Review: Strong performer with a sustainable focus
Pacific Assets Trust (PAC) is unusual among its peers because of its sustainability-based investment process. Although not a narrow ‘green’ or ‘ethical’ fund, it seeks long-term absolute returns from well-governed companies in Asia (excluding Japan and Australasia) that both benefit from and contribute to the sustainable development of the region. Managed by First State Stewart under the current process since July 2010, the trust has produced a strong performance and is second in its peer group of 15 for NAV total return over one and three years and fifth since moving to First State (NAV TR +70.1% versus weighted peer group average of 59.9%). After a period of strong performance for Asian equities, PAC has taken some profits and currently has a relatively high cash weighting (c 8%) as it awaits more compelling valuations for its favoured stocks.Pacific Assets Trust plc is a United Kingdom-based investment trust. The Company's 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). Approximately 20% of the Company's total assets (at the time of investment) may be invested in companies incorporated and/or listed outside the Asia Pacific Region, (as defined above) but whose economic activities are predominantly within the Asia Pacific Region. It invests principally in listed equities although it is able to invest in other securities, including preference shares, debt instruments, convertible securities and warrants. In addition, the Company may invest in open and closed-ended investment funds and companies. It invests in various sectors, including financials, healthcare and industrials. Stewart Investors serves as the Company's investment manager.
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