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PIP’s September update was a further illustration of its strong performance. It was the eighth sequential month of positive cashflows, showed a one-year 32% NAV per share performance (a 4% beat against the FTSE All-Share’s 28%) and saw the NAV grow to £39.60. PIP’s NAV is somewhat delayed, as the PE managers have yet to build recent market rises into their valuations (93% are still based on June submissions) – so the real NAV is likely to be higher. Despite delivering 89% total shareholder returns over five years and the NAV return beating the index over one, three and five years, and, since inception, by 3.7% p.a., the discount to NAV is 24%. Modest buybacks have now begun.
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