Shares of Swiss asset manager Partners Group fell further on Monday, dropping 0.9% to 641.40 francs and reaching their lowest level since January 2019. The decline deepened investor concerns that the stock has yet to find a floor after a series of setbacks.
The stock was around 1,400 francs in February 2025 and above 1,000 francs at the start of the year. It touched a similar low in late June, suggesting limited near-term support.
The pressure stems from multiple sources. Internal funds have faced significant redemption requests, and the firm has come under public attack by short-seller Grizzly Research. Rising long-term interest rates have also weighed on the stock, as higher borrowing costs make leveraged buyouts — a core part of Partners Group's private-equities business — more expensive.
Half-year results released earlier this month fell within analyst expectations but lacked the positive surprise investors had hoped for, sending the stock plunging 7% on the same day.
A leadership transition announced previously has not restored confidence. Roberto Cagnati and Juri Jenkner, both with more than two decades at the company, are set to take over operational co-leadership from David Layton at the end of the year.
Analysts have steadily lowered their price targets over recent weeks and months. The average target of 780 francs remains well above the current price, however. Only one of 18 analysts tracked by Bloomberg rates the stock a sell, and none have set a target below the current level.
The stock's proximity to its 2019 lows marks a steep fall from its mid-2024 levels, underscoring the magnitude of the sell-off that has unfolded over the past several months.
