Partners Group Throws CHF 20 Million at a Stock in Freefall – But Analysts See More Pain Ahead

Partners Group is trying to halt a slide that has wiped nearly a third off its market value this year. On June 5, the Swiss asset manager bought back its own shares worth approximately CHF 20 million, a move co-founder Fredy Gantner called “exaggerated” relative to the company’s operational strength. The insider purchases also included a fresh allocation window for employees to increase their stakes.

The gesture of confidence, however, collides with a wall of scepticism from the analyst community. Oddo BHF stripped the stock of its buy rating on Monday, downgrading to Neutral with a new target of 920 francs. Rothschild & Co. Redburn followed suit the next day, lowering its price objective while maintaining a Neutral stance. The shares now hover around €764.00 in Frankfurt, dangerously close to the 52-week low of €733.00 touched on June 3.

The turmoil traces back to an unusual disclosure: Partners Group had to cap redemptions in its $8.6 billion Global Value SICAV, a private-equity fund that attracted withdrawal requests equivalent to 9.8% of net asset value in the second quarter of 2026. The firm’s own rules trigger a limit once redemption requests exceed 5% of NAV. While management framed the mechanism as protection against fire sales, the market interpreted it as a sign of stress in the company's open-ended Evergreen fund structure.

Should investors sell immediately? Or is it worth buying Partners Group?

These Evergreen vehicles allow investors more flexible exits, and the resulting outflow has become a central worry. Partners Group acknowledged that redemptions will curtail net growth of assets under management by one to two percentage points this year and have a similar dampening effect in 2027. For the first half of 2026, new client money is still set to exceed withdrawals, but the second half is expected to bring headwinds. The company reaffirmed its full-year target of $26 billion to $32 billion in net new inflows.

Technical indicators paint a mixed picture. The stock—now trading at €769.80—sits roughly 26% below its 200-day moving average, and the relative strength index has dropped to 26.5, a level typically considered oversold. That could set the stage for a short-term bounce, but it does little to resolve the underlying questions about liquidity and fund flows.

The next hard data point arrives July 15, when Partners Group updates the market on assets under management as of June 30. A complete half-year report is scheduled for September 1. Until then, the tug-of-war between insider buying and analyst caution leaves the stock searching for a floor.

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