Partners Group Insiders Bet $60 Million as Redemption Caps Trigger Fresh Yearly Low

The Swiss asset manager Partners Group is caught in a tug-of-war between management confidence and investor panic. While the board splashes millions on its own stock, the share price keeps plumbing new depths, hitting a yearly low of €686.80 on Friday before closing at €688.40 — a 2.63% slide that leaves the stock down roughly 35% since the start of the year.

Fund Redesign Meets Redemption Squeeze

At the heart of the sell-off lie the group’s flagship Evergreen funds, which together hold around $56 billion of the $185 billion total assets under management. Redemption requests are piling up. In the second quarter, investors demanded nearly 10% of the $8.6 billion “Global Value SICAV” back, but the fund’s terms only permit quarterly redemptions of 5%. Chairman Steffen Meister has responded by trimming the size of these open-ended vehicles, a move he calls “right-sizing” that aims to shield remaining unitholders from the fallout of the cash exodus.

Asian institutional investors are leading the retreat, echoing a broader trend that has also hit competitors such as Ares Management. Meister insists the operational tweaks are purely a liquidity-management exercise, not a strategic U-turn. All eyes are now on July 15, when the company will publish a detailed half-year update on its managed assets — the first real test of whether the right-sizing message is sticking.

Should investors sell immediately? Or is it worth buying Partners Group?

Boardroom Buying Spree Fails to Stem the Bleeding

Since the turbulence began, executives and board members have scooped up more than 60 million Swiss francs worth of Partners Group shares, with around 31 million francs purchased in June alone — all funded from their own pockets. The buying is meant to signal faith in the long-term value of the portfolio, but so far the market is unimpressed.

Technically, the stock is deeply oversold. The relative strength index has slumped to 20.8, well below the 30 threshold that typically suggests a rebound. The share price now trades nearly 32% beneath its 200-day moving average, and the annualised volatility is running at roughly 53%. Such extreme readings reflect the deep uncertainty surrounding the fund restructuring and the risk of further redemptions.

Looking Ahead to the Full Picture

Partners Group is sticking with its full-year guidance of gross inflows of up to $32 billion. The complete quarterly results are due on September 1, when analysts expect earnings per share of 45.75 Swiss francs and a dividend of 46.90 Swiss francs. Until then, the battle between insider optimism and investor anxiety shows no sign of letting up.

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