Pantheon International publishes its annual report showing NAV up 4.3% and a discount narrowing from 40% to 21% over the year to May 2026
Pantheon International Plc (ticker: PIN), a FTSE 250 investment trust listed on the London Stock Exchange that provides access to a globally diversified portfolio of private equity-backed companies, has published its Annual Report and Accounts for the twelve months ended 31 May 2026. Net asset value (NAV, the total value of the trust's investments minus liabilities, divided by shares in issue) increased by 4.3% over the year. Underlying valuation gains and investment income contributed 3.8 percentage points to that growth, while modestly positive currency movements added 0.7 percentage points. The trust invested £118 million in share buybacks, which added a further 2.2 percentage points to the NAV total return. The discount at which PIN's shares trade relative to NAV narrowed materially, from 40% at end-May 2025 to 21% at end-May 2026, a significant re-rating. Share price performance over the financial year was strong, rising 37.5%, outperforming both the MSCI World Total Return Index (up 28.0%) and the FTSE All-Share (up 21.6%) over the same period. The company has also published a notice of its AGM (Annual General Meeting), convened in accordance with the disclosure obligations applicable to listed companies. The announcement was released via the National Storage Mechanism as a regulated disclosure on 4 August 2026.
Why this matters
The narrowing of Pantheon International's discount from 40% to 21% in a single year is a notable data point for the listed private equity investment trust sector, where wide discounts have been a persistent structural concern since 2022. A combination of share buybacks, improved underlying valuations, and recovering risk appetite for private equity exposure appears to be driving re-rating. The 37.5% share price return significantly exceeds both major equity benchmarks, suggesting investors are selectively rewarding trusts that actively manage their discount rather than allowing it to persist. This has implications for other listed private equity vehicles navigating the same environment.
On the Ground
For City firms, listed investment trust annual reports generate ongoing work across equity capital markets (ensuring the annual report and AGM notice comply with UK Listing Rules and DTR 6 (Disclosure and Transparency Rules) obligations), and corporate governance advisory (structuring buyback programmes within shareholder mandates). The National Storage Mechanism filing requirement for regulated information reflects the standard listed-company disclosure workflow. A trainee on this matter would be coordinating the upload of the annual report to the NSM, checking that regulated information is filed within the DTR deadline, drafting PDMR (persons discharging managerial responsibilities) notification letters if relevant director share dealings occurred, and proofreading the AGM notice against listing rule requirements.
Interview prep
Question you might get
“Why do listed private equity investment trusts trade at a discount to NAV, and what legal mechanisms can a board use to narrow that discount?”
Sign up free to see the full answer
A model answer you can lift into an interview — how to frame this story for a partner.
Sign up freeSources
My notes
saved