BMO Private Equity Trust PLC

Performance

Source: Lipper. Basis: share price, percentage growth, bid to bid, net income reinvested.

Cumulative performance 1 month Year to date 1 Year 3 Years 5 Years
NAV N/A

22.7

22.7

52.6

98.2

Share price

2.5

-14.2

-14.2

3.3

57.4

Standardised annual performance 2020 2019 2018 2017 2016
NAV

22.7

10.6

12.4

5.6

23.0

Share price

-14.2

23.6

-2.6

19.2

27.8

Performance (%) as at 31.12.2020
Past performance is not a guide to future performance.

Source: Lipper and BMO. Basis: Percentage growth, total return, bid to bid price with net income reinvested in sterling. Basis in accordance with the regulations of the Financial Conduct Authority.

Fund Manager Review

As at 31 December 2020, the net assets of the Company were £359.5m, giving a Net Asset Value (NAV) per share of 486.17p. The NAV total return for the year is 22.7%. The NAV total return for the fourth quarter was 26.1%. At year end the Company had net debt of £62.8m and outstanding undrawn commitments of £125.1m, including £21.2m to funds where the investment period had expired.

There were only two new investments made during 2020, both of them pre-pandemic. €6m was committed to Avallon Buy-out Fund III, the second fund we have backed from this leading Polish mid-market investor. €5m was committed to Montefiore V, a France based mid-market firm specialising in companies in the services sector whom we have also backed before. Given the considerable uncertainty which pertained throughout most of the year we have deliberately held back from making new commitments to funds or co-investments until very recently.

After the year end a commitment of €5m was made to Agilitas 2020 Fund. This is the second time we have backed this dynamic European mid-market specialist in a buyout fund. We have also successfully co-invested with them twice. Our connection with the principals goes back two decades. Further modest new commitments to funds and co-investments are expected this year.

Past performance is not a guide to future performance and the value of your investments can go down as well as up. You can read the full quarterly review of the trust by viewing the factsheet here.

Investment Risks

The value of your investments and any income from them can go down as well as up and you may not get back the original amount invested. Changes in rates of exchange may also reduce the value of your investment. The fund invests in private equity funds, exposing the fund to the performance, liquidity and valuation issues of these funds. Such funds typically have high minimum investment levels and may restrict or suspend redemptions or repayment to investors. The asset value of these shares and its prospects may be more difficult to assess. Gearing is used for investment purposes to obtain, increase or reduce exposure to an asset, index or investment. The use of gearing can enhance returns to investors in a rising market, but if the market falls the losses may be greater.

Holdings

Holdings % of net assets

Dotmatics Co-investment

9.6%

Sigma

3.7%

Inflexion Strategic Partners

3.7%

Coretrax

3.2%

Ashtead

2.8%

Aliante Equity 3

2.7%

Ambio

2.7%

August Equity Partners IV

2.6%

STAXS Co-investment

2.5%

Pet Network

2.4%

Total

36.0%

As at 31 December 2020

Dividend

How to invest

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As with all investments, you need to be comfortable that you may not get back the original amount invested.

Opening a BMO plan is easy. 

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