3rd Oct 2018 11:22
LONDON (Alliance News) - Pacific Assets Trust PLC said on Wednesday it outperformed its benchmark in the first half of its financial year, in spite of challenging economic and political uncertainties.
The trust's net asset value per share on a total return basis for the six months ended July 31 was 6.8%, outperforming tits benchmark, the MSCI All Country Asia ex Japan Index which fell by 3.2% in the same period.
Net asset value per share as at July 31 was 282.8 pence, up 5.7% from 267.6p as at January 31, and the trust's market capitalisation rose by 6.3% to GBP324.9 million from GBP305.7 million.
Pacific Assets' share price as at July 31 was 271.0p, reflecting a discount to net asset value of 4.2%, narrowed from 4.7% as at the end of January.
Shares the trust were up 0.2% at 266.50 pence on Wednesday.
"With a more challenging environment possibly for some time to come, it is important that investors lower their sights of expected returns from Asian investments," said Chairman James Williams.
"We note that Asian 'emerging markets' have shown less vulnerability to a rising dollar and rising interest rates, than those elsewhere. This suggests that, compared with previous such episodes, there may be more inherent stability to be found in the countries in which the company invests," Williams added.
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