13 Jul 2018 15:22
London, UK, 13 July 2018
Edison issues review on Standard Life Private Equity Trust (SLPE)
Standard Life Private Equity Trust (SLPET) continues to follow a long-term, conviction approach to selecting primarily European private equity buyout funds, managing its exposure through the primary and secondary fund markets. Having broadened its investment policy in 2017, SLPET added exposure to a domestic US manager by acquiring a secondary position in Onex Partners IV in H118, and recently made a new primary commitment to MSouth Equity Partners IV, with the manager undertaking due diligence on a number of other US funds. SLPET has achieved above-average NAV returns among its fund of fund peers over one, three and five years, and has also outperformed UK and European stock market indices over these periods. SLPET has a competitive ongoing charge versus peers and its 3.8% yield ranks at the top of the peer group.
SLPET's share price discount to NAV has fluctuated over the last year, widening from 7.5% in November 2017 to 15.7% currently, as the share price has declined while the NAV has remained broadly stable. The board intends to pay four quarterly dividends of 3.1p for FY18, equating to a prospective 3.8% yield.
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