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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 five 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 September 2023. *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: © 2014–2023 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.
Q3 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.
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 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.
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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.
Other Trust news
Previous Quarterly Shareholder updates:
Q2: 1 April - 30 June 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 Trust.
We initiated a new position over the quarter with the purchase of Telkom Indonesia (Indonesia: Communication Services). Telkom Indonesia has a strong track record of growth and profitability sitting as the backbone of Indonesia’s digital growth. Telecoms is notoriously a tough industry as there is little in the way of differentiation between what tend to be equally matched players. In Indonesia, Telkom has significant market leadership in a consolidated market providing them valuable cash flows to reinvest in growth ahead of peers. Telkom is also a unique example of a telecom company that has a robust, near-net cash balance sheet.
We also started a position in Cyient (India: Information Technology), as we believe, under a new management team, the company has set itself on a clear path of improvement as they refocus their efforts on becoming a leading provider of outsourced engineering services. Finally, we initiated a stake in Triveni Turbines (India: Industrials), India’s leading steam turbine maker with an eye on global expansion. Stewarded by the Sawhney family, Triveni has ambitions to build a simple, focused business in steam turbines that can compete on a global scale. Triveni’s niche of small turbines is an area that requires long-term, trust-based relationships with customisation of end products and a robust aftermarket presence. The results are resilient financials in the form of steady cash generation and a net cash balance sheet.
The Chinese holdings in the Trust have been whipped around in recent months as short-term views shift on a daily basis on whether there is evidence of a post-covid economic recovery and what stimulative polices the government will resort to. The Chinese stock market is dominated by state-owned enterprises. These companies trade on very low valuation multiples – rightly in our view – which when viewing the Chinese market purely from a top-down perspective, muddies the picture on what valuations are being asked of privately owned, high-quality franchises. We are starting to see such companies approach valuations that we are comfortable paying. But on the whole, we do not yet see the bargain valuations that tend to come up when there is genuine fear in a market. We added to positions in Shenzhen Inovance (China: Industrials) and Amoy Diagnostics (China: Health Care) as top-down macro-driven concerns helped depress valuations.
We also added to the holding in Aavas Financiers (India: Financials). We believe Aavas has a fantastic opportunity to generate very attractive levels of long-term growth thanks to their leadership in providing low-cost mortgages to low-income households in India: a market where mortgage penetration is around 11% compared to over 60% in the UK1. We have a lot of respect for the conservative manner in which Aavas has built its balance sheet, which helps provide resilience in times of stress while also reducing the cost of providing mortgages which Aavas then passes on to customers.
To fund these transactions we trimmed Tube Investments (India: Consumer Discretionary) to maintain a responsible position size on the back of strong performance. We also sold the Trust’s small holding in Infosys (India: Information Technology) as we prefer the opportunity at Cyient, and Info Edge (India: Communication Services) as we have some concerns over the company’s ability to maintain their business model long term.
During the quarter, the Trust released its 2023 Annual Report and Douglas Ledingham, Portfolio Manager, provided a recorded update on the Trust’s performance. Click here to listen to the update.
1 Source: Aavas annual report 2022-2023
Proxy voting: 1 April - 30 June 2023
Proxy voting by country of origin
Proxy voting by proposal categories
During the quarter there were 360 resolutions from 42 companies to vote on. On behalf of the Trust, we voted against 18 and abstained on one resolution.
We voted against Aavas Financiers' request to reprice options granted under various equity stock option plans for employees due to a share price fall. We do not believe this request is in shareholders’ interest. (three resolutions)
We voted against BRAC Bank’s request to increase authorised share capital by more than 100%, as the company had not given any justification for why they are doing this at the time of voting. (one resolution)
We voted against Foshan Haitian Flavouring’s request to approve connected transactions entered into between the Company and related entities and their respective annual caps. We do not believe these requests are in shareholders’ interests. (two resolutions)
We voted against the appointment of the auditor at Foshan Haitian Flavouring, Glodon, Selamat Sempurna, Telkom Indonesia, Unicharm Indonesia, ViTrox and Yifeng Pharmacy Chain 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. (seven 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)
We voted against Vinda International’s request to issue shares without pre-emptive rights and issue repurchased shares, as the share discount rate had not been disclosed. (two resolutions)
We voted against ViTrox’s request to issue shares without pre-emptive rights as the share discount rate had not been disclosed. (one resolution)
We abstained from voting on the appointment of Kalbe Farma’s auditor and their request to set auditor fees as at the time of voting the company had not disclosed the name of the auditing firm. (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.
Q1: 1 January - 31 March 2023
Significant Trust changes
During the quarter, the Trust initiated a new position in Zhejiang Supor (China: Consumer Discretionary), a leading manufacturer of cookware and small domestic appliances in China. The company is majority owned (82%) by a French cookware manufacturer1, has a good track record of profitable growth, and impressive cash conversion. The franchise is well placed to gain share in a market that is growing steadily.
The Trust divested from holdings in Techtronic Industries (Hong Kong: Industrials) after reflecting on the quality of the management, and Public Bank (Malaysia: Financials), a comparatively new addition to the Trust, because we identified better risk-reward opportunities in other new investments.
In order to control position size, we reduced holdings in CG Power (India: Industrials) and Tube Investments (India: Consumer Discretionary). We also reduced Koh Young Technology (South Korea: Information Technology) after reflecting on the quality of the culture.
We added to the following positions: Aavas Financiers (India: Financials), Yifeng Pharmacy Chain (China: Consumer Staples), Shenzhen Inovance Tech (China: Industrials) and Syngene (India: Health Care).
1 Source: Zhejiang Supor annual report 2021
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 January - 31 March 2023
Proxy voting by country of origin
Proxy voting by proposal categories
During the quarter, there were 56 resolutions from eleven companies to vote on. On behalf of the Trust, we voted against one resolution.
We voted against Amoy Diagnostics’ request to increase share capital and share count as we did not have sufficient information at the time of voting for the justification of these amendments to articles. (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 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).
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 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.
Key updates from the Trust
Previous monthly factsheets and Quarterly shareholder updates can be found on the Literature section.
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
- 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
- July 2022 Factsheet
- June 2022 Factsheet
- May 2022 Factsheet
- April 2022 Factsheet
- March 2022 Factsheet
- February 2022 Factsheet
- January 2022 Factsheet
- December 2021 Factsheet
- 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 (UK)
- 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 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
- 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
- 3 July 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 - 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 31/10/23 | 12 months to 31/10/22 | 12 months to 31/10/21 | 12 months to 31/10/20 | 12 months to 31/10/19 |
|---|---|---|---|---|---|
| Nav% | 0.3 | 0.4 | 22.6 | 6.9 | 12.3 |
| Share Price | 2.7 | -1.1 | 23.1 | -2.7 | 14.3 |
| CPI + 6%*** | 13.2 | 16.8 | 9.4 | 6.7 | 8.0 |
| Peer Group Return | 1.9 | -22.6 | 17.2 | 28.5 | 14.4 |
| MSCI AC Asia ex Japan Net Index** | 7.7 | -21.4 | 6.4 | 15.9 | 11.8 |
| Period | Since Inception | 10 yrs | 5 yrs | 3 yrs | 1 yr | 6 mths | 3 mths |
|---|---|---|---|---|---|---|---|
| NAV% | 257.7 | 150.0 | 48.1 | 23.4 | 0.3 | 1.6 | -3.9 |
| Share Price | 263.2 | 136.7 | 39.0 | 25.0 | 2.7 | -1.4 | -6.5 |
| CPI + 6%*** | 225.3 | 142.1 | 66.8 | 44.7 | 13.2 | 5.5 | 1.9 |
| Peer Group Return | 174.1 | 110.5 | 31.9 | -8.1 | 1.9 | -6.6 | -9.5 |
| MSCI AC Asia ex Japan Net Index** | 110.6 | 73.0 | 16.8 | -9.9 | 7.7 | -2.9 | -7.2 |
| Ex Div | Record Date | Pay Date | Typeǂ | Pence/Share |
|---|---|---|---|---|
| 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
Sustainable investment objective
This information relates to the Pacific Asset Trust plc (the “Trust”)
The Trust seeks to achieve long-term capital appreciation by investing in companies which both contribute to, and benefit from, sustainable development, achieving positive social and environmental sustainable outcomes.
Positive social sustainability outcomes include the enablement of improved health and wellbeing; access to income-generating and enterprise opportunities; fair employment and workplace safety; access to education and learning opportunities; communication and access to information; financial inclusion; sustainable transport and mobility; better access to housing, water, sanitation and electricity; and social inclusion and reduced inequality.
Positive environmental sustainability outcomes include more careful, efficient and productive use of natural resources; reduced waste and improved waste management; the wider adoption of circular economy practices and measures; the adoption of renewable and cleaner energy technologies; reduced greenhouse gas emissions; reduced water, air and other environmental pollution; a slowing in the rate of land degradation, land use change and loss of forests and biodiversity; and measures and technologies that enable climate change adaptation and resilience.
The Trust only invests in companies that are sustainable investments 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 Investment Manager’s human development pillars and Project Drawdown climate change solutions.
Positive social outcomes
We assess positive social outcomes by reference to the below human development pillars. We developed these human development pillars, by reference to, amongst other things, the UN Human Development Index.
- 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
Visit our Portfolio Explorer tool to find out more about the pillars and the diverse contributions companies are making to human development.
Climate change solutions
Project Drawdown is a non-profit organisation, founded in 2014, which has mapped, measured and modelled over 90 different solutions to global warming, with the ultimate goal of reaching drawdown – i.e. the point in the future when emissions stop increasing and start to steadily decrease. Each Trust investment is mapped by the Investment Manager against the c.90 solutions (which are captured in eight broader solutions of Buildings, Circular economy / industry, Conservation / restoration, Energy, Food system, Human development, Transport and Water). The Investment Manager’s focus is on whether the companies themselves are making a meaningful contribution and will have meaningful involvement with the delivery of any of those solutions. Where the companies in which the Trust invests do contribute to any of the solutions, they will be involved in making products and delivering services directly, or by enabling/supporting those solutions.
These frameworks, alongside the Investment Manager’s own bottom-up analysis, lean on measurable and reportable outcomes as evidence for determining a company’s meaningful contribution to sustainable development.
Meaningful company contribution:
- Demonstrates a clear link to the underlying issue and solution, including whether the contribution is direct, or enabling/supporting.
- Is relevant for the company either as a revenue/growth driver, as strategic initiatives backed by research and development or capital expenditure, or a function of strong culture or behaviours and ‘how they do things’ e.g. for equality and diversity.
- Recognises negative impacts from the company, including contradictions and risks of perverse outcomes.
How did the sustainability indicators perform?
Companies can contribute in many different ways to a better future for people and planet. To align with their bottom-up investment approach, the Investment Manager provides descriptions, via their interactive Portfolio Explorer tool, on how they believe each company is contributing towards sustainable development.
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.
In addition, the data and charts below provide a summary of the social and environmental outcomes for the Trust. This information will be updated biannually.
Pacific Assets Trust reporting to 30 June 2023
- As at 30 June 2023, the Trust held 63 companies.
- All companies (100%) were contributing to at least one human development pillar and, in total, were making 176 contributions to the pillars.
- 39 companies (62%) were contributing to climate change solutions. These companies were contributing to 37 different solutions and, in total, were making 117 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 © 2014–2023 Project Drawdown (drawdown.org) as at 30 June 2023.
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 | ||
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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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