24th Sep 2015 10:38
LONDON (Alliance News) - Pacific Assets Trust PLC Thursday reported a drop in net asset value per share total return in the first half of its financial year, although it beat its benchmark, as it said it faced a volatile period for world stock markets.
The trust said that its net asset value per share total return fell 3.9% in the six months to July 31, although it beat the 7.1% drop posted by its benchmark the MSCI All Country ex Japan Index.
Its NAV per share stood at 195.8 pence as at July 31, down from 207.2p as at January 31. Its share price total return grew, however, by 2.2%.
"Our investment manager remains cautious on the short term prospects in Asia and this is reflected in the continuing maintenance of a precautionary cash balance of 11% of net assets. They are, however, optimistic that the diverse Asia Pacific Region will in the longer term provide investment opportunities of quality, and they will look to make investments as suitable opportunities arise," Chairman James Williams said in a statement.
"Your board continues to believe that your investment manager's approach in its efforts to identify well-managed companies which embrace a sustainable approach to their business will provide superior returns over the longer term," he added.
Shares in Pacific Assets were trading down 0.4% at 179.75 pence Thursday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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