Fund Manager Summary
The fund managers believe that the outlook for Pacific Current Group Ltd presents a compelling investment opportunity. In their opinion, the company, now their largest holding, is well-positioned after divesting most of its alternative asset manager investments, resulting in a strong cash position. They note that the recent off-market buyback, which successfully repurchased 42% of the company’s shares, enhances shareholder value. With a current trading price of $11.50 and a calculated net asset value (NAV) of $15.35 post-buyback, there is an attractive 30% upside potential. The fund managers also highlight that the remaining liquid assets provide a safeguard against downside risk, making Pacific Current a strategically appealing investment for the future.
Source: Trading View
Commentary From The Managers
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Lanyon Investment Fund
30 Sept 2025
$11.04
Summary
- Lanyon Investment Fund bought shares in Pacific Current Group Ltd (ASX: PAC).
- PAC trades at a discount to Lanyon's assessment of net asset value.
- There is potential for significant capital returns.
- Possibility of a wind-up or takeover is also considered.
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Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Commentary From The Managers
Lanyon Investment Fund
30 Sept 2025
$11.04
- Lanyon Investment Fund bought shares in Pacific Current Group Ltd (ASX: PAC).
- PAC trades at a discount to Lanyon's assessment of net asset value.
- There is potential for significant capital returns.
- Possibility of a wind-up or takeover is also considered.
Summary
DS Capital
30 June 2025
$10.82
- DS Capital continues to hold its investment in Pacific Current Group Ltd despite a slight decline in share price over the year.
- The fund manager's attraction to Pacific Current stems from its portfolio of holdings in boutique asset managers, which were trading at a significant discount to their valuation.
- DS Capital anticipated that this discount would close over time through the sale of those holdings.
- During the year, Pacific Current successfully disbursed $265m in sale proceeds to shareholders via a large share buyback completed at $12 per share.
- Despite the buyback, DS Capital chose not to participate, believing the value per share of remaining assets is significantly higher than the buyback price.
- The fund manager remains confident that the value of the remaining assets will continue to be realized over time.
Summary
Oracle Advisory Group
31 Mar 2025
$11.75
- Oracle Advisory Group continues to view Pacific Current as an extremely compelling opportunity, now the largest holding in their portfolio.
- The company has divested most of its alternative asset manager investments and is now flush with cash and liquid assets.
- Pacific Current launched an off-market buyback in February, with the aim of repurchasing half of its shares on issue.
- Ultimately, the company was able to buy back 42% of its shares on issue.
- At a current trading price of $11.50, the calculated net asset value (NAV) post-buyback stands at $15.35, indicating close to 30% upside.
- The downside risk is protected by the company’s remaining liquid assets.
- Pacific Current’s ongoing ability to conduct further on-market buybacks enhances its investment appeal.
Summary
DS Capital
31 Dec 2024
$11.85
- DS Capital continues to hold Pacific Current Group Ltd (PAC) as a top 10 portfolio position.
- PAC proposed a buyback at $12 per share to return surplus capital to shareholders.
- This action follows several disposals of investments in PAC’s portfolio.
- The disposals align with PAC’s strategy to realise shareholder value.
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
ANALYST INSIGHT
Equity Research Analyst
With a robust cash position and a bold buyback strategy, this investment appears poised for significant upside. At $11.50, Pacific Current Group Ltd could be a hidden gem, potentially unlocking 30% gains while safeguarding against downside risks.
Last Updated: 30 Sept 2025
Query The Data
Frequently Asked Questions
Who is investing in Pacific Current Group Ltd (ASX:PAC)?
Fund managers including Oracle Advisory Group, DS Capital and Lanyon Investment Fund have invested in Pacific Current Group Ltd (ASX:PAC).
Why do fund managers invest in Pacific Current Group Ltd?
Fund managers are investing in Pacific Current Group Ltd due to its strong financial position, characterized by a substantial cash reserve and liquid assets following the divestment of alternative asset manager investments. The company's recent off-market buyback, which reduced shares outstanding by 42%, signals confidence in its value, with a calculated net asset value of $15.35, indicating nearly 30% upside potential. This strategic move, combined with ongoing buyback capabilities, mitigates downside risk and enhances the company's attractiveness as an investment.
What happened to Pacific Current Group Ltd (ASX:PAC)?
Fund managers, including Lanyon Investment Fund, have invested in Pacific Current Group Ltd (ASX: PAC) due to its current trading discount relative to net asset value, indicating potential for substantial capital returns. They also consider possibilities of a wind-up or takeover, further enhancing the investment's appeal.