Interim Management Statement

RNS Number : 3645X

Pacific Horizon Investment Tst PLC

18 November 2014

 

Pacific Horizon Investment Trust PLC

Interim Management Statement - 3 Months to 31 October 2014

Pacific Horizon's objective is to invest in the Asia-Pacific region (excluding Japan) and in 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 +1.9% compared to a +2.0% total return for the comparative index. The share price total return was +3.2% ¾  During the quarter, the Company bought back 3,506,307 shares for cancellation pursuant to a tender offer for up to 5% of the Company's shares. ¾  At the Annual General Meeting held on 30 October 2014 all resolutions were passed including a resolution authorising the Directors to implement two further tender offers, for the six months to 31 January and 31 July 2015. ¾  Top Ten Holdings:  China Petroleum & Chemical Corporation has dropped out of the top ten holdings as a result of market movements and a partial sale. A small addition was made to SK Hynix which has entered the top ten. There were also partial sales of Samsung Electronics and Hyundai Glovis. Other changes were due to market movements.
Geographical Analysis (as a % of total assets)		Region	31/10/14 %	31/07/14 %
		Hong Kong and China	29.6	28.8
		Korea	26.5	28.0
		Taiwan	20.9	18.7
		India	19.6	15.3
		Singapore	1.3	5.2
		Vietnam	1.2	1.2
		Thailand	0.7	1.2
		Indonesia	-	0.6
		Net Liquid Assets	0.2	1.0
		Total	100.0	100.0
Top Ten Holdings (as a % of total assets)			31/10/14 %	31/07/14 %
		Tencent Holdings	6.6	6.2
		Taiwan Semiconductor Manufacturing	5.4	4.6
		Samsung Electronics	3.9	5.6
		Tech Mahindra	3.9	3.1
		Baidu	3.8	3.1
		Hon Hai Precision Industries	3.2	2.9
		SK Hynix	2.9	1.9
		Naver	2.7	2.5
		MediaTek	2.6	2.6
		Hyundai Glovis	2.4	2.5
		Total	37.4	35.0

Total Return Performance			%
			3 Months	1 Year		3 Years		5 Years
		Share price	3.2	10.7		26.7		45.2
		NAV (at fair)	1.9	9.5		27.8		48.6
		Comparative index*	2.0	6.5		26.2		50.4
		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					31/10/14		31/07/14
		Total assets			£139.9m		£145.1m
		Borrowing			£4.4m		£4.1m
		Shareholders' funds †			£135.5m		£140.9m
		Net asset value per share†			203.41p		200.95p
		Share price			182.00p		177.75p
		Discount			10.5%		11.5%
		†      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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