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The information contained on this webpage is intended only for, and may be accessed only by, persons in the United Kingdom, professional investors in Denmark, Finland, Germany, the Netherlands, Spain and Sweden, persons who are both wholesale clients and professional or sophisticated investors in Australia and persons in any other jurisdiction to whom such information can be lawfully communicated without any approval being obtained or any other action being taken to permit such communication where approval or other action for such purpose is required. The information on this webpage is not directed at and is not for use by any other person and it may not be lawful to access the information in other jurisdictions.
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We reviewed PIP in our initiation report, published on 6 September 2019, and in our note, History of value added to portfolio by holding Pantheon, published on 26 November 2019. The core messages in the interim results confirmed the reasons why PIP has delivered sustained market-beating returns (11.6% annualised NAV growth since inception): i) PE-owned businesses outperforming quoted ones; ii) PIP is investing in the right PE subsectors; iii) Pantheon family benefits; iv) good manager selection; v) sustained uplift to book value on sale, giving confidence in the NAV; and iv) a flexible, diverse fund.
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