Pantheon International PLC (LSE:PIN) (PIP) reported a 1% monthly valuation gain but net asset value (NAV) was dented by currency swings.
The unaudited NAV per share of the private equity investment was 476.5p at the end of November, down 12.1p or 2.5% since the previous month. The shares closed trading yesterday at a price of 309.5p.
Valuation gains were offset by a 3.4% decrease from the effect of foreign exchange movements, with a small positive from income balanced by expenses and taxes.
Over six months, NAV increased 14.1p or 3.1%, with 1.4% from valuation gains, 0.4% from investment income, a 1.6% negative from foreign exchange movements, while just over £157 million of share buybacks added 3.8% and expenses and taxes made a 0.9% reduction.
PIP also completed a £150 million tender offer in October to purchase its own shares, which made a 3.5% uplift to NAV.
Three new investments were made in the six-month period, with a £7.5 million co-investment in Medica, a provider of teleradiology services with operations in the UK, Ireland and the USA, alongside a £5.5 million investment in business messaging solutions provider Commify and £2 million to US data management specialist Denodo.
The portfolio generated net cash of £29.7 million over the six-month period, with distributions of £111.5 million relative to £81.8 million of calls from existing commitments to private equity funds.
Net available cash balances were £24 million and of its five-year £500 million credit facility, £121 million had been drawn down.
Undrawn commitments to investments stood at £761 million.