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Johan De Silva
Posted: 10 February 2025 13:05:16(UTC)
#4343

Joined: 22/07/2019(UTC)
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Raj K;333800 wrote:
Does anyone have idea why Pantheon International is one of the poorest performers over 1, 3 and 10 years in the Private Equity Space when companred to the other well know direct and fund of fund/hybrid PE outfits?

Is it poor management (crap selection of GP's?) , buyout cap range? Country exposure?

Been reviewing PPET (which i hold) and CTPE (which i dont). Just wondering why PIN is so far behind?


If US rates are going to remain high, I don't think we can measure performance based on the recent past...

Some reasons to the relative underperformance:

* uses less gearing that was drag during lower rates.
* has more buyout exposure and far less VC exposure that did well over that period of low rates.
* features less growth sectors and instead has tilts to Oil and Gas and even China that helped with NAV stability but not growth.
* has less exposure to the US than many rivals.
* It is not concentrated.

PIN is tilted more towards an allocation similar to an all world index than say the S&P500 where HVPE had been. From December 1978 to December 2024 the MSCI World index delivered 10.5% annualise and PIN delivered annualised NAV of more than 11.8% since inception in 1987.

High rates and the rise of Asia could favour PIN over the others. The recent past in my opinion is no longer relevant. Given this the discount is very attractive.

(disclaimer: I hold 16% of my SIPP in PIN with 0% in the ISA, LISA and in-laws account)
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Raj K on 10/02/2025(UTC), Sheerman on 10/02/2025(UTC), markydeedrop on 10/02/2025(UTC), Auric on 11/02/2025(UTC)
Raj K
Posted: 10 February 2025 13:49:42(UTC)
#4345

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Had a look and compared the earliest factsheet i could access on their website to the current one

In July 2017

Consumer 27% , Info Tech, 25%, Healthcare 13%, Industrials 11, Financials 9%, Energy 9%, Telecomms Services 3%, Materials 3%

In Dec 2024

Information Technology 33% Healthcare 19% Consumer 13% Financials 12% Industrials 11% Communication Services 7% Energy 2% Materials 2% Others 1%

Their geographic allocation is similar with 54% in US compared to 56% back in Jul 17
As per their latest annual report they have moved to 54% direct co-investments and manager led secondaries. In 2013 they were all in funds..
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Johan De Silva on 10/02/2025(UTC), Auric on 11/02/2025(UTC)
Phil 2
Posted: 11 February 2025 07:09:27(UTC)
#4346

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One day this type of RNS will once more be commonplace and barely worth mentioning… but for now…

AI Summary
HgCapital Trust plc (HgT) has announced a partial exit from Trackunit, a global SaaS provider for the construction sector, with a transaction to Goldman Sachs Alternatives.

The deal values HgT's investment in Trackunit at approximately £53.4 million, an uplift of £2.8 million from its carrying value, resulting in a net realization of about £21.1 million for HgT. HgT will retain an exposure of £32.3 million post-transaction. The deal is pending regulatory approval and expected to close by early summer 2025. Trackunit aims to enhance its growth journey with Goldman Sachs, leveraging their expertise for future expansion.
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Sheerman on 11/02/2025(UTC), Newbie on 11/02/2025(UTC), Auric on 11/02/2025(UTC), John Bran on 17/02/2025(UTC)
Jim S
Posted: 11 February 2025 17:44:21(UTC)
#4344

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Raj K;333800 wrote:
Does anyone have idea why Pantheon International is one of the poorest performers over 1, 3 and 10 years in the Private Equity Space when companred to the other well know direct and fund of fund/hybrid PE outfits?

Is it poor management (crap selection of GP's?) , buyout cap range? Country exposure?

Been reviewing PPET (which i hold) and CTPE (which i dont). Just wondering why PIN is so far behind?


Bear in mind that the 12.51% average NAV total return p/a for the last decade isn't awful, even though performance has been lower than average in the last few years.
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Newbie on 11/02/2025(UTC), Johan De Silva on 16/02/2025(UTC)
Newbie
Posted: 16 February 2025 17:06:27(UTC)
#4347

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Latest - Moneymakers Podcast - This one is about PE.
Maybe of interest to some. (PS - SABA is mentioned)

https://money-makers.co/...ers-podcast-15-feb-2025/
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Johan De Silva on 16/02/2025(UTC), Guest on 17/02/2025(UTC), Sheerman on 18/02/2025(UTC)
Johan De Silva
Posted: 16 February 2025 22:17:56(UTC)
#4348

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Newbie;334694 wrote:
Latest - Moneymakers Podcast - This one is about PE.
Maybe of interest to some. (PS - SABA is mentioned)

https://money-makers.co/...ers-podcast-15-feb-2025/


The attack on what was implied to be the FT was nice to hear, as well the acknowledgment that these trust have outperformed the all-world index. Combined, it is clear to me what many have believed that valuations are based on PI sentiment.

It was also re-assuring to know many of the trusts have built up cash reserves through receiving distributions in order to buy back shares. CHRY for example is buying 500,000 shares a day.
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John Bran
Posted: 17 February 2025 12:37:49(UTC)
#4351

Joined: 01/09/2017(UTC)
Posts: 2,128
Molten (grow) on a nice run of late. Up 16% over last month and still on 53% discount.

Not a big holding for me. May add as I have 3i which is trading well above what anyone would pay for it!
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Johan De Silva
Posted: 17 February 2025 12:48:55(UTC)
#4352

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John, I am only holding a token amount of Augmentum, while I am bullish... Buy backs had stopped last year in October. The spread is too wide indicating a serious lack of interest despite a holding in Tide, with the other trusts grabbing the headlines and investor attention. Not to mention the Financial sector in general is up and grabbing attention starting from very large caps like JPMorgan and onto smaller companies and banks all on "value" multiples. BARC for example! This is one of the risks of holding edge cases no matter how good value they are at 42% discount. That Oak Bloke stuff is really useful at identifying the "what" but not the "when". When AUGM does move up, it will move up meaningfully and we don't know when...

...but it is great to see GROW up. I suspect high rates still an headwind there.
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Guest on 17/02/2025(UTC)
John Bran
Posted: 17 February 2025 17:59:23(UTC)
#4353

Joined: 01/09/2017(UTC)
Posts: 2,128
Johan De Silva;334788 wrote:
John, I am only holding a token amount of Augmentum, while I am bullish... Buy backs had stopped last year in October. The spread is too wide indicating a serious lack of interest despite a holding in Tide, with the other trusts grabbing the headlines and investor attention. Not to mention the Financial sector in general is up and grabbing attention starting from very large caps like JPMorgan and onto smaller companies and banks all on "value" multiples. BARC for example! This is one of the risks of holding edge cases no matter how good value they are at 42% discount. That Oak Bloke stuff is really useful at identifying the "what" but not the "when". When AUGM does move up, it will move up meaningfully and we don't know when...

...but it is great to see GROW up. I suspect high rates still an headwind there.


I started buying Augmentum back in April 2023 before the Oak bloke suggested it. I kind of hoped that might have given it a leg up.. One of them that i add to every now and again....15 times to be precise!
I was happy holding it at 122p! And it moved quickly upto 122p ...pity it didn't stay there. Can't remember if they still have cash available for buy backs?

PS Tide is Augmentums Action! Now I am being hopeful!!
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John Bran
Posted: 17 February 2025 18:05:27(UTC)
#4354

Joined: 01/09/2017(UTC)
Posts: 2,128
Just found this on ise in the chat section. Posted 4 January 2025

"A report on Sky Business is suggesting a major fundraiser by our largest investment Tide:

“ Tide, the business banking services platform, has hired advisers to orchestrate a fresh share sale as it pursues rapid growth in the UK and overseas.

Sky News understands that Tide has been holding talks with investment banks including Morgan Stanley about launching a primary fundraising worth in excess of £50m in the coming months.

The share sale may include both issuing new stock and enabling existing investors to participate by offloading part of their holdings, according to insiders.

It was unclear at what valuation any new funding would be raised.

Tide was founded in 2015 by George Bevis and Errol Damelin, before launching two years later.

It describes itself as the leading business financial platform in the UK, offering business accounts and related banking services.

It now boasts a roughly 11% market share in Britain, along with 400,000 SMEs in India.

Tide, which employs about 2,000 people, also launched in Germany last May.“
https://www.lse.co.uk/Sh...amp;share=Augmentum-Fint
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Johan De Silva on 17/02/2025(UTC), Guest on 17/02/2025(UTC), Guest on 18/02/2025(UTC)
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