PGHN has fallen from above CHF 1,600 to around CHF 730, a drawdown of roughly 55%.

That reset is becoming interesting: fundraising remains strong, the valuation has compressed sharply, and monthly momentum is deeply oversold.

But the Master Buy Scanner V2 still says WATCH.

Master Buy Scanner V2 — Monthly
Score: 2/3
Action: WATCH
BUY state: NO EVENT
Entry quality: OK — 50%
Position size: NONE — 0%
WT cross: NO
Band 1: RED
Combined: GREEN 7/10
Bands synchronized: NO
Cycle: ACTIVE
WT1 / WT2: -54.61 / -45.48

This is a classic bottoming setup without confirmation.

Momentum is already extremely depressed and the Combined signal has improved to 7/10, but the WT cross and band synchronization are still missing.

Fundamentals remain attractive

Partners Group reported $16B of new client commitments in H1 2026, versus $12B a year earlier, while assets under management reached $186B.

The main concern is the evergreen platform, where redemptions have increased materially. Those outflows are expected to reduce near-term net AuM growth and remain the biggest issue the market needs to see stabilize.

Still, the broader franchise remains highly profitable across private equity, private credit, infrastructure and real estate.

The valuation has changed dramatically

The scanner gives PGHN a strong 6.5/7 valuation score:

Cash yield: 7.7%
Cash-flow multiple: 18.96
Earnings multiple: 15.12
Profit/share: CHF 48.45

Business quality also remains attractive:

Return on capital: 33.93%
Profitability: 54.8%
Cash generation: 52.13%

So unlike at CHF 1,500+, valuation is now becoming a genuine part of the bull case.

The risk

The advanced scanner is still cautious:

Lifecycle: CAPITULATION
Conviction: C — 49%
Recovery: NO
Relative strength: weak

That fits the chart well.

The stock may be cheap, but the market has not yet demonstrated that sellers are finished.

Key technical levels
Support: CHF 680–700
Major support: CHF 630–650
First resistance: CHF 760–800
Recovery confirmation: CHF 840–880
Major resistance: CHF 950–1,000

A monthly WT cross combined with a move above roughly CHF 800 would make the setup much more compelling.

My classification: VALUE WATCH

PGHN offers an increasingly attractive combination of valuation, profitability and deeply oversold momentum.

But technically:

No WT cross. No synchronized bands. No BUY event.

So for now:

WATCH — wait for capitulation to turn into accumulation.

What would you do?

A) Start small around CHF 730
B) Wait for the scanner BUY
C) Wait for confirmation above CHF 800

Master Buy Scanner V2:

Not financial advice.