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
Sustainable investing is a catch-all term for investing in a way that accounts for being socially responsible and investing ethically while also seeking returns.
At PAM we use the term sustainable investing to capture the various methods of incorporating concerns around Environmental, Social and Governance (ESG) issues into our investment decision making processes.
Fund Manager Latest Monthly Commentary
Macroeconomic data continued to show resilience in March, particularly in the US. This data delayed 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 an ESG 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.
Diversifying assets were a slight drag over the course of the month, with positions in absolute return and a long position in the Yen detracting slightly. We believe however higher cash rates and macroeconomic volatility continue to make diversifying assets, that exhibit low correlation to both equity and bonds, attractive.
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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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