PACIFIC ASSETS TRUST PLC                                                                                                                

LEI:2138008U8QPGAESFYA48

NET ASSET VALUE

The estimated un-audited net asset value per share, calculated in accordance with the guidelines of the Association of Investment Companies, for Pacific Assets Trust plc at the close of business on 8 May 2025 was 386.23p (cum income).

For and on behalf of the Board

Frostrow Capital LLP

Secretary

09 May 2025

PACIFIC ASSETS TRUST PLC                                                                

LEI:2138008U8QPGAESFYA48

NET ASSET VALUE

The estimated un-audited net asset value per share, calculated in accordance with the guidelines of the Association of Investment Companies, for Pacific Assets Trust plc at the close of business on 7 May 2025 was 389.31p (cum income).

For and on behalf of the Board

Frostrow Capital LLP

Secretary

08 May 2025

For immediate release

7 May 2025

PACIFIC ASSETS TRUST PLC

(the "Company")

 

 

MARKET PURCHASE OF COMPANY'S OWN SHARES

 

 

 

Notification is given, pursuant to the authority granted at the Annual General Meeting of the Company held on 9 July 2024 to make market purchases of the Company's own shares up to an aggregate maximum of 18,131,662, that a market total of 50,000 Ordinary shares of 12.5p each in the capital of the Company was purchased today for cancellation by the Company at a price of 340 pence per Ordinary Share.

 

Following this transaction, the Company hereby notifies the market that the total number of Ordinary shares that the Company has in issue, less the total number of Ordinary shares bought back for cancellation by the Company following such purchase, and therefore, the total number of voting rights in the Company is 118,653,386. The Company does not currently hold any Ordinary shares in treasury.

 

The figure of 118,653,386 may be used by shareholders as the denominator for the calculation by which they may determine if they are required to notify their interest in, or change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

 

For and on behalf of

Frostrow Capital LLP

Company Secretary

 

For further information, please contact:

 

Katherine Manson

Frostrow Capital LLP

Tel: 0203 709 8734

PACIFIC ASSETS TRUST PLC                                                                                                                

LEI:2138008U8QPGAESFYA48

NET ASSET VALUE

The estimated un-audited net asset value per share, calculated in accordance with the guidelines of the Association of Investment Companies, for Pacific Assets Trust plc at the close of business on 6 May 2025 was 388.94p (cum income).

For and on behalf of the Board

Frostrow Capital LLP

Secretary

07 May 2025

PACIFIC ASSETS TRUST PLC                                                                                                                

LEI:2138008U8QPGAESFYA48

NET ASSET VALUE

The estimated un-audited net asset value per share, calculated in accordance with the guidelines of the Association of Investment Companies, for Pacific Assets Trust plc at the close of business on 2 May 2025 was 386.82p (cum income).

For and on behalf of the Board

Frostrow Capital LLP

Secretary

06 May 2025

For immediate release

2 May 2025

PACIFIC ASSETS TRUST PLC

(the "Company")

 

 

MARKET PURCHASE OF COMPANY'S OWN SHARES

 

 

 

Notification is given, pursuant to the authority granted at the Annual General Meeting of the Company held on 9 July 2024 to make market purchases of the Company's own shares up to an aggregate maximum of 18,131,662, that a market total of 30,000 Ordinary shares of 12.5p each in the capital of the Company was purchased today for cancellation by the Company at a price of 340 pence per Ordinary Share.

 

Following this transaction, the Company hereby notifies the market that the total number of Ordinary shares that the Company has in issue, less the total number of Ordinary shares bought back for cancellation by the Company following such purchase, and therefore, the total number of voting rights in the Company is 118,703,386. The Company does not currently hold any Ordinary shares in treasury.

 

The figure of 118,703,386 may be used by shareholders as the denominator for the calculation by which they may determine if they are required to notify their interest in, or change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

 

For and on behalf of

Frostrow Capital LLP

Company Secretary

 

For further information, please contact:

 

Katherine Manson

Frostrow Capital LLP

Tel: 0203 709 8734

PACIFIC ASSETS TRUST PLC                                                                                                                

LEI:2138008U8QPGAESFYA48

NET ASSET VALUE

The estimated un-audited net asset value per share, calculated in accordance with the guidelines of the Association of Investment Companies, for Pacific Assets Trust plc at the close of business on 1 May 2025 was 383.37p (cum income).

For and on behalf of the Board

Frostrow Capital LLP

Secretary

02 May 2025

PACIFIC ASSETS TRUST PLC                                                                

LEI:2138008U8QPGAESFYA48

NET ASSET VALUE

The estimated un-audited net asset value per share, calculated in accordance with the guidelines of the Association of Investment Companies, for Pacific Assets Trust plc at the close of business on 30 April 2025 was 381.53p (cum income).

For and on behalf of the Board

Frostrow Capital LLP

Secretary

01 May 2025

Pacific Assets Trust plc

 

01 May 2025

 

 

 

                

Pacific Assets Trust plc

Voting Rights and Capital

 

In accordance with the Financial Conduct Authority's Disclosure Guidance and Transparency Rules, Pacific Assets Trust plc (the ``Company'') announces the following:

 

As at 30 April 2025, the Company's capital consists of ordinary shares of 12.5p with each ordinary share holding one voting right. The total number of ordinary shares in issue is 118,733,386. The Company has no ordinary shares in Treasury.

 

Therefore, the total number of voting rights in the Company is 118,733,386.

 

The above figure (118,733,386) may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in the Company, or a change to their interest in the Company, under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

 

 

 

                                    - END -

 

 

 

Frostrow Capital LLP

Company Secretary

Tel: 0203 709 8734

PACIFIC ASSETS TRUST PLC                                                                                                                

LEI:2138008U8QPGAESFYA48

NET ASSET VALUE

The estimated un-audited net asset value per share, calculated in accordance with the guidelines of the Association of Investment Companies, for Pacific Assets Trust plc at the close of business on 29 April 2025 was 377.25p (cum income).

For and on behalf of the Board

Frostrow Capital LLP

Secretary

30 April 2025

LONDON STOCK EXCHANGE ANNOUNCEMENT

Pacific Assets Trust plc

(the “Company”)

Annual Results for the Year Ended 31 January 2025

The statements below are extracted from the Company’s annual report for the year ended 31 January 2025 (the “Annual Report”).  The Annual Report, which includes the notice of the Company’s forthcoming annual general meeting, will be submitted to the Financial Conduct Authority and will shortly be available in full, unedited text for inspection on the National Storage Mechanism (NSM): https://data.fca.org.uk/#/nsm/nationalstoragemechanism

The Annual Report will be posted to shareholders on 9 May 2025. Members of the public may obtain copies by writing to Frostrow Capital LLP, 25 Southampton Buildings, London WC2A 1AL or from the Company’s website at www.pacific-assets.co.uk where up to date information on the Company, including daily NAV, share prices and fact sheets, can also be found.

Frostrow Capital LLP, Company Secretary

0203 709 8734

30 April 2025

 

Company Performance

Performance Summary

 

As at

As at

 

31 January

31 January

 

2025

2024

Shareholders’ funds

£503.4m

£464.8m

Market capitalisation

£431.7m

£422.1m

 

 

One year to

One year to

 

31 January

31 January

Performance

2025

2024

Net asset value per share total return1 2

9.7%

(1.3)%

Share price total return1 2

3.7%

(1.9)%

CPI +6%3

8.8%

10.4%

MSCI All Country Asia ex Japan Index total return, sterling adjusted1

22.3%

(10.5)%

Average discount of share price to net asset value per share1 2

11.5%

6.4%

Ongoing charges2

1.1%

1.1%

Revenue return per share4

5.4p

4.3p

Dividend per share

4.9p

4.0p

1 Source: Morningstar

2 Alternative Performance Measure (see Glossary beginning on page 80).

3 The Company’s Performance Objective (see Glossary beginning on page 80).

4 See Glossary beginning on page 80.

Chair’s Statement

Introduction and Results

I am pleased to present this Annual Report for the year ended 31 January 2025. The Company’s net asset value total return for the year was 9.7% (2024: -1.3%), exceeding the performance objective of UK CPI + 6% which was 8.8% (2024: 10.4%).

While this is a good absolute return, which is the Company’s primary objective, the Company lagged the MSCI AC Asia ex Japan Index total return of 22.3%, and the Company’s bespoke peer group of four other trusts and an exchange traded fund. The year presented a number of challenges, in particular a strong market rally in China driven by stimulus measures and weaker performance in Indian equities towards the end of the year. Our portfolio is relatively underweight in China and overweight in India and so these conditions were not conducive to performance.

This performance is characteristic of Stewart Investors’ investment strategy, which typically leads the Company to underperform in sharply rising markets but has historically preserved capital during times of market stress; a particularly pertinent quality for investors to keep in mind today as global markets enter an increasingly volatile period. Capital preservation remains the Portfolio Manager’s primary focus and shareholders may recall that the Company’s performance in a weak market in 2023 was the best of the peer group, when overweight positioning in India and underweight allocation to China contributed to outperformance.

The Board also notes that, over the longer periods against which we assess investment return, the Company’s performance is the best within the peer group over three years and third over five years. We have not done so well, however, against the long-term performance objective: over the last five years, our annualised NAV total return of 8.7% is behind the UK CPI + 6% figure of 11.0%, reflecting the period of persistently high inflation in Western economies during that time.

Despite these headwinds, Stewart Investors remain optimistic about the prospects for finding high-quality companies with strong growth prospects in the Asia Pacific Region. One of the year’s key developments was our increasing exposure to China and Hong Kong, as our Portfolio Manager has been able to identify a greater number of strong businesses, with attractive valuations, in those jurisdictions.

The downturn in the Indian market, and the increasing fund flows into China, continued to affect the Company’s performance after the year end. The Company has also been impacted by the significant volatility caused by President Trump’s tariff announcements, along with the rest of the market. However, SI’s bottom-up approach to stock picking and long-term view ensures they stay focused on identifying high-quality, resilient companies, rather than simply following market trends. As you will read in their review, beginning on page 12, they continue to find good opportunities in India, as well as other markets.

The top two contributors to performance were, once again, Indian companies: Mahindra & Mahindra and CG Power and Industrial Solutions continue to be excellent investments for the Company. We note that Taiwanese companies also performed well, with four of the top ten contributors based in Taiwan. By contrast, South Korean companies performed poorly and the Portfolio Manager has sold Koh Young Technology, one of the top two detractors from performance.

Further analysis of the Company’s performance can be found in the Portfolio Manager’s Review beginning on page 12.

Share price performance

The Company’s shares traded at an average discount to the net asset value per share of 11.5% through the 12-month period to the end of January (2024: 6.4%). In line with the investment trust sector generally, the discount widened during the financial year to close at 14.4% (2024: 9.2%) and this is reflected in the Company’s share price total return of 3.7%, which fell short of the net asset value total return.

During the year, the Company repurchased 370,000 shares, at a total cost of £1.4 million, and at an average discount of 14.0%. The Company has continued to buy back shares since the year end and, at the time of writing, had repurchased a further 1,855,000 shares, at a cost of £6.3m, at an average discount of 13.0%. The Board continues to carefully weigh up the circumstances in which the Company should buy back shares in the market. We have been conscious that share buybacks have their drawbacks and are not always effective but we are prepared to take action when the discount widens materially.

Buybacks are an immediate way of addressing the share rating but the Board continues to believe that a combination of effective marketing and good performance offers the potential to improve the Company’s rating on a more sustained basis. Accordingly, the Sales, Marketing and Communications Committee, working together with the Portfolio Manager, has continued to develop and oversee the marketing and promotional strategy for the Company. During the year, the Board appointed Kepler Partners LLP to produce research on and provide PR services to the Company. We hope that this will be effective in increasing demand for the Company’s shares.

Investment Policy

Shareholders will be aware that the definition of ‘Asia Pacific Region’ in the Company’s investment objective currently excludes Australia, New Zealand and Japan. The Board reviews the Company’s investment objective and policy at every Board meeting and reviews the Company’s strategy annually. This year, following discussions with our AIFM and our Portfolio Manager, it was agreed to propose to shareholders that we broaden the Company’s investable universe by permitting investment in Australia and New Zealand. We also considered permitting investment in Japan but understand that many investors prefer to invest in that country on a standalone basis.

While there are a number of high-quality companies in Australia and New Zealand that Stewart Investors believe to be attractive, these companies are currently highly valued and consequently the proposed change is unlikely to result in many immediate new purchases and will not entail a material rebalancing of the portfolio. Nevertheless, this is considered to be a material change to the investment policy and therefore it will be put to shareholders at the forthcoming annual general meeting (“AGM”). Further information can be found on pages 101 to 108 of this report.

Dividend

The Company generated a revenue return of 5.3p per share during the year (2024: 4.3p per share) and, as a result, the Board recommends to shareholders the payment of a final dividend to ensure the Company complies with the investment trust rules regarding distributable income.

Subject to shareholder approval at the AGM, a final dividend of 4.9p per share will be paid on 11 July 2025 to shareholders on the register on 13 June 2025. The associated ex-dividend date will be 12 June 2025.

The Board

During the year, and as previously announced, we were very pleased to appoint June Ang as a non-executive director with effect from 26 September 2024. In addition, Nandita Sahgal became Chair of the Audit Committee as planned.

Having served on the Board for just over nine years now, Sian Hansen will retire at the AGM in July. On behalf of the Board, I would like to express our gratitude to Sian for her outstanding contribution to the Company during her tenure as a non-executive director. Sian’s insight, sound judgement and unwavering commitment have been invaluable in guiding the Company through key challenges. We will miss her presence on the Board and wish her the very best for the future.

Following Sian’s retirement, June Ang will take over as Chair of the Engagement and Remuneration Committee.

Management

David Gait has ably led the Company’s investment management team since Stewart Investors’ appointment 15 years ago, with Douglas Ledingham as the co-manager for almost seven years. It has been agreed that, with effect from 1st July 2025, David will hand over the lead portfolio manager role to Douglas whilst continuing to play an integral role as co-portfolio manager (as well as head of the investment team at Stewart Investors). This swapping of roles is a natural evolution in the management of the Company and reflects Stewart Investors’ focus on team development and long-term succession planning. There are also practical advantages of having the lead manager based in the UK, to facilitate the opportunity for more regular and direct engagement with the Board and shareholders. This initiative by Stewart Investors has the full backing of the Board and we are confident that this will be a seamless transition, ensuring both the continuity of the investment strategy and depth of experience.

The Annual General Meeting

After holding our AGM in Edinburgh last year, this year the AGM will return to London. The AGM will be held at 12 noon on Tuesday, 1 July 2025, at the offices of Stewart Investors, Finsbury Circus House, 15 Finsbury Circus, London, EC2M 7EB.

As well as the formal proceedings, there will be an opportunity for shareholders to meet the Board and the Portfolio Manager, and to receive an update on the Company’s performance and its key investments.

The meeting, including the Portfolio Manager’s presentation, will again be live streamed by Investor Meet Company for the benefit of those shareholders who are unable to attend in person. Shareholders joining the meeting remotely will not be able to speak or vote but will be able to submit questions via the platform and vote in advance of the meeting in the usual way. Full details of how to participate this way are set out on page 99.

I encourage all shareholders to exercise their right to vote at the AGM. The Board strongly encourages shareholders to register their votes online in advance (information on how to vote can be found on page 99). Registering your vote in advance will not restrict shareholders from attending and voting at the meeting in person should they wish to do so. The Board recommends that shareholders vote in favour of all the resolutions set out in the Notice of AGM, beginning on page 101, as the directors intend to do ourselves.

Outlook

The outlook for the Asia Pacific Region has become more uncertain following renewed trade tensions, in particular between the United States and China, prompted by the recent tariff announcements from the Trump administration. While the region had been expected to see modest economic growth supported by easing inflation and proactive monetary policies, the re-emergence of a trade war poses fresh challenges to supply chains, investor sentiment, and export-led growth.

While long-term opportunities persist—particularly in areas aligned with sustainable development—our Portfolio Manager’s investment approach will need to account for heightened geopolitical risk and potential market dislocations. Their focus will continue to be on selecting high-quality companies with strong fundamentals, resilient balance sheets, and capable management teams that can navigate volatility and adapt to a more fragmented global trade environment.

Our Portfolio Manager’s long-term investment horizon, careful risk management, and commitment to engaging actively with portfolio companies remain their key strengths. The Board continues to believe their approach is well-suited to delivering sustainable value for shareholders, even in a more complex and fast-evolving regional landscape.

 

Andrew ImpeyChair

29 April 2025

Investment Portfolio

as at 31 January 2025

Company

Country

Sector

Value

£’000

% Total

Assets

Mahindra & Mahindra

India

Consumer Discretionary

30,390

6.0%

Oversea-Chinese Banking Corporation

Singapore

Financials

19,998

3.9%

Voltronic Power Technology

Taiwan

Industrials

18,120

3.6%

Cholamandalam Financial

India

Financials

17,380

3.4%

Tube Investments of India

India

Consumer Discretionary

16,259

3.2%

Midea

China

Consumer Discretionary

16,217

3.2%

Taiwan Semiconductor Manufacturing

Taiwan

Information Technology

15,574

3.1%

CG Power & Industrial Solutions

India

Industrials

15,218

3.0%

Shenzhen Inovance Technology

China

Industrials

15,164

3.0%

MediaTek

Taiwan

Information Technology

13,870

2.7%

Top 10 Investments

 

 

178,190

35.1%

Hoya

Japan

Health Care

12,639

2.5%

Samsung Electronics

South Korea

Information Technology

PACIFIC ASSETS TRUST PLC                                                                

LEI:2138008U8QPGAESFYA48

NET ASSET VALUE

The estimated un-audited net asset value per share, calculated in accordance with the guidelines of the Association of Investment Companies, for Pacific Assets Trust plc at the close of business on 28 April 2025 was 373.72p (cum income).

For and on behalf of the Board

Frostrow Capital LLP

Secretary

29 April 2025

 

 

 

Pacific Assets Trust plc

(the "Company")

 

28 April 2025

 

 

 

 

Quarterly Report - 1 January 2025 to 31 March 2025

 

The Portfolio Manager's quarterly shareholder update for the period 1 January 2025 to 31 March 2025 will shortly be available on the Company's website, www.pacific-assets.co.uk.

 

 

                                    - END -

 

 

 

Frostrow Capital LLP

Company Secretary

Tel: 020 3709 8734

PACIFIC ASSETS TRUST PLC                                                                                                                

LEI:2138008U8QPGAESFYA48

NET ASSET VALUE

The estimated un-audited net asset value per share, calculated in accordance with the guidelines of the Association of Investment Companies, for Pacific Assets Trust plc at the close of business on 25 April 2025 was 374.38p (cum income).

For and on behalf of the Board

Frostrow Capital LLP

Secretary

28 April 2025

PACIFIC ASSETS TRUST PLC                                                                                                                

LEI:2138008U8QPGAESFYA48

NET ASSET VALUE

The estimated un-audited net asset value per share, calculated in accordance with the guidelines of the Association of Investment Companies, for Pacific Assets Trust plc at the close of business on 24 April 2025 was 373.63p (cum income).

For and on behalf of the Board

Frostrow Capital LLP

Secretary

25 April 2025

PACIFIC ASSETS TRUST PLC    LEI:2138008U8QPGAESFYA48

NET ASSET VALUE

The estimated un-audited net asset value per share, calculated in accordance with the guidelines of the Association of Investment Companies, for Pacific Assets Trust plc at the close of business on 23 April 2025 was 376.16p (cum income). 

For and on behalf of the Board

Frostrow Capital LLP

Secretary

24 April 2025

For immediate release

23 April 2025

PACIFIC ASSETS TRUST PLC

(the "Company")

 

 

MARKET PURCHASE OF COMPANY'S OWN SHARES

 

 

 

Notification is given, pursuant to the authority granted at the Annual General Meeting of the Company held on 9 July 2024 to make market purchases of the Company's own shares up to an aggregate maximum of 18,131,662, that a market total of 50,000 Ordinary shares of 12.5p each in the capital of the Company was purchased today for cancellation by the Company at a price of 331 pence per Ordinary Share.

 

Following this transaction, the Company hereby notifies the market that the total number of Ordinary shares that the Company has in issue, less the total number of Ordinary shares bought back for cancellation by the Company following such purchase, and therefore, the total number of voting rights in the Company is 118,733,386. The Company does not currently hold any Ordinary shares in treasury.

 

The figure of 118,733,386 may be used by shareholders as the denominator for the calculation by which they may determine if they are required to notify their interest in, or change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

 

For and on behalf of

Frostrow Capital LLP

Company Secretary

 

For further information, please contact:

 

Katherine Manson

Frostrow Capital LLP

Tel: 0203 709 8734

PACIFIC ASSETS TRUST PLC                                                                

LEI:2138008U8QPGAESFYA48

NET ASSET VALUE

The estimated un-audited net asset value per share, calculated in accordance with the guidelines of the Association of Investment Companies, for Pacific Assets Trust plc at the close of business on 22 April 2025 was 368.09p (cum income).

For and on behalf of the Board

Frostrow Capital LLP

Secretary

23 April 2025

For immediate release

22 April 2025

PACIFIC ASSETS TRUST PLC

(the "Company")

 

 

MARKET PURCHASE OF COMPANY'S OWN SHARES

 

 

 

Notification is given, pursuant to the authority granted at the Annual General Meeting of the Company held on 9 July 2024 to make market purchases of the Company's own shares up to an aggregate maximum of 18,131,662, that a market total of 20,000 Ordinary shares of 12.5p each in the capital of the Company was purchased today for cancellation by the Company at a price of 323 pence per Ordinary Share.

 

Following this transaction, the Company hereby notifies the market that the total number of Ordinary shares that the Company has in issue, less the total number of Ordinary shares bought back for cancellation by the Company following such purchase, and therefore, the total number of voting rights in the Company is 118,783,386. The Company does not currently hold any Ordinary shares in treasury.

 

The figure of 118,783,386 may be used by shareholders as the denominator for the calculation by which they may determine if they are required to notify their interest in, or change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

 

For and on behalf of

Frostrow Capital LLP

Company Secretary

 

For further information, please contact:

 

Katherine Manson

Frostrow Capital LLP

Tel: 0203 709 8734

PACIFIC ASSETS TRUST PLC                                                                

LEI:2138008U8QPGAESFYA48

NET ASSET VALUE

The estimated un-audited net asset value per share, calculated in accordance with the guidelines of the Association of Investment Companies, for Pacific Assets Trust plc at the close of business on 17 April 2025 was 367.22p (cum income).

For and on behalf of the Board

Frostrow Capital LLP

Secretary

22 April 2025