PGHN: Record fundraising & Redemption Pressure: A Bottom to watcPartners Group Holding AGSIX_DLY:PGHNstouflacrucoPGHN 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.