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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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Latest share price
339.00p 08 May 2025
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.
Sustainable investment labels help investors find products that have a specific sustainability goal. This product does not have a UK sustainable investment label as it does not have a non-financial sustainability objective. Its objective is to achieve capital growth over the long-term by following its investment policy and strategy.
To learn more about the Stewart Investors investment philosophy and approach to sustainability, click here.
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How companies are contributing to sustainable development
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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 31 March 2025. *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: © 2014–2025 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.
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.
Q1 2025
Significant Trust changes
Broad market indices in the Asia Pacific region moved slightly lower in sterling terms over the first quarter of 2025. Perhaps of greater significance was that political turbulence resulted in a wide divergence of returns on a country level. Market indices in China, South Korea and Singapore moved higher but fell across the rest of the region, with some markets suffering double-digit falls.
Most notable was the extent of the divergence in returns between markets in India (down) and China (up). Investors’ enthusiasm for Chinese equities came in response to DeepSeek’s impressive demonstration of the progress the country is making in AI, some market-friendly rhetoric from the government in Beijing and hopes that the United States’ trade tariffs might not prove too onerous. In contrast, while there was relatively little news from India, share prices there fell back from elevated levels, as they did in many other parts of the world; returns from the Indian market over the quarter were broadly in-line with those from markets in the United States.
During the quarter, and on behalf of the Trust, we added new positions in S.F. Holding (China: Industrials), Mindray (China: Health Care) and Alibaba (China: Consumer Discretionary). S.F. Holding is China’s number one provider of logistics and is well placed to benefit from the growth in time-sensitive logistics across Asia. Mindray is a global leader in affordable medical devices and is steadily climbing up the value chain. Alibaba, meanwhile, has an important part to play amid China’s new emphasis on increasing national self-reliance, particularly in the realms of AI and cloud computing. In recent years, the stewards of Chinese companies have, often for the first time, been tested by genuine economic and political adversity. They have applied the lessons learned, strengthening their franchises and balance sheets. This, in combination with valuations that appear modest by global standards, means we have been identifying a greater number of new investment ideas in China.
Elsewhere, we established new positions in Bank of the Philippine Islands (Philippines: Financials) and BDO Unibank (Philippines: Financials). Both are family owned and professionally managed. In India, we took advantage of recent weakness to add a new holding in Bajaj Auto (India: Consumer Discretionary), a leading manufacturer of motorcycles, scooters and auto rickshaws backed by a high-quality steward.
Lower valuations also prompted us to build the Trust’s positions in two companies which we first purchased last year. Bajaj Holdings & Investment (India: Financials) is a holding company with auto and finance businesses and Sundaram Finance (India: Financials) provides vehicle finance, home loans and general insurance.
We sold the entirety of the Trust’s holding in Tata Consumer Products (India: Consumer Staples) on valuation grounds. We also sold out of Syngene (India: Health Care), Dr. Reddy’s Laboratories (India: Health Care) and Cyient (India: Information Technology) because of their vulnerability to policy changes from the White House. Finally, we sold ICICI Lombard (India: Financials), IndiaMART (India: Industrials) and Koh Young Technology (South Korea: Information Technology). These were small positions and we had better ideas elsewhere.
We continued to reduce the holding in TSMC (Taiwan: Information Technology) as evidence continued to mount that it is losing control of capital expenditure. To control position sizes, we reduced Mahindra & Mahindra (India: Consumer Discretionary), and CG Power (India: Industrials).
As the long period of US exceptionalism draws to an end, we hope investors will begin to pay attention to the abundance of attractively valued companies to be found in the Asia Pacific region. Clearly, if the US economy falters and global demand falls, then economies across Asia will be impacted, albeit to differing degrees. We are also conscious that political risks appear to be rising in many Asian countries. Those risks, however, are far from uniform. The region’s technology complex, centred around Taiwan, South Korea and China, would appear to be particularly vulnerable to a global slowdown. India, by contrast, remains a domestically driven growth story and, as such, is somewhat isolated from the tumult in the global economy. The Philippines, meanwhile, could receive a significant economic boost if a global slowdown results in a meaningful fall in oil prices.
Predicting how any of today’s economic and geopolitical challenges will play out lies beyond our remit and our skillset. Fortunately, many of the Asian companies held in the Trust have long memories; they still have the scar tissue formed during previous crises. These businesses have been forced to learn, to adapt and to become resilient. As a result, we believe they are set up not only to perform when conditions are fair but to navigate through whatever political and economic turbulence lies ahead.
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 January - 31 March 2025
Proxy voting by country of origin
Proxy voting by proposal categories
During the quarter there were 74 resolutions from 20 companies to vote on. On behalf of the Trust, we voted against five resolutions.
We voted against the election of a director and their remuneration at IndiaMART as we seek to encourage greater diversity and independence on the board. (one resolution)
We voted against the election of two directors and an audit committee member at Samsung Electronics as we do not believe them to be truly independent. (three resolutions)
We voted against the election of the audit committee chair at Unicharm as we do not believe they are 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.
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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 Q1 2025
1 January - 31 March 2025
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.
Previous Quarterly Shareholder updates:
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.
Chinese equities gave back some gains from the dramatic autumn stimulus which challenged comparative performance in the third quarter of 2024. The performance of the Indian market index struggled after some of the largest companies in India faced governance issues that became subject to enquiry by the regulator in the United States. The re-election of Mr Trump also seemed to distract global investors from Asian equities. At Stewart Investors we continue to concentrate on bottom-up stock selection rather than overly focus on unpredictable macro news flow.
On behalf of the Trust, we purchased DFI Retail Group (Hong Kong: Consumer Staples), a pan-Asian retailer stewarded by the Keswick family and MANI (Japan: Health Care), a Japanese medical device company. We also bought Naver (South Korea: Communication Services), South Korea’s dominant internet search engine which has significantly improved its capital allocation in recent years.
During the quarter we took advantage of attractive valuations to add to the Trust’s positions in AirTAC International (Taiwan: Industrials) and Yiheda Automation (China: Industrials).
Due to waning conviction, high valuations, or finding better ideas elsewhere, we sold Pentamaster (Malaysia: Information Technology), Advanced Energy Solution (Taiwan: Industrials) and Samsung C&T (South Korea: Industrials).
To control position sizes, we trimmed Mahindra & Mahindra (India: Consumer Discretionary), CG Power (India: Industrials), Marico (India: Consumer Staples), TSMC (Taiwan: Information Technology), Unicharm (Japan: Consumer Staples), Dr. Lal PathLabs (India: Health Care) and Chroma ATE (Taiwan: Information Technology).
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 October - 31 December 2024
Proxy voting by country of origin
Proxy voting by proposal categories
During the quarter there were 19 resolutions from nine 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. 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.
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 last few days of the quarter the Chinese central bank and government announced monetary and fiscal stimulus measures for the economy, causing Chinese stocks to rally significantly. Whilst it is heartening to see the Chinese authorities attempting to address the issues within the economy it remains unclear whether this stimulus will adequately address structural issues like the lack of consumer demand.
The Trust bought Ayala (Philippines: Industrials), a 190-year-old Filipino conglomerate stewarded by the Ayala family who in recent years have appointed the first ever non-family CEO. It also purchased Yiheda Automation (China: Industrials), China’s leading supplier of factory automation components, which has the opportunity to consolidate a growing, largely informal market. Finally, the Trust bought Blue Dart Express (India: Industrials), a logistics provider focussed on express parcel deliveries and majority-owned by DHL Group.
During the quarter we continued to add to Techtronic Industries (Hong Kong: Industrials) and increased the position in Tata Communications (India: Communication Services).
We controlled the position size of the Trust’s large holdings in Mahindra & Mahindra (India: Consumer Discretionary), CG Power (India: Industrials), and Cholamandalam Financial Holdings (India: Financials). The Trust also trimmed positions in HDFC Bank (India: Financials), Aavas Financiers (India: Financials), Hoya (Japan: Health Care), and Unicharm (Japan: Consumer Staples).
On behalf of the Trust we sold RBL Bank (India: Financials) and Unilever Indonesia (Indonesia: Consumer Staples), both of which were smaller positions that we struggled to build conviction in.
Views on investment opportunities in Asia have not changed; the strategy continues 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 July - 30 September 2024
Proxy voting by country of origin
Proxy voting by proposal categories
During the quarter there were 230 resolutions from 30 companies to vote on. On behalf of the Trust, we voted against four resolutions.
We voted against the appointment of the auditor at Philippine Seven as they have been in place for over ten years. The company has given no information on intended rotation which we believe is important for ensuring a fresh perspective on the accounts. We also voted against proposals on transaction of business, as the company did not provide enough information about the proposals. We wanted to avoid giving them unrestricted decision-making power without sufficient clarity. (two resolutions)
We voted against the appointment of the auditor at Shanthi Gears as the company did not disclose the name of the proposed auditor. (one resolution)
We voted against the appointment of the auditor at Vitasoy as they have been in place for over ten years. The company has given no information on intended rotation which we believe is important for ensuring a fresh perspective on the accounts. (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.
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.
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.
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 2024 - Shareholder update from Doug Ledingham
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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
- March 2025 Factsheet
- February 2025 Factsheet
- January 2025 Factsheet
- December 2024 Factsheet
- November 2024 Factsheet
- October 2024 Factsheet
- September 2024 Factsheet
- 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
- Annual report 2025
- 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
- Pacific Assets Trust Annual Review 2023
- Pacific Assets Trust Climate Report 2021
- TCFD Climate Report 31 December 2023
- Kepler report on Pacific Assets Trust
Please note the climate report has been replaced by the annual review which includes additional data on engagement and voting as well as the climate reporting.
Shareholder information
- Investor Disclosure Document
- Key Information Document (EU)
- Past performance (EU PRIIPS requirement)
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
- Important Information about the Trust
- Terms of reference
- Pacific Asset Trust site terms and conditions
- Privacy policy
- Anti-Bribery and Corruption Policy
- Pacific Assets Trust plc Commitment to Prevention of Facilitation of Tax Evasion
- Stewart Investors position on harmful and controversial products and services
- 31 January 2025 – Financial Year End
- April 2025 - Final Results Announced
- 1 July 2025 - Annual General Meeting
- 11 July 2025 - Dividend Payable
- 31 July 2025 - Half Year End
- September 2025 - Half Year Results Announced
- 31 Jan 2026 - Financial Year End
- 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.
UK Sustainability Disclosure Requirements – SDR
The FCA has recently introduced a package of measures to help consumers navigate the market for sustainable investment products. These measures seek to improve transparency for consumers by providing accessible information in relation to sustainable investment products. SDR currently only applies to UK investment products offered to retail investors. Sustainable investment labels help investors find products that have a specific sustainability goal. Investment products offered by the First Sentier Investors Group may or may not have a UK sustainable investment label. Further information can be found in the SDR Client Facing Dsiclosure.
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.
Pacific Assets Trust plc Share price as at 08 May 2025
| Fund | Share Price (p) | Ex-Income NAV Per Share (p) | Ex-Income Discount / Premium (%) | Cum Income NAV Per Share (p) | Cum Income Discount / Premium (%) |
|---|---|---|---|---|---|
| Pacific Assets Trust plc | 339.00 | 379.50 | -10.67 | 386.23 | -12.23 |
| Share Price (p) | 339.00 |
|---|---|
| Ex-Income NAV Per Share (p) | 379.50 |
| Ex-Income Discount / Premium (%) | -10.67 |
| Cum Income NAV Per Share (p) | 386.23 |
| Cum Income Discount / Premium (%) | -12.23 |
Discrete Performance (% in GBP) to 31 Mar 2025
| Period | 12 months to 31/03/25 | 12 months to 31/03/24 | 12 months to 31/03/23 | 12 months to 31/03/22 | 12 months to 31/03/21 |
|---|---|---|---|---|---|
| Nav% | -4.0 | 7.0 | 5.5 | 4.5 | 47.1 |
| Share Price | -5.0 | -0.2 | 12.7 | 1.1 | 48.3 |
| CPI + 6%*** | 9.2 | 9.8 | 17.2 | 12.7 | 6.6 |
| Peer Group Return | 3.3 | -0.5 | -4.5 | -7.3 | 68.1 |
| MSCI AC Asia ex Japan Net Index** | 9.0 | 1.8 | -3.0 | -10.6 | 41.4 |
Cumulative Performance (% in GBP) to 31 Mar 2025
| Period | Since Inception | 10 yrs | 5 yrs | 3 yrs | 1 yr | 6 mths | 3 mths |
|---|---|---|---|---|---|---|---|
| NAV% | 269.2 | 97.1 | 66.6 | 8.4 | -4.0 | -11.3 | -8.5 |
| Share Price | 251.1 | 69.1 | 60.2 | 6.9 | -5.0 | -12.2 | -10.8 |
| CPI + 6%*** | 264.8 | 148.3 | 68.7 | 40.4 | 9.2 | 4.4 | 2.2 |
| Peer Group Return | 243.4 | 119.4 | 60.8 | 1.4 | 3.3 | -4.2 | -3.7 |
| MSCI AC Asia ex Japan Net Index** | 149.9 | 74.1 | 36.1 | 7.6 | 9.0 | -2.2 | -1.2 |
| Ex Div | Record Date | Pay Date | Typeǂ | Pence/Share |
|---|---|---|---|---|
| 12 June 2025 | 13 June 2025 | 11 July 2025 | Final | 4.9 |
| 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 – access to safe, affordable and nutritious food, medical care, and hygiene products
- Physical infrastructure – access to reliable, affordable and safe energy, housing, water and sanitation
- Economic welfare – access to productive employment, financial services, and material necessities
- Opportunity and empowerment – access to education and training, information and communication technologies, and transport and logistics
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 captured in eight broader categories, 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 31 Mar 2025
- As at 31 March 2025, the Trust held 68 companies.
- All companies (100%) were contributing to at least one human development pillar and, in total, were making 138 contributions to the pillars.
- 45 companies (66%) were contributing to climate change solutions. These companies were contributing to 36 different solutions and, in total, were making 134 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 © 2014–2025 Project Drawdown (drawdown.org) as at 31 March 2025.
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
An internet and telephone dealing service is available through the Company's registrar, Equiniti.
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 03456 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
enquiries@stewartinvestors.com
Company Secretary:
Frostrow Capital LLP
Tel: +44 (0) 203 0084910
info@frostrow.com
Registrar: Equiniti Limited
Tel: 0371 383 2030
Contact Equiniti
PR: Kepler Partners
Tel: +44 7934 578932
catriona@keplerpartners.com
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*The official ESEF version of the 2024, 2023 and 2022 Annual Reports has been published on the National Storage Mechanism.
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.
