Pantheon International PLC (LSE:PIN) (PIP) reported a 2.6% monthly increase in net asset value per share to 470.8p at the end of September.
Of the 12.1p gain during the month, 14.7p or a 3.1% boost was from foreign exchange movements and 0.4p from investment income, offsetting a 2.3p or 0.5% fall from valuation losses and 0.7p or 0.1% from expenses and taxes.
To calculate NAV, PIP's valuation policy is to take the latest valuations reported by the private equity funds in which it invests, of which the latest update sees 9% dated 30 September or later, with the bulk of 87% dated 30 June.