Pacific Asset Management (PAM) is an independent asset manager based in London and manages in excess of £5.0bn of client assets.
We promise to never stand still, always moving our asset management solutions forward to provide imaginative & smarter solutions for all.
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Investment Objective
The Fund’s investment objective is to deliver positive returns over a rolling 12-month period.
Fund Manager Latest Monthly Commentary
April started with a negative impulse provided by stern warnings from Powell and his Fed colleague Waller that rate cuts were looking much less likely. The subsequent data for the month confirmed that diagnosis, as March NFP started with a +300k blast, both headline and core March CPI came in higher than expected. So, the story continues with only 1 and change cuts now priced in by the Fed for 2024, backed up by strong retail sales and ECI. Similarly, BoE cut expectations were pared back with only the ECB consistent with their messaging for a June starting gun. Elsewhere Canadian, NZ, Australian and Swedish data has come in a little softer keeping hopes of cuts later this year. The relative hawkishness from the US has strengthened the USD and also peaked equity indices for the moment. Dispersion on rate cycles, being a recent phenomenon, has awoke FX volatility from a subdued period. Despite the first hike in 17 years by the BoJ, the JPY continued to weaken vs the USD, falling by over 4% during the month. With bear steepening in rates, FX vol increasing and equities faltering at the highs, it feels that we are going to have an active few months as we drift ever closer to election season in the UK and US. Exciting times ahead to navigate and take advantage of.
The US 10y closed the month 48bps higher and 5s-30s swap was 8bps flatter.
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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 30-06-2024
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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.
Speak to a member of the client team to find out more:
Pacific Asset Management, 74 Wigmore Street, London, W1U 2SQ
All calls may be monitored, recorded or inspected, and the authorised participant consents to the recording of all calls.