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Makes sense.
may is the year end so the extra couple of weeks is to allow time for the auditors to review the NAV before its released.
I will ask them if I get to an AGM again!
I suspect it is getting valuations in from others, or that was the issue April 2020.
Do you know why they release their May Nav update around the second week of July rather than towards the end of June?
Do they all go off on holiday for a few weeks around now each year!
NAV 3275p to new all time high. Difficult year but 10% up on March 2020.
I first looked at Pantheon 20years ago when I was into warrants. I remember McHattie warrant “tip sheet” commenting about how the share price always starts at the bottom left and ends up at the top right.
So it continues, with a few dips and rallies. Buy the dips and buy the wide discounts. Don’t sell if the market panics.
Has been a while coming but good to see a new all time high. The NAV is up 10% on a year ago so the SP is still lagging, discount wider.
That was quite a vote of confidence in the large non ex-director purchase.
I wonder if this means the Dec Nav is also going to be another good step up?
Many of the fund holdings had their end of year *independent* valuation come in so we are unlikely to come close to 5% per month but we will outperform the global trackers and S&P500.
This should keep the sp momentum going.
I did wonder if the £/$ fx headwinds would have a larger impact but with valuation gains of of 6.3% for the month we are still left with a healthy rise.
NAV of listed private equity in general or non-tech sectors have a wide discount. You have to do a like for like comparison.
PHS good performance looks odd given the sectors so I will stay away, but the discount is about right given the non-tec/healthcare sectors and generally the inaccessibility of PHS to retail investors like me.
PIN when compared to HVPE should possible be 15-20% discount.
Even with the SP up on the day the discount is painfully wide, and the RNS seems to have produced a lot more sells than buys. It would be a good opportunity of share buy backs, but the company seems reluctant to do this even though it passes a resolution every year at its AGM to allow it to buy back upto 15%.
Though Pershing Square has had a spectacular year, and has been buying back and sits on an even bigger discount to NAV.
Now @ 3,007.4p NAV per share
Last months, 4.5% failed to move the share price, with this months 5.7% it gives a 283p increase in NAV ( 9.7%) from the August update when the share price was marginally higher.
Lets hope that the discount will now start to close
Private equity investment appeal is on the increase for retail investors
8 OCT 2020
https://www.whatinvestment.co.uk/private-equity-investment-appeal-is-on-the-increase-for-retail-investors-2618676/
I am well in, Mr Flibbles
It’s a great company, but often had an issue with discount. It did actually buy back a few years ago but never very heavily.
PIN are not buying their own shares, just supporting a case for it given that this is blatantly undervalued on every one of my quantative measurements. Buy with confidence. The only thing holding this back are technicals caused by a seller... and ideal opportunity.
...what other trusts do with discounts, I suppose.
wisemanner.... what Pin should have done with discounts in your opinion?
Mr Flibbles.....How one does know Pin have been buying their own shares?
Environmental, social and governance factors is positive for any investment fund or trust. This is good news. All funds or trusts should aim to have ESG as this will also give the share price advantage over non-ESG funds and trusts. I hope PIN are able to promote this.
Nothing like a bit of selling to push up a price, I suppose. (This morning.)
wisemanner, that is an interesting view. I suspect however that C19 are creating unprecedented opportunities for acquisitions and money is being set aside for this rather than to buy their own stock? On balance though, what better buy than PIN at 26.5% discount? (US biased HVPE trading at 20% discount with similar sector allocation be it US bias)
It's a pity they have decided to do nothing about discounts.
I apologise that since my call for "perfect buying time" the share price has fallen 3%. However, the listed Private Equity index is actually up and I believe PIN has/had an institutional seller as well as foreign exchange issues. I have added this week and I am confident this is should be trading 6% higher in the short term as a minimum.
Perfect buying opportunity as the markets are down.