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(Alliance News) - Pantheon International PLC on Thursday said its net asset value per share return significantly outperformed key market indices over its financial year.
The FTSE 250 listed investment trust said its net asset value per share at the end of its financial year on May 31 was 451.63 pence, rising from 344.84p a year before.
This 31% return over its financial year compares favourably to the 8.3% total return from the FTSE All Share index, and the 7.8% total return from the MSCI World index over the same period.
Shares in Pantheon were 3.6% higher at 272.87p each in London on Thursday morning.
The trust noted 24% came from portfolio gains and 7% from favourable currency movements.
Net assets at the end of the period rose to GBP2.43 billion from GBP1.87 billion a year before.
"The valuations of businesses in public markets have already come under pressure and we are likely to see some follow through into PIP's NAV, although we expect this to be cushioned in part by the embedded value in the portfolio," said Chair Laurie Magnus.
The discount to net asset value widened to 35% by the year-end, from 21% a year before. Citing disappointment with this result, Pantheon said it plans to continue to buy back shares to enhance shareholder returns. It bought back and cancelled 3.4 million shares over the course of the year.
By Elizabeth Winter; elizabethwinter@alliancenews.com
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