Interim Management Statement

RNS Number : 1368G

Pacific Horizon Investment Tst PLC

06 May 2011

 



PACIFIC HORIZON INVESTMENT TRUST PLC

 

Interim Management Statement - 3 months to 30 April 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 flat compared to a total return on the comparative index of 1.7%. The share price total return was 1.4%.
·	Top 10 Holdings:  The addition to Ping An Insurance and partial sale of ASM Pacific Technology mean that they move in and out, respectively, of the top 10.  Other changes were due to market movements.
·	During the quarter, the Company bought back 350,000 shares for cancellation.
·	Ms Elisabeth Scott was appointed a Director of the Company with effect from 10 March 2011. Mr Michael Morrison retired as a Director on the same date.

Geographical Analysis of Total Assets					Top Ten Holdings
Region		% of total assets at 30/04/11	% of total assets at 31/01/11		Name	% of total assets at 30/04/11	% of total assets at 31/01/11
	Hong Kong and China	38.7	39.8		Samsung Electronics	5.1	5.6
Korea		18.2	14.9		Hyundai Mobis	3.6	2.6
Taiwan		12.5	13.9		Kunlun Energy Company	3.5	3.0
	Singapore	9.9	9.2		Taiwan Semiconductor
	India	5.0	6.5		Manufacturing	3.3	3.5
	Malaysia	4.7	4.5		Baidu	2.8	2.1
	Indonesia	4.5	5.4		CNOOC	2.6	2.4
	Thailand	3.0	2.5		Ping An Insurance	2.6	1.6
	Vietnam	1.1	1.1		Li & Fung	2.3	3.1
Philippines		1.0	0.9		Singapore Exchange	2.3	2.5
	Net Liquid Assets	1.4	1.3		Hon Hai Precision Industries	2.3	2.7
Total		100.0	100.0		Total	30.4	29.1

 

Total Return Performance

	%
	3 Months	1 Year	3 Years	5 Years
Share Price	1.4	9.3	4.6	53.3
NAV	0.0	6.9	19.0	66.6
Comparative Index	1.7	13.6	35.1	82.4

Source: Thomson Reuters Datastream/Baillie Gifford & Co

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
	30/04/11	31/01/11
Equity shareholders' funds †	£141.5m	£141.7m
Net asset value per share †	181.54p	181.01p
Share price	167.50p	165.25p
Discount	7.7%	8.7%

† 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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