Edison Issues Initiation on Altamir

11 Mar, 2016, 05:50 ET from Edison Investment Research

LONDON, March 11, 2016 /PRNewswire/ --

Altamir (LTA) invests in and alongside European and global funds managed by private equity specialists, Apax Partners, whose approach is differentiated by sector specialisation - key in gaining insight and creating a wide network to facilitate transactions. Relatively concentrated company exposures demonstrate conviction in investment selections but the portfolio is well spread by sector and vintage. Altamir reported a 19.1% NAV increase in 2015 and has delivered NAV total returns ahead of the LPX Europe index over one, three, five and 10 years while the 10-year average valuation uplift on realisations of over 40% supports the contention that portfolio valuations are conservative. A wide discount to NAV and the 5.4% yield are further points for potential investors to consider.

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Altamir's share price discount to NAV narrowed to less than 20% during 2014 but now stands at 44.6% despite the strong NAV performance in 2015. There may therefore be scope for a material narrowing on the back of more positive market sentiment or the announcement of further successful realisations. Altamir's current yield of 5.4% is one of the highest in its peer group.  


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