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We reviewed PIP’s 2020 results in our note, Positioned for sustained growth, of 14 August 2020. In summary, PIP is “generally well placed to withstand and, in certain cases, to benefit during a period of significant economic and market turmoil”. The key statistics were i) 11.6% average annual NAV growth since inception, ii) +4.0% NAV per share growth in the year, despite valuations being based off March 2020 market lows, and iii) £228m distributions vs. £118m calls, a £110m net cashflow. PIP had £121m of net available cash and £310m of undrawn borrowing facilities. A 25% discount to NAV appears anomalous with performance.
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