PACIFIC ASSETS TRUST PLC - CHRIS MCGOLDRICK WEBCAST - MARCH 2021
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Pacific Assets Trust plc
Chris McGoldrick
Webcast - March 2021
www.pacific-assets.co.uk
RISK FACTORS
This presentation 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 tend to be more sensitive to economic and political conditions than developed markets. Other factors
include greater liquidity risk, restrictions on investment or transfer of assets, failed/delayed settlement and difficulties valuing securities.
• Specific region risk: investing in a specific region may be riskier than investing in a number of different countries or regions. Investing in a
larger number of countries or regions helps spread risk.
• Currency risk: the Trust invests in assets which are denominated in other currencies; changes in exchange rates will affect the value of the Trust
and could create losses. Currency control decisions made by governments could affect the value of the Trust's investments.
• 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.
All information included in this presentation has been sourced by Stewart Investors and is displayed as at 31 January 2021 unless otherwise
specified and to the best of our knowledge is an accurate reflection as at this date.
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 the Trust’s website: www.pacific-assets.co.uk.
If you are in any doubt as to the suitability of the Trust for your investment needs, please seek investment advice.
Performance review
Dhaka, Bangladesh
Performance review
12 months 12 months 12 months 12 months 12 months
Discrete annual performance
to to to to to
% GBP
31-Jan-17 31-Jan-18 31-Jan-19 31-Jan-20 31-Jan-21
Pacific Assets Trust plc NAV 27.0 12.8 4.4 4.2 22.3
Consumer Price Index (CPI) + 6% 7.8 9.3 8.4 7.5 6.8
MSCI AC Asia ex-Japan Index 36.7 27.0 -7.7 5.0 30.7
Cumulative performance as at 31 January 2021 Since 10 5 3 1 6
% GBP 1 Jul 10 years years years year months
Pacific Assets Trust plc NAV 219.8 184.8 90.4 33.0 22.3 19.9
Consumer Price Index (CPI) + 6% 128.4 117.5 46.7 24.5 6.8 3.6
MSCI AC Asia ex-Japan Index 164.4 130.1 120.0 26.8 30.7 20.3
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.
Source for Trust: Lipper IM/Bloomberg/Trust Administrator. The NAV performance data is calculated 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. NAV performance is the theoretical total return over the periods
shown and assuming dividends paid to shareholders were reinvested at Net Asset Value per share at the time the shares were quoted ex-dividend. This is a way of measuring
investment management performance of investment trusts which is not affected by movements in discounts or premiums. Source for comparator: FactSet. Table data is shown versus the
comparator index: MSCI AC Asia ex-Japan Index, calculated on an income reinvested net of tax basis. Source for CPI data: FactSet. CPI data is quoted on a one month lag. Performance
calculated from when Stewart Investors became Investment Manager of the Trust on 1 July 2010.
What has helped the Trust’s performance
1 2 3 4
Previous detractors
Introduction of new Our Japanese listed Resilience of our
returning
China companies holdings Taiwanese holdings
to form
What helped and what hurt
Lok Baintan, Indonesia
Stock contribution
What helped (top ten) – 12 months to date What hurt (bottom ten) – 12 months to date
Absolute contribution Absolute contribution
Company Country Sector Company Country Sector
(bps) (bps)
Delta Electronics Taiwan Information Technology 196 Philippine Seven Philippines Consumer Staples -75
Nippon Paint* Japan Materials 196 OCBC Bank Singapore Financials -48
Voltronic Power Taiwan Industrials 178 Uni-Charm Indonesia Indonesia Consumer Staples -41
Shenzhen Inovance Tech China Industrials 164 Kotak Mahindra Bank India Financials -41
Taiwan Semiconductor Taiwan Information Technology 161 Sundaram Finance India Financials -37
Techtronic Industries Hong Kong Industrials 143 Bank OCBC NISP Indonesia Financials -30
MediaTek Taiwan Information Technology 136 PT Selamat Sempurna Indonesia Consumer Discretionary -26
Hoya Japan Health Care 120 HDFC India Financials -25
Tube Investments India Consumer Discretionary 97 Kasikornbank Thailand Financials -22
Unicharm Japan Consumer Staples 94 AK Medical China Health Care -18
*Company not held at end of period.
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 contribution may increase or decrease as a result of currency fluctuations.
Source: Stewart Investors as at 31 January 2021. Data calculated in GBP for the Pacific Assets Trust plc. Contributions are calculated at the investee company level before the deduction of
any fees incurred at Trust level (e.g. the management fee and other Trust expenses) but after the deduction of transactional costs. Contribution data is calculated from the full portfolio
and includes cash. Any stocks held/listed in non-index or regional countries have at least 25% of their economic activities (at the time of investment) within the Asia Pacific region.New investments
Quarters* New investments Country Sector
Astral Poly Technik India Industrials
Centre Testing International China Industrials
Hualan Biological Engineering China Health Care
Info Edge India Communication Services
Kingmed Diagnostics Group China Health Care
Q1
MediaTek Taiwan Information Technology
Metropolis Healthcare India Health Care
Pentamaster Corp. Bhd Malaysia Information Technology
Shenzhen Inovance Tech China Industrials
Techtronic Industries Hong Kong Industrials
Aavas Financiers India Financials
Naver South Korea Communication Services
Q2 Silergy Corp China Information Technology
Syngene India Health Care
Tokyo Electron Limited Japan Information Technology
AK Medical China Health Care
Q3 Tata Consumer Products India Consumer Staples
Vinda International China Consumer Staples
HDFC Life India Financials
Q4 Infosys India Information Technology
Tata Communications India Communication Services
Source: Stewart Investors. *Data shown relates to new investments with a portfolio weight over 0.5% as at 31 January 2021 for the Pacific Assets Trust plc over the following quarterly
periods shown: 1 February to 30 April 2020, 1 May to 31 July 2020, 1 August to 31 October 2020 and 1 November 2020 to 31 January 2021 to reflect the Trust’s financial year. Any stocks
held/listed in non-index or regional countries have at least 25% of their economic activities (at the time of investment) within the Asia Pacific region.Complete disposals
Reasons for divestment Quarters*
Complete disposals
12 months to date
Country Sector
Q1 No significant disposals
Tobacco Valuations Commercial Bank of Ceylon Sri Lanka Financials
E.Sun Financial Holding Taiwan Financials
Q2
Kalbe Farma Indonesia Health Care
Sundaram Finance India Consumer Discretionary
Concepcion Industrial Corporation Philippines Industrials
Q3 Robinsons Retail Philippines Consumer Staples
Uni-President Enterprises Taiwan Consumer Staples
President Chain Astral Poly Technik India Industrials
Nippon Paint
Store Q4 Nippon Paint Japan Materials
President Chain Store Taiwan Consumer Staples
Source: Stewart Investors. Data shown relates to complete disposals as at 31 January 2021 for the Pacific Assets Trust plc over the following quarterly periods shown: 1 February to 30
April 2020, 1 May to 31 July 2020, 1 August to 31 October 2020 and 1 November 2020 to 31 January 2021 to reflect the Trust’s financial year. Any stocks held/listed in non-index or
regional countries have at least 25% of their economic activities (at the time of investment) within the Asia Pacific region.Trust positioning
Busan, South KoreaTrust exposure – driven by stock selection
Trust Index* Trust exposure – driven by stock selection
Top 10 holdings Country Sector
(%) (%)
Vitasoy 4.4 – Hong Kong Consumer Staples Country (top 5) % Sector (top 5) %
India 39 Information Technology 24
Hoya 4.0 – Japan Health Care
Taiwan 13 Consumer Staples 21
Mahindra & Mahindra 3.9 0.1 India Consumer Discretionary
Japan 10 Financials 15
Unicharm 3.6 – Japan Consumer Staples
China 7 Health Care 13
Tube Investments 3.0 – India Consumer Discretionary
Hong Kong 7 Industrials 10
Voltronic Power 3.0 – Taiwan Industrials
Marico 2.8 0.0 India Consumer Staples Market capitalisation (USD) %
Cash
HDFC 2.8 0.8 India Financials 10 50bn+ 4.2%
13
Dr. Lal Pathlabs 2.7 – India Health Care 10bn to 50bn
29 5bn to 10 bn
Active share
Taiwan Semiconductor 2.7 7.2 Taiwan Information Technology 32 1bn to 5bn 91.5%
32.9 8.2 11 0 to 1bn
Source: Stewart Investors as at 31 January 2021. Data shown is for the Pacific Assets Trust plc. *Comparator index: MSCI AC Asia ex-Japan Index. Numbers may not add to totals due to
rounding. Any stocks held/listed in non-index or regional countries have at least 25% of their economic activities (at the time of investment) within the Asia Pacific region. Active share
is a measure of the percentage of stock holdings in a manager’s portfolio that differs from the benchmark index.A world of sustainable companies Visit our online interactive map for portfolio transparency across the Trust at: www.pacific-assets.co.uk/trust- information/interactive-holdings- map/
Thank you
For more information, please see our website:
www.pacific-assets.co.uk
Or contact us:
client.engagement@stewartinvestors.com
Bengaluru, IndiaGlossary Non-performing loan a loan in which the borrower is default and hasn't made any scheduled payments of principal or interest for some time Price/earnings ratio the ratio of a company’s share price to its earnings per share Tailwinds conditions favourable to a company’s growth
Important information This presentation 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 presentation 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 presentation. This presentation 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 presentation 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 Sentier Investors (UK) IM Limited. In the UK, this presentation is issued by First Sentier Investors (UK) IM Limited which is authorised and regulated by the Financial Conduct Authority (registration number 119367). Registered office 23 St. Andrew Square, Edinburgh, EH2 1BB number SC079063. 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 Sentier Investors (UK) IM 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 Sentier Investors entities referred to in this presentation are part of First Sentier Investors, a member of MUFG, a global financial group. MUFG and its subsidiaries do not guarantee the performance of any investment or entity referred to in this presentation 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. Copyright © (2021) Stewart Investors All rights reserved. WEBCAST PASSET FEB21
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