PACIFIC ASSETS TRUST plc
Interim Management Statement - 3 months to 31 October 2012 (unaudited)
Investment Objective
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 Company's total assets (at the time of investment) may be
invested in companies incorporated and/or listed outside the Asia
Pacific Region, but whose economic activities are predominantly
within the Asia Pacific Region.
The Period Under Review
Asia ex- Japan markets outperformed the wider market
during the 3 month period ended 31 October
2012. The MSCI All Country Asia ex Japan Index measured in
sterling terms on a total return basis, rose by 3.3% in the period.
The Company outperformed the benchmark with a net asset value per
share total return of +5.5% and a share price total return of
+4.5%.
The Company's net asset value per share total return ranked
third and its share price total return ranked fifth in its peer
group during the period. The discount of the Company's share price
to its ex income net asset value per share widened slightly to
10.1% at 31 October 2012 from 9.2% at
31 July 2012.
Over the period the level of cash in the portfolio was increased
as was exposure to India,
South Korea and Malaysia while exposure to Singapore, Thailand, Hong
Kong and the Philippines
was reduced.
During the three-month period and to the date of this report
none of the Company's shares were repurchased for cancellation.
In the period from 1 November 2012
to 21 November 2012 (the latest
practicable date prior to the issue of this document), the
Company's net asset value per share total return was +0.02% and the
share price total return was +0.38% compared to a rise of 0.09% in
the Company's benchmark.
Trust Characteristics
31 October 2012 31 July 2012
Number of Holdings 55 55
Total Assets (£m) 175.2m 165.3m
Gearing (AIC basis) 100 100
Share Price (p) 132.50 126.75
Ex Income NAV per share (p) 147.40 139.66
Discount of share price to the 10.1% 9.2%
ex income NAV per share
Source: Frostrow Capital LLP
Geographical Analysis (by Country of Primary Listing)
% of portfolio % of portfolio
at 31 October 2012 at 31 July 2012
Singapore 15.9 16.6
India 15.4 14.4
Taiwan 14.4 15.2
South Korea 14.1 13.1
Hong Kong 8.8 11.4
Philippines 8.7 10.3
Liquidity 8.1 4.5
Malaysia 6.3 5.5
Thailand 4.8 6.1
China 1.8 1.2
Indonesia 0.7 0.7
Japan 0.4 0.5
Sri Lanka 0.4 0.3
Bangladesh 0.2 0.2
Total 100.0 100.0
Source: Frostrow Capital LLP
10 Largest Investments
Name
% of portfolio % of portfolio
at 31 October 2012 at 31 July 2012
AmorePacific 6.4 5.2
Taiwan Semiconductor 6.3 5.9
Manufacturing
Marico 5.6 5.3
DBS Group 4.5 4.9
Manila Water 4.5 6.0
Towngas China 4.3 4.0
Satyam Computer Services 4.0 2.4
Samsung Fire & Marine 3.6 3.3
Insurance
Singapore Telecommunications 3.6 4.1
Public Bank 3.5 2.7
Total 46.3 43.8
Source: Frostrow Capital LLP
Total Return Performance to 31 October
2012
3 Months 1 Year 3 Years 5 Years First State+
Share Price +4.5% +18.7% +38.5% -11.0% +23.9%
NAV per share +5.5% +22.4% +41.3% -8.4% +25.5%
Benchmark* +3.3% +7.0% +26.2% +11.5% +10.9%
Source: Bloomberg & Morningstar
* Benchmark - MSCI All Country Asia ex Japan Index (total
return: sterling adjusted)
+ Performance since First State was appointed as Investment
Manager with effect from 1 July
2010.
Past performance is not a guide to future performance.
This Interim Management Statement has been prepared solely to
provide information to meet the requirements of the UK Listing
Authority's Disclosure and Transparency Rules.
This Interim Management Statement is available on the Company's
website www.pacific-assets.co.uk
The Company's net asset value per share is announced daily and
is available, together with the share price, on the TrustNet
website at www.trustnet.com
SEDOL Code:
Ordinary shares - 0667438
ISIN -
Ordinary Shares GB0006674385
For further information contact: Mark
Pope on 0203 008 4913
Frostrow Capital LLP
Company Secretary
23 November 2012