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PIP is managed very conservatively, which we believe served it well through the 2020 market disruption. On the latest disclosure, nearly uniquely in the sector, its cash/facilities (£478m) largely covered undrawn commitments (£520m), giving a good risk/reward balance. In the 11 May video, Helen Steers expanded on why PIP has chosen technology and tech-enabled businesses as one focus for investment. The discussion also covered ESG, PIP’s COVID-19 resilience, PE returns, PIP’s flexible mandate, and its risk-reward balance. The £33.52 NAV/sh is 85% based off manager December valuations, and peers have reported uplifts when these have been updated.
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