Partners Group Counters Short Seller with Fresh Strategy as Stock Hovers at 50-Day Average

Swiss asset manager launches legal action against Grizzly Research, reports $8.3B Q1 inflows, approves CHF 46 dividend, and announces a mid-teens return strategy.

Partners Group is fighting on two fronts simultaneously. The Swiss asset manager has launched legal proceedings against US-based short seller Grizzly Research over a report it deems defamatory, while also unveiling a new investment strategy aimed at generating steady cash flows. The stock, meanwhile, is trading at roughly €933, precisely on its 50-day moving average — a technically neutral level that reflects investor indecision after a year of steady declines.

The legal offensive comes as the company works to defend its credibility. Grizzly Research published a report that Partners Group rejects as defamatory, and the firm has initiated legal action to push back against the allegations. Such short seller campaigns typically aim to drag down a stock by attacking business models or accounting practices, and shareholders are watching closely for any fallout. The shares have lost roughly 14.5% since the start of 2026 and are down more than 20% over the past twelve months, currently sitting about 24% below the 52-week high of €1,213.50. In euro terms, the stock is now around €920.

Q1 inflows show operational momentum despite headwinds

Beneath the courtroom drama, the business continues to attract capital. In the first quarter of 2026, Partners Group drew $8.3 billion in new client demand across its Private Markets platform, split roughly evenly between mandates, evergreen structures, and traditional programs. The company also returned $5.7 billion in liquidity to clients, mainly through realisations in private equity and infrastructure. Institutional investors make up more than 80% of the client base and accounted for the bulk of new inflows. Private wealth clients, while contributing less than a fifth, drove the growth of evergreen strategies with $2.5 billion in new commitments.

For the full year, management expects gross new client demand in the range of $26 billion to $32 billion. The first-quarter figure of $8.3 billion is roughly in line with the lower end of the quarterly pace needed to hit that target. The next hard data point comes on July 15, when the firm releases its AuM update for the second quarter. That will show whether the pace of inflows has picked up enough to make the annual guidance comfortably achievable — or whether adjustments may be necessary.

Dividend and board continuity as shareholders back management

At the annual general meeting held on May 20 in Baar-Zug, shareholders approved all board proposals without surprise. The dividend for the 2025 financial year was set at CHF 46.00 per share, with the ex-dividend date falling on May 22. Chairman Steffen Meister was re-elected for a further term running until 2027. Investors also green-lit a capital band authorising the board to increase share capital by up to 10% above the current level.

A day after the AGM, on May 21, Partners Group launched its "Total Return Strategy", a controlled private equity approach targeting returns in the mid-teens percentage range. The strategy’s core promise to investors: a gross dividend yield of 5% to 8%. The new product is a direct play for yield-hungry clients in an environment where traditional income sources remain constrained.

Analyst expectations and what lies ahead

Analysts currently forecast earnings per share of CHF 48.51 for the full year 2026. The half-year report is scheduled for September 1, which will include a detailed business update alongside the second-quarter numbers. Between now and then, the outcome of the Grizzly Research lawsuit is likely to dominate market sentiment, while the July 15 AuM update will give investors an early read on whether the second quarter can put the annual guidance back on solid ground.