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Edison Investment Research

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Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Equity Bottom-Up

Standard Life Private Equity Trust / Equity Bottom-Up

<p>Standard Life Private Equity Trust (SLPET) takes a long-term, conviction approach to fund selection, evidenced by its new primary commitments in FY17 being made to private equity managers where there was a strong existing relationship. NAV total returns have been ahead of peers over three and five years, and share price returns have noticeably outpaced NAV returns over one year. The share price discount to NAV has narrowed markedly from c 36% in early 2016 to c 14% currently, arguably due in part to the strength of SLPET&rsquo;s underlying performance, as well as its revised dividend policy, with improved and more frequent payouts scheduled. The manager sees portfolio companies&rsquo; earnings growth continuing to drive value creation, with the maturity profile of SLPET&rsquo;s portfolio suggesting further near-term upside potential from prospective realisations.</p>

Standard Life Private Equity Trust (SLPET) takes a long-term, conviction approach to fund selection, evidenced by its new primary commitments in FY17 being made to private equity managers where there was a strong existing relationship. NAV total returns have been ahead of peers over three and five years, and share price returns have noticeably outpaced NAV returns over one year. The share price discount to NAV has narrowed markedly from c 36% in early 2016 to c 14% currently, arguably due in part to the strength of SLPET&rsquo;s underlying performance, as well as its revised dividend policy, with improved and more frequent payouts scheduled. The manager sees portfolio companies&rsquo; earnings growth continuing to drive value creation, with the maturity profile of SLPET&rsquo;s portfolio suggesting further near-term upside potential from prospective realisations.

Standard Life Private Equity Trust - Moving to quarterly dividends with improved yield

<p>Standard Life Private Equity Trust (SLPE) aims to achieve long-term total returns via investing in a focused, primarily European portfolio of leading private equity buyout funds. The investment policy was revised in January 2017, removing size and geographic restrictions, to enlarge the investment opportunity set without diluting the trust&#8217;s strategy and focus. New fee arrangements have been agreed, with a single annual management fee of 0.95% of NAV and no incentive fee. The board has also stated its intention to raise the FY17 dividend to 12.0p, equating to a 3.8% yield, and grow it at least in line with inflation. Returns have been notably strong over one year.</p>

Standard Life Private Equity Trust (SLPE) aims to achieve long-term total returns via investing in a focused, primarily European portfolio of leading private equity buyout funds. The investment policy was revised in January 2017, removing size and geographic restrictions, to enlarge the investment opportunity set without diluting the trust&#8217;s strategy and focus. New fee arrangements have been agreed, with a single annual management fee of 0.95% of NAV and no incentive fee. The board has also stated its intention to raise the FY17 dividend to 12.0p, equating to a 3.8% yield, and grow it at least in line with inflation. Returns have been notably strong over one year.

United Kingdom

Standard Life European Private Equity Trust PLC is an investment trust incorporated in the United Kingdom. The aim of the fund is to achieve long-term capital gains from investing in a diversified portfolio of private equity funds investing predominantly in Europe.

Standard Life Private Equity Trust (SLPE LN)

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Standard Life Private Equity Trust (SLPE LN)

Standard Life Private Equity Trust - Moving to quarterly dividends with improved yield

Standard Life Private Equity Trust (SLPET) takes a long-term, conviction approach to fund selection, evidenced by its new primary commitments in...

Edison Investment Research

Focused on a broader opportunity set

Standard Life Private Equity Trust (SLPE) aims to achieve long-term total returns via investing in a focused, primarily European portfolio of...

Edison Investment Research

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