Pantheon International performance remains strong in first half

27th Feb 2019 09:34

(Sharecast News) - Pantheon International reported a 10.7% improvement in its net asset value per share in its half-year results on Wednesday, to 2,674.3p.The FTSE 250 investment trust said total net assets at period end, on 30 November, were ahead to £1.447bn from £1.307bn at the end of May.Its ordinary share price increased to 2,050.0p from 2,010.0p - an increase of 2% - although the discount did widen from 17% to 23%, which Pantheon said reflected a sector-wide trend.Looking at the portfolio, Pantheon said its assets generated underlying, pre-foreign exchange returns of 8.9%.Distributions received in the six months to 30 November totalled £134m, which was equivalent on an annualised basis to 23% of the opening attributable portfolio.After funding £55m of calls, net cash flow from the portfolio totalled £79m.A total of £203m was committed to 37 new investments during the half-year, of which £118m was funded at the time of purchase.Pantheon shored up its financial position during the period, with a new four-year £175m multi-currency credit facility agreed in June.That replaced a facility that was due to expire in November, with the facility remaining undrawn.The company's undrawn commitment cover remained "comfortable", according to the board, at 3.6x."Pantheon International (PIP) has made good progress during the first half of its financial year," said chairman Sir Laurie Magnus."Our performance was helped by the strong flow of distributions from exits."Those had been used by the company's manager to replenish the portfolio with a range of "compelling, carefully selected" new investments, Sir Laurie explained."The board was confident, in view of PIP's strong balance sheet and liquidity, that it was well placed both to take advantage of opportunities and to withstand possible headwinds that may emerge from the uncertain political and economic environment that lies ahead."