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 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.
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.
Other Trust news
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
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
- February 2023 Factsheet
- January 2023 Factsheet
- December 2022 Factsheet
- November 2022 Factsheet
- October 2022 Factsheet
- September 2022 Factsheet
- August 2022 Factsheet
- July 2022 Factsheet
- June 2022 Factsheet
- May 2022 Factsheet
- April 2022 Factsheet
- March 2022 Factsheet
- February 2022 Factsheet
- January 2022 Factsheet
- December 2021 Factsheet
- November 2021 Factsheet
- October 2021 Factsheet
- September 2021 Factsheet
- August 2021 Factsheet
- July 2021 Factsheet
- June 2021 Factsheet
- May 2021 Factsheet
- April 2021 Factsheet
- March 2021 Factsheet
- 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
- 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 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
- 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.
| Period | 12 months to 28/02/23 | 12 months to 28/02/22 | 12 months to 28/02/21 | 12 months to 28/02/20 | 12 months to 28/02/19 |
|---|---|---|---|---|---|
| NAV% | 8.9 | 5.8 | 24.9 | 0.3 | 5.4 |
| Share Price | 8.2 | 5.5 | 33.3 | -14.3 | 12.1 |
| CPI + 6%*** | 16.8 | 11.9 | 6.9 | 8.0 | 8.1 |
| Peer Group Return | -5.7 | -6.9 | 56.3 | -0.1 | -0.3 |
| MSCI AC Asia ex Japan Index** | -5.1 | -10.8 | 29.7 | 4.2 | -4.9 |
| Period | Since Inception* | 10yrs | 5 yrs | 3 yrs | 1 yr | 6 mths | 3 mths |
|---|---|---|---|---|---|---|---|
| NAV% | 268.1 | 157.8 | 52.1 | 43.9 | 8.9 | -2.4 | -1.3 |
| Share Price | 272.4 | 160.3 | 46.2 | 52.2 | 8.2 | 2.7 | -0.3 |
| CPI + 6%*** | 199.5 | 136.5 | 63.2 | 39.7 | 16.8 | 6.3 | 1.7 |
| Peer Group Return | 207.1 | 128.5 | 34.1 | 36.0 | -5.7 | -2.0 | 0.8 |
| MSCI AC Asia ex Japan Index** | 122.3 | 76.7 | 8.7 | 9.7 | -5.1 | -5.9 | -1.0 |
| 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.
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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