Pantheon International Navigates Choppy Waters with Strategic Buybacks and Cautious Optimism

Pantheon International Plc (LON: PIN) announced its NAV per share remained largely flat at 510.7p as of September 30, 2025, a marginal decrease of -0.1p (+0.0%) from the previous month.

This comes amid a complex environment where valuation losses were offset by strategic financial maneuvers.

The company actively managed its capital through share buybacks, repurchasing £9.4m worth of shares in September alone.

These buybacks, executed at an average discount of 34.3% to NAV, added 1.1p to the NAV per share. Total buybacks for the four months ending September reached £28.6m, indicating a commitment to enhancing shareholder value.

PIN has established a £75m distribution pool following its revised capital allocation policy, with £15.3m allocated from Q1 gross distributions. The distribution pool balance stood at £54.6m at the end of September, providing flexibility for future shareholder returns.

Headline Numbers:

• NAV per share: 510.7p (+0.0% MoM)
• Net Asset Value: £2.2bn
• Share Buybacks (Month): £9.4m

The company's performance was influenced by several factors. Valuation losses of -3.3p (-0.6%) were partially mitigated by investment income of +1.0p (+0.2%) and positive foreign exchange movements of +2.1p (+0.4%). Expenses and taxes accounted for -1.0p (-0.2%).

PIN's private equity assets stood at £2,468m, with net available cash balances at £43m. Undrawn commitments to investments totaled £700m, highlighting future investment capacity. The company maintains a £400m multi-currency revolving credit facility, with £137m drawn down. Net debt to NAV ratio was 9.1%.

Driver Breakdown:

• Strategic Buybacks: Aggressive share repurchase program boosting NAV.
• Net Portfolio Cash Flow: Strong cash generation from existing investments.
• New Investments: Investment in CSL Group expands IoT portfolio.

The portfolio generated net cash of £27.6m during the month, with distributions of £39.7m exceeding calls of £12.1m. This robust cash flow supports the company's distribution policy and investment activities.

PIN invested £10.1m in CSL Group, a B2B IoT connectivity provider, via a manager-led secondary transaction. This investment aligns with the company's strategy of targeting high-growth sectors.

AskTraders Takeaway:

The flat NAV and active buyback program suggest a defensive strategy in a potentially uncertain market. The discount to NAV at which shares are being repurchased is a key factor for shareholder value.

Annualized performance figures as of September 30, 2025, show a mixed picture. While 5-year NAV per share return is a solid 11.2%, the 1-year return is 7.2%. This compares to the FTSE All-Share TR, which returned 16.2% over the past year, indicating underperformance relative to the broader market.

The largest holdings by value include Action (Netherlands, Consumer) and Visma (Norway, Information Technology), each representing 1.4% of the portfolio. Insight Venture Partners and Index Ventures are the largest managers by value, representing 6.2% and 4.6% of the portfolio, respectively.