Interim Results

Pacific Horizon Investment Tst PLC
1 March 2001


PACIFIC HORIZON INVESTMENT TRUST PLC
Results for the six months to 31 January 2001
1 March 2001

Salient points

* NAV outperforms benchmark. Net Asset Value per share fell by 3.4% to 53.5p
compared to the MSCI All Countries Far East ex Japan Free Index, which fell
by 11.8% in sterling terms. Over the six months to 31 January 2001 Pacific
Horizon was ranked 2/13 in its sector by the AITC.

* Increased portfolio weighting in China and Hong Kong. The indices in Taiwan
and Korea fell by over 20% in the period under review, partly as a result of
a slowdown in America. Immediately prior to the period under review the
Company had reduced its weightings in Korea, Taiwan and Singapore and
increased its weightings in Hong Kong and China. This, combined with a move
away from companies most exposed to a slow down in electronics contributed to
the Company's outperformance.

* Attractive valuations. The Company has added selectively to its positions in
some of the better quality electronics companies where it believes the large
falls in share prices have made valuations attractive despite the poor short
term outlook for earnings.

* Earnings per share for the period were 0.32p compared to 0.31p in the first
half of the previous year. As in previous years, no interim dividend will be
paid.

* Cautiously optimistic outlook. The Company is cautiously optimistic about the
outlook for Asia Pacific in general, owing to the attractive valuations of
Asian companies relative to international peers and the supportive interest
rate environment.

* Share buy-back. The Board is seeking shareholder approval and warrantholder
approval to reduce the Company's share premium account and buy back its own
shares. A circular will be sent out to shareholders and warrantholders
together with the interim report.

Pacific Horizon Investment Trust PLC (Pacific Horizon) aims to achieve
capital growth through investment in the stockmarkets of the Asia-Pacific
region (excluding Japan). The Company has total assets of £42.2 million. An
ISA and Share Plan are available.   

Pacific Horizon is managed by Baillie Gifford & Co., the leading independent
Edinburgh based fund management group with £22 billion under management and
advice.
-ends-

For further information please contact:
Gerald Smith, Manager
Pacific Horizon Investment Trust PLC               0131 222 4000
Mike Lord, Director,
Broadgate Marketing                                020 7726 6111

Baillie Gifford & Co. is regulated by IMRO. 

PACIFIC HORIZON INVESTMENT TRUST PLC

                             Interim Report 2001 

In the six months to the 31 January 2001 the net asset value per share fell
by 3.4% to 53.5p. Over the same period the MSCI All Countries Far East ex
Japan Free Index fell by 11.8% in sterling terms. There was no dilution
resulting from the existence of the warrants.

During the period the majority of Asian economies continued to grow at a
rapid pace but there was increasing evidence of decelerating export growth as
the rate of growth elsewhere in the world, most notably in the United States,
started to slow. By the end of the first half of the Company's year it was
apparent that the slowdown in America was steeper than had been expected.
This was partly responsible for falls of more than 20% in sterling terms in
the technology dominated Taiwanese and Korean indices over the six months
under review. With slower than expected growth, the prospects for interest
rate reductions improved and this was reflected in the strong performance of
interest rate sensitive stocks such as Hong Kong property companies and
banks. Changes made to our portfolio prior to the start of August 2000, which
involved reductions in Korea, Taiwan and Singapore and an increase in our
Hong Kong and China weighting, as well as a shift away from those companies
most exposed to a slowdown in electronics, contributed to the outperformance.
As the near term prospects for the markets deteriorated we also eliminated
our gearing, which had all been in the form of short term borrowings in order
to allow this flexibility.

There were a number of important political developments in the smaller Asian
markets. Notable among these was the ousting of the Philippine president,
Joseph Estrada, following the collapse of his impeachment trial under
suspicious circumstances. This development resulted in a sharp rise in share
prices from which we benefited. While less dramatic, the change in power in
Thailand through the more sedate mechanism of a general election has also
been viewed positively, as the new prime minister has a business background
and has the control of parliament necessary to take effective action.
By the end of November there had been very large falls in the prices of some
of the better quality technology companies such as Samsung Electronics. Even
taking into account the poor short term outlook for earnings, valuations had
become attractive. We therefore began selectively adding to our positions in
such companies.

We remain cautious about the prospects for companies which are heavily
dependent on investment spending continuing at a high rate in North America.
We are, though, optimistic about the outlook for Asia-Pacific equities in
general, owing to the attractive valuations of Asian companies relative to
international peers and the supportive interest rate environment.

Earnings per share for the period were 0.32p compared to 0.31p in the first
half of the previous year. As in previous years, no interim dividend will be
paid.

The Board is seeking shareholder and warrantholder approval to reduce the
Company's share premium account and buy back its own shares. A circular will
be sent out to shareholders and warrantholders together with this report.

The following is the interim statement for the six months ended 31 January
2001 which has been neither reviewed nor audited by the auditors. This
statement is being printed and will be sent to all shareholders on 16 March
2001. Copies will be available for inspection at the Registered Office of the
Company or may be obtained on request from the Managers and Secretaries after
that date.
 
                     PACIFIC HORIZON INVESTMENT TRUST PLC
                          STATEMENT OF TOTAL RETURN
              (unaudited and incorporating the revenue account*)
 

                                                                  
                         for the six months ended     for the six months ended 
                                  31 January 2001              31 January 2000  
  
                      Revenue   Capital     Total   Revenue   Capital    Total
                        £'000     £'000     £'000     £'000     £'000    £'000
  Realised                  -     (385)     (385)         -     3,123    3,123
  (losses)/gains                                                              
  on investments                                                              
  Unrealised                -   (1,181)   (1,181)         -     8,495    8,495
  (losses)/gains                                                              
  on investments                                                              
  Currency losses           -     (155)     (155)         -     (220)    (220)
  Income (note 1)         753         -       753       696         -      696
  Investment            (201)         -     (201)     (214)         -    (214)
  management fee                                                              
  Other                  (96)         -      (96)      (86)         -     (86)
  administrative                                                              
  expenses                                                                    
  Net return              456   (1,721)   (1,265)       396    11,398   11,794
  before finance                                                              
  costs and                                                                   
  taxation                                                                    
  Finance costs of      (108)         -     (108)      (84)         -     (84)
  borrowings                                                                  
  Return on               348   (1,721)   (1,373)       312    11,398   11,710
  ordinary                                                                    
  activities                                                                  
  before taxation                                                             
  Tax on ordinary        (91)         -      (91)      (64)         -     (64)
  activities                                                                  
  Return on               257   (1,721)   (1,464)       248    11,398   11,646
  ordinary                                                                    
  activities after                                                            
  taxation                                                                    
  Dividend in               -         -         -         -         -        -
  respect of                                                                  
  equity shares                                                               
  Transfer                257   (1,721)   (1,464)       248    11,398   11,646
  to/(from)                                                                   
  reserves                                                                    
  Return per            0.32p   (2.18p)   (1.86p)     0.31p    14.46p   14.77p
  ordinary share                                                              
  (note 2)                                                                    
  Dividend per              -                             -                   
  Ordinary Share                                                              
  (note 3)                                                                    
 
                                                            for the year ended
                                                                  31 July 2000
                                                                                
                                                     
                                                   Revenue   Capital     Total
                                                     £'000     £'000     £'000
  Realised (losses)/gains on investments                 -    11,366    11,366
  Unrealised (losses)/gains on investments               -   (2,137)   (2,137)
  Currency losses                                        -     (560)     (560)
  Income (note 1)                                    1,183         -     1,183
  Investment management fee                          (438)         -     (438)
  Other administrative expenses                      (201)         -     (201)
  Net return before finance costs and taxation         544     8,669     9,213
  Finance costs of borrowings                        (325)         -     (325)
  Return on ordinary activities before taxation        219     8,669     8,888
  Tax on ordinary activities                          (44)         -      (44)
  Return on ordinary activities after taxation         175     8,669     8,844
  Dividend in respect of equity shares               (158)         -     (158)
  Transfer to/(from) reserves                           17     8,669     8,686
  Return per ordinary share (note 2)                 0.22p    11.00p    11.22p
  Dividend per Ordinary Share                        0.20p                    
  (note 3)                                                                    
 
* The revenue column of this statement is the profit and loss account of the
Company. 

All revenue and capital items in the above statement derive from continuing
operations. 

                        PACIFIC HORIZON INVESTMENT TRUST PLC

                             SUMMARISED BALANCE SHEET

                               at 31 January 2001
                                  (unaudited)

                                                                              
                                                31 January 2001   31 July 2000
                                                          £'000          £'000
  NET ASSETS                                                                  
  Fixed asset investments                                42,345         49,173
  Net liquid (liabilities)/assets                         (169)            476
  Total assets (before deduction of bank                 42,176         49,649
  loan)                                                                       
  Bank loan (note 4)                                          -        (6,009)
                                                         42,176         43,640
  CAPITAL AND RESERVES                                                        
  Called-up share capital                                 7,884          7,884
  Capital reserves                                       33,290         35,011
  Revenue reserve                                         1,002            745
  EQUITY SHAREHOLDERS' FUNDS                             42,176         43,640
  NET ASSET VALUE PER ORDINARY SHARE (note 5)            53.49p         55.35p
  Ordinary shares in issue                           78,841,864     78,841,864


                            PACIFIC HORIZON INVESTMENT TRUST PLC
                                                                                
                               SUMMARISED CASH FLOW STATEMENT                   
       
                                        (unaudited)                             
                
                                            Six months to              Year to
                                               31 January              31 July
                                  
                                           2001      2001       2000      2000
                                          £'000     £'000      £'000     £'000
  NET CASH INFLOW FROM OPERATING                      490                  511
  ACTIVITIES                                                                  
  NET CASH OUTFLOW FROM SERVICING                   (113)                (334)
  OF FINANCE                                                                  
  TOTAL TAX RECLAIMED                                   -                  137
  FINANCIAL INVESTMENT                 (15,692)             (44,860)          
  Acquisitions of investments            20,246               43,051          
  Disposals of investments                   43                  117          
  Realised currency profit                                                    
  NET CASH INFLOW/(OUTFLOW) FROM                    4,597              (1,692)
  FINANCIAL INVESTMENT                                                        
  EQUITY DIVIDENDS PAID                             (158)                (158)
  NET CASH INFLOW/(OUTFLOW) BEFORE                  4,816              (1,536)
  FINANCING                                                                   
  FINANCING                             (6,207)             (12,701)          
  Loans repaid                                -               14,863          
  Loans drawn down                                                            
  NET CASH (OUTFLOW)/INFLOW FROM                  (6,207)                2,162
  FINANCING                                                                   
  (DECREASE)/INCREASE IN CASH                     (1,391)                  626
  RECONCILIATION OF NET CASH FLOW                                             
  TO MOVEMENT IN NET DEBT                                                     
  (Decrease)/increase in cash in                  (1,391)                  626
  the period                                                                  
  Cash used to repay/(received                      6,207              (2,162)
  from) bank loan                                                             
  Exchange movement                                 (198)                (677)
  MOVEMENT IN NET DEBT IN THE PERIOD                4,618              (2,213)
  NET DEBT AT 1 AUGUST 2000                       (4,630)              (2,417)
  NET DEBT AT 31 JANUARY 2001                        (12)              (4,630)

                     PACIFIC HORIZON INVESTMENT TRUST PLC
                                                       
                        TWENTY LARGEST EQUITY HOLDINGS 
                        at 31 January 2001             
                                                                               
  Name                    Business                   Market value   % of total
                                                            £'000       assets
  Legend Holdings         Computer manufacturer             2,635          6.2
                          and distributor                                     
  Cheung Kong Holdings    Property developer                2,044          4.8
  Hutchison Whampoa       Property and industrial           1,977          4.7
                          conglomerate                                        
  Samsung Electronics     Semiconductors and                1,868          4.4
                          electrical goods                                    
                          manufacturer                                        
  BAT Malaysia            Tobacco company                   1,690          4.0
  Hysan Development       Property developer                1,615          3.8
  Robinson & Company      Retail                            1,334          3.2
  Swire Pacific           Aviation and property             1,330          3.2
                          conglomerate                                        
  Hong Kong Electric      Electricity supplier              1,224          2.9
  Siam Commercial Bank    Banking                           1,203          2.9
  Shui On Construction    Construction company              1,160          2.8
  and Materials                                                               
  Sino Land               Property developer                1,113          2.6
  Singapore Press         Newspaper and magazine            1,068          2.5
                          publisher                                           
  Great Eagle Holdings    Property investment                 979          2.3
  China Everbright        Financial services                  925          2.2
                          provider                                            
  China Mobile (Hong      Mobile phone operator               848          2.0
  Kong)                                                                       
  Unilever Indonesia      Consumer products                   830          2.0
                          manufacturer                                        
  China Resources         Property developer and              813          1.9
  Enterprise              consumer products                                   
                          distributor                                         
  New World Development   Property investment                 810          1.9
  Via Technology          Chipset producer                    794          1.9
                                                           26,260         62.2
All stocks are listed overseas

                                                    DISTRIBUTION OF ASSETS
                                                      at 31 January 2001
                                                          (unaudited)

                                                                              
                                                       31 January      31 July
                                                             2001         2000
                                                                %            %
  Equities:                    Hong Kong and                 56.1         59.6
                               China                                          
                               Korea                         11.5          8.4
                               Singapore                      6.6          9.6
                               Taiwan                         5.5          7.4
                               Malaysia                       5.1          4.3
                               Thailand                       5.0          2.7
                               Indonesia                      3.4          1.6
                               Philippines                    2.9          1.3
                               UK*                            4.3          4.1
  Total equities                                            100.4         99.0
  Net liquid (liabilities)/assets                           (0.4)          1.0
  Total assets (before deduction of bank loan)              100.0        100.0

*Closed end funds investing in more than one country in the Asia-Pacific
region (excluding Japan).

PACIFIC HORIZON INVESTMENT TRUST PLC

NOTES

                                                                 
                               31 January 2001   31 January 2000   31 July 2000
                                         £'000             £'000          £'000
 

                                                                             
 1. Income                                  751               696          1,181
    Income from investments 
    and interest receivable                   2               Nil              2
    Other income 
                                                         
 2. Return per ordinary share               
    Revenue return                          257               248            175
    Capital return                       (1,721)           11,398          8,669
                         
      
Return per ordinary share is based on the above totals of revenue and capital
and on 78,841,864 ordinary shares, being the number of ordinary shares in
issue throughout each period.

There was no dilution of the above returns in any period.

 3. No interim dividend will be declared.

 4. The multi-currency loan with The Royal Bank of Scotland plc was repaid
during the period. At 31 January 2001 there were no outstanding drawings (31
July 2000 - US$9.0 million).

 5. The diluted net asset value per ordinary share is calculated in accordance
with FRS14 'Earnings per share'. The calculation determines the potential
number of dilutive shares which would be issued on the exercise of warrants
by reference to the share price (fair value) at the period end. Under this
method there was no dilution to the net asset value at either date.
 The fully diluted net asset value per ordinary share is calculated on the
assumption that the 15,763,976 warrants in issue at 31 January 2001 and 31
July 2000 were fully exercised at each date. Under this method there was no
dilution to the net asset value at either date. The outstanding warrants are
exercisable at 56p on 30 June in either of the remaining years 2001 and 2002.

 6. The financial information for the year ended 31 July 2000 has been
extracted from the full accounts which have been filed with the Registrar of
Companies and which contain an unqualified Auditors' Report.

 7. The accounting policies applied in calculating the interim figures are
consistent with those used in the Annual Financial Statements. The Interim
Report was approved by the Board on 28 February 2001.