Pacific Assets Trust reports a 56.8% NAV rise

The £156m Pacific Assets Trust reported a 56.8% rise in NAV, for the year ending 31 January 2010.

This is compared to a rise of 54.2% for the MSCI All Country Asia ex Japan index. Chairman David Nichol says its performance leaves it ranked sixth out of eight trusts that have similar investment objectives.  “The company’s strategy was reappraised towards the end of 2008 in light of the sharp deterioration in economic conditions at that time and the significant concerns which existed over the health of the global financial system,” he says. “This led to the manager adopting a more defensive strategy with a clear bias towards visible growth companies. “With continuing uncertain...