The management of Partners Group is betting big on a turnaround — but retail investors are heading for the exits. While the Swiss asset manager’s stock has shed roughly 34% since January, trading at €725.60 just above a 52-week low, the C-suite has been buying shares hand over fist. Insiders spent around CHF 31 million on equity in June alone, bringing the total since February to nearly CHF 60 million. Co-founder Fredy Gantner has also increased his stake, blaming short sellers for the rout.
The selling pressure stems from two distinct shocks. In late April, US short seller Grizzly Research published a critical report alleging that Partners Group’s proprietary evergreen funds are overvalued by as much as 40%. The firm has sued Grizzly, and the case is ongoing. Then, in June, private investors rushed for the exit. The company responded by capping redemptions in its Global Value SICAV fund, which holds $8.6 billion in assets. Withdrawal requests had surged to nearly 10% of net asset value; the new limit allows only 5% per quarter.
Against this backdrop, Partners Group has opened an additional trading window since the start of June, enabling employees to buy shares more easily. The move is designed to amplify internal demand and send a signal of confidence to the market.
Meanwhile, the firm is diversifying into a niche that offers stable, contractually backed cash flows. It has committed $250 million as the lead investor in a $360 million aircraft leasing portfolio managed by Avenue Capital Group. The package comprises 69 projects spread across 30 airlines in Asia, Europe and North America, covering regional jets, narrow-body and wide-body aircraft. The strategy capitalizes on a structural shortage of new planes, which bolsters the value of existing lease agreements. Partners Group now oversees more than $185 billion in total assets.
Should investors sell immediately? Or is it worth buying Partners Group?
The stock’s chart tells a bleaker story. It is trading 27.93% below its 200-day moving average and hit a fresh year-low of €686.80 in late June. The relative strength index sits at 32.5, skirting oversold territory, which could trigger a short-term technical rebound. But extreme volatility is expected to persist.
On the analyst front, Octavian has cut its price target to CHF 1,175 while maintaining a buy rating. Bank of America and Jefferies are more cautious, lowering their targets to CHF 850 and CHF 760 respectively, both with hold recommendations. The London-listed investment trust PGPE, which manages around €800 million, is proposing a split into two share classes: one continuing the current strategy and the other gradually liquidating assets to reduce the wide discount to net asset value. Shareholders will vote on the plan in the third quarter.
The first major test comes on July 15, 2026, when Partners Group publishes its assets-under-management update. The figure stood at $185 billion, and the market will watch to see whether that level holds. The formal half-year report follows on September 1. For now, the dividend remains steady at CHF 46.00 per share for the past financial year, and management has reaffirmed its gross new-client target of up to $32 billion for the current year — though outflows from the evergreen funds are expected to weigh on net growth well into 2027.
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