Partners Group Falls 31% YTD as Gantner Defends Against Short-Seller

Partners Group’s stock fell to CHF 710.80 on June 8, down 31% year-to-date after the private markets firm capped redemptions on its largest evergreen fund and short-seller Grizzly Research published a critical report. Co-founder Fredy Gantner called the sell-off a “massive overreaction” and backed his words with CHF 20 million in insider purchases. The crisis tests investor confidence in the firm’s liquidity model and growth strategy.

The Redemption Cap Triggers a Selloff

On June 3, Partners Group announced a 5% quarterly redemption ceiling on its Global Value SICAV fund, which manages $8.6 billion. Redemption requests hit 9.8% of net asset value, forcing the cap into effect and leaving more than half of withdrawal requests unfilled. The stock fell 16% in a single session. By Friday’s close, shares had dropped to €783.00, a 28.30% decline for the year.

Gantner Fights Back With Insider Buying

Gantner and other executives purchased shares worth more than CHF 20 million on Friday to signal confidence in the company. Gantner acknowledged that the firm’s recent communication fell short of market expectations and pledged to improve transparency. He attributed the redemption squeeze to broader geopolitical tensions rather than internal failings. Legal proceedings against Grizzly Research have been launched, with Gantner dismissing the allegations as “completely unfounded.”

Meyka’s Rating Shows Limited Downside

Meyka rates PGHN.SW a B+ with a neutral recommendation. The stock trades at a price-to-earnings ratio of 14.68, below its 200-day moving average of CHF 1,042.77. The Relative Strength Index sits at 22.85, signaling deeply oversold conditions. With a 12-month forecast of CHF 939.12, the data points to limited downside from current levels.

Management Stands by Full-Year Guidance

Despite the turmoil, Partners Group reaffirmed its 2026 forecast for gross new money inflows between $26 billion and $32 billion. The firm offers a dividend yield of roughly 7%, a factor management is counting on to steady investor nerves. Analysts at ad-hoc-news reported insider buying as a sign of confidence despite broader market skepticism.

Final Thoughts

Partners Group faces a liquidity test that has wiped 31% from its stock year-to-date, but insider buying and a 7% dividend yield suggest management sees value. Meyka’s B+ rating and CHF 939 price target indicate the selloff may have overshot fundamentals.

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