London, UK, 13 March 2019
Edison issues review on Standard Life Private Equity Trust (SLPE)
Standard Life Private Equity Trust (SLPET) has broadened its opportunity set through the recent revision to its investment objective and policy, allowing it to make direct co-investments alongside private equity managers. While offering potential for improved returns, co-investments will only be introduced to the portfolio gradually and SLPET remains focused on maintaining a concentrated exposure to 'best in class' primary private equity fund opportunities, investing mainly in funds with a European focus. SLPET's NAV total return has outperformed the LPX Europe index NAV return over one, three, five and 10 years. The trust pays dividends quarterly and its 3.7% prospective yield is the second highest among the five dividend-paying funds in its private equity fund of funds peer group.
Having widened from 7.5% in November 2017 to 24.8% at 28 December 2018, SLPET's share price discount to NAV has narrowed in 2019. The current 14.9% discount is lower than its 17.0%, 17.4% and 18.3% averages over one, three and five years, respectively, and is one of the narrowest in its peer group. The board intends to increase the FY19 total annual dividend by over 3.0% by making four quarterly payments of 3.2p, representing a prospective yield of 3.7%.
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