Partners Group Fights Back Against Short Seller Attack With Hard Data

Swiss asset manager counters Grizzly Research allegations with granular transaction details, boosting shares 9% from lows while guiding for strong capital inflows.

The Swiss asset manager has taken an unusually combative stance against short seller Grizzly Research, choosing to counter allegations with granular transaction details rather than broad denials. The approach appears to be paying off, with the stock clawing back ground from its recent lows.

Grizzly Research published a scathing report in late April targeting the valuation methodology of Partners Group's evergreen funds, which contribute nearly half of the company's total revenues. The short seller claimed that up to 40 percent of investments held within those vehicles could be materially mispriced.

Rather than issuing a standard rebuttal, Partners Group fired back with an ad-hoc statement branding the report misleading and confirming it is exploring legal action. More importantly, the company provided specific transaction data to dismantle the allegations piece by piece.

One of Grizzly's central accusations concerned the valuation of pharmaceutical company Stada, specifically its Russian subsidiary. Partners Group revealed that the Russian entity had already been written down to zero in its books. To further underscore the point, the asset manager noted it sold the majority of its Stada stake in the first quarter at a price exceeding the last recorded valuation. The company also fully exited its position in Icelandic data center operator atNorth, again at a price above the previous book value.

Another flashpoint was the holding in Zenith Longitude Limited, which Grizzly dismissed as a shell company with no real substance. Partners Group countered that this entity is in fact the operational holding company for global logistics firm Apex Logistics.

The stock has responded positively to the transparency offensive. Shares currently trade at €952.60, representing a recovery of more than 9 percent from the 52-week low of CHF 846.40. The 50-day moving average is now within striking distance, though the stock remains down by roughly 13 percent year-to-date. Over the past seven trading sessions, the share price has added around 3 percent.

Beyond the short seller drama, the underlying business continues to perform. The company attracted $8.3 billion in fresh capital during the first quarter, predominantly from institutional investors. Management is guiding for new business to land at the upper end of its target range for the full year.

Investors have two key dates on the horizon. The annual general meeting is scheduled for May 20, 2026, where shareholders will vote on a proposed dividend increase to CHF 46.00 per share. The stock will trade ex-dividend on May 22, with the payout following at the end of the month. The next quarterly earnings report is not due until September 1.

Longer term, Partners Group has set an ambitious target of growing assets under management to $450 billion, a goal that the management team is using to frame its growth narrative even as it fends off attacks from the short-selling community.