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In the interim results and presentation, Exceptional companies, Excellent long-term performance, the messages from last year continue unchanged (see our note, FY’22 results: it is not just lionesses that roar). Over the past 35 years, through multiple cycles, PIN has delivered market-beating NAV returns, driven by the incremental operational, strategic and financial value that PE adds to investee companies. Pantheon adds further value through its selection of high-quality managers and mature/profitable companies in resilient sectors. Investee company gearing and over-commitment are modest. Uplifts on exit, proving the conservatism of the valuation approach, continue. The discount to NAV appears anomalous.
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