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Our note, 1H strong performance, actively managed portfolio, published on 4 March, reviewed PIN’s 1H results. We believe the key message is how Pantheon’s platform allowed it to capture the best PE opportunities wherever they arose. With ca.45% of the portfolio made directly into companies, and an increasingly selective choice of manager, PIN offers investors a focused, but global, exposure. The NAV per share grew 22% in just six months. Portfolio valuation gains of 16%+ were seen across all regions and investment strategies. The weighted average uplift from fully realised exits was 43%, and the average cost multiple was 3.3x. Steady, NAV-enhancing buybacks have commenced.
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