**Summary**
Pacific Assets Trust plcs annual report for the year ended 31 January 2026 highlights a challenging period with a net asset value (NAV) total return of 0.0%, significantly underperforming the MSCI AC Asia ex Japan Indexs 28.6% rise. The company faced setbacks, including the resignation of key portfolio managers and the closure of Stewart Investors, leading to a transition to FSSA Investment Managers. Despite these challenges, FSSA identified opportunities in China, India, and Southeast Asia, focusing on companies with strong cash generation and long-term growth prospects. The company also initiated a strategic review to evaluate options for its future, including potential management changes or combinations. Share price performance was modest at 5.1%, with the average discount to NAV narrowing to 11.4%. The company recommended a final dividend of 5.7p per share, subject to shareholder approval. The report emphasizes the long-term potential of Asia but acknowledges near-term market dispersion, underscoring the need for selectivity and discipline in investment decisions.
| Financial Metric | 2026 | 2025 | Change |
|---|---|---|---|
| Shareholders’ funds (£m) | 470.8 | 503.4 | -6.5% |
| Market capitalisation (£m) | 423.9 | 431.7 | -1.8% |
| Net asset value per share total return (%) | 0.0% | 9.7% | -9.7% |
| Share price total return (%) | 5.1% | 3.7% | +1.4% |
| MSCI All Country Asia ex Japan Index (total return, sterling adjusted) (%) | 28.6% | 22.3% | +6.3% |
| Average discount of share price to net asset value per share (%) | 11.4% | 11.5% | -0.1% |
| Ongoing charges (%) | 1.1% | 1.1% | 0.0% |
| Revenue return per share (p) | 5.6p | 5.4p | +0.2p |
| Dividend per share (p) | 5.7p | 4.9p | +0.8p |
| Debt (Provisions for Liabilities) (£m) | 5.4 | 13.6 | -60.3% |