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Given that Pearsons are known to be 'flexible' boats, and the keel is cast iron I'm pretty sure what you're seeing is the failure of the fairing around the keel/hull joint due to a small amount of motion in that area. Take a good look at the links tempest provided.
It probably needs (at least) grinding out, drying out and refairing. West makes a product called G-Flex that cures into a relatively flexible material that is allegedly just the ticket for this scenario.
1984 Fast/Nicholson 345 "FastForward"
".. there is much you could do at sea with common sense.. and very little you could do without it.."
Capt G E Ericson (from "The Cruel Sea" by Nicholas Monsarrat)