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PACIFIC ASSETS IT

PACIFIC ASSETS IT - Overview

Overview of PACIFIC ASSETS IT Buy in ISA Buy in Investment Account

The objective of the fund is to produce capital growth by investing in companies in Asia (excluding Japan and Australasia). The fund adopts more of an emphasis on preservation of capital compared to the peer group. The manager employs a fundamental bottom up approach to stockpicking, targeting good quality companies that are positively engaged on environmental, social and governance issues. The fund is likely to underperform its benchmark in strongly rising markets.

  • Standard Initial Charge
  • Initial charge via Bestinvest 0.00%

Fund summary

Sector Asia Pacific ex Japan
Structure INVESTMENT TRUST
Launched January, 1985
Size £352m
Yield 0.9%
Charging basis 75% Capital, 25% Income
Dividends paid Jun

Charges

Standard initial charge
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.75%
Ongoing charges figure 1.25%

AMC is 0.75% of net assets + 0.20% of market cap. Management contract is terminable on 6 months notice.

Risks

Before investing make sure you have understood the risks relevant to the fund by reviewing our Risk Warnings section. Further information on the risks are contained in the fund's Key Information Investor Document, which we make available to you before you make a decision to invest, alternatively it is available on request.

Bestinvest view

David Gait is an experienced manager who aims to invest in good quality companies with strong balance sheets and sustainable cashflow generation in line with other Stewart Investors funds. Gait is supported by the Stewart Investment team. The fund's sustainability theme means the investment trust will be similar to the Stewart Investors Asia Pacific Sustainability fund, though the green/ethical criteria are less restrictive. The nature of the investment process means this fund has a larger allocation to smaller companies than Stewart Investors Asia Pacific leaders.

Portfolio

Allocation Proportion(%)
Equity 89
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 11
Allocation Proportion(%)
UK 0
Europe 0
North America 1
Japan 6
Pacific 24
Emerging Markets 69
Allocation Proportion(%)
Large Caps 63
Mid Caps 28
Small Caps 9
View all performance data for this fund

Investment process

The fund's universe is the Asia Pacific region excluding Japan but unlike the Asian Sustainability OEIC this investment trust does not include Australasia. The investment process will take account of sustainability themes and issues and requires positive engagement with companies in respect of these. A fundamental bottom up approach is used to selecting stocks, targeting companies that offer sustainable and predictable growth with an emphasis on company cash flow and balance sheet strength. The investment outlook is generally medium to long term and avoids 'momentum' type stocks. The team have an absolute return mindset with a key focus on capital preservation and will not be looking to use gearing to a large extent.

Live feed

Bid price(inc) 292.50p 136.00p
Accum units 292.50p
Fund commentary 15/02/13
Fund data updated on 18/04/19

Asset allocation

Allocation Proportion(%)
Equity 89
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 11

Equity Geographic

Allocation Proportion(%)
UK 0
Europe 0
North America 1
Japan 6
Pacific 24
Emerging Markets 69

Equity Capitalisation

Allocation Propor
tion(%)
Large Caps 63
Mid Caps 28
Small Caps 9

Top 10 holdings

As at: 31/01/2019
7.6% Vitasoy International Holdings
5.8% Tech Mahindra
3.4% Marico
3.1% Unicharm Corp
2.9% Delta Electronics Inc
2.6% Housing Development Finance Corp
2.6% Manila Water Co Inc
2.4% Kotak Mahindra Bank
2.3% Bank Ocbc Nisp Tbk(Pt)
2.3% Kalbe Farma
Source: Trustnet

Sector breakdown

Consumer Staples 27%
Financials 21%
Information Technology 18%
Cash & Cash Equivalents 11%
Health Care 9%
Consumer Discretionary 5%
Industrials 4%
Utilities 3%
Materials 2%
Real Estate 1%

Portfolio details

- The fund holds 40-60 stocks. - Benchmark agnostic

Constraints

- Maximum limits of: 50% per country; 30% per sector; 7.5% per investment; 20% gearing (though unlikely to use any gearing).
The portfolio usually has very little commonality with the benchmark and so performance can be expected to differ markedly on occasions.

Average monthly relative returns Bestinvest MRI
14/15 15/16 16/17 17/18 18/19   3 years 5 years Career 3 years 5 years Career
1.37% 0.45% -0.36% -0.70%   0.34% 99.50%
Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

David Gait

Manager. Gait is a senior portfolio manager with Stewart’s Global Emerging Markets/Asia Pacific (ex-Japan) team having joined the company in 1997. In early 1999, he joined the Asia Pacific (ex-Japan) desk as an analyst, covering Korea, Taiwan and the Indian subcontinent. After a period of subsequent research focusing on China, South-East Asia and non-Asian emerging markets, he now covers all Asian-ex Japan and Emerging Markets, with a specific emphasis on sustainable investment within these asset classes. Gait holds an MA with honours in Economics from Cambridge University, and an MSc in Investment Analysis from Stirling University. He is an Associate member of the UK Society of Investment Professionals.

Track record

David Gait has 12.8 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.34%. During the worst period of relative performance (from May 2016 - January 2018) there was a decline of 18% relative to the index. The worst absolute loss has been 30%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is more than 99%.

Periods of worst performance
Absolute -30% (December 2007 - October 2008)
Relative -18% (May 2016 - January 2018)

Sector record since January 2006 (13 yrs)




About the MRI

Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.

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