Partners Group Holding AG rose the most since 2008 in Zurich trading after the Swiss private markets investor reported first-half earnings that beat expectations.
The shares gained as much as 11 percent and were up 10 percent at 498 Swiss francs as of 10:26 a.m. on Tuesday, valuing the company at 13.2 billion francs ($13.6 billion). Performance fees quadrupled in the first half and IFRS profit jumped 19 percent, the Zug-based company said in a statement on Tuesday.
The result was a “massive beat” and the company will be able to pay significantly higher dividends going forward, Andreas Venditti, an analyst at Vontobel Holding AG in Zurich, said in a note to clients.
Partners Group expects to “continue to generate significant performance fees” as it sells investment-portfolio assets, and fees are expected to be “comparably strong” in the second half, according to a company presentation. Performance fees are typically earned six to nine years after starting an investment, according to the company.