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PIP’s results to end-May are due on 5 August. The NAV was disclosed in the May factsheet (one-year NAV performance of 19.6%, share price +31.7%). The results will tell us more about the way in which the business is run. We highlight its conservative balance sheet, with commitments nearly covered by cash and existing credit lines (unlike many peers, who are more reliant on realisations). Additionally, we will get some details on calls and distributions, and on the positive portfolio cashflow in every month except one (again, unlike many peers). We will also get an update on portfolio mix statistics. The 25% discount to NAV is above pre-pandemic levels, despite a strong performance.
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