Interim Management Statement

RNS Number : 7514H

Pacific Horizon Investment Tst PLC

07 November 2008

 



PACIFIC HORIZON INVESTMENT TRUST PLC

Interim Management Statement - 3 months to 31 October 2008

Pacific Horizon's objective is to invest in the stockmarkets of the Asia-Pacific region (excluding Japan) and in the stockmarkets of the Indian Sub-continent in order to achieve capital growth. The Company is prepared to move freely between the markets of the region as opportunities for growth vary. The portfolio will normally consist entirely of quoted securities.

Review of the Period

	Over the period, the Company's net asset value fell by 40.1% compared to a fall in the comparative index of 28.1%, while the share price fell by 45.8%.
	Top 10 Equity Holdings: a new investment was made in Samsung Electronics; the investment in Taiwan Semiconductor Manufacturing was increased; part sales of a number of holdings took them out of the Top 10; some of the investment in Pacific Basin Shipping was switched from ordinary shares to convertible loan notes; other changes were due to market movements.

Geographical Analysis of Total Assets				Top Ten Equity* Holdings
Region	% of total assets at 31/10/08	% of total assets at 31/07/08		Name	% of total assets at 31/10/08	% of total assets at 31/07/08
Hong Kong and China	33.6	30.4		Taiwan Semiconductor Manufacturing	5.1	2.8
Taiwan	12.3	9.0		Samsung Electronics	3.5	-
Singapore	12.2	14.3		Pacific Basin Shipping*	3.3	4.9
Korea	11.5	16.1		CNPC Hong Kong	3.3	2.3
Malaysia	9.3	7.9		Singapore Exchange	2.9	2.0
Philippines	3.3	1.7		Parkson Holdings	2.6	1.9
Indonesia	3.2	4.7		ASM Pacific Technology	2.6	2.8
India	3.1	3.6		Hang Seng Bank	2.6	2.0
Thailand	3.1	5.7		CNOOC	2.6	1.3
Vietnam	1.9	1.4		Sime Darby Berhad	2.4	2.0
Net Liquid Assets	6.5	5.2
Total	100.0	100.0		Total	30.9	22.0

*includes a holding in convertible loan notes

Capital Growth Performance

	%
	3 Months	1 Year	3 Years	5 Years
Share Price	(45.8)	(65.2)	(14.4)	16.7
NAV	(40.1)	(58.8)	(2.1)	26.5
Comparative Index	(28.1)	(46.9)	(1.7)	16.0

Source: Fundamental Data Ltd.; Comparative Index is MSCI All Country Far East ex Japan Index (in sterling terms).

Past performance is not a guide to future performance

General Information
	31/10/08	31/07/08
Equity shareholders' funds	£62.4m	£105.2m
Net asset value per share	79.67p	134.34p
Share Price	70.00p	129.25p
Discount	12.1%	3.8%

This interim management statement and up to date NAV and share price information is available on the Managers' website www.pacifichorizon.co.uk

For further information contact:-  Anzelm Cydzik on 0131 275 3276

 

END

 

 

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