Tech and healthcare-focused investment trust Pantheon International PLC (LSE:PIN) (PIP) kept its asset value (NAV) moving upward in the nine months to end February 2023, but that has just widened the discount to its share price even more.
NAV rose by 2.6% to 463.4p putting the shares at 236.5p at a discount of nearly 50% to the underlying value of its portfolio.
Shares in PIP and other tech-focused trusts have tumbled this month due to concerns about the recent collapse of specialist lender Silicon Valley Bank and its impact on the IT sector.
Since 3 March, shares in the trust have dropped by around 10%.
In aggregate, PIP’s private equity assets were valued at £2.44bn at the end of the month with the portfolio's largest holdings: Insight partners (7.1%), Index Ventures (4%), Providence Equity (3.3%), HgCapital (2.7%) and Advent International (2.3%).
PIP said 15% of its private equity fund holdings were valued on 28 February 2023, 35% of the valuations were from 31 December, 2022, and 50% from September 2022 or older.