Pantheon International Share Price (PIN)

Https://www.proactiveinvestors.co.uk/companies/news/1092132/pantheon-international-chair-tony-morgan-on-shareholder-return-strategy-1092132.html

I attended the AGM again this year.

John Singer discussed the head winds and the discount at length. There has been some general reflection on the business by the board,. It seems less emphasis on ESG that was around a few years ago, but a general conclusion that venture capital is far from dead and they should not be shutting up shop just yet!

Part of the review was the change of logo from PIP, that dates back to Pantheon International Participation days to PIN, the ticker. Part of an ongoing policy to make PIN more approachable and understandable.

The board recognise that the underlying NAV has not performed as well as hoped for over the past 3years.

Speaking to some of the board members after the meeting they seemed sanguine about prospects though. There appears to be a general feeling that there has been something of a cycle in the venture capital markets but that there is evidence of "green shoots" .

Also that the boom in valuations for a small number of AI stocks has affected the overall market.

I spoke to John Burgess who stepped down from the board after his maximum 9 year stint. He has some 4million shares in Pantheon, by far the largest of any board member, and nearly a million more than at the last annual report (so some £14million, mainly held via trusts). He admitted his own advisers felt he was far more over weight in Pantheon than he should be but he clearly was more than content with this.

The discount gives opportunities to buy backs and continued uplifts of disposals of over 20% suggests that valuations of investments are as always conservative.

Pantheon remains a company with a lot of expertise and a great history; an attractive way of getting exposure to part of the market, with exposure to some 500 companies, that is otherwise difficult to access.

Though it doesn't sound as if I am as overweight as John Burgess it is a holding that I am happy to continue with and doesn't give me sleepless nights.

Good to see a 3.8% increase in NAV for the month, 18.1p though not unexpectedly most, 13.9p, was FX.

More being spent on buybacks to hopefully reduce the 35% discount.

Thanks Troajan, an interview I missed.

The financial results are mixed. The underlying NAV is up 6% but only 2% after Fx.

Charlotte Morris noting that the last 3years have been " challenging", the NAV has hardly changed especially if you take into account that there has been increase in NAV from share buybacks.

The wider market, especially for tech has been really quite strong, so even a bigger question of why PIN has not delivered better results. This interview and the RNS do not imo tell me why and are there lessons to be learned.

There has been a number of changes in staff but unclear it this will make the difference.

Https://www.proactiveinvestors.co.uk/companies/news/1075922/pantheon-international-s-charlotte-morris-on-nav-growth-pe-opportunities-and-outlook-1075922.html