harder to achieve.
mad foetus
11/8/2015
11:00
That quote is Warren Buffet. He is the classic example of someone who went for big companies when that fitted with the economic reality of the time.
rcturner2
11/8/2015
10:56
I agree with most of what you both say, though I am not sure that long term investing is dead: in my view one of the most significant risks to any investor is that of overtrading and while I think the costs of Fundsmith are too high, the buy and hold approach they espouse seems very sensible. As I've discussed offline with sky before, I don't like investing in most trading companies, precisely because they can be gone tomorrow. I would sooner leave the due diligence to fund managers who know what they are looking at. Asset holding companies are different: if you own half a dozen industrial parks in the north east or an office block in London there is some absolute value there. I think one of the best investment quotes I've ever heard was from Terry Smith: he said you should only invest in a company if its business is sufficiently simple that it can be run by an idiot, because sooner or later, it will be. I suspect the real big unknown at the moment is whether we are at the start of a bull market that will push the FTSE to 20,000 or if the bear market will have a final bite. The market has been moving sideways for 15 years: history shows you tend to get 16-18 year cycles of sideways movement followed by uptrends. If we are at the start of a bull market, 15-20%pa over the next decade may be more realistic. But I wouldn't bet on that yet.
mad foetus
11/8/2015
10:47
I suppose the big difference is I'm now retired and my SIPP is in drawdown mode. As a result I can't/shouldn't afford to be caught out in a Market rout; as I can no longer assume that the rout will be limited in timescale and be followed by the boomerang a la 2009... The long-term effects of QE are a very big unknown unknown. Can all global government debt just be written off? Are Central Bank balance sheets sustainable? Nowadays no-one knows any more. The certainties of the past are gone. All makes for a certain nervousness; at least it does in my book.
skyship
11/8/2015
10:42
mf, I don't think you can be a long term investor any more. In the 1950s when people held shares on average for 6 years, the world did not change very fast. Now things are changing so quickly that a big company could be gone tomorrow. A fast growing company could achieve 3 years of growth and then stall. PE takes advantage as that as they tend to buy and move on fairly quickly. Other value plays like defensives one can buy when they are objectively cheap and then sell when they rise. I have found that it is very rare that I hold any stock or fund for longer than 2 years.
rcturner2
11/8/2015
10:30
sky, RC, I'm being an optimist, but think 10% a year is an achievable target. You clearly need a blend of investments and you can only measure things over the course on an entire economic cycle (which begs the question of where in the cycle we are now of course. The real question I am struggling with is whether, as someone who is genuinely a long term investor, I would be better off putting everything into a blend of a few global funds/trusts (say 20% into Henderson Smaller Companies, and 40% into each of Fundsmith and Witan) or whether it is better to faff around myself. Obviously there are lots of other funds that one could equally choose. But HSL has managed 15% pa since its manager was appointed over a decade ago and is still at a 15% discount. Fundsmith doubled in its first 3 years. KWE is targeting 15% pa and is managing to hit that. I must keep better records so I know what my ytd performance is!
mad foetus
11/8/2015
10:17
I target 7%. I usually beat this, but there do seem to be far fewer safe options these days.
rcturner2
11/8/2015
10:12
"...there don't seem to be a huge number of cautious investors on advfn who are looking for investments that grow in an unspectacular way by 10-15% pa." 10%-15% was in itself pretty impressive in the past; but NOW? Such a return would be extremely welcome for the cautious investor. I've certainly had to lower my expectations. I used to target 12% and achieve 14%. I now target 8%; but suspect I'll end the year at 4% if lucky... Of course those discounts in 2009 were an exceptional opportunity; the type of value only available in recent history back in 1974/5. 2009 was a fantastic year for those who stayed invested; unfortunately it had to follow 2008!
skyship
11/8/2015
09:18
Thanks damako, there don't seem to be a huge number of cautious investors on advfn who are looking for investments that grow in an unspectacular way by 10-15% pa. For personal reasons I wasn't investing actively in 2008/9, but the discounts that opened up in the PE sector were clearly exceptional investment opportunities. But as you say, c'est la vie. Hopefully I'll be able to look back in 20/30 years time when the share price is well north of £100 and remember an investment that did what it said on the tin. All the best.
mad foetus
10/8/2015
18:53
Hello MF, as I mentioned previously - the best of luck with your investment, I do like to hear/read that term 'long time holds'. Having bought Pantheon in the eighties at less than a pound, I'm approaching the time when selling seems a good idea, merely for personal reasons. It's been a decent and at times interesting ride, and I wouldn't change a thing. Well, to clarify that, when the share price nosedived in 2009 and I bought some more, perhaps I should have been even more brave ... C'est la vie though, and I shouldn't really complain. And won't. Once I sell I hope that you, and other newer investors take on the mantle and continue this thread, it has an interesting history and younger people should take over. Regards, damanko
damanko
Chat Pages: 13  12  11  10  9  8  7  6  5  4  3  2  Older
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