2014 Annual Report

CHAIRMAN’S REVIEW


Executive Chairman - John Sanday

Dear Unit holder,

Our annual report for 2014 features the image of a bird nest. Investments are often referred to as eggs in the nest waiting to hatch. The image is a reminder of the growing asset base of Pacific Balanced Fund (PBF) and our hopes for the future. All up, there are almost 20, 000 individual investors that hold PBF units and I am pleased to be able to report to you that this modestly achieving Fund has once more added value to your nest eggs.

This 2014 financial year saw ongoing growth in the total value of your Fund, with another K62 million added to the 2013 value of K493m.

Once again my message to Unit-holders is that, over a few short years, Melanesian Trustee Services Limited has grown your investment from a low of K34 million to where it stands in our 2014 financial statements, valued at K555 million. Further to this, early indications for 2015 are that we will soon report a value of K600m.

We are pleased with the remarkable recovery in the value of our unit holders’ investments with PBF. We see it as affirmation of decisions to be conservative, cautious but confident in maintaining investments on behalf of the people who own Pacific Balanced Fund.

Unit-holders are the owners of the Fund and have the right to expect us to perform better each year. I am pleased to be able to report to you all that the results of yet another year have demonstrated that we were once again able to meet many of your expectations.

Over the years I have been reporting the progress we have made and plans for the future. Each year it has been a pleasure to be able to report that more challenges have been put behind us, more milestones passed and more plans made for the future. These have been exciting, sometimes difficult times for us all but we have moved steadily forward.

PBF is a significant investor in some major and very active PNG companies. They appear in this report. I take this opportunity to thank those companies which have reported good progress in recent years, provided income for the Fund and added to the value of units.

2014 has set us further down the path to re-establishing the value of Pacific Balanced Fund. I would like to thank the staff of MTSL for their efforts which have made this progress possible. They have been supported by our advisors and service providers who I also thank sincerely.

A unique fund for PNG, the Pacific Balanced Fund is guided by laws and regulations administered by the Securities Commission. I thank in-particular the Chairman and staff of the Commission who are tasked with the responsibility for ensuring that the rules which guide us are complied with and that our obligations to PBF Unit Holders are publicly honored. We have set ourselves high standards and are grateful to officials who assist and encourage us to maintain these standards.

For the immediate future we look forward to continuing to demonstrate that PBF is able to adapt and continue to improve as opportunities and challenges arise.

John Sanday | Executive Chairman
Melanesian Trustee Services Limited



    

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