◀ Back
Accept Decline
 Pacific Assets Trust plc

Pacific Assets Trust plc

Launched in 1985, the aim of Pacific Assets Trust plc is to achieve long-term capital growth through investment in selected companies in the Asia Pacific region and the Indian Subcontinent, excluding Japan, Australia and New Zealand.

Launched in 1985, the aim of Pacific Assets Trust plc is to achieve long-term capital growth through investment in selected companies that are well positioned to contribute to sustainable development in the Asia Pacific region and the Indian Subcontinent, excluding Japan, Australia and New Zealand.


 

The Board of Directors

The Trust is overseen by a Board of Directors that is independent of the portfolio manager, Stewart Investors.  The six members of the Board are accountable for the governance and wellbeing of the company, and meet on a regular basis to ensure the objectives of the Trust continue to be met.

The Directors have extensive and varied experience and you can learn more about them here.

Portfolio Management Team

Stewart Investors have been the Trust’s portfolio manager since July 2010 and adopt a sustainable investment strategy when selecting the investments that make up the Trust’s portfolio. They are pioneers of sustainable investing and have been active in the Asia Pacific region for more than three decades. 

Stewart Investors believe that sustainability is a driver of investment returns and that fully incorporating sustainability into the investment process is the best way to protect and grow shareholders’ capital over the long-term.

With the support of the wider investment team, David Gait and Douglas Ledingham are the portfolio managers for the Trust. You can find out more about the team here.

The Trust is designated Article 9 under the Sustainable Finance Disclosure Regulation, to learn more about this click here. To view reporting on the Trust's social and environmental outcomes under SFDR, click here.

To learn more about the Stewart Investors investment philosophy and approach to sustainability, click here.

Latest updates on the Trust

Portfolio Explorer

Explore how the companies in the Trust are contributing to sustainable development.

Quarterly shareholder update

Trust updates including portfolio changes and proxy voting, and links to our investment rationales, latest articles, statements, webcasts and videos .

Portfolio Explorer

How companies are contributing to sustainable development

Sustainable development is the achievement of high levels of human development within global ecological limits. Stewart Investors’ focus is on understanding the contributions individual companies make to sustainable development from the bottom-up. To do this well, they believe that qualitative assessments are as important as quantitative measures.

It is for this reason that they have developed their Portfolio Explorer to tell the stories of the companies they invest in on behalf of the Trust. These stories have been written by the investment team so that shareholders and other stakeholders can see why they believe that the companies they invest in are making the world a better place.

If you are unable to view the portfolio explorer, please re-open in Google Chrome, Edge, Firefox, Safari or Opera. IE11 is not supported.

For illustrative purposes only. Reference to the names of example company names mentioned in this communication is merely for explaining the investment strategy and should not be construed as investment advice or investment recommendation of those companies. Companies mentioned herein may or may not form part of the holdings of Stewart Investors. Holdings are subject to change.

Certain statements, estimates, and projections in this document may be forward-looking statements. These forward-looking statements are based upon Stewart Investors’ current assumptions and beliefs, in light of currently available information, but involve known and unknown risks and uncertainties. Actual actions or results may differ materially from those discussed. Readers are cautioned not to place undue reliance on these forward-looking statements. There is no certainty that current conditions will last, and Stewart Investors undertakes no obligation to correct, revise or update information herein, whether as a result of new information, future events or otherwise.

Source: Stewart Investors investment team and company data. Securities mentioned are all holdings which have/have had a portfolio weight over 0.5% for the Pacific Assets Trust plc up to 31 December 2022.

Stewart Investors supports the Sustainable Development Goals (SDGs). The full list of SDGs can be found on the United Nations website.

Source for Climate Solutions and impact figures: © 2014–2023 Project Drawdown (drawdown.org). Source for Human Development Pillars: Stewart Investors investment team.

Source for climate solutions and human development analysis and mapping: Stewart Investors investment team. Contributions are defined by the team as demonstrable contributions to any solution, either direct (directly attributable to products, services or practices provided by that company) or enabling (supported or made possible by products or technologies provided by that company).

Investment terms

View our list of investment terms to help you understand the terminology within this document.

Insights

Latest factsheets, webcast and articles.

Literature library

Shareholder and trust information including reports, important documentation and policies.

Important Note: I have read and agree, click to minimiseImportant Note: Click to maximise

This document is a financial promotion for Pacific Assets Trust plc (the “Trust”) only for those people resident in the UK and Ireland for tax and investment purposes.

Investing involves certain risks including:

  • The value of investments and any income from them may go down as well as up and are not guaranteed. Investors may get back significantly less than the original amount invested.
  • Emerging market risk: Emerging markets tend to be more sensitive to economic and political conditions than developed markets. Other factors include greater liquidity risk, restrictions on investment or transfer of assets, failed/delayed settlement and difficulties valuing securities.
  • Specific region risk: investing in a specific region may be riskier than investing in a number of different countries or regions. Investing in a larger number of countries or regions helps spread risk.
  • Currency risk: the Trust invests in assets which are denominated in other currencies; changes in exchange rates will affect the value of the Trust and could create losses. Currency control decisions made by governments could affect the value of the Trust’s investments.
  • The Trust’s share price may not fully reflect net asset value.

Where featured, specific securities or companies are intended as an illustration of investment strategy only, and should not be construed as investment advice or a recommendation to buy or sell any security.

For an overview of the terms of investment, risks, returns, costs and charges please refer to the Key Information Document which can be found on the Trust’s website.

If you are in any doubt as to the suitability of the Trust for your investment needs, please seek investment advice.

Q4 2022

Significant Trust changes

During the period, the Trust purchased Advanced Energy Solution (AES) (Taiwan: Industrials), a provider of battery packs to the e-bike, data server and electric vehicle markets. There are very obvious tailwinds driving the growth of electric batteries across many sectors but we have long struggled to find companies who have the ability to create any value from their part in the value chain: many players in the supply chain have strong sustainability positioning, given their role in the proliferation of batteries, but do not meet our quality threshold. AES, however, is a rare exception where they enjoy an attractive competitive position thanks to their ability to provide customised packs to customers that are essential to the performance and safety of end-products. In return, AES enjoys long, loyal relationships with customers that come with pricing power and attractive levels of profitability. The management team at AES is highly competent with a track record of long-termism that we are very excited to partner with.

Top-down concerns around Chinese growth created the opportunity to add to a few of the Trust’s mainland-listed companies: Amoy Diagnostics (Health Care) – cancer diagnostics; Glodon (Information Technology) – software for the construction industry; Kingmed Diagnostics Group (Health Care) – independent diagnostic laboratories.

We took advantage of reduced COVID restrictions to visit Japan and South Korea during the quarter. Disappointing meetings with Nippon Paint (Japan: Materials) and Naver (South Korea: Communications Services) prompted the complete sale of both companies as we failed to build conviction in quality and sustainability positioning.

After a prolonged period of outperformance, and to control position size, we trimmed Elgi Equipments (India: Industrials).

Investment objective

The investment objective of the Trust is to achieve long-term capital growth through investment in selected companies in the Asia Pacific region and the Indian Subcontinent, but excluding Japan, Australia and New Zealand (the ‘Asia Pacific Region’). Up to a maximum of 20% of the Trust’s total assets (at the time of investment) may be invested in companies incorporated and/or listed outside the Asia Pacific Region (as defined); at least 25% of their economic activities (at the time of investment) are within the Asia Pacific Region and this proportion is expected to grow significantly over the longer term.

Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Named new investments disclosed relate to holdings with a portfolio weight over 1%. It is not a recommendation or solicitation to purchase or invest in any fund. Differences between the representative account-specific constraints, currency or fees and those of a similarly managed fund or mandate would affect results.

Proxy voting: 1 October - 31 December 2022

Proxy voting by country of origin

Proxy voting by proposal categories

During the quarter there were 42 resolutions from 12 companies to vote on. On behalf of the Trust, we voted against one resolution.

We voted against the election of a director to the supervisory board at Foshan Haitian Flavouring as we do not believe they are truly independent. (one resolution)

Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Proxy voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.

Download a PDF copy

Select Strategy update and/or Proxy voting to produce a report. You can then download a copy of the report by clicking on the button.

Stewart Investors Shareholder Update Q4 2022

1 October - 31 December 2022

Risk factors

This material is a financial promotion for Pacific Assets Trust plc (the “Trust”) intended only for those people resident in the UK for tax and investment purposes or are professional investors in Ireland.

Investing involves certain risks including:

  • The value of investments and any income from them may go down as well as up and are not guaranteed. Investors may get back significantly less than the original amount invested.
  • Emerging market risk: Emerging markets tend to be more sensitive to economic and political conditions than developed markets. Other factors include greater liquidity risk, restrictions on investment or transfer of assets, failed/delayed settlement and difficulties valuing securities.
  • Specific region risk: investing in a specific region may be riskier than investing in a number of different countries or regions. Investing in a larger number of countries or regions helps spread risk.
  • Currency risk: the Trust invests in assets which are denominated in other currencies; changes in exchange rates will affect the value of the Trust and could create losses. Currency control decisions made by governments could affect the value of the Trust's investments.
  • The Trust’s share price may not fully reflect net asset value.

Where featured, specific securities or companies are intended as an illustration of investment strategy only, and should not be construed as investment advice or a recommendation to buy or sell any security.

For an overview of the terms of investment, risks, returns and costs and charges please refer to the Key Information Document which can be found on the Trust’s website: www.pacific-assets.co.uk.

If you are in any doubt as to the suitability of the Trust for your investment needs, please seek investment advice.

Important information

This material is for general information purposes only. It does not constitute investment or financial advice and does not take into account any specific investment objectives, financial situation or needs. This is not an offer to provide asset management services, is not a recommendation or an offer or solicitation to buy, hold or sell any security or to execute any agreement for portfolio management or investment advisory services and this material has not been prepared in connection with any such offer. Before making any investment decision you should conduct your own due diligence and consider your individual investment needs, objectives and financial situation and read the relevant offering documents for details including the risk factors disclosure. Any person who acts upon, or changes their investment position in reliance on, the information contained in these materials does so entirely at their own risk.

We have taken reasonable care to ensure that this material is accurate, current, and complete and fit for its intended purpose and audience as at the date of publication but the information contained in the material may be subject to change thereafter without notice. No assurance is given or liability accepted regarding the accuracy, validity or completeness of this material.

Pacific Assets Trust plc (“the Trust”) is an investment trust, incorporated in Scotland; Company no. SC091052, whose shares have been admitted to the Official List of the London Stock Exchange plc. The Trust has appointed Frostrow Capital LLP as its Alternative Investment Fund Manager under the Alternative Investment Fund Managers Directive. Frostrow and the Trust have delegated certain portfolio management responsibilities to First Sentier Investors (UK) IM Limited. Further information is available from Client Services, Stewart Investors, 23 St Andrew Square Edinburgh, EH2 1BB or by telephoning 0800 587 4141 between 9am and 5pm Monday to Friday or by visiting www.pacific-assets.co.uk. Telephone calls may be recorded.

The distribution or purchase of shares in the Trust, or entering into an investment agreement with Stewart Investors may be restricted in certain jurisdictions.

About First Sentier Investors

References to ‘we’, ‘us’ or ‘our’ are references to First Sentier Investors, a global asset management business which is ultimately owned by Mitsubishi UFJ Financial Group, Inc (MUFG). Our investment team operates under the trading name of Stewart Investors which is part of the First Sentier Investors Group.

This material may not be copied or reproduced in whole or in part, and in any form or by any means circulated without the prior written consent of Stewart Investors.

We communicate and conduct business through different legal entities in different locations. This material is communicated:

  • in the United Kingdom by First Sentier Investors (UK) IM Limited which is authorised and regulated by the Financial Conduct Authority (FCA ref no. 119367). Registered office: 23 St. Andrew Square, Edinburgh, EH2 1BB; Company no. SC047708.
  • in Ireland by First Sentier Investors (Ireland) Limited, authorised and regulated in Ireland by the Central Bank of Ireland (CBI ref no. C182306; Registered office: 70 Sir John Rogerson’s Quay, Dublin 2, Ireland; Company no. 629188).

To the extent permitted by law, MUFG and its subsidiaries are not liable for any loss or damage as a result of reliance on any statement or information contained in this document. Neither MUFG nor any of its subsidiaries guarantee the performance of any investment products referred to in this document or the repayment of capital. Any investments referred to are not deposits or other liabilities of MUFG or its subsidiaries, and are subject to investment risk, including loss of income and capital invested.

© First Sentier Investors Group
All rights reserved.

Other Trust news

Stories of Sustainability

For the latest articles articles, statements and videos exploring our thinking on sustainable investment, visit our insights hub.

Previous Quarterly Shareholder updates:

Q3: 1 July - 30 September 2022

Significant Trust changes

Top-down macroeconomic headlines continue to dominate Asian markets with manic swings in sentiment based on the reading of central banks' policies, economic data and geopolitical narrative. Our focus on owning a portfolio of high-quality, resilient franchises run by long-term competent owners, as well as our understanding that we add little value in the forecasting of macroeconomic events, meant there were minimal changes to the Trust portfolio over the quarter.

Over the quarter, positions in Estun Automation (China: Industrials), Mahindra Logistics (India: Industrials) were sold: Estun reached uncomfortably high valuations while Mahindra Logistics was sold to make way for higher-quality ideas. Proceeds from these sales were used to add to holdings at lower valuations such as: OCBC Bank (Singapore: Financials), Shenzhen Inovance Tech (China: Industrials), Kalbe Farma (Indonesia: Health Care), Techtronic Industries (Hong Kong: Industrials), Unicharm (Japan: Consumer Staples), Humanica Public (Thailand: Information Technology) and Unilever Indonesia (Indonesia: Consumer Staples).

The Trust also made one new investment in a dominant supermarket franchise in Singapore, Sheng Siong (Singapore: Consumer Staples). The company has a fantastic long-term track record thanks to the founding family’s time horizon and conservatism. We believe that Sheng Siong’s recent experiments with expanding into China hold an exciting longer-term opportunity for growth.

Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Named new investments disclosed relate to holdings with a portfolio weight over 1%. It is not a recommendation or solicitation to purchase or invest in any fund. Differences between the representative account-specific constraints, currency or fees and those of a similarly managed fund or mandate would affect results.

Proxy voting: 1 July - 30 September 2022

Proxy voting by country of origin

Proxy voting by proposal categories

During the quarter there were 227 resolutions from 30 companies to vote on. On behalf of the Trust, we voted against three resolutions.

We voted against the election of a director at Dabur as we do not believe they are truly independent. (one resolution)

We voted against Philippine Seven’s request for management to approve all other business matters before the annual general meeting (AGM) of shareholders. We consider ourselves active shareholders and prefer to vote on such matters at the AGM. (one resolution)

We voted against the election of the chairman of the audit committee at Vitasoy as the committee met less than four times during the last fiscal year. (one resolution)

Source for company information: Stewart Investors investment team and company data. This stock information does not constitute any offer or inducement to enter into any investment activity. Portfolio data shown is from representative strategy accounts of the strategy shown above. Proxy voting chart numbers may not add to 100 due to rounding. SHP means: Shareholder Proposal.

Q2: 1 April - 30 June 2022

Significant Trust changes

It has been a volatile second quarter. Regional equities have been weak but preserved capital better than many global peers. Asian currencies, most notably the Japanese Yen, have weakened relative to the dollar. Fears of recession are rising and speculation on the future course of interest rates appears to be more divided. The war in Ukraine continues to add uncertainty and indirectly impact commodity prices and inflation. While we consider macro headwinds and tailwinds we do not attempt to second guess large world events. Rather, we look for high-quality companies with excellent stewards, franchises and financials at reasonable valuations. During this quarter, the Trust initiated holdings in two companies with these characteristics.

The first is a bank that traces its heritage back to the great depression of 1932, making it one of the oldest, capitalised financial services firms operating in Singapore, South East Asia and parts of China. It is recognised and trusted as one the safest deposit franchises in Asia and we purchased it a slightly under one times book value and with an attractive dividend yield.

We also purchased a listed subsidiary consumer goods company, which owns, manufactures and distributes high-quality brands around the largest archipelago in the world. We have admired this franchise for decades, but high valuations had always dissuaded us from ownership. During the period, we were able to take advantage of weakness to introduce this high-quality company to the Trust.

In addition to these new purchases, we increased the position size in Shenzhen Inovance Tech (China) and Glodon (China) which improve efficiency in the engineering and construction sector respectively.

During the period, the Trust sold Hualan Biological Engineering after a re-evaluation of franchise strength amidst a shifting competitive landscape. The Trust continued to trim Dr. Reddy’s Laboratories (India) over uncertainty about their operations in Russia, and CG Power (India) after a strong period of outperformance to control the position size.

Proxy voting

Proxy voting by country of origin

Proxy voting by proposal categories

During the quarter, there were 347 resolutions from 42 companies to vote on. On behalf of the Trust, we voted against ten resolutions.

We voted against Amoy Diagnostics’ request to transfer product rights and equity to a subsidiary, and to amend authorised share capital, as we did not have sufficient information at the time of voting. (two resolutions)

We voted against the approval of an Employee Stock Purchase Plan at Glodon, as we believe one-year vesting periods are too short term and not in shareholders’ interests. (three resolutions)

We voted against the appointment of the auditor and the election of two directors at Hualan Biological Engineering. At the time of voting the company had not disclosed a breakdown of the fees paid to its auditor, and we do not believe the directors are truly independent. (three resolutions)

We voted against Humanica Public’s request for management to approve all other business matters before the annual general meeting (AGM) of shareholders. We consider ourselves active shareholders and prefer to vote on such matters at the AGM. (one resolution)

We voted against Pentamaster’s request to issue shares without pre-emptive rights, as the share discount rate had not been disclosed. (one resolution)

Source for company information: Stewart Investors investment team and company data. Named new investments disclosed relate to holdings with a portfolio weight over 1%. Proxy voting chart numbers may not add to 100 due to rounding.

Q1: 1 January - 31 March 2022

Significant Trust changes

During the period, we trimmed four Indian-listed companies to control the country weighting. These were Dr. Lal PathLabs, Elgi Equipments, Mahindra & Mahindra and Tata Communications. Each of these companies have performed well and their reductions do not represent a change in view about their quality. We also trimmed Dr. Reddy’s Laboratories (India) because of uncertainty over the prospects of its Russian subsidiary which only contributes approximately 8% to group sales but may face increasing challenges. We reduced Advantech (Taiwan), Delta Electronics (Taiwan), Hoya (Japan) and Hualan Biological Engineering (China) over concerns about near-term growth prospects. To control position size, we trimmed Unicharm (Japan), and we used the proceeds from a reduction in Kotak Mahindra Bank (India) to finance a new investment in Malaysia. We trimmed Pidilite (India) for reasons of valuation only. There were no complete sells from the Trust during the period.

The Trust invested in two new companies. Small position size means we will not mention these companies by name but we have owned each of the companies before. The first company is an extremely high-quality bank that is dominant in Malaysia and has small, but flourishing, contributions from Cambodia. The prospects for profitable loan growth in Malaysia are improving as the economy strengthens with rising commodity prices. The second company is a pharmaceutical and healthcare manufacturer and distributor. This family-run business was founded in 1966 and is essential for improving the health and hygiene outcomes of Indonesians across the archipelago. In addition to these new purchases, the Trust took advantage of recent weakness to increase the position size of IndiaMART (India) and Techtronic Industries (Hong Kong).

Proxy voting

Proxy voting by country of origin

Proxy voting by proposal categories

During the quarter there were 66 resolutions from 12 companies to vote on. On behalf of the Trust, we did not vote against any resolutions.

Source for company information: Stewart Investors investment team and company data. Named new investments disclosed relate to holdings with a portfolio weight over 1%. Proxy voting chart numbers may not add to 100 due to rounding.

Key updates from the Trust

Latest Quarterly report

Highlights include significant Trust changes, proxy voting and our most recent news and insights.

Previous monthly factsheets and Quarterly shareholder updates can be found on the Literature section.

AGM - Shareholder update from Chris McGoldrick

How we protect capital and seek to outperform during turbulent times

Why India – not China – is the most exciting market in Asia

Latest updates from the Trust

Key documents

Shareholder information

Investor documents

Recent regulatory news

Recent regulatory news and releases about Pacific Assets Trusts plc can be found on the London Stock Exchange (LSE) site here. By clicking on the regulatory news service (RNS) link above you will be leaving the Stewart Investors website. Pacific Assets Trust plc is not responsible for the content of any linked website.

Providers, policies and statements

Company policies

Important dates

  • July 2022 - Dividend Payable
  • 31 July 2022 - Half Year End
  • September 2022 - Half Year Results Announced 
  • 31 January 2023 – Financial Year End
  • May 2023 - Final Results Announced
  • June 2023 - Annual General Meeting
  • July 2023 - Dividend Payable
  • 31 July 2023 - Half Year End
  • September 2023 - Half Year Results Announced 

Principal Service Providers and Auditors

  • First Sentier Investors (UK) IM Limited, trading as Stewart Investors - Portfolio Manager
  • Frostrow Capital LLP - Investment Manager, Alternative Investment Fund Manager, Company Secretary and Administrator
  • JP Morgan Chase Bank - Custodian
  • Equiniti Limited - Registrar
  • BDO LLP - Auditor
  • Investec Bank plc – Broker

Some of these documents contain information which is no longer up to date. As such, they are maintained on the website solely for informational purposes to provide historical information. The documents should not be relied upon, including for the purposes of an investment decision. Stewart Investors recommend that you seek professional investment advice before making a decision to invest in any fund.

Latest price and performance

The value of investments and any income from them may go down as well as up and you or your client may not get back the amount originally invested.

Full risk warning

 


 

Discrete Performance (% in GBP) to 31 December 2022

Period 12 months to 31/12/22 12 months to 31/12/21 12 months to 31/12/20 12 months to 31/12/19 12 months to 31/12/18
NAV% -2.7 16.5 20.8 2.0 5.6
Share Price -3.1 15.1 16.9 -0.8 8.9
CPI + 6%*** 17.4 11.6 6.5 7.7 8.6
Peer Group Return -14.8 3.5 41.7 13.8 -5.5
MSCI AC Asia ex Japan Index** -9.6 -3.8 21.2 13.6 -9.1

Cumulative Performance (% in GBP) to 31 December 2022

Period Since Inception* 10yrs 5 yrs 3 yrs 1 yr 6 mths 3 mths
NAV% 260.8 176.6 47.4 36.9 -2.7 7.2 -1.3
Share Price 268.8 187.9 40.9 30.4 -3.1 13.7 3.1
CPI + 6%*** 197.1 136.9 63.3 39.6 17.4 8.0 4.4
Peer Group Return 200.4 143.5 31.5 22.9 -14.8 0.9 2.8
MSCI AC Asia ex Japan Index** 121.9 91.8 8.9 5.4 -9.6 -3.1 3.3

Dividends

Ex Div Record Date Pay Date Typeǂ Pence/Share
9 June 2022 10 June 2022 1 July 2022 Final 1.9
13 May 2022 14 May 2022 5 July 2022 Final 2.4
28 May 2020 29 May 2020 2 July 2020 Interimǂǂ 3.0
30 May 2019 31 May 2019 4 July 2019 Final 3.0
31 May 2018 1 June 2018 4 July 2018 Final 2.6
1 June 2017 2 June 2017 4 July 2017 Final 2.6
2 June 2016 3 June 2016 4 July 2016 Final 2.2
28 May 2015 29 May 2015 29 June 2015 Final 2.6
28 May 2014 30 May 2014 27 June 2014 Final 2.6
29 May 2013 31 May 2013 28 June 2013 Final 2.6
30 May 2012 1 June 2012 29 June 2012 Final 2.6
1 June 2011 3 June 2011 30 June 2011 Final 1.29
2 June 2010 4 June 2010 30 June 2010 Final 1.29
20 May 2009 22 May 2009 19 June 2009 Final 1.29

Important information

This document is a financial promotion for Pacific Assets Trust plc (the “Trust”) only for those people resident in the UK for tax and investment purposes. Investing involves certain risks including:

  • The value of investments and any income from them may go down as well as up and are not guaranteed. Investors may get back significantly less than the original amount invested.
  • Emerging market risk: emerging markets may not provide the same level of investor protection as a developed market; they may involve a higher risk than investing in developed markets.
  • Currency risk: the Trust invests in assets which are denominated in currencies other than pound sterling; changes in exchange rates will affect the value of the Trust.
  • The Trust’s share price may not fully reflect net asset value.

Reference to specific securities (if any) is included for the purpose of illustration only and should not be construed as a recommendation to buy or sell. Reference to the names of any company is merely to explain the investment strategy and should not be construed as investment advice or a recommendation to invest in any of those companies.

For an overview of the terms of investment, risks, returns and costs and charges please refer to the Key Information Document which can be found on this website. If you are in any doubt as to the suitability of the Trust for your investment needs, please seek investment advice.

Past performance is not a reliable indicator of future results.

Although the Company will use the MSCI AC Asia ex Japan Index and CPI +6% as comparator indices, these indices will not be used for portfolio construction or risk management purposes.

These figures refer to the past. Past performance is not a reliable indicator of future results. For investors based in countries with currencies other than GBP, the return may increase or decrease as a result of currency fluctuations. The NAV performance data is on a net basis after deducting all fees (e.g. investment management fee) and costs (e.g. transaction and custody costs) incurred by the Trust. The NAV includes dividends reinvested on a net of tax basis. CPI data is quoted on a one month lag. The peer group is a subset of the Association of Investment Companies peer group, considered by the board as those whose investment policies are substantially similar to those of the Trust. Peer group performance is determined on a simple average share price basis by measuring percentage growth over the period using bid prices, on the basis that net income is reinvested in Sterling. The comparator shown is the MSCI AC Asia ex Japan Index, on an income reinvested net of tax basis. Sources: i) Lipper for Trust and peer group share prices returns; ii) Trust Administrator and Bloomberg for NAV performance data; iii) CPI data is sourced from Factset.

* Performance since Stewart Investors was appointed as Investment Manager with effect from the 1st July 2010.

** The MSCI AC Asia ex Japan Index is shown here as a comparator to provide additional context for investors seeking exposure to the region.

*** The Performance Objective is considered to be appropriate given the Investment Manager’s index agnostic investment philosophy and will not change its style or strategy, or the make-up of the portfolio.

ǂ A Final Dividend is a dividend declared by the Board of Directors after the company has issued its annual financial statements.

ǂǂ In light of the response to the coronavirus pandemic in 2020 the board decided to declare an interim dividend rather than a final dividend. Declaring an interim dividend means that shareholders would be paid a dividend irrespective of whether the AGM was able to proceed as planned. Please see annual report for further details.

Literature library

Shareholder and trust information including reports, important documentation and policies.

How to invest

Shares in Pacific Assets Trust plc can be bought directly through a stockbroker or financial adviser.

There are online brokers that allow investors to trade for a small fee.

Investors can buy shares on a regular basis through saving scheme providers, who allow investors to buy any plc or investment company on their platforms.

Pacific Assets Trust plc does not recommend any of these organisations in particular and terms and costs vary. Pacific Assets Trust plc does not provide financial or investment advice, Pacific Assets Trust plc is an investment company within the meaning of section 833 of the Companies Act 2006 and with registered number SC091052. Its registered address is at 16 Charlotte Square, Edinburgh EH2 4DF.

A list, which is not comprehensive nor does it constitute any form of recommendation, can be found via the links below: 

Sharedealing – EQ Shareview

Equiniti Limited offers a share dealing service. Equiniti act as a registrar for Pacific Assets.

This provides a simple way for UK shareholders of Pacific Assets Trust plc to buy or sell the Company’s shares.

For full details and terms and conditions log onto www.shareview.co.uk/dealing or call 08456 037037 between 8.00am and 4.30pm Monday to Friday.

This service is only available to shareholders of Pacific Assets Trust plc who hold shares in their own name, with a UK registered address and who are aged 18 and over.

Shareview Dealing is provided by Equiniti Financial Services Ltd which has issued and approved the preceding paragraph. 

Equiniti Financial Services Ltd, Aspect House, Spencer Road, Lancing, West Sussex BN99 6DA is registered in England and Wales with number 6208699. 

Equiniti Financial Services Ltd is authorised and regulated by the Financial Conduct Authority.

Past performance is no guarantee of future performance. The value of your investment and any income from it may go down as well as up and you may not get back the amount invested. This is because the share price is determined by the changing conditions in the relevant stock markets in which the Company invests and by the supply and demand for the Company's shares. As the shares in an investment trust are traded on a stock market, the share price will fluctuate in accordance with the supply and demand and may not reflect the underlying net asset value of the shares; where the share price is less than the underlying value of the assets, the difference is known as the 'discount'. For these reasons investors may not get back the original amount invested. Although the Company's shares are denominated in sterling, it may invest in stocks and shares which are denominated in currencies other than sterling and to the extent they do so, they may be affected by movements in exchange rates. As a result the value of your investment may rise or fall with movements in exchange rates. Investors should note that tax rates and reliefs may change at any time in the future. The value of ISA tax advantages will depend on personal circumstances. The favourable tax treatments of ISAs may not be maintained.

Literature library

Shareholder and trust information including reports, important documentation and policies.

Contact us and find out more

Pacific Assets Trust plc is an investment company within the meaning of section 833 of the Companies Act 2006 and incorporated in Scotland with registered number SC091052. Its registered address is at 16 Charlotte Square, Edinburgh EH2 4DF.

See policies section for more information.