Graham to cut Japan weight on Martin Currie Pacific trust

Martin Currie's Andrew Graham is to reduce the £135m Pacific trust's Japan exposure when he takes the helm in July.

The trust has the flexibility to have between 10% and 40% invested in the country, and at present it is at its maximum allowed weighting. Under former manager John Millar, who stepped down from managing the trust last week, Japanese exposure has proved detrimental to performance. It is lagging key rivals Aberdeen All Asian and Witan Pacific in the Asia Pacific including Japan sector. The trust has returned 11.8% compared to the sector average of 21.9% over three years, according to Morningstar. Graham said he will have a neutral weighting to Japan compared to his benchmark the M...