Fact sheet: Pantheon International IT

Rated Fund Information
Rated Funds Group
?Money Observer has arranged all its Rated Funds into easy to understand Rated Fund Groups, comprising funds and investment trusts.
SPECIALIST
Sector
IT Private Equity
Fund type
Investment Trust
Primary aim
GROWTH
Why Money Observer Rates Pantheon International IT

Rated Fund 2013-2018. A fund-of-funds approach with a spread of risk and reward

In 2017, Pantheon International celebrated its 30th anniversary since listing on the London Stock Exchange. It is the UK's longest-established private equity fund of funds and has grown from ᆪ12 million to ᆪ1.4 billion. It has generated average annual net asset value per share growth of 11.8 per cent, outperforming both the FTSE All-Share (8.2 per cent) and MSCI World (8 per cent).

The lead manager is Andrew Lebus, who heads a team of 70 investment professionals. He actively manages risk by carefully selecting high-quality private equity funds to create a diversified and balanced portfolio. Exposure is balanced across buyout, venture and growth, and special situations funds from a multitude of geographical regions.Nearly half of the portfolio is invested in secondary investments, with the remainder roughly split between primary investments and co-investments. The portfolio strategy emphasises secondary investments in order to maintain a mature portfolio profile and therefore benefit from the cash distributions that gives the trust its financial strength and investment pace.

However, Pantheon's exposure to direct investment in private companies rather than through funds has increased in recent years to around 25 per cent, up from 3 per cent in 2013. These are co-investments undertaken alongside private equity managers that are already known to Pantheon and have successful track records of managing assets through economic cycles.At the end of 2017, the portfolio was weighted towards the US (56 per cent) and Europe (25 per cent). Its shares have traded on a discount as wide as 30 per cent in the past three years, but have narrowed to around half of that level.<\p>

3 Year Performance
Fund Performance43%
Average of Rated Funds Group42%
Sector Performance34.7%
Fund information
Fund name
Pantheon International Plc
Fund manager company
Pantheon Ventures
Fund type
Investment Trust
Fund manager
  • Pantheonsince 01/01/1987
Accolades
Fund objective
To maximise capital growth by investing in a diversified portfolio of private equity funds and directly in private companies.
Benchmark
  • FTSE Small Cap ex ITs
Investment style
None
Investment method
Shares
Quick stats
1 Year return
9.5%
1 Year rank in sector
12/23
Sector
IT Private Equity
Yield
-
Ongoing charge (OCF)
?A fund’s ongoing charges figure (OCF) is similar to the old-style total expense ratio. It reflects the annual charge to investors in the fund, in percentage terms, but does not include extra performance-related fees (where these are levied) or the fund’s trading expenses on its underlying investments.
1.12%
Fund size
£1,025m
FE Risk score
?FE Risk Scores measure the riskiness of instruments relative to the FTSE 100 index of shares. Weekly volatility is measured over three years with recent behaviour counting more heavily than earlier behaviour. Cash-type investments will have scores close to zero. Funds will tend to have scores in the 0-150 range. The FTSE 100 is always scored at 100. There is no upper limit.
107
Mid price
1895
NAV
?Net asset value. The NAV per share may be higher or lower than the share price, which in turn is trading at either a discount or a premium to NAV.
2245
Discount/Premium
?When the market price of an investment trust’s shares is less than the net asset value (NAV) per share then it is trading at a discount to NAV. A trust’s shares are on a premium when they trade at a higher price than the NAV.
-15.59
Gearing
?Investment trusts have the ability to borrow money which they invest with the aim of generating a higher return than the cost of the loan. An ungeared trust has a figure of 100. A figure of 110 would represent a trust with 10% gearing.
100
Top in this sector
Fund name1 Year
Dunedin Enterprise IT plc66.3%
Mithras Investment Trust PLC27.9%
3i Group Plc22.3%
HgCapital Trust plc20.9%
ICG Enterprise Tst19.1%
...more in IT Private Equity

Performance snapshot

Holdings snapshot

  • USA54%
    Europe28%
    Asia12%
    International6%
  • Health Care30%
    Consumer Goods28%
    Financials19%
    Information Technology12%
    Industrials6%
  • US Equities54%
    European Equities28%
    Asia Pacific Equities12%
    International Equities6%

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund1.1%2.2%-1.3%9.5%43%82.7%
Sector-0.3%-0.5%-1.9%7.1%34.7%59.5%
Rank within sector8 / 235 / 2312 / 2312 / 2311 / 2213 / 22
Quartile2nd1st3rd3rd2nd3rd
Calendar performance
 YTD - 20182017201620152014
Fund1.8%7.4%31.8%3.8%23.2%
Sector-0.4%13.8%21.6%3%8%
Rank within sector9 / 2318 / 238 / 2312 / 225 / 22
Quartile2nd4th2nd3rd1st
Risk statistics
Alpha
?Alpha is a measure of a fund's over- or under-performance by comparison to its benchmark. If the Alpha is 5, the fund has outperformed its benchmark by 5%; so the greater the Alpha, the greater the outperformance.
1.49
Beta
?Beta estimates a fund's volatility by comparison to that of its benchmark. A fund with a beta close to 1 means that the fund will move generally in line with the benchmark. Higher than 1 and the fund is more volatile than the benchmark and vice versa.
1.04
Sharpe
?This commonly-used measure calculates the level of return over and above the return of a notional risk-free investment, such as cash. The difference in returns is then divided by the fund's volatility. The resulting ratio is an indication of the amount of excess return generated per unit of risk.
0.72
Volatility
?Volatility (or standard deviation), when applied to an investment fund, expresses its risk. It shows how widely a range of returns varied from the fund's average return over a particular period. For example, if a fund had an average return of 5%, and its volatility was 15, this would mean that the range of its returns over the period had swung between +20% and -10%.
11.89
Tracking error
?This measures the standard deviation of a fund's excess returns over the returns of an index or benchmark portfolio. As such, it can be an indication of 'riskiness' in the manager's investment style. A Tracking Error below 2 suggests a passive approach. At 3 and above the the manager will be deploying a more active investment style.
8.65
Information ratio
?This is a useful risk-adjusted measure of actively managed fund performance. It is calculated by deducting the returns of the fund's benchmark from the fund's overall returns, then dividing the result by its tracking error. The higher the Information Ratio the better. It is generally considered that a figure of 0.5 reflects a good performance, 0.75 very good, and 1.00 outstanding.
0.17
R-Squared
?An indication of how closely correlated a fund is to an index or a benchmark. Values for R-Squared range between 0 and 1, with 0 indicating no correlation at all and 1 showing a perfect match. Values upwards of 0.7 suggest that the fund's behaviour is increasingly linked to its benchmark.
0.46
Price movement
52 week high1924
52 week low1720
Current bid price1885
Current offer price1895
Current mid price1895
Region
1USA54%
2Europe28%
3Asia12%
4International6%
Industry sector
1Health Care30%
2Consumer Goods28%
3Financials19%
4Information Technology12%
5Industrials6%
6Materials5%
Asset type
1US Equities54%
2European Equities28%
3Asia Pacific Equities12%
4International Equities6%
Individual holdings
No data available.
Management
Fund manager group
Pantheon Ventures
Fund manager company
Pantheon Ventures
Fund type
Investment Trust
Fund objective
To maximise capital growth by investing in a diversified portfolio of private equity funds and directly in private companies.
Benchmark
  • FTSE Small Cap ex ITs
Investment style
None
Investment method
Shares
Fund manager
NameSinceBiography
Pantheon01/01/1987Pantheon is one of the leading private equity fund investors in the world, with global assets under management of $30.8bn, and over 370 institutional investors. Pantheon has a strong private equity investment track record. For over 30 years, Pantheon has made investments in over 1,400 private equity funds, gaining exceptional insight and access to the most attractive funds in all the major private equity markets. Pantheon is often considered a preferred investor due to its reputation, active approach and scale of commitments. In addition, Pantheon generally seeks advisory board seats to contribute actively to governance during the life of the fund. As such, Pantheon is represented on over 285 advisory boards worldwide. Long-standing partnerships with managers on a global basis can also enhance the firm’s deal flow in the secondary market. Pantheon has substantial experience of investing in private equity through various economic cycles and in different regional markets. The firm’s asset allocation, diversification strategies and disciplined investment process are structured with the objective of producing the best possible risk-adjusted returns.
Compliance
AIC Member
Domicile
No data available.
Fund for sale in
United Kingdom
Pantheon International Plc
Initial charge-
Annual charge-
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price2245
CurrencyGBX
Price updated28/02/2018
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeNMVS
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