Pacific Assets Trust Outperforms Benchmark

LONDON (Alliance News) - Pacific Assets Trust PLC Friday said its net asset value total return was up 2.7% in the three months to the end of May, while that of its share price was up 6.3%, both outperforming a 2.5% rise in the trust's benchmark.

The trust's benchmark is the MSCI All Country Asia ex Japan Index measured in sterling terms on a total return basis.

The trust is tasked with growing capital over the long-term by investing in companies in the Asia Pacific region and the Indian sub-continent, excluding Japan, Australia and New Zealand. Up to a fifth of its assets can at the time of investment be allocated to companies incorporated in, or listed outside, the Asia Pacific region, including Japan, Australia and New Zealand, but whose economic activities are predominantly within the region.

Pacific Assets said that it ranked sixth out of eight in terms of its NAV total return performance in the period in relation to its peer group, and fifth in terms of its share price total return performance.

Over the period, the discount at which its shares trade to its NAV narrowed to 3.9%, from 7.2%. No shares were bought back for cancellation over the period.

The trust said that its NAV total return was up 6.6% since the end of the quarter to Tuesday this week. Its benchmark rose by 5.0% over the same period. The trust's share price total return was 8.9%.

Pacific Assets Trust shares were Friday quoted at 167.75 pence, up 0.5%.

By Samuel Agini; samagini@alliancenews.com; @samuelagini

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Pacific Assets Trust