The board of Pacific Assets has backed its management team led by Stewart Investors’ David Gait, despite five years of underperformance from the investment trust.
The £322m trust has returned just 55% in the five years to 6 October, data from FE fundinfo shows, well below that of both its benchmark MCSI AC Asia ex Japan at 90% and IT Asia Pacific sector peers' average of 113%. Over a shorter, three-year timeframe, Pacific Assets has gained 13%, compared to returns from its comparator and sector peers' of 16% and 30% respectively. Industry reaction: Baillie Gifford move could give Witan Pacific a 'new lease of life' In the company's most recent half-year report, the board told shareholders it had "initiated a dialogue with the investment mana...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
