Pacific Horizon Inv Trust Interim Financial Report
Summary by AI BETAClose X
RNS Announcement
Pacific Horizon Investment Trust PLC ('PHI')
Legal Entity Identifier: VLGEI9B8R0REWKB0LN95
Regulated Information Classification: Half Yearly Financial Report
Results for the six months to 31 January 2026
The following is the unaudited Interim Financial Report for the six months to 31 January 2026 which was approved by the Board on 10 March 2026.
Responsibility statement
We confirm that to the best of our knowledge:
a. the condensed set of Financial Statements has been prepared in accordance with FRS 104 'Interim Financial Reporting';
b. the Interim Management Report includes a fair review of the information required by Disclosure Guidance and Transparency Rule 4.2.7R (being an indication of important events that have occurred during the first six months of the financial year, their impact on the Financial Statements and a description of the principal risks and uncertainties for the remaining six months of the financial year); and
c. the Interim Financial Report includes a fair review of the information required by Disclosure Guidance and Transparency Rule 4.2.8R (disclosure of related party transactions and changes therein).
On behalf of the Board
Roger Yates
Chairman
10 March 2026
Summary of unaudited results
|
|
31 January 2026 |
31 July 2025 (audited) |
% change |
|
Shareholders' funds* |
£809.9m |
£613.4m |
|
|
Net gearing† |
7% |
5% |
|
|
Net asset value per ordinary share* |
976.21p |
716.13p |
36.3 |
|
Share price |
897.00p |
648.00p |
38.4 |
|
MSCI All Country Asia ex Japan Index (in sterling terms)# |
|
|
16.9 |
|
Discount†‡ |
(8.1%) |
(9.5%) |
|
|
Active share† |
68% |
73% |
|
|
|
|
|
|
|
|
|
Six months to 31 January 2026 |
Six months to 31 January 2025 |
|
Revenue earnings per ordinary share |
|
(1.22p) |
0.52p |
|
|
|
|
|
|
|
|
Six months to 31 January 2026 |
Year to 31 July 2025 |
|
Total return† |
|
|
|
|
Net asset value per ordinary share‡ |
|
36.6% |
8.3% |
|
Share price‡ |
|
38.7% |
6.4% |
|
MSCI All Country Asia ex Japan Index (in sterling terms)# |
|
17.8% |
17.1% |
|
|
Six months to |
Year to 31 July 2025 |
||
|
Period's high and low |
High |
Low |
High |
Low |
|
Net asset value per ordinary share* |
990.09p |
702.96p |
719.77p |
579.44p |
|
Share price |
899.00p |
638.00p |
650.00p |
507.00p |
|
Discount†‡ |
(8.1%) |
(11.2%) |
(7.7%) |
(15.9%) |
* For a definition of terms see Glossary of terms and Alternative Performance Measures at the end of this announcement.
† Alternative Performance Measure - see Glossary of terms and Alternative Performance Measures at the end of this announcement.
# The MSCI All Country Asia ex Japan Index (in sterling terms) is the principal index against which performance is measured.
‡ Key Performance Indicator.
Source: Baillie Gifford/LSEG and relevant underlying index providers. See disclaimer at the end of this announcement.
Past performance is not a guide to future performance.
Chairman's statement
Performance
Over the six months to 31 January 2026, the Company's net asset value ('NAV') total return per share was 36.6% compared to the 17.8% total return of the MSCI All Country Asia ex Japan Index in sterling terms. The share price total return over the period was 38.7%, with the discount narrowing from 9.5% to 8.1%. The strong absolute and relative returns over the period were driven by effective stock selection, notably within North Asian semiconductor holdings, including SK Square and Samsung Electronics, and among copper and gold producers such as MMG and Zijin Mining Group.
Fuller commentary on performance and current portfolio positioning is contained in the Managers' review.
Discount and Share Buybacks
It is the Board's ambition that the Company's discount be maintained in single digits, in normal market conditions, on a sustained basis.
Over the course of the six months to 31 January 2026, the Company's discount averaged 9.6% compared to 13.0% for the equivalent period last year. 2,686,152 shares, 3.1% of the period's starting issued share capital, were bought back for treasury at a cost of £19.7 million in an effort to narrow the discount. Over the course of the twelve months to 31 January 2026, 7.9% of the Company's issued share capital, measured as at 31 January 2025, was bought back. A further 236,901 shares have been bought back since period end and there are now 9,349,587 shares held in treasury for potential re-issuance at a premium to the Company's NAV.
Gearing
The Board sets the gearing parameters within which the portfolio managers are permitted to operate. At present, the agreed range of equity gearing is minus 15% (holding net cash) to plus 15%.
The Company has a £60 million multi-currency revolving credit facility with the Royal Bank of Scotland International Limited. This facility expires on 13 March 2026 and is being replaced with a £90 million multi‑currency open-ended uncommitted revolving credit facility with The Bank of New York Mellon.
At 31 January 2026, the Company was drawing £60 million of the facility, up from £35.8 million at the start of the period. Net gearing stood at 7% compared to 5% six months earlier.
Outlook
As noted above, investment performance relative to the comparative index was strong over the half year. The Company's relative and absolute numbers over a number of time periods are encouraging, particularly as there is a quinquennial continuation vote in November this year when shareholders will be asked whether the Company should continue, or not.
The growing prominence of Asia ex Japan companies on the global stage is not simply a story of scale, but one of deep and enduring structural change. Across the region, long-term changes in consumption patterns, innovation capacity and corporate governance are reshaping the balance of global growth. As these forces compound, Asia ex Japan is increasingly central to the world's economic architecture, offering investors exposure to some of the most important growth opportunities of the coming decades.
The investment backdrop, however, is not without challenges. Valuations in parts of the technology sector have become more demanding, and index concentration has increased, raising the risk that market returns are increasingly driven by a small number of large companies, resulting in heightened market volatility. China's economic slowdown has weighed on regional confidence, while global geopolitical uncertainties, including trade tensions and tariffs, continue to complicate the outlook.
Despite this, these concerns should be viewed alongside the substantial opportunities that remain. The Asia Pacific region offers a diverse set of growth drivers that are not perfectly correlated with developed markets. This diversity, combined with attractive long-term growth prospects and improving corporate quality, reinforces the case for selective investment. Although short-term volatility and macro uncertainty are likely to persist, patient investors willing to look beyond near-term headlines can find a rich opportunity set across the region, where structural growth and attractive valuations continue to coexist.
Roger Yates
Chairman
10 March 2026
Managers' review
Overview
Over the six-month reporting period, the Company's net asset value ('NAV') total return per share and the share price total return were 36.6% and 38.7% respectively. This compares to a total return of 17.8% for the MSCI All Country Asia ex Japan Index in sterling terms.
Markets were supported by easier global financial conditions and a weaker US dollar. Against this backdrop, performance was driven overwhelmingly by stock selection, concentrated in three areas: North Asian semiconductors, copper and gold, and selected Chinese technology names.
Leadership within technology broadened from early artificial intelligence pioneers to the enablers of large-scale adoption, many of which are based in Asia. Our exposure to semiconductor leaders and their supporting ecosystem was a significant contributor. Commodities were the other major driver, as rising copper and gold prices combined with strong operational delivery to generate substantial share price gains.
Portfolio activity reflected these convictions. We increased exposure to copper and gold companies and initiated new positions in selected Chinese artificial intelligence-related businesses, while adding to leading Chinese platforms. China's weight rose to 39.3% (an 8.9% overweight), overtaking Vietnam as our largest relative position, and Materials became the largest sector overweight.
Net gearing increased from 5% to 7%, and 2,686,152 shares were bought back, representing 3.1% of the issued share capital as at 31 July 2025.
We remain enthused by the backdrop. Structural growth drivers are strengthening, portfolio companies are delivering, and company valuations remain supportive relative to slower-growing developed markets. With many Asian currencies at historically low levels, we believe the opportunity set remains compelling.
Review
Asian markets continued to perform strongly over the period, with the broader backdrop remaining supportive. Growth across much of the region outpaced developed market peers, and inflation was generally contained. Many major Asian economies entered this phase from a position of relative macroeconomic strength, having avoided the prolonged negative interest rate policies and large‑scale quantitative easing that characterised much of the developed world.
In earlier reports we highlighted two material headwinds: the strength of the US dollar and uncertainty surrounding China's economic trajectory. Over the past six months, both evolved more constructively. The US dollar weakened meaningfully, easing financial conditions across emerging markets and providing a clear tailwind to Asian assets.
In China, while structural challenges persist, growth has stabilised and policy support has incrementally increased. Tensions with the United States are ongoing; however, the period saw a degree of pragmatic de-escalation. Firm responses around trade and critical minerals were met without further escalation, suggesting a more managed competitive dynamic.
South Korea and Taiwan were the best performing markets (+71% and +29% respectively), driven largely by their technology sectors and reinforcing North Asia's leadership in several critical technologies. In both markets, strength was concentrated in semiconductors, where Samsung Electronics and SK Hynix are global leaders in memory, and TSMC is the leading manufacturer of leading-edge logic semiconductors.
Supported by a deep ecosystem of suppliers, these firms control key choke points across advanced chips, memory and foundry services, supplying much of the hardware underpinning artificial intelligence and broader digital adoption.
Reflecting our conviction in this structural positioning, we increased our holdings in TSMC and Samsung Electronics by approximately 300 and 100 basis points respectively.
China continued to accelerate its progression up the manufacturing and technological value chain. It is arguably the only credible competitor to the United States in artificial intelligence, quantum computing, drone technology and robotics, and is already a global leader in electric vehicles, batteries, solar manufacturing and power grid infrastructure. Importantly, the breadth and depth of China's industrial capability continue to expand, with technological standards and product competitiveness rising rapidly across multiple sectors.
Against this backdrop, we increased our exposure to China meaningfully. We purchased MiniMax and Knowledge Atlas Technology at IPO, added to Chinese online platforms, most notably through a new 375 basis point position in Alibaba, and increased our holding in CATL while initiating a new position in Wasion Holdings. We also initiated new positions in Zijin Gold International at IPO, CMOC Group and Zangge Mining, and added to our existing holding in Chifeng Jilong Gold.
Funding of the purchases was from across the portfolio. Within China, we exited KE Holdings, Zhejiang Supor and JD.com, and trimmed positions such as Sanhua Intelligent Controls and Precision Tsugami following strong performance. Net additions to China were approximately 1,200 basis points.
Elsewhere, India provided a significant source of funding, where valuations remain demanding. We exited Phoenix Mills, Prestige Estates and Reliance Industries. India is now the portfolio's largest underweight position (-9.9%), having declined from an absolute weight of 14.2% six months ago to 5.4%, with part of this reduction reflecting relative underperformance.
Commodities were also strong, particularly copper and precious metals. Our copper exposure reflects a long-held view that more than a decade of underinvestment would constrain supply. Given the long lead times required to develop new mines, often more than ten years, the industry's ability to respond quickly to rising demand is limited. Incremental demand from renewable energy, electric vehicles, grid expansion and data centre build-out is already tightening the market at the margin. While copper prices are likely to remain volatile, we believe the structural imbalance will become increasingly evident.
Gold reached new highs during the period, supported by moderating real interest rates, a weaker US dollar and continued geopolitical uncertainty. Structural demand remains firm, particularly from central banks diversifying reserves, while supply growth remains constrained following years of limited investment. We remain constructive on gold and gold miners, both as beneficiaries of higher realised prices and as portfolio hedges in an environment of elevated fiscal and geopolitical risk. Following recent additions, direct exposure to gold miners stood at approximately 5% of the portfolio.
Finally, a notable development has been the increasing concentration of the Asia ex Japan index, with the top five companies - TSMC, Samsung Electronics, Tencent, Alibaba and SK Hynix - now accounting for approximately one third of the benchmark. We hold these companies in meaningful size, including exposure to SK Hynix through our holding in SK Square, believing they represent some of the most attractive businesses in our universe. In many of these industries, scale confers durable competitive advantages, which in our view strengthen as companies grow.
One consequence of owning several of the index's largest constituents is a reduction in portfolio active share, which currently stands at 68%, compared to 82% three years ago. Although differentiation from the index has reduced, these holdings reflect deliberate, conviction-led investments rather than benchmark alignment.
Performance
Over the six-month period to 31 January 2026, the Company's NAV total return was 36.6%, compared to 17.8% for the MSCI All Country Asia ex Japan Index (sterling). As mentioned, the majority of this was driven by stock selection, with returns concentrated in semiconductors, commodities and certain Chinese technology names.
South Korea and Taiwan were among the largest sources of excess return. SK Square was the standout holding, accounting for 640 basis points of attribution as the shares rose 248%. (Although classified as an industrial, it represents economic exposure to SK Hynix which accounts for more than 90% of its net asset value.) Strong high bandwidth memory demand, tightening industry supply and continued capacity constraints supported the rerating of the shares.
Samsung Electronics also made a meaningful contribution, adding 220 basis points as the shares rose 110%. Pricing in commodity memory improved as capacity shifted toward high bandwidth memory, tightening supply conditions. At the same time, investors reassessed Samsung's competitive position, particularly the scope for its foundry operations to benefit as customers seek diversification in a supply-constrained market.
Returns were supported across the broader semiconductor ecosystem. EO Technics and Chroma ATE advanced on rising demand for increasingly sophisticated laser and testing equipment required at leading-edge nodes.
Materials were another significant contributor, adding 620 basis points at the sector level. MMG benefited from firmer copper prices and record production, while Zijin Mining and gold holdings including Zijin Gold International and Chifeng Jilong Gold generated strong gains. Participation in the Zijin Gold IPO proved well timed.
China was the largest country contributor, primarily through stock selection. IPO investments in MiniMax and Knowledge Atlas added positively, alongside selected industrial holdings. Excess return also came from avoidance: we did not own Xiaomi, where valuations appeared stretched, and remain cautious on electric vehicle manufacturers such as BYD, preferring battery leader CATL given intensifying competition and overcapacity risks.
Weakness was concentrated in Consumer Discretionary and Real Estate. SEA was the largest detractor, reflecting competitive pressures and uneven profitability in e-commerce. Luckin Coffee and PDD Holdings also weighed on returns as consumer sentiment softened.
In India, Embassy Developments declined as the property sector cooled. We have materially reduced Indian property exposure over the past year and now retain only Embassy Developments in India.
In Vietnam, Khang Dien remained under pressure amid continued softness in residential property demand. Sales have yet to show a sustained recovery; however, after several challenging years we believe the market is nearing an inflection point and we remain positive.
In aggregate, the period's excess return was driven by conviction positions in North Asian semiconductors and commodities, complemented by selective China exposure, partly offset by weakness in consumer-facing holdings and our real estate positions.
Conclusion
The portfolio is exposed to structural growth themes supported by improving fundamentals and reasonable valuations. Against a backdrop of attractive currency levels, improving macro conditions and resilient earnings delivery, we are positive on the outlook for the region, and have positioned the portfolio accordingly.
Baillie Gifford & Co
10 March 2026
Baillie Gifford - valuing private companies
We aim to hold our private company investments at 'fair value', i.e. the price that would be paid in an open-market transaction. Valuations are adjusted both during regular valuation cycles and on an ad hoc basis in response to 'trigger events'. Our valuation process ensures that private companies are valued in both a fair and timely manner.
The valuation process is overseen by a valuations group at Baillie Gifford, which takes advice from an independent third party (S&P Global). The valuations group is independent from the investment team with voting members selected from different operational areas of the firm. The investment team receive final valuation notifications once they have been applied.
We revalue the private holdings on a three-month rolling cycle, with one-third of the holdings reassessed each month. During stable market conditions, and assuming all else is equal, each investment would be valued four times in a twelve-month period. For investment trusts, the prices are also reviewed twice per year by the respective boards and are subject to the scrutiny of external auditors in the annual audit process.
Beyond the regular cycle, the valuations group also monitors the portfolio for certain 'trigger events'. These may include changes in fundamentals, a takeover approach, an intention to carry out an Initial Public Offering ('IPO'), company news which is identified by the valuation team or by the portfolio managers, or meaningful changes to the valuation of comparable public companies. Any ad hoc change to the fair valuation of any holding is implemented swiftly and reflected in the next published net asset value ('NAV'). There is no delay.
The valuations group also monitors relevant market benchmarks on a weekly basis and updates valuations in a manner consistent with our external valuer's (S&P Global) most recent valuation report where appropriate.
List of investments
as at 31 January 2026 (unaudited)
|
Name |
Geography |
Business |
Value £'000 |
% of total assets * |
|
TSMC |
Taiwan |
Semiconductor manufacturer |
111,799 |
12.9 |
|
Samsung Electronics |
South Korea |
Memory, phones and electronic components manufacturer |
84,035 |
9.7 |
|
SK Square |
South Korea |
Asset manager, investing in semiconductors and information and communications technologies |
70,547 |
8.1 |
|
Tencent Holdings |
China |
Internet services |
49,522 |
5.7 |
|
ByteDance Series E-1 Preferred U |
China |
Social media |
28,961 |
3.3 |
|
MMG |
China |
Base metals mining company |
28,779 |
3.3 |
|
Zijin Mining Group |
China |
Gold and copper mining company |
27,994 |
3.2 |
|
Chifeng Jilong Gold |
China 'A' shares |
Gold mining company |
26,618 |
3.1 |
|
Alibaba Group |
China |
Chinese e-commerce and cloud computing platform |
15,016 |
1.7 |
|
Alibaba Group ADR |
China |
Chinese e-commerce and cloud computing platform |
11,535 |
1.3 |
|
|
|
|
26,551 |
3.0 |
|
EO Technics |
South Korea |
Manufacturer and distributor of semiconductor laser markers |
23,162 |
2.7 |
|
Zijin Gold International |
Hong Kong |
Gold mining company |
18,851 |
2.2 |
|
SEA ADR |
Singapore |
Internet gaming and ecommerce |
16,708 |
1.9 |
|
HDBank |
Vietnam |
Consumer bank |
14,937 |
1.7 |
|
CATL |
China 'A' shares |
EV battery manufacturer |
14,051 |
1.6 |
|
Accton Technology Corporation |
Taiwan |
Server network equipment manufacturer |
13,555 |
1.6 |
|
Military Commercial Joint Stock Bank |
Vietnam |
Retail and corporate bank |
13,502 |
1.6 |
|
Knowledge Atlas Technology |
China |
Enterprise software and IT services business |
12,664 |
1.5 |
|
Montage Technology |
China 'A' shares |
Semiconductor chip designer |
11,173 |
1.3 |
|
MediaTek |
Taiwan |
Electronic component manufacturer |
11,126 |
1.3 |
|
Mobile World Investment Corporation |
Vietnam |
Electronic and grocery retailer |
10,657 |
1.2 |
|
Luckin Coffee ADR |
China |
Coffeehouse chain |
10,516 |
1.2 |
|
Chroma ATE |
Taiwan |
Manufacturer of electronic measuring instruments |
10,462 |
1.2 |
|
PDD Holdings |
China |
Ecommerce platform |
10,067 |
1.2 |
|
Khang Dien House Trading and Investment Joint Stock Company |
Vietnam |
Real estate |
9,604 |
1.1 |
|
Midea Group A shares |
China 'A' shares |
Household appliance manufacturer |
9,534 |
1.1 |
|
Ping An Insurance |
China |
Life insurance provider |
9,457 |
1.1 |
|
Fabrinet |
Thailand |
Manufacturer of optical and electro-mechanical services |
9,232 |
1.1 |
|
DiDi Global ADR |
China |
Ride-hailing and mobility platform |
8,746 |
1.0 |
|
Precision Tsugami |
China |
Industrial machinery manufacturer |
8,089 |
0.9 |
|
SG Micro A Shares |
China 'A' shares |
Semiconductor manufacturer |
7,596 |
0.9 |
|
Delhivery |
India |
Logistics and courier services provider |
7,228 |
0.8 |
|
Kaspi.kz ADR |
Kazakhstan |
Banking, ecommerce and payments platform |
6,990 |
0.8 |
|
PolicyBazaar |
India |
Online financial services platform |
6,927 |
0.8 |
|
Meituan |
China |
Chinese local services platform |
6,907 |
0.8 |
|
Silvercorp Metals Inc |
China |
Silver, lead and zinc mining company |
6,413 |
0.7 |
|
Embassy Developments |
India |
Real estate |
6,057 |
0.7 |
|
Bank Rakyat |
Indonesia |
Consumer bank |
5,974 |
0.7 |
|
MiniMax |
China |
Generative AI model and applications company |
5,846 |
0.7 |
|
Hoa Phat Group |
Vietnam |
Steel and related products manufacturer |
5,632 |
0.6 |
|
Dailyhunt (VerSe Innovation) |
India |
News aggregator application |
4,250 |
0.5 |
|
Dailyhunt (VerSe Innovation) |
India |
News aggregator application |
769 |
0.1 |
|
Dailyhunt (VerSe Innovation) |
India |
News aggregator application |
487 |
0.1 |
|
|
|
|
5,506 |
0.7 |
|
MicroConnect U |
Hong Kong |
SME financing exchange |
5,230 |
0.6 |
|
CMOC Group |
China 'A' shares |
Diversified metals mining company |
5,118 |
0.6 |
|
Kanzhun ADR |
China |
Online recruitment platform |
5,082 |
0.6 |
|
FPT Corporation |
Vietnam |
IT service provider |
5,065 |
0.6 |
|
Binh Minh Plastics Joint Stock Company |
Vietnam |
Plastic piping manufacturer |
4,974 |
0.6 |
|
Bajaj Finserv |
India |
Indian financial services business |
4,889 |
0.6 |
|
Lemon Tree Hotels |
India |
Owner and operator of a chain of Indian hotels and resorts |
4,763 |
0.5 |
|
ASMPT |
Hong Kong |
Semiconductor manufacturer |
4,641 |
0.5 |
|
Zangge Mining |
China 'A' shares |
Copper and lithium producer |
4,392 |
0.5 |
|
Eicher Motors |
India |
Manufacturer of Royal Enfield motorcycles |
4,375 |
0.5 |
|
Sanhua Intelligent Controls |
China |
Thermal management manufacturer |
4,352 |
0.5 |
|
Coupang |
South Korea |
Ecommerce business |
4,233 |
0.5 |
|
Silergy |
Taiwan |
Semiconductor manufacturer |
3,982 |
0.4 |
|
HDB Financial Services |
India |
Retail and commercial lender |
3,867 |
0.4 |
|
Lufax Holding |
China |
Online financial services platform |
3,862 |
0.4 |
|
Haidilao |
China |
Leading hotpot restaurant chain |
3,842 |
0.4 |
|
Wasion Holdings |
Hong Kong |
Power management system provider |
3,834 |
0.4 |
|
Goneo |
China 'A' shares |
Consumer electrics manufacturer |
3,076 |
0.4 |
|
PT AKR Corporindo Tbk |
Indonesia |
Logistics and supply chain |
3,073 |
0.4 |
|
InterGlobe Aviation |
India |
India's leading airline |
3,019 |
0.3 |
|
Vietnam Enterprise Investments |
Vietnam |
Investment fund |
2,851 |
0.3 |
|
Pony.ai ADR |
China |
Autonomous driving technology company |
2,569 |
0.3 |
|
Grab |
Singapore |
Ride-hailing and food delivery platform |
2,133 |
0.2 |
|
Meesho |
India |
Indian e-commerce marketplace platform |
1,298 |
0.1 |
|
Chime Biologics U |
China |
Biopharmaceutical company |
78 |
<0.1 |
|
Eden Biologics U |
Taiwan |
Biopharmaceutical company |
18 |
<0.1 |
|
Total Investments |
|
|
866,591 |
99.6 |
|
Net liquid assets* |
|
|
3,292 |
0.4 |
|
Total assets* |
|
|
869,883 |
100.0 |
|
|
Listed equities % |
Private company investments † % |
Net liquid assets * % |
Total assets * % |
|
31 January 2026 |
95.0 |
4.6 |
0.4 |
100.0 |
|
31 July 2025 |
93.7 |
6.1 |
0.2 |
100.0 |
Figures represent percentage of total assets*.
* For a definition of terms see Glossary of terms and Alternative Performance Measures at the end of this announcement.
† Includes holdings in ordinary shares and preference shares.
U Denotes private company investment.
Distribution of total assets* (unaudited)
Geographical analysis at 31 January 2026
|
|
Geographical |
% at 31 January 2026 |
% at 31 July 2025 |
|
1 |
China |
29.8 |
30.3 |
|
2 |
South Korea |
21.0 |
13.6 |
|
3 |
Taiwan |
17.4 |
16.3 |
|
4 |
China 'A' shares |
9.5 |
6.1 |
|
5 |
Vietnam |
7.7 |
9.1 |
|
6 |
India |
5.4 |
14.2 |
|
7 |
Hong Kong |
3.7 |
1.8 |
|
8 |
Singapore |
2.1 |
4.2 |
|
9 |
Indonesia |
1.1 |
1.7 |
|
10 |
Thailand |
1.1 |
1.1 |
|
11 |
Kazakhstan |
0.8 |
1.4 |
|
12 |
Net liquid assets |
0.4 |
0.2 |
Sectoral analysis at 31 January 2026
|
|
Sectoral |
% at 31 January 2026 |
% at 31 July 2025 |
|
1 |
Information Technology |
37.1 |
29.0 |
|
2 |
Industrials |
15.0 |
13.5 |
|
3 |
Materials |
14.2 |
6.5 |
|
4 |
Consumer Discretionary |
12.4 |
14.4 |
|
5 |
Communication Services |
9.7 |
15.8 |
|
6 |
Financials |
9.0 |
13.2 |
|
7 |
Real Estate |
1.8 |
5.6 |
|
8 |
Energy |
0.4 |
1.8 |
|
9 |
Net liquid assets |
0.4 |
0.2 |
* For a definition of terms see Glossary of terms and Alternative Performance Measures at the end of this announcement.
Income statement (unaudited)
|
|
|
For the six months ended |
For the six months ended |
For the year ended 31 July 2025 (audited) |
||||||
|
|
Notes |
Revenue £'000 |
Capital £'000 |
Total £'000 |
Revenue £'000 |
Capital £'000 |
Total £'000 |
Revenue £'000 |
Capital £'000 |
Total £'000 |
|
Gains |
|
- |
218,198 |
218,198 |
- |
16,087 |
16,087 |
- |
39,801 |
39,801 |
|
Currency (losses)/gains |
|
- |
(369) |
(369) |
- |
179 |
179 |
- |
(586) |
(586) |
|
Income |
|
3,275 |
- |
3,275 |
3,626 |
- |
3,626 |
8,870 |
- |
8,870 |
|
Investment management fee |
3 |
(2,270) |
- |
(2,270) |
(1,831) |
- |
(1,831) |
(3,573) |
- |
(3,573) |
|
Other administrative expenses |
|
(425) |
- |
(425) |
(406) |
- |
(406) |
(881) |
- |
(881) |
|
Net return before finance costs and taxation |
|
580 |
217,829 |
218,409 |
1,389 |
16,266 |
17,655 |
4,416 |
39,215 |
43,631 |
|
Finance costs of borrowings |
4 |
(1,297) |
- |
(1,297) |
(482) |
- |
(482) |
(1,437) |
- |
(1,437) |
|
Net return before taxation |
|
(717) |
217,829 |
217,112 |
907 |
16,266 |
17,173 |
2,979 |
39,215 |
42,194 |
|
Tax |
5 |
(308) |
656 |
348 |
(440) |
894 |
454 |
(889) |
2,246 |
1,357 |
|
Net return after taxation |
|
(1,025) |
218,485 |
217,460 |
467 |
17,160 |
17,627 |
2,090 |
41,461 |
43,551 |
|
Net return per ordinary share |
6 |
(1.22p) |
260.43p |
259.21p |
0.52p |
18.97p |
19.49p |
2.34p |
46.42p |
48.76p |
The total column of this statement represents the profit and loss account of the Company. The supplementary revenue and capital columns are prepared under guidance issued by the Association of Investment Companies.
All revenue and capital items in this statement derive from continuing operations.
A Statement of Comprehensive Income is not required as the Company does not have any other comprehensive income and the net return after taxation is both the (loss)/profit and total comprehensive (expense)/income for the period.
Balance sheet (unaudited)
|
|
Notes |
At 31 January 2026 £'000 |
At 31 July 2025 (audited) £'000 |
|
Fixed assets |
|
|
|
|
Investments held at fair value through profit or loss |
8 |
866,591 |
651,771 |
|
Current assets |
|
|
|
|
Debtors |
|
3,006 |
802 |
|
Cash and cash equivalents |
|
6,892 |
3,820 |
|
|
|
9,898 |
4,622 |
|
Creditors |
|
|
|
|
Amounts falling due within one year |
|
(66,606) |
(38,845) |
|
Net current liabilities |
|
(56,708) |
(34,223) |
|
Total assets less current liabilities |
|
809,883 |
617,548 |
|
Creditors |
|
|
|
|
Amounts falling due after more than one year: |
|
|
|
|
Provision for tax liability |
10 |
- |
(4,191) |
|
Net assets |
|
809,883 |
613,357 |
|
Capital and reserves |
|
|
|
|
Share capital |
11 |
9,208 |
9,208 |
|
Share premium account |
|
254,120 |
254,120 |
|
Capital redemption reserve |
|
20,367 |
20,367 |
|
Capital reserve |
|
519,394 |
320,583 |
|
Revenue reserve |
|
6,794 |
9,079 |
|
Total shareholders' funds |
|
809,883 |
613,357 |
|
Net asset value per ordinary share |
|
976.21p |
716.13p |
|
Ordinary shares in issue |
11 |
82,962,275 |
85,648,427 |
Statement of changes in equity (unaudited)
For the six months ended 31 January 2026
|
|
Notes |
Share capital £'000 |
Share premium account £'000 |
Capital redemption reserve £'000 |
Capital reserve * £'000 |
Revenue reserve £'000 |
Shareholders' funds £'000 |
|
Shareholders' funds at 1 August 2025 |
|
9,208 |
254,120 |
20,367 |
320,583 |
9,079 |
613,357 |
|
Net return after taxation |
|
- |
- |
- |
218,485 |
(1,025) |
217,460 |
|
Ordinary shares bought back into treasury |
11 |
- |
- |
- |
(19,674) |
- |
(19,674) |
|
Dividends paid during the period |
7 |
- |
- |
- |
- |
(1,260) |
(1,260) |
|
Shareholders' funds at 31 January 2026 |
|
9,208 |
254,120 |
20,367 |
519,394 |
6,794 |
809,883 |
For the six months ended 31 January 2025
|
|
Notes |
Share capital £'000 |
Share premium account £'000 |
Capital redemption reserve £'000 |
Capital reserve * £'000 |
Revenue reserve £'000 |
Shareholders' funds £'000 |
|
Shareholders' funds at 1 August 2024 |
|
9,208 |
254,120 |
20,367 |
308,888 |
9,387 |
601,970 |
|
Net return after taxation |
|
- |
- |
- |
17,160 |
467 |
17,627 |
|
Ordinary shares bought back into treasury |
11 |
- |
- |
- |
(3,455) |
- |
(3,455) |
|
Dividends paid during the period |
7 |
- |
- |
- |
- |
(2,398) |
(2,398) |
|
Shareholders' funds at 31 January 2025 |
|
9,208 |
254,120 |
20,367 |
322,593 |
7,456 |
613,744 |
* The capital reserve balance at 31 January 2026 includes investment holding gains of £299,473,000 (31 January 2025 - gains of £112,017,000).
Cash flow statement (unaudited)
|
|
Six months to 31 January 2026 £'000 |
Six months to 31 January 2025 £'000 |
|
Cash flows from operating activities |
|
|
|
Net return before taxation |
217,112 |
17,173 |
|
Adjustments to reconcile company profit before tax to net cash flow from operating activities |
|
|
|
Net gains on investments |
(218,198) |
(16,087) |
|
Currency losses/(gains) |
369 |
(179) |
|
Finance costs of borrowings |
1,297 |
482 |
|
Other capital movements |
|
|
|
Changes in debtors |
(2,207) |
138 |
|
Changes in creditors |
2,404 |
(24) |
|
Taxation |
|
|
|
Overseas withholding tax incurred |
(305) |
(428) |
|
Indian tax paid on transactions |
(3,535) |
(198) |
|
Cash from operations* |
(3,063) |
877 |
|
Non-utilisation fee paid |
(31) |
(191) |
|
Loan interest paid |
(894) |
(230) |
|
Net cash (outflow)/inflow from operating activities |
(3,988) |
456 |
|
Cash flows from investing activities |
|
|
|
Acquisitions of investments |
(155,997) |
(28,850) |
|
Disposals of investments |
161,406 |
18,297 |
|
Net cash inflow/(outflow) from investing activities |
5,409 |
(10,553) |
|
Cash flows from financing activities |
|
|
|
Ordinary shares bought back into treasury |
(20,940) |
(3,455) |
|
Bank loans repaid |
(35,780) |
- |
|
Bank loans drawn down |
60,000 |
15,325 |
|
Equity dividends paid |
(1,260) |
(2,398) |
|
Net cash inflow from financing activities |
2,020 |
9,472 |
|
Increase/(decrease) in cash and cash equivalents |
3,441 |
(625) |
|
Exchange movements |
(369) |
179 |
|
Cash and cash equivalents at start of period |
3,820 |
4,205 |
|
Cash and cash equivalents at end of period |
6,892 |
3,759 |
* Cash from operations includes dividends received of £3,430,000 (31 January 2025 - £3,743,000) and interest received of £30,000 (31 January 2025 - £56,000).
Notes to the condensed Financial Statements (unaudited)
1 Basis of accounting
The condensed Financial Statements for the six months to 31 January 2026 comprise the statements set out above together with the related notes below. They have been prepared in accordance with FRS 104 'Interim Financial Reporting' and the AIC's Statement of Recommended Practice issued in November 2014 and in July 2022 with consequential amendments. They have not been audited or reviewed by the auditor pursuant to the Auditing Practices Board Guidance on 'Review of Interim Financial Information'. The Financial Statements for the six months to 31 January 2026 have been prepared on the basis of the same accounting policies as set out in the Company's Annual Report and Financial Statements at 31 July 2025.
Going concern
The Directors have considered the Company's principal risks and uncertainties, as set out on the inside cover of this report, together with the Company's current position, investment objective and policy, the level of demand for the Company's shares, the nature of its assets, its liabilities and projected income and expenditure. The Board has, in particular, considered the impact of heightened market volatility due to macroeconomic and geopolitical concerns, but it does not believe the Company's going concern is affected. It is the Directors' opinion that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company's assets, the majority of which are investments in quoted securities which are readily realisable, exceed its liabilities significantly. All borrowings require the prior approval of the Board. The Board approves borrowing and gearing limits and reviews regularly the amounts of any borrowing and the level of gearing as well as compliance with borrowing covenants. The Company has continued to comply with the investment trust status requirements of section 1158 of the Corporation Tax Act 2010 and the Investment Trust (Approved Company) (Tax) Regulations 2011. In accordance with the Company's Articles of Association, shareholders have the right to vote on the continuation of the Company every five years, the next vote being in November 2026. The Directors have no reason to believe that the continuation resolution will not be passed at that Annual General Meeting. Accordingly, the Directors consider it appropriate to adopt the going concern basis of accounting in preparing these Financial Statements and confirm that they are not aware of any material uncertainties which may affect the Company's ability to continue to do so over a period of at least twelve months from the date of approval of these Financial Statements.
2 Financial information
The financial information contained within this Interim Financial Report does not constitute statutory accounts as defined in sections 434 to 436 of the Companies Act 2006. The financial information for the year ended 31 July 2025 has been extracted from the statutory accounts which have been filed with the Registrar of Companies. The auditor's report on those accounts was not qualified, did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying its report, and did not contain statements under sections 498(2) or (3) of the Companies Act 2006.
3 Investment manager
Baillie Gifford & Co Limited, a wholly owned subsidiary of Baillie Gifford & Co, has been appointed by the Company as its Alternative Investment Fund Managers and Company Secretaries. Baillie Gifford & Co Limited has delegated portfolio management services to Baillie Gifford & Co. Dealing activity and transaction reporting have been further sub-delegated to Baillie Gifford Overseas Limited and Baillie Gifford Asia (Hong Kong) Limited. The Managers may terminate the Management Agreement on six months' notice and the Company may terminate on three months' notice. The annual management fee is 0.75% on the first £50 million of net assets, 0.65% on the next £200 million of net assets and 0.55% on the remaining net assets. Management fees are calculated and payable on a quarterly basis.
4 Finance costs
|
|
Six months to 31 January 2026 £'000 |
Six months to 31 January 2025 £'000 |
Year to 31 July 2025 (audited) £'000 |
|
Royal Bank of Scotland International Limited non-utilisation fee |
20 |
182 |
258 |
|
Royal Bank of Scotland International Limited interest |
1,277 |
300 |
1,119 |
|
Royal Bank of Scotland International Limited arrangement fee |
- |
- |
60 |
|
|
1,297 |
482 |
1,437 |
5 Tax
The revenue tax charge includes the overseas withholding tax suffered in the period. The capital tax charge results from the provision for tax liability in respect of Indian capital gains tax as detailed in note 10.
6 Net return
|
|
Six months to 31 January 2026 £'000 |
Six months to 31 January 2025 £'000 |
Year to 31 July 2025 (audited) £'000 |
|
Revenue return after taxation |
(1,025) |
467 |
2,090 |
|
Capital return after taxation |
218,485 |
17,160 |
41,461 |
|
Total net return |
217,460 |
17,627 |
43,551 |
|
Net return per ordinary share |
|
|
|
|
Revenue return after taxation |
(1.22p) |
0.52p |
2.34p |
|
Capital return after taxation |
260.43p |
18.97p |
46.42p |
|
Total net return per ordinary share |
259.21p |
19.49p |
48.76p |
|
Weighted average number of ordinary shares in issue |
83,894,769 |
90,437,115 |
89,322,898 |
The net return per ordinary share figures are based on the above totals of revenue and capital and the weighted average number of ordinary shares in issue (excluding treasury shares) during each period.
There are no dilutive or potentially dilutive shares in issue.
7 Dividends
|
|
Six months to 31 January 2026 £'000 |
Six months to 31 January 2025 £'000 |
Year to 31 July 2025 (audited) £'000 |
|
Amounts recognised as distributions in the period: Previous year's final dividend of 1.50p (31 July 2024 - 2.65p), paid 1 December 2025 |
1,260 |
2,398 |
2,398 |
|
Amounts paid and payable in respect of the period: Final dividend (31 July 2025 - 1.50p) |
- |
- |
1,260 |
No interim dividend has been declared in respect of the current period.
8 Fixed assets - investments
The Company's investments in securities are financial assets held at fair value through profit or loss. The fair value hierarchy used to analyse the fair values of financial assets is described below. The levels are determined by the lowest (that is the least reliable or least independently observable) level of input that is significant to the fair value measurement for the individual investment in its entirety as follows:
Level 1 - using unadjusted quoted prices for identical instruments in an active market;
Level 2 - using inputs, other than quoted prices included within Level 1, that are directly or indirectly observable (based on market data); and
Level 3 - using inputs that are unobservable (for which market data is unavailable).
An analysis of the Company's financial asset investments based on the fair value hierarchy described above is shown below.
Investments held at fair value through profit or loss
|
As at 31 January 2026 |
Level 1 £'000 |
Level 2 £'000 |
Level 3 £'000 |
Total £'000 |
|
Listed equities |
826,798 |
- |
- |
826,798 |
|
Unlisted equities |
- |
- |
5,813 |
5,813 |
|
Unlisted preference shares† |
- |
- |
33,980 |
33,980 |
|
Total financial asset investments |
826,798 |
- |
39,793 |
866,591 |
|
As at 31 July 2025 (audited) |
Level 1 £'000 |
Level 2 £'000 |
Level 3 £'000 |
Total £'000 |
|
Listed equities |
611,876 |
- |
- |
611,876 |
|
Unlisted equities |
- |
- |
6,903 |
6,903 |
|
Unlisted preference shares† |
- |
- |
32,992 |
32,992 |
|
Total financial asset investments |
611,876 |
- |
39,895 |
651,771 |
† The investments in preference shares include liquidation preference rights that determine the repayment (or multiple thereof) of the original investment in the event of a liquidation event such as a take-over.
The fair value of listed security investments is bid price or, in the case of FTSE 100 constituents and holdings on certain recognised overseas exchanges, last traded price. The fair value of suspended investments is the last traded price, adjusted for the estimated impact on the business of the suspension. Unlisted investments are valued at fair value by the Directors following a detailed review and appropriate challenge of the valuations proposed by the Managers. The Managers' unlisted investment policy applies methodologies consistent with the International Private Equity and Venture Capital Valuation guidelines ('IPEV'). These methodologies can be categorised as follows: (a) market approach (multiples, industry valuation benchmarks and available market prices); (b) income approach (discounted cash flows); and (c) replacement cost approach (net assets). The valuation process recognises also, as stated in the IPEV Guidelines, that the price of a recent investment may be an appropriate starting point for estimating fair value, however it should be evaluated using the techniques described above.
9 Financial liabilities
At 31 January 2026, creditors falling due within one year include borrowings of £60,000,000 (31 July 2025 - £35,780,000) drawn under a one year £60 million multi-currency revolving credit facility with the Royal Bank of Scotland International Limited which expires in March 2026.
10 Provision for tax liability
The tax liability provision at 31 January 2026 was nil (31 July 2025 - £4,191,000). In the prior period, the provision related to a potential liability for Indian capital gains tax that may arise on the Company's Indian investments should they be sold in the future, based on the net unrealised taxable capital gain at the period end and on enacted Indian tax rates (long term capital gains are taxed at 12.5% and short term capital gains are taxed at 20%). No provision is required at 31 January 2026 as there was no net unrealised taxable capital gain on Indian investments at the period end. The amount of any future tax payable may differ from this position depending on the value and timing of any future sales of such investments and future Indian tax rates.
11 Share capital
|
|
As at 31 January 2026 |
As at 31 July 2025 (audited) |
||
|
|
Number |
£'000 |
Number |
£'000 |
|
Allotted, called up and fully paid ordinary shares of 10p each in issue |
82,962,275 |
8,297 |
85,648,427 |
8,565 |
|
Treasury shares of 10p each |
9,112,686 |
911 |
6,426,534 |
643 |
|
|
92,074,961 |
9,208 |
92,074,961 |
9,208 |
The Company has authority to allot shares under section 551 of the Companies Act 2006. In accordance with authorities granted at the last Annual General Meeting in November 2025, buy-backs will only be made at a discount to net asset value and the Board has authorised use of the issuance authorities to issue new shares or sell shares from treasury at a premium to net asset value in order to enhance the net asset value per share for existing shareholders and improve the liquidity of the Company's shares. In the six months to 31 January 2026, the Company issued no ordinary shares (year to 31 July 2025 - no ordinary shares from treasury). At 31 January 2026 the Company had authority to allot or sell from treasury 8,446,640 ordinary shares without application of pre-emption rights.
In the six months to 31 January 2026, 2,686,152 shares, representing 3.1% of the issued share capital as at 31 July 2025, were bought back at a total cost of £19,674,000 and held in treasury (year to 31 July 2025 - 5,008,324 ordinary shares, representing 5.5% of the issued share capital at 31 July 2024, were bought back at a total cost of £29,766,000 and held in treasury). As at 31 January 2026, the Company had authority remaining to buy back 12,341,415 ordinary shares on an ad hoc basis.
Over the period from 31 January 2026 to 10 March 2026 the Company has issued no further shares from treasury and 236,901 shares were bought back.
12 Transaction costs
During the period, transaction costs on purchases amounted to £243,000 (31 January 2025 - £21,000; 31 July 2025 - £190,000) and transaction costs on sales amounted to £275,000 (31 January 2025 - £30,000; 31 July 2025 - £262,000).
13 Related party transactions
There have been no transactions with related parties during the first six months of the current financial year that have materially affected the financial position or the performance of the Company during that period and there have been no changes in the related party transactions described in the last Annual Report and Financial Statements that could have had such an effect on the Company during that period.
14 Principal risks and uncertainties
The principal risks facing the Company are financial risk, investment strategy risk, political and associated economic risk, discount risk, regulatory risk, custody and depositary risk, operational risk, leverage risk, climate and governance risk, cyber security risk and emerging risks. An explanation of these risks and how they are managed is set out on pages 44 to 47 of the Company's Annual Report and Financial Statements for the year to 31 July 2025 which is available on the Company's website: pacifichorizon.co.uk‡.
The principal risks and uncertainties have not changed since the date of that report.
None of the views expressed in this document should be construed as advice to buy or sell a particular investment. The printed version of the Interim Financial Report will be sent to shareholders and will be available on the Company's page on the Managers' website pacifichorizon.co.uk‡ on or around 20 March 2026.
‡ 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.
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MSCI Index data
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an 'as is' basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the 'MSCI Parties') expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (msci.com).
Glossary of terms and Alternative Performance Measures ('APM')
Total assets
This is the Company's definition of adjusted total assets, being the total value of all assets held less all current liabilities (other than liabilities in the form of borrowings).
Shareholders' funds and net asset value
Also described as shareholders' funds, net asset value ('NAV') is the value of all assets held less all liabilities (including borrowings). The NAV per share is calculated by dividing this amount by the number of ordinary shares (excluding shares held in treasury) in issue.
Net liquid assets
Net liquid assets comprise current assets less current liabilities (excluding borrowings).
Discount/premium (APM)
As stockmarkets and share prices vary, an investment trust's share price is rarely the same as its NAV. When the share price is lower than the NAV per share it is said to be trading at a discount. The size of the discount is calculated by subtracting the share price from the NAV per share and is usually expressed as a percentage of the NAV per share. If the share price is higher than the NAV per share, this situation is called a premium.
|
|
|
As at 31 January 2026 £'000 |
As at 31 July 2025 (audited) £'000 |
|
Net asset value per ordinary share |
(a) |
976.21p |
716.13p |
|
Share price |
(b) |
897.00p |
648.00p |
|
Discount |
((b) - (a)) ÷ (a) |
(8.1%) |
(9.5%) |
Total return (APM)
The total return is the return to shareholders after reinvesting the net dividend on the date that the share price goes ex-dividend. In periods where no dividend is paid, the total return equates to the capital return.
|
|
|
As at 31 January 2026 NAV |
As at 31 January 2026 Share price |
As at 31 July 2025 NAV |
As at 31 July 2025 Share price |
|
Closing NAV per share/share price |
(a) |
976.21p |
897.00p |
716.13p |
648.00p |
|
Dividend adjustment factor* |
(b) |
1.0018 |
1.0020 |
1.0039 |
1.0046 |
|
Adjusted closing NAV per share/share price |
(c) = (a) x (b) |
977.97p |
898.79p |
718.95p |
650.98p |
|
Opening NAV per share/share price |
(d) |
716.13p |
648.00p |
664.01p |
612.00p |
|
Total return |
(c) ÷ (d) -1 |
36.6% |
38.7% |
8.3% |
6.4% |
* The dividend adjustment factor is calculated on the assumption that the final dividend of 1.50p (31 July 2024 - 2.65p) paid by the Company during the period was reinvested into shares of the Company at the cum income NAV per share/share price, as appropriate, at the ex-dividend date.
Turnover
Turnover is calculated as the minimum of purchases and sales in a month, divided by the average market value of the portfolio, summed to get rolling 12 month turnover data.
Ongoing charges (APM)
The total recurring expenses (excluding the Company's cost of dealing in investments and borrowing costs) incurred by the Company as a percentage of the daily average net asset value.
Gearing (APM)
At its simplest, gearing is borrowing. Just like any other public company, an investment trust can borrow money to invest in additional investments for its portfolio. The effect of the borrowing on the shareholders' assets is called 'gearing'. If the Company's assets grow, the shareholders' assets grow proportionately more because the debt remains the same. But if the value of the Company's assets falls, the situation is reversed. Gearing can therefore enhance performance in rising markets but can adversely impact performance in falling markets.
Net gearing is borrowings at book less cash and brokers' balances expressed as a percentage of shareholders' funds.
|
|
|
As at 31 January 2026 £'000 |
As at 31 July 2025 (audited) £'000 |
|
Borrowings (at book value) |
|
60,000 |
35,780 |
|
Less: cash and cash equivalents |
|
(6,892) |
(3,820) |
|
Less: sales for subsequent settlement |
|
(2,362) |
- |
|
Add: purchases for subsequent settlement |
|
4,725 |
331 |
|
Adjusted borrowings |
(a) |
55,471 |
32,291 |
|
Shareholders' funds |
(b) |
809,883 |
613,357 |
|
Net gearing: (a) as a percentage of (b) |
|
7% |
5% |
Gross gearing is the Company's borrowings expressed as a percentage of shareholders' funds.
|
|
|
As at 31 January 2026 £'000 |
As at 31 July 2025 (audited) £'000 |
|
Borrowings (at book value) |
(a) |
60,000 |
35,780 |
|
Shareholders' funds |
(b) |
809,883 |
613,357 |
|
Gross gearing: (a) as a percentage of (b) |
|
7% |
6% |
Leverage (APM)
For the purposes of the UK Alternative Investment Fund Managers Regulations, leverage is any method which increases the Company's exposure, including the borrowing of cash and the use of derivatives. It is expressed as a ratio between the Company's exposure and its net asset value and can be calculated on a gross and a commitment method. Under the gross method, exposure represents the sum of the Company's positions after the deduction of sterling cash balances, without taking into account any hedging and netting arrangements. Under the commitment method, exposure is calculated without the deduction of sterling cash balances and after certain hedging and netting positions are offset against each other.
Active share (APM)
Active share, a measure of how actively a portfolio is managed, is the percentage of the portfolio that differs from its comparative index. It is calculated by deducting from 100 the percentage of the portfolio that overlaps with the comparative index. An active share of 100 indicates no overlap with the index and an active share of zero indicates a portfolio that tracks the index.
Compound annual return (APM)
The compound annual return converts the return over a period of longer than one year to a constant annual rate of return applied to the compound value at the start of each year.
China 'A' shares
'A' Shares are shares of mainland China-based companies that trade on the Shanghai Stock Exchange and the Shenzhen Stock Exchange. Since 2003, select foreign institutions have been able to purchase them through the Qualified Foreign Institutional Investor system.
Treasury shares
The Company has the authority to make market purchases of its ordinary shares for retention as treasury shares for future reissue, resale, transfer, or for cancellation. Treasury shares do not receive distributions and the Company is not entitled to exercise the voting rights attaching to them.
Unlisted (private) company
An unlisted or private company means a company whose shares are not available to the general public for trading and are not listed on a stock exchange.
Pacific Horizon Investment Trust PLC (Pacific Horizon) aims to achieve capital growth through investment in the Asia-Pacific region (excluding Japan) and in the Indian Sub-continent. At 31 January 2026 the Company had total assets of £869.9 million (before deduction of loans of £60.0 million).
Pacific Horizon is managed by Baillie Gifford & Co Limited, the Edinburgh based fund management group.
Past performance is not a guide to future performance.
Pacific Horizon is a listed UK Company and is not authorised or regulated by the Financial Conduct Authority. The value of its shares and any income from those shares can fall as well as rise and you may not get back the amount invested. Pacific Horizon invests in overseas securities. Changes in the rates of exchange may also cause the value of your investment (and any income it may pay) to go down or up. Pacific Horizon invests in emerging markets (including Chinese 'A' shares) where difficulties in dealing, settlement and custody could arise, resulting in a negative impact on the value of your investment. Shareholders in Pacific Horizon have the right to vote every five years, on whether to continue Pacific Horizon, or wind it up. If the shareholders decide to wind the Company up, the assets will be sold and you will receive a cash sum in relation to your shareholding. The next vote will be held at the Annual General Meeting in November 2026. You can find up to date performance information about Pacific Horizon on the Pacific Horizon page of the Managers' website at 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.
10 March 2026
For further information please contact:
Anzelm Cydzik, Baillie Gifford & Co
Tel: 0131 275 2000
Jonathan Atkins, Director, Four Communications
Tel: 0203 920 0555 or 07872 495396
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