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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.
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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
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 investee companies* for the Pacific Assets Trust plc as at 30 June 2024. *Assets that the Trust may hold which an active decision has not been made, and sustainability assessment does not apply, include cash, cash equivalents, short-term holdings for the purpose of efficient portfolio management and holdings received as a result of mandatory corporate actions. Holdings of such assets will not appear on Portfolio Explorer.
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: © 2014–2024 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.
Q2 2024
Significant Trust changes
Over most three-month periods, there should be relatively little change in the Trust portfolio. We aim to build resilient portfolios of high-quality companies with diversified streams of cash flows that have the ability to grow in value over the long term.
During the quarter we initiated a new position in ESAB India (India: Industrials). The company is the market leader within India for welding equipment and consumables. It is a subsidiary of ESAB (chaired by Mitch Rales, the founder of Danaher) and stands to benefit from manufacturing moving out of China and into India.
We exited Telkom Indonesia (Indonesia: Communication Services), Kingmed Diagnostics (China: Health Care), Amoy Diagnostics (China, Health Care), WuXi Biologics (China: Health Care), and Kotak Mahindra Bank (India: Financials).
We sold WuXi Biologics after a proposed bill in the United States Congress aimed to restrict some Chinese biotech business tie-ups with United States companies due to national security concerns. It was a mistake to invest in WuXi Biologics given the geopolitical risk the company is exposed to.
We sold Amoy Diagnostics and Kingmed Diagnostics due to their exposure to regulatory risk. Despite the value provided to customers it is difficult for us to assess the risk of forced pricing cuts as the government drives to reduce healthcare spending. This quarter, we also exited DBH Finance (Bangladesh: Financials) from the portfolio. Although quality remains intact on a bottom-up basis, the company faced increased regulatory pressures across the sector and deteriorating macro-economic conditions.
We took advantage of a lower valuations to build our positions in Shenzhen Inovance (China: Industrials) and Techtronic Industries (Hong Kong: Industrials). We also added to Samsung C&T (South Korea, Industrials), Samsung Biologics (South Korea: Health Care), and Info Edge (India: Communication Services).
To finance new investments and latest additions, and to control position size we trimmed holdings in Tech Mahindra (India: Information Technology), Mahindra & Mahindra (India: Consumer Discretionary), and CG Power (India: Industrial).
Views on investment opportunities in Asia have not changed; we continue to look to invest in high-quality companies that are aligned with sustainable development. We look for stewards who are low profile, competent, long-term decision makers, franchises free from political agendas and financials that are resilient, not frail. Our focus is on quality, and we remain indifferent to many of the large, well-known companies, regardless of lower valuations.
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.
Proxy voting: 1 April - 30 June 2024
Proxy voting by country of origin
Proxy voting by proposal categories
During the quarter there were 381 resolutions from 44 companies to vote on. On behalf of the Trust, we voted against 12 resolutions.
We abstained from voting on amendments to work systems for independent directors and board meeting procedures at Amoy Diagnostics as the company did not provide sufficient data on the proposed amendments. (two resolutions)
We voted against the appointment of the auditor at Glodon, Sheng Siong, Unilever Indonesia, ViTrox, Yifeng Pharmacy Chain and Zhejiang Supor as they have been in place for over 10 years and the companies’ have given no information on intended rotation. We believe rotating an auditor on a relatively frequent basis (e.g. every 5-10 years) helps to ensure a fresh pair of eyes are examining the accounts, and follows best practice. (six resolutions)
We voted against proposals regarding transaction of business at Humanica Public and Kasikornbank as the companies provided insufficient detail on the proposals and we wish to avoid unfettered discretion. (two resolutions)
We voted against the proposed employee stock ownership plan at Midea as we believe non-executive director involvement could lead to conflict of interest and would not be in shareholders' interest. (three resolutions)
We voted against a proposal regarding capital management at Pentamaster as we do not believe shares should be issued without pre-emptive rights. (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.
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Other Trust news
Previous Quarterly Shareholder updates:
Q1: 1 January - 31 March 2024
Significant Trust changes
Over most three-month periods, there should be relatively little change in the Trust portfolio. We aim to build resilient portfolios of high-quality companies with diversified streams of cash flows that have the ability to grow in value over the long term.
During the quarter we initiated three new positions in Samsung C&T (South Korea: Industrials), Techtronic Industries (Hong Kong: Industrials) and MediaTek (Taiwan: Information Technology).
Samsung C&T is the holding company for Samsung Biologics with sizeable positions in group companies such as Samsung Electronics (c.5%).
Samsung Biologics is a world leader in affordable healthcare. Samsung Electronics is a global leader in consumer electronics and chip manufacturing.
In its core business, the company is aiming to invest into areas with strong demand opportunities such as renewable energy and battery recycling. The group aims to improve governance practices by returning excess cash to shareholders, cancelling treasury shares (ordinary shares which the company acquired from shareholders), improving profitability in core assets and articulating a clear strategy for future capital allocation.
Techtronic Industries is dominant internationally in an array of cordless, hand, measuring and trade power tools for both home and commercial use. They have ownership of strong brands in consolidated areas which results in pricing power. The company is positioned well to grow organically and by acquisition.
MediaTek is a fabless (outsourced production) semiconductor company. They are leaders in integrated chip system solutions which are estimated to power over two billion devices a year from smartphones to home entertainment, connectivity and the internet of things (IoT) products.
We exited Vinda International (China: Consumer Staples) after it was approached by RGE Ltd for acquisition at an 18% premium to the prevailing share price. We reduced Pigeon (Japan: Consumer Staples) as we have lost conviction in the speed and extent of the evolution of the franchise.
We took advantage of lower valuations in China and continue to build positions in Centre Testing International (China: Industrials), Midea (China: Consumer Discretionary), Shenzhen Inovance Tech (China: Industrials), Glodon (China: Information Technology) and WuXi Biologics (China: Health Care).
To finance new investments and our latest additions and to control position size we trimmed holdings in Tata Consumer Products (India: Consumer Staples), Tata Consultancy Services (India: Information Technology), Mahindra & Mahindra (India: Consumer Discretionary), Godrej Consumer Products (India: Consumer Staples), Tech Mahindra (India: Information Technology), Marico (India: Consumer Staples), Tokyo Electron (Japan: Information Technology), Tube Investments (India: Consumer Discretionary) and Unicharm (Japan: Consumer Staples)
Views on investment opportunities in Asia have not changed; we continue to look to invest in high-quality companies that are aligned with sustainable development. We look for stewards who are low profile, competent, long-term decision makers, franchises free from political agendas and financials that are resilient, not frail. Our focus is on quality, and we remain indifferent to many of the large, well-known companies, regardless of lower valuations.
Proxy voting: 1 January - 31 March 2024
Proxy voting by country of origin
Proxy voting by proposal categories
During the quarter there were 89 resolutions from 20 companies to vote on. On behalf of the Trust, we voted against 2 resolutions.
We voted against one resolution at Midea in relation to them acting as guarantor for a subsidiary business as we found the guarantee amount to be excessive and not in shareholders' best interests. (one resolution)
We voted against a Board appointment at Samsung Electronics as we would prefer to see more independent, non-family associated Directors. (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.
Q4: 1 October - 31 December 2023
Significant Trust changes
Over most three-month periods, there should be relatively little change in the Trust portfolio. We aim to invest in high-quality companies with diverse income sources that have the ability to grow in value over the long term. High-quality companies at reasonable valuations tend not to come along too often. In the absence of such opportunities, we are very comfortable long-term owners of companies in the portfolio.
During the quarter we initiated three new positions in Samsung Biologics (South Korea: Health Care), Wuxi Biologics (China: Health Care) and RBL Bank (India: Financials). We have admired the Samsung Biologics franchise for many years. They have expanded production capacity quickly and efficiently which has helped them increase spending from existing clients and to win important new clients. Our more constructive stance on governance at the Samsung Group was another important consideration. We have also been studying Wuxi Biologics for a number of years. It is a leading contract research provider and manufacturer for pharmaceutical companies. The businesses stewards have spent the last decade nurturing strong relationships with customers across geographies, and are building on their research relationships to scale up manufacturing services. The nature of the business, where the timeline from drug discovery to manufacturing can be decades, means that long-term customer relationships are crucial, and the trust built is difficult to disrupt. RBL Bank is a full-service bank that provides services to over 13 million customers across India. Under a new and reinvigorated management team, RBL is in early stages of building a high-quality lending institution. In terms of additions we added to holdings in Midea (China: Consumer Discretionary), the largest home appliances business in China and Triveni Turbines (India: Industrials), a market leader in the manufacture, maintenance and refurbishment of steam turbines.
There were no divestments during the period. We trimmed Tata Consumer Products (India: Consumer Staples), Tech Mahindra (India: Information Technology) and CG Power (India: Industrials) to control position size.
Proxy voting: 1 October - 31 December 2023
Proxy voting by country of origin
Proxy voting by proposal categories
During the quarter there were 62 resolutions from 14 companies to vote on. On behalf of the Trust, we did not vote against any resolutions.
We abstained from voting on the approval of a renewed liability insurance for Directors, Supervisors, and Senior Management at Midea Group as we did not have sufficient information on the details of the insurance policy at the time of voting. (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.
Q3: 1 July - 30 September 2023
Significant Trust changes
Over most three-month periods, there should be relatively little change in the portfolio. We aim to build resilient portfolios of high-quality companies with diversified streams of cash flows that have the ability to grow in value over the long term. High-quality companies at reasonable valuations tend not to come along too often. In the absence of such opportunities, we are very comfortable long-term owners of companies in the portfolio.
During the quarter, we initiated positions in three companies. Hangzhou Robam (China: Consumer Discretionary) manufactures kitchen appliances. The company is founder owned and managed with politically uncontentious stewards and products. It has a dominant position in the manufacture of oven hoods, which generate impressive cash flows. It is investing those cash flows in new products such as dishwashers, in order to develop under penetrated markets. Midea (China: Consumer Discretionary) is a manufacturer of home appliances. Midea is a high-quality franchise where the stewards are investing cash flows from their dominant market position in exciting new technologies and automation, in order to enhance growth prospects. We also initiated a position in Samsung Electronics (South Korea: Information Technology). We have long admired the strength of the Samsung Electronics franchise which should benefit from strengthening geopolitical headwinds and a desire to reduce dependence on Taiwanese manufacturers. Samsung Electronics demonstrates an impressive ability to generate cash and boasts a solid balance sheet. A recent visit to South Korea prompted a reappraisal of the quality of governance which has improved significantly.
We also added to positions in Zhejiang Supor (China: Consumer Discretionary), Glodon (China), HDFC Bank (India: Financials), Voltronic Power (Taiwan: Industrials) and Telkom Indonesia (Indonesia: Communication Services). There is no commonality or theme to these additions other than them all being high quality companies available at reasonable valuations.
We sold Foshan Haitian Flavouring (China: Consumer Staples) where we have increasing concerns about franchise development, and BRAC Bank (Bangladesh: Financials) due to rising regulatory headwinds for the banking sector in Bangladesh.
To control position sizes we trimmed CG Power (India: Industrials), Tube Investments (India: Consumer Discretionary), Mahindra & Mahindra (India: Consumer Discretionary), Elgi Equipments (India: Industrials) and Shenzhen Inovance Tech (China). We also reduced Kingmed Diagnostics Group (China: Health Care) on increasing concerns about governance.
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 0.5%. 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 2023
Proxy voting by country of origin
Proxy voting by proposal categories
During the quarter there were 204 resolutions from 28 companies to vote on. On behalf of the Trust, we voted against four resolutions.
We voted against the election of the Chair of the Nomination Committee at Hangzhou Robam to encourage better gender diversity. At present the company has no female directors, and we believe the Chair of the Nomination Committee has an important role in developing a more gender diverse Board of Directors. (one resolution)
We voted against a related party transaction at Kingmed Diagnostics Group which would transfer 73% ownership of a subsidiary pharmaceutical company to the Deputy General Manager of the listco. We could not find any reasons behind the sale nor the valuation at which the transaction would happen. (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 appointment of the auditor and the company’s ability to set auditor fees at Vitasoy as they have been in place for over 10 years and the company has given no information on intended rotation. We believe rotating an auditor on a relatively frequent basis (e.g. every 5-10 years) helps to ensure a fresh pair of eyes are examining the accounts, and follows best practice. (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.
Key updates from the Trust
Previous monthly factsheets and Quarterly shareholder updates can be found on the Literature section.
Pacific Assets Trust - AJ Bell Investment Awards 2023 winner: Asian Equity - Active
AGM 2023 - Shareholder update from Doug Ledingham
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
- August 2024 factsheet
- July 2024 factsheet
- June 2024 Factsheet
- May 2024 Factsheet
- April 2024 Factsheet
- March 2024 Factsheet
- February 2024 Factsheet
- January 2024 Factsheet
- December 2023 Factsheet
- November 2023 Factsheet
- October 2023 Factsheet
- September 2023 Factsheet
- August 2023 Factsheet
- July 2023 Factsheet
- June 2023 Factsheet
- May 2023 Factsheet
- April 2023 Factsheet
- March 2023 Factsheet
- February 2023 Factsheet
- January 2023 Factsheet
- December 2022 Factsheet
- November 2022 Factsheet
- October 2022 Factsheet
- September 2022 Factsheet
- August 2022 Factsheet
- Half year report to July 2024
- Annual report 2024
- Half year report to July 2023
- *Annual report 2023
- Half year report to July 2022
- Annual report 2022
- Half year report to July 2021
- Annual report 2021
- Half year report to July 2020
- Annual report 2020
- Half year report to July 2019
- Annual report 2019
- Half year report to July 2018
- Annual report 2018
- Half year report to July 2017
- Annual report 2017
- Half year report to July 2016
- Annual report 2016
- Half year report to 31 July 2015
- Annual report 2015
- Half year report to 31 July 2014
- Annual report 2014
- Half year report to 31 July 2013
- Annual report 2013
- Half year report to 31 July 2012
- Annual report 2012
- Half year report to 31 July 2011
- Annual report 2011
- Half year report to 31 July 2010
- Annual report 2010
- Half year report to 31 March 2009
- Annual report 2009
Sustainable Finance Disclosure Regulation (SFDR)
Shareholder information
Investor documents
- Investor Disclosure Document
- Key Information Document (EU)
- Past performance (EU PRIIPS requirement)
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.
- June 2024 - AGM Proxy Votes
- June 2023 - AGM Proxy Votes
- June 2022 - AGM Proxy Votes
- June 2021 - AGM Proxy Votes
- June 2020 - AGM Proxy Votes
- June 2019 - AGM Proxy Votes
- June 2018 - AGM Proxy Votes
- June 2017 - AGM Proxy Votes
- June 2016 - AGM Proxy Votes
- June 2015 - AGM Proxy Votes
- June 2014 - AGM Proxy Votes
- June 2013 - AGM Proxy Votes
- June 2012 - AGM Proxy Votes
- June 2011 - AGM Proxy Votes
- June 2010 - AGM Proxy Votes
Providers, policies and statements
Company policies
Important dates
- 31 January 2024 – Financial Year End
- 30 April 2024 - Final Results Announced
- 9 July 2024 - Annual General Meeting
- 14 June 2024* - Dividend Payable
- 31 July 2024 - Half Year End
- September 2024 - Half Year Results Announced
* Subject to approval at the AGM dividend paid on 12 July to shareholders on the register on 14 June (ex-div date 13 June).
Principal Service Providers and Auditors
- First Sentier Investors (UK) IM Limited, trading as Stewart Investors - Portfolio Manager
- Frostrow Capital LLP - 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.
| Period | 12 months to 31/08/24 | 12 months to 31/08/23 | 12 months to 31/08/22 | 12 months to 31/08/21 | 12 months to 31/08/20 |
|---|---|---|---|---|---|
| Nav% | 10.3 | -3.1 | 5.0 | 30.1 | 0.7 |
| Share Price | 5.9 | 4.0 | 0.2 | 29.4 | -6.8 |
| CPI + 6%*** | 8.5 | 13.4 | 16.8 | 8.3 | 7.3 |
| Peer Group Return | 11.1 | -7.8 | -11.3 | 27.4 | 17.9 |
| MSCI AC Asia ex Japan Net Index** | 11.6 | -8.7 | -7.4 | 14.4 | 10.6 |
| Period | Since Inception | 10 yrs | 5 yrs | 3 yrs | 1 yr | 6 mths | 3 mths |
|---|---|---|---|---|---|---|---|
| NAV% | 303.3 | 145.3 | 47.0 | 12.3 | 10.3 | 5.5 | 5.2 |
| Share Price | 299.0 | 132.8 | 32.9 | 10.3 | 5.9 | 5.9 | 4.1 |
| CPI + 6%*** | 246.7 | 143.5 | 67.0 | 43.8 | 8.5 | 4.9 | 1.8 |
| Peer Group Return | 230.0 | 137.8 | 36.4 | -8.8 | 11.1 | 7.9 | 1.8 |
| MSCI AC Asia ex Japan Net Index** | 140.5 | 85.3 | 19.3 | -5.7 | 11.6 | 7.7 | 2.8 |
| Ex Div | Record Date | Pay Date | Typeǂ | Pence/Share |
|---|---|---|---|---|
| 13 June 2024 | 14 June 2024 | 12 July 2024 | Final | 4.0 |
| 8 June 2023 | 9 June 2023 | 6 July 2023 | Final | 2.3 |
| 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.
SFDR disclosures for Article 9
This information relates to Pacific Assets Trust plc (the “Trust”)
What is SFDR?
SFDR stands for the Sustainable Finance Disclosure Regulation. It is a regulation that provides more transparency for investors in relation to sustainability risks. Investment trusts, such as the Trust, need to provide information around sustainability, allowing investors to make more informed decisions.
What is Article 9?
Article 9 funds are those with a clearly defined sustainable investment objective. This means they must make only sustainable investments and explain how these investments are sustainable. You can learn more about SDFR and Article 9 here.
Sustainable investment objective
Companies can contribute in many different ways to a better future for people and planet. The Portfolio Manager provides descriptions on how they believe each company is contributing towards sustainable development via the interactive Portfolio Explorer tool.
Users can explore the stories of individual companies organised by the diverse contributions they make including towards human development pillars and climate solutions. This information is updated on a quarterly basis.
The Trust only invests in companies that the Portfolio Manager believes are sustainable, which contribute to a social and/or environmental objective. The contribution of the Trust investments to the social and environmental objectives are assessed by reference to two framework indicators – the Portfolio Manager’s human development pillars and Project Drawdown climate change solutions.
Stewart Investors considers whether:
- there is either a direct1 or enabling2 link between the activities of the company and the achievement of a positive social or environmental outcome;
- the company can benefit from any contribution to positive social or environmental outcomes through sales or expected growth, or from the company’s strong culture e.g. diversity; and
- the company recognises potential negative outcomes associated with its product or services and works towards minimising them (e.g. a company that sells affordable nutritious food products in plastic packaging, but is investigating alternative packaging).
Positive social outcomes
The Trust will only invest in a company if Stewart Investors believe its activities lead to a positive social outcome.
Stewart Investors commits to investing in companies that it feels contribute to at least one of the following positive social outcomes which Stewart Investors call the human development pillars:
- Health and well-being – improved access to and affordability of nutrition, healthcare and hygiene, water and sanitation.
- Physical infrastructure – improved access to and affordability of energy and housing.
- Economic welfare – safe employment offering a living wage and opportunities for advancement, access to finance and improved standards of living.
- Opportunity and empowerment – improved access to and affordability of education and information technology.
Positive environmental outcomes
Stewart Investors assesses positive environmental outcomes by reference to the climate solutions developed by Project Drawdown3. Project Drawdown is a non-profit organisation that has mapped, measured and modelled over 90 different climate solutions that it believes will contribute to reaching ‘drawdown’, i.e. the future point in time when levels of greenhouse gases in the atmosphere stop climbing and start to steadily decline.
Below is a list of climate solutions, together with corresponding examples Stewart Investors believes lead to positive environmental outcomes:
- Food system – sustainable farming, food production and distribution of food-related products and services.
- Energy – adoption of renewable energy and other clean energy and related technologies.
- Circular economy and industries – improved efficiency, reduced waste e.g. recycling existing materials.
- Human development – advancement of human rights and education that drive environmental conservation and sustainable use of resources.
- Transport – efficient transport technologies and growth in fossil fuel-free transportation options.
- Buildings – products and services which reduce the environmental footprint of the built environment, including energy efficiency, electrification, improved design, and use of alternative materials.
- Water – less energy-intensive methods for treating, transporting and heating water.
- Conservation and restoration – supporting deforestation-free and environmentally friendly supply chains.
Fund level reporting to 30 June 2024
- As at 30 June 2024, the Trust held 64 companies.
- All companies (100%) were contributing to at least one human development pillar and, in total, were making 183 contributions to the pillars.
- 46 companies (72%) were contributing to climate change solutions. These companies were contributing to 43 different solutions and, in total, were making 147 contributions to the solutions.
The social and environmental outcomes for the Trust are provided in the charts.
Source for analysis and mapping: Stewart Investors investment team, company data and © 2014–2024 Project Drawdown (drawdown.org) as at 30 June 2024.
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). More information is available on the Portfolio Explorer.
Glossary
Sustainable investment means an investment in an economic activity that contributes to an environmental or social objective, provided that the investment does not significantly harm any environmental or social objective and that the investee companies follow good governance practices.
Sustainability indicators measure how the environmental or social characteristics promoted by the financial product are attained.
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:
| Useful links | ||
|---|---|---|
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.
Contact us and find out more
General enquiries
Portfolio Manager: Stewart Investors
Tel: +44 131 473 2900
[email protected]
Company Secretary:
Frostrow LLP
Tel: +44 (0) 203 0084910
[email protected]
Registrar: Equiniti Limited
Tel: 0371 383 2030
Contact Equiniti
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