Pacific Asset Management (PAM) is an independent asset manager based in London and manages in excess of £4.5bn of client assets.
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Investment Objective
The Fund’s investment objective is to provide capital growth over the long term whilst attempting to limit the risk of capital loss, the Fund will have a balance of capital protection and equity market exposure.
Fund Manager Latest Monthly Commentary
Macroeconomic data continued to show resilience in March, particularly in the US. This data pushed back the expected interest rate cutting cycle in the US to later in the second half of the year. Surveys-based measures of activity, such as the ISM Services Index that printed at 52, still show the US economy in expansionary territory. Labour markets and consumer spending data also support this view.
Equity returns were once again strong over the month, with global equities gaining over 3% in sterling terms. Performance was broad based, with UK equities being the strongest regional mover after a period of underperformance. Within US Equities, our holding in a US Value ETF, which invests in undervalued stocks across the sectors of the US stock market, significantly outperformed the S&P 500.
Fixed Income markets were also positive over the month, with yields falling, despite stronger news on economic growth and inflation. Within fixed income a holding in UK Inflation-Linked Gilts added value, benefitting from the fall in yields and the increase in inflation expectations over the month.
Within Alternatives, our holdings in UK property rallied over the month. A holding in UK Commercial Property REIT, a closed-end fund that trades at a discount to net asset value and that has been the subject of a takeover proposal, rallied by 9.5%.
Diversifying assets once again provided returns that are uncorrelated with bond and equity markets. Holdings in the AQR Style Premia and Managed Futures funds, which utilise quantitative signals across Equity, Fixed Income, FX and Commodity markets generated strong returns, bringing their returns over the year to 21% and 11% respectively.
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Performance data will only be shown from twelve months after the launch date of the fund in accordance with the FCA rules (COBS 4.5A.10)
PERFORMANCE
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Past performance is not necessarily a guide to future performance. Performance is shown net of fees.
Holdings and allocations are subject to change.
As at 30-04-2024
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The Ongoing Charges Figure (OCF) is an estimate based on projected expenses and may vary from year to year. An estimate is used in order to provide the figure that will most likely be charged. For more information about charges please see the Key Investor Information Document (KIID) and “Fees and Expenses” of the Fund’s Prospectus and Supplement.
Junior Associate Director, Global Solutions
Associate Director – UK & Global Solutions
Pacific Asset Management, 1 Portland Place, London, W1B 1PN
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