The clash between Partners Group and Grizzly Research has escalated beyond the trading floor. The Swiss asset manager formally announced it will pursue legal action against the US short seller, which published a 37-page report in late April accusing the firm of valuation irregularities in its software holdings and likening the situation to “worse than Wirecard.” Partners Group chairman Steffen Meister described the allegations as “defamatory and misleading,” and the company has already begun correcting what it calls a string of inaccuracies.
Among the most glaring errors, the short seller claimed that a holding called Zenith Longitude Limited had no real business operations. In reality, that entity is the holding company for Apex Logistics, a majority-owned Partners Group investment in the logistics sector. The firm also rebutted claims that its Evergreen platform accounts for “nearly half” of total revenue — the actual figure sits at 34%. Software exposure, another target of the report, stands at 9.9% of the portfolio, below the industry average. The specific sub-program that came under fire represents a net asset value of just $279 million, or 0.2% of Partners Group’s more than $185 billion in assets under management.
The immediate market reaction to the initial report was a roughly 5% drop on the day of publication. That was followed by significant insider buying from management, which helped the stock recover most of the ground. At its current level near €957, the share price sits just above the 50-day moving average. However, a separate drag arrived with the dividend payout: the €46 per share distribution — approved at the May 20 annual general meeting and paid on May 27 — triggered an automatic adjustment that knocked the stock down 5.6% to €936.40 on Friday. The shares now trade about 23% below their 52-week high of €1,213.50, with a relative strength index of 58.4 indicating neutral territory.
Should investors sell immediately? Or is it worth buying Partners Group?
Despite the legal overhang, the company left its full-year guidance for gross client money flows unchanged at $26–$32 billion. The long-term ambition remains audacious: Partners Group aims to grow AUM to $450 billion by 2033. Analysts are broadly supportive, with six buy ratings and zero sell recommendations covering the stock. The next operational catalyst comes on July 15, when the firm reports its AUM figures for the period ending June.
The legal battle with Grizzly Research is likely to dominate headlines for months. The company contends that the short seller and its allies deliberately spread false information to profit from short positions. For now, the defense strategy combines courtroom action with the steady rhythm of business — a dividend, a guidance reaffirmation, and a long-term target that requires sustained investor confidence to reach.
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