Pacific Assets Trust
Rated Fund 2014-17, 2020. Seeks to limit its ecological footprint
Pacific Assets returns to our Rated Funds for 2020 after a three-year hiatus. It replaces Stewart Investors Asia Pacific Sustainability as our choice for investors who want to invest in a socially responsible manner. It is tipped for core Asian equities exposure on ACE 30, interactive investor’s list of 30 rated ethical funds.
David Gait, an experienced investor who has worked at Steward Investors for more than 20 years, provides a steady hand on the tiller. He has led Pacific Assets, which invests in companies of all sizes, since 2010. In doing so, he runs a portfolio of 30-60 companies (around 50 at present) with honest management teams able to deliver sustainable and predictable growth through pricing power, franchise strength and limited regulatory oversight.
He prioritises companies that manage risks and opportunities, and contribute towards global human development without exceeding their ecological footprint. The trust has no exposure to the energy sector and limited exposure to materials, for example.
Morningstar analyst Andrew Daniels regards Pacific Assets as a “solid offering, given its talented management team and best-in-class investment approach”, while Charles Stanley analyst Rob Morgan points to the sustainability focus as being a key differentiator. He adds: “The high active share and disregard for the benchmark when constructing the portfolio are also enduring and admirable features of the Stewart management style.”
This trust’s discount has generally been fairly tight under the current manager. The board tends to issue shares when they are trading at a premium and buy them back when at a discount. The widest discount over the past three years has been around 6%, and highest premium 5%.
Narrative and ratings content all as of January 2020.See all Money Observer rated funds
|Tech Mahindra Ltd||5.11 %|
|Hoya Corp||4.94 %|
|Vitasoy International Holdings Ltd||4.89 %|
|Unicharm Corp||4.74 %|
|Philippine Seven Corp||3.54 %|
|Kotak Mahindra Bank Ltd||3.51 %|
|Marico Ltd||3.33 %|
|Dr. Lal PathLabs Ltd||2.98 %|
|Housing Development Finance Corp Ltd||2.92 %|
|Koh Young Technology Inc||2.58 %|
|Asia - Emerging||57.25 %|
|Asia - Developed||26.63 %|
|Consumer Defensive||29.47 %|
|Financial Services||20.65 %|
|Consumer Cyclical||6.68 %|
Douglas joined the team in January 2016 and is responsible for generating investment ideas for the Stewart Investors Sustainable Funds Group across all sectors in emerging and developed markets. Prior to joining the team Doug worked as an analyst in the Stewart Investors Asia Pacific team for three years upon graduation from university. Douglas holds an MA in Business Studies and Accountancy from the University of Edinburgh.
David is responsible for leading the Stewart Investors Sustainable Funds group and generating investment ideas across all sectors in emerging and developed markets. David Gait joined the company in 1997. David holds an MA with honours in Economics from Cambridge University, and holds a Master of Science in Investment Analysis from Stirling University.
Data provided by Morningstar.
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