Hardman & Co Research: 2020 results: positioned for sustained growth
The key results message was the outlook, where PIP is "generally well placed to withstand and, in certain cases, to benefit during a period of significant economic and market turmoil". Much of the information was pre-published in the monthly factsheet. 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 => net cashflow £110m. PIP has £121m of net available cash and £310m of undrawn borrowing facilities. A 23% discount to NAV appears anomalous with performance.
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