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SQM Research Newsletter and Ratings Update - 25 July 2023
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SQM Research Rating Advisory

The ratings for the PAC Global Fund - Retail Class and the PAC Global Esports Fund - Retail Class (the “Funds”) have been revised from 3.75 stars to ‘Hold’ by SQM Research following material change, including proposed material changes, in the management of the Funds.
 

Key points:
SQM Research has today revised the rating of the equities Funds managed by PAC Capital Pty Ltd, as detailed in the table below.
This rating action follows a change in key personnel managing the Funds and proposed changes to the investment strategies to be applied in managing the Funds, as follows:

PAC Capital has recently employed a new Chief Investment Officer whose role includes Portfolio Manager responsible for overseeing PAC Capital’s global equity strategies and equities investment team.

PAC Capital has proposed changing the portfolio structure of the Funds. SQM Research understands that this includes changing the investment strategies employed to manage the Funds. 

The proposed changes will not be implemented until they have the necessary approvals and the product disclosure statements for the Funds have been updated. PAC Capital has advised SQM Research that these steps should be finalised in the near term.

As a result of the developments described above, SQM Research has changed the rating of the Funds to Hold with immediate effect. The standard guidance used to describe this rating is shown below.

Hold - Rating is suspended until SQM Research receives further information.

The Hold rating is an initial temporary rating that will remain in place while SQM Research undertakes an assessment of any new information, including any approval or otherwise, of the proposed changes.

If the proposed changes are approved, we will consider withdrawing the ratings for the Funds on the grounds that they are meaningfully different from those considered at the time of our review. At that point, we will also re-engage with PAC Capital concerning implementing a new review of the Funds as they are then constituted.

Any future material changes to the rating status will be advised to subscriber clients of SQM Research.

Important Note

SQM Research emphasises that a rating report does not take into account the objectives, financial situation or needs of individual investors. Since the impact of this change will vary depending on each investor’s personal circumstances, SQM Research strongly counsels investors to speak to their financial adviser or accountant to obtain independent, personalised advice.
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Disclaimer
The rating contained in this document is issued by SQM Research Pty Ltd ABN 93 122 592 036. SQM Research is an investment research firm that undertakes research on investment products exclusively for its wholesale proprietary review and star rating system. The SQM Research star rating system is of a general nature and does not take into account the particular circumstances or needs of any specific person. The rating may be subject to Only licensed financial advisers may use the SQM Research star rating system in determining whether an investment is appropriate to a person’s particular circumstances or needs. You should read the product disclosure sta licensed financial adviser before making an investment decision in relation to this investment product. SQM Research receives a fee from the Fund Manager for the research and rating of the managed investment.
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