Thanks for the post. Be careful with one thing with these PE investment trusts. I question the EBITDA growth they post; the historical NAV growth does not reflect the ebitda and multiple development. For example in 2023 movement in underlying earnings was 17.8% and there was a -4% decline in comparable valuation multiple. Yet Private equity only contributed 3% to NAV growth. Even correcting for the 80% PE exposure there is a large gap between these numbers.
Thanks for the write-up. I've held this for a couple of years and the share price has done very little. But the discount does seem excessive given the dividend yield, share buyback programme and generally good record at realising above NAV.
Thanks for the post. Be careful with one thing with these PE investment trusts. I question the EBITDA growth they post; the historical NAV growth does not reflect the ebitda and multiple development. For example in 2023 movement in underlying earnings was 17.8% and there was a -4% decline in comparable valuation multiple. Yet Private equity only contributed 3% to NAV growth. Even correcting for the 80% PE exposure there is a large gap between these numbers.
Habe you looked at the fee structure and do you think it’s fair?
Thanks for the write-up. I've held this for a couple of years and the share price has done very little. But the discount does seem excessive given the dividend yield, share buyback programme and generally good record at realising above NAV.