Assessment of Value Report for Pantheon Infrastructure Plc & Pantheon International Plc
Investment trust companies managed by Pantheon Ventures (UK) LLP
April 2023
Assessment of Value Report | April 2023 |
Contents
4. | Detailed Methodology and Findings | 5 | |
4.1. | Service Quality | 5 | |
4.2. | Performance | 6 | |
4.3. | Costs | 8 | |
5. | Conclusion | 10 |
Page | 1
Data as at 31 December 2022 unless otherwise stated.
Assessment of Value Report | April 2023 |
1. Introduction
Dear Shareholder,
Pantheon Ventures (UK) LLP ("Pantheon") is pleased to publish this inaugural Assessment of Value Report ("Report") in respect of the investment trust products it manages, Pantheon International Plc ("PIP") and Pantheon Infrastructure Plc ("PINT").
This report has been prepared in accordance with the UK Financial Conduct Authority's ("FCA") Consumer Duty principle and covers a period of five years, the recommended holding period for these investments, ending 31st December 2022. For PINT, which launched in November 2021, we have used data since the Company's launch.
Delivering value to investors and considering all the benefits that a product provides, including all the costs, both financial and non-financial, has always been of central importance to us.
This report describes how PIP and PINT have performed across three main categories: Service Quality, Performance and Costs. These categories help to determinate whether the companies are offering value.
Both companies have achieved positive NAV returns over the relevant periods and their portfolios are performing in line with reasonable expectations of their published investment strategies.
We are pleased to conclude that, whilst value comprises multiple different elements, in our opinion both PIP and PINT are delivering value to shareholders.
We thank you sincerely for investing in the companies.
Pantheon
Page | 2
Data as at 31 December 2022 unless otherwise stated.
Assessment of Value Report | April 2023 |
2. How we have assessed value
This report looks at the three main categories of Service Quality, Performance and Costs, which we believe are core to the delivery of value. They are set out in a such a way to aid comparison with the value assessments undertaken for mainstream open-end funds (such as OEICs and SICAVs) which consider corresponding categories where possible.
Service Quality | Performance | Costs | |
The quality and range of | How each company has | The reasonableness of what a | |
services provided to the | performed, in light of its | shareholder pays considering: | |
companies and their | objective, risk profile and | ||
shareholders, | recommended minimum | General Costs - of management | |
whether by Pantheon or others. | holding period (NAV | and services the companies | |
Performance). | Economies of Scale - any | ||
reductions possible by growth of | |||
the companies | |||
Comparable market rates - What | |||
the companies paid for services | |||
compared to those managed by | |||
other firms | |||
Comparable services: What the | |||
companies pay Pantheon for its | |||
services and whether both the | |||
services and their costs are | |||
consistent with what Pantheon | |||
charges other funds it manages | |||
It should be noted that there is only one share class available of each company.
Page | 3
Data as at 31 December 2022 unless otherwise stated.
Assessment of Value Report | April 2023 |
3. Overview of Findings
3.1. Value assessment process
In making the assessments for this report, we have used a broad range of data and have aimed for the highest possible level of objectivity.
The process has been consistent with our ongoing monitoring of the companies and reporting to their respective, fully independent boards. Remedial actions, where necessary and undertaken, are done so with agreement of the companies' boards and their other advisers.
3.2. Summary findings by company for the reporting period
Service | Performance | Costs | |||||||||||||
Company | |||||||||||||||
Economies | Market | Comparable | |||||||||||||
Quality | NAV | General | |||||||||||||
of Scale | Rates | Services | |||||||||||||
Pantheon Infrastructure PLC | | | | | | | |||||||||
Pantheon International PLC | | | | | | | |||||||||
Both companies have delivered positive Net Asset Value ("NAV") total returns. Full details of our methodology are given on page 6.
Page | 4
Data as at 31 December 2022 unless otherwise stated.
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Disclaimer
Pantheon International plc published this content on 26 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 April 2023 12:32:13 UTC.