UPDATE: Following management changes and a subsequent strategic review, Pacific Assets is set to merge with Schroder Asian Total Return in late September 2026.

Pacific Assets Trust (ticker: PAC) was launched in 1985 raising just £12m. It saw spectacular growth in its early years but its highly-geared strategy proved to be extremely volatile. Since 2010, the trust has been much more conservatively run by Stewart Investors. David Gait has looked after the portfolio since 2010 with Doug Ledingham joining him as co-manager in 2018. PAC has a concentrated portfolio of around 60 sustainability-focu...