Over the six months ended 31 July, Pacific Assets’ net asset value per share total return was +21.0%. The Asia Pacific benchmark rose by 23.9%.
The largest contributions to performance came from Marico, TSMC, Chroma Ate, Ayala Corp and Airtac International – between them adding 6.8% to the NAV. The largest detractors were MTR, Bata Show, Singapore Post, Mahanagar Gas and Swire properties – is says much about the positive returns available for a UK investor in Asia over recent times that the worst of these, MTR and Bata, cost the fund just 0.02%.
PAC : Pacific Assets underperforms in first half