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PACIFIC ASSETS TRUST PLC Fund Information / Factsheet 2020
4682_rns_2020-05-01_bd397663-61db-474a-874b-f2334cb55974.pdf
Fund Information / Factsheet
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Pacific Assets Trust
31 March 2020
Investment Objective and Manager Profile
The Pacific Assets Trust Plc (the 'Trust') investment objective is to achieve long-term capital growth through investment in selected companies in the Asia Pacific region and the Indian sub-continent, 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 long term.
Stewart Investors, which has been the Trust's Investment Manager since 1 July 2010, adopts a sustainable investment strategy in selecting the investments that make up the Trust's investment portfolio. Each investment is a decision to purchase part of a real business with all the rights and responsibilities that go with this 'share' of the ownership of the company. The Trust invests in shares of companies which are positioned to benefit from, and contribute to, the sustainable development of the economies in which they operate. Investment decisions are based on identifying companies that manage risks and opportunities and contribute towards global human development without exceeding their ecological footprint.
Trust Information
| Trust Launch Date | 1984 |
|---|---|
| Total Net Assets (£M) | 290.2 |
| Performance Objective | Consumer Price Index (CPI) + 6% |
| Number of holdings | 55 |
| Share Price (p) | 215.00 |
| NAV - cum income | 239.99 |
| (Discount) / Premium % | (10.4) |
| Sedol | 0667438 |
| ISIN | GB0006674385 |
| Annual Management Fee | 0.85% |
| Ongoing Charges+ | 1.14% |
+Calculated at the financial year end, includes management fees and all other operating expenses but excludes transaction, and certain other, costs. Please see Key Investor Document for full costs and charges information.
Annual Performance (% in GBP) to 31 March 2020
| Period | 12 mths to 31/03/20 |
12 mths to 31/03/19 |
12 mths to 31/03/18 |
12 mths to 31/03/17 |
12 mths to 31/03/16 |
|---|---|---|---|---|---|
| NAV | -16.7 | 11.6 | 3.6 | 30.0 | -6.0 |
| Share Price | -25.9 | 19.8 | 1.1 | 29.1 | -9.0 |
| CPI + 6%3 | 8.0 | 8.1 | 9.0 | 8.6 | 6.5 |
| Peer Group | -14.0 | 5.9 | 15.4 | 40.3 | -8.3 |
| MSCI AC Asia ex Japan index2 |
-9.0 | 2.0 | 12.2 | 35.0 | -9.0 |
Cumulative Performance (% in GBP) to 31 March 2020
| Period | Since Inception1 |
5 yrs | 3 yrs | 1 yr | 6 mths | 3 mths |
|---|---|---|---|---|---|---|
| NAV | 118.6 | 17.8 | -3.6 | -16.7 | -20.3 | -16.3 |
| Share Price | 119.2 | 5.6 | -10.2 | -25.9 | -27.0 | -22.5 |
| CPI + 6%3 | 112.4 | 47.2 | 27.3 | 8.0 | 3.3 | 1.6 |
| Peer Group | 107.1 | 34.3 | 4.8 | -14.0 | -14.2 | -17.6 |
| MSCI AC Asia ex Japan index2 |
83.6 | 28.0 | 4.1 | -9.0 | -9.3 | -12.8 |
1Performance since inception, Stewart Investors was appointed as Investment Manager with effect from the 01 Jul 2010. 2The MSCI AC Asia ex Japan Index is shown here as a comparator to provide additional context for investors seeking exposure to the region. 3The 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.
Ten Largest Holdings
| Stock name | % Stock name | % |
|---|---|---|
| Tech Mahindra Limited | 4.4 Kotak Mahindra Bank Limited | 3.0 |
| Hoya Corp. | 4.3 Marico Limited | 2.9 |
| Vitasoy International Holdings | 4.3 Dr Lal Pathlabs Ltd | 2.6 |
| Unicharm Corporation | 4.1 Housing Development Finance Corporation Limited |
2.5 |
| Philippine Seven PHP1 | 3.1 Koh Young Technology Inc | 2.3 |
Sector Breakdown
Country Breakdown
Due to rounding weights may not total 100%
These figures refer to the past. Past performance is not a reliable indicator of future results.
All performance data is as at 31 March 2020. 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.
Pacific Assets Trust
31 March 2020
Risk Warnings
- • 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 Fund invests in assets which are denominated in other currencies; changes in exchange rates will affect the value of the Fund.
- Price: Investment trust share prices 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 and costs and charges please refer to the Key Information Document from which the risk indicator is taken.
If you are in any doubt as to the suitability of the Trust for your investment needs please seek investment advice.
The MSCI information may only be used for your internal use, may not be reproduced or disseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non- infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
| For further information | |||
|---|---|---|---|
| Client Services Team (UK): | 0800 085 3880 | Email: | [email protected] |
| Client Services Team (overseas): | +44 131 525 8873 | Website: | www.pacific-assets.co.uk |
Important Information
Important Information
This document has been prepared for informational purposes only and is only intended to provide a summary of the subject matter covered and does not purport to be comprehensive. The views expressed are the views of the writer at the time of issue and may change over time. It does not constitute investment advice and/or a recommendation and should not be used as the basis of any investment decision. This document is not an offer document and does not constitute an offer or invitation or investment recommendation to distribute or purchase securities, shares, units or other interests or to enter into an investment agreement. No person should rely on the content and/or act on the basis of any material contained in this document.
This document is confidential and must not be copied, reproduced, circulated or transmitted, in whole or in part, and in any form or by any means without our prior written consent. The information contained within this document has been obtained from sources that we believe to be reliable and accurate at the time of issue but no representation or warranty, express or implied, is made as to the fairness, accuracy, or completeness of the information. We do not accept any liability whatsoever for any loss arising directly or indirectly from any use of this information.
References to "we" or "us" are references to Stewart Investors. Stewart Investors is a trading name of First State Investment Management (UK) Limited.
In the UK, issued by First State Investment Management (UK) Limited which is authorised and regulated by the Financial Conduct Authority (registration number 119367). Registered office 23 St. Andrew Square, Edinburgh, EH2 1BB number SCO79063.
Pacific Assets Trust plc ("The Trust") is an investment trust, incorporated in Scotland with registered number SC091052, whose shares have been admitted to the Official List of the London Stock Exchange plc. The Trust is a Small Registered UK Alternative Investment Fund Manager under the Alternative Investment Fund Managers Directive. The Trust has delegated certain portfolio management responsibilities to First State Investment Management (UK) Limited. Further information is available from Client Services, Stewart Investors, 23 St Andrew Square Edinburgh, EH2 1BB or by telephoning 0800 587 4141 between 9am and 5pm Monday to Friday or by visiting www.pacific-assets.co.uk. Telephone calls with Stewart Investors may be recorded.
The distribution or purchase of shares in the Trust, or entering into an investment agreement with Stewart Investors may be restricted in certain jurisdictions.
First State Investments entities referred to in this document are part of First Sentier Investors a member of MUFG, a global financial group. First Sentier Investors includes a number of entities in different jurisdictions, operating in Australia as First Sentier Investors and as First State Investments elsewhere. MUFG and its subsidiaries do not guarantee the performance of any investment or entity referred to in this document or the repayment of capital. Any investments referred to are not deposits or other liabilities of MUFG or its subsidiaries, and are subject to investment risk including loss of income and capital invested.
The First State Investments logo is a trademark of the Commonwealth Bank of Australia or an affiliate thereof and is used by FSI under licence.