While some trusts launched at the tail end of the post-global financial crisis boom in alternative assets have faltered, Pantheon Infrastructure (PINT)'s performance to date has been impressive, with sector-beating returns in both share price and NAV terms and a sharply narrowing discount to NAV. The exposure to digital and energy themes (including both data centres and the power delivery needed to operate them) gives the trust ‘picks and shovels' exposure to the AI story without overly dominating the portfolio, and the recent exits are proof of Pantheon's success in identifying both attractive assets and proactive private markets fund sponsors. Although the dividend yield is relatively low, income generation has been improving, and the total return mindset means investors have been better rewarded than in some more ‘traditional' infrastructure funds with higher nominal yields.
