Interim Management Statement

RNS Number : 1469S

Pacific Horizon Investment Tst PLC

15 November 2011

 



PACIFIC HORIZON INVESTMENT TRUST PLC

 

Interim Management Statement - 3 months to 31 October 2011

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 per share total return was down 7.7% compared to a 10.8% decline in the comparative index (total return). The share price total return was down 9.6%.
·	Top Ten Holdings: Hyundai Glovis and Hon Hai Precision Industries have replaced Ping An Insurance and Singapore Exchange in the top ten holdings due to market movements.
·	During the quarter, the Company bought back 525,000 shares for cancellation.
·	The one year multi-currency loan facility with The Bank of New York Mellon has been renewed.
·	At the Company's Annual General Meeting, held on 17 October 2011, shareholders voted to extend the life of the Company for a further five year period.
Geographical Analysis of Total Assets					Top Ten Holdings
Region		% of total assets at 31/10/11	% of total assets at 31/07/11		Name	% of total assets at 31/10/11	% of total assets at 31/07/11
					Samsung Electronics	6.3	5.1
					Taiwan Semiconductor
Hong Kong and China		35.7	34.9		Manufacturing	3.7	3.4
Korea		21.3	21.0		Kunlun Energy Company	3.3	3.4
Taiwan		14.3	13.4		Hyundai Mobis	3.2	4.0
Singapore		9.3	10.0		Baidu	3.1	3.1
Malaysia		5.0	5.0		CNOOC	2.5	2.5
Indonesia		4.8	4.8		China Life Insurance
India		3.3	4.3		(Taiwan)	2.3	2.3
Thailand		2.9	3.2		Hyundai Glovis	2.3	1.9
Philippines		1.3	1.2		Hyundai Marine and Fire
Vietnam		1.2	1.1		Insurance	2.2	2.2
Net Liquid Assets		0.9	1.1		Hon Hai Precision Industries	2.1	2.0
Total		100.0	100.0		Total	31.0	29.9

Total Return Performance

	%
	3 Months	1 Year	3 Years	5 Years
Share Price	(9.6)	(7.8)	117.7	29.9
NAV	(7.7)	(6.4)	108.0	49.9
Comparative Index†	(10.8)	(5.5)	93.3	67.8

Source: Morningstar/Baillie Gifford & Co

†On 1 August 2011 the Company changed its comparative index from the MSCI All Country Far East ex Japan Index (in sterling terms) to the MSCI All Country Asia ex Japan Index (in sterling terms). For the purposes of the above the returns on both benchmarks for their respective periods have been linked to form a single benchmark.

Past performance is not a guide to future performance

General Information
	31/10/11	31/07/11
Equity shareholders' funds †	£124.6m	£137.3m
Net asset value per share †	163.03p	178.53p
Share price	147.50p	165.00p
Discount	9.5%	7.6%

† These figures have been calculated using the AIC cum income basis (includes current financial year retained

    income).

This interim management statement and up to date NAV and Share Price information are available at www.pacifichorizon.co.uk††

††Neither the contents of the Managers' website nor the contents of any website accessible from hyperlinks on the Managers' website (or any other website) is incorporated into, or forms part of, this announcement.

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

 

END

 

 

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