7 Feb 2018 11:38
London, UK, 7 February 2018
Edison issues review on Standard Life Private Equity Trust (SLPE)
Standard Life Private Equity Trust (SLPET) takes a long-term, conviction approach to fund selection, evidenced by its new primary commitments in FY17 being made to private equity managers where there was a strong existing relationship. NAV total returns have been ahead of peers over three and five years, and share price returns have noticeably outpaced NAV returns over one year. The share price discount to NAV has narrowed markedly from c 36% in early 2016 to c 14% currently, arguably due in part to the strength of SLPET's underlying performance, as well as its revised dividend policy, with improved and more frequent payouts scheduled. The manager sees portfolio companies' earnings growth continuing to drive value creation, with the maturity profile of SLPET's portfolio suggesting further near-term upside potential from prospective realisations.
SLPET's share price discount to NAV has narrowed markedly from its five-year high of 36.3% in March 2016 to its current level of 14.2%, which is towards the lower end of the peer group range. The total dividend was more than doubled to 12.0p for FY17 and the board intends to pay four quarterly dividends of 3.1p for FY18.
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