Pacific Assets Trust results show NAV total return of 42.4%

Pacific Assets Trust is a diversified investment trust which invests in the Asia Pacific region, excluding Japan and Australasia, and is managed by Peter Dalgliesh at F&C Investments.

The half-yearly financial results of Pacific Assets Trust were released to the London Stock Exchange yesterday. The results cover the six months to 31 July 2009.

Highlights of the results include:

Net asset value total return of 42.4% over the six months, compared with a 40.1% total return from the MSCI All Country Far East ex Japan Index.

Share price total return of 44.2%, reflecting a narrowing discount to net asset value which stood at 6.1% at 31 July

While the manager continues to take a cautious view, the Asia Pacific region is underpinned by a stable financial sector and the prospects for a recovery in domestic demand appear good.

Commenting on the outlook for Asia Pacific markets, Peter Dalgliesh said: "With valuations no longer cheap and investor expectations high, the risk of a pull back in the region has increased. For the longer term, the structural appeal of Asia remains compelling, suggesting that a retracement might offer an opportunity to re-introduce some leverage into the portfolio."