Interim Management Statement

RNS Number : 9749C

Pacific Horizon Investment Tst PLC

09 May 2012

 

Pacific Horizon Investment Trust PLC

Interim Management Statement - 3 Months to 30 April 2012

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		¾  Over the period, the Company's net asset value per share total return was up 3.3% compared to a 0.2% fall in the comparative index (total return). The share price total return was up 2.9%. ¾  Top Ten Holdings: Hyundai Glovis has replaced Li & Fung in the top ten holdings due to a small addition and market movements. ¾  During the quarter, the Company bought back 150,000 shares for cancellation.
Geographical Analysis of Total Assets		Region	% of total assets at 30/04/12	% of total assets at 31/01/12
		Hong Kong and China	35.1	35.9
		Korea	19.5	20.4
		Taiwan	15.2	15.3
		Singapore	9.3	9.1
		Malaysia	5.1	5.5
		India	4.3	2.9
		Thailand	3.5	3.0
		Indonesia	2.9	4.1
		Philippines	2.0	1.7
		Vietnam	1.9	1.1
		Net Liquid Assets	1.2	1.0
		Total	100.0	100.0
Top Ten Holdings (as a % of total assets)			30/04/12 %	31/01/12 %
		Samsung Electronics	7.0	6.9
		Taiwan Semiconductor Manufacturing	4.2	4.0
		Kunlun Energy Company	3.8	3.6
		Hyundai Mobis	2.9	2.5
		Baidu	2.7	2.8
		CNOOC	2.7	2.7
		Ping An Insurance	2.4	2.4
		Hyundai Glovis	2.4	2.0
		Hon Hai Precision Industries	2.3	2.5
		ASM Pacific Technology	2.3	2.3
		Total	32.7	31.7

Total Return Performance			%
			3 Months	1 Year		3 Years		5 Years
		Share Price	2.9	(4.8)		59.6		17.9
		NAV (at fair)	3.3	(2.1)		61.9		34.7
		Benchmark*	(0.2)	(7.5)		51.1		54.8
		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					30/04/12		31/01/12
		Equity shareholders' funds †			£132.0m		£128.0m
		Net asset value per share†			175.89p		170.24p
		Share Price			157.63p		153.25p
		Discount			10.4%		10.0%
		†      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

 

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