Interim Management Statement

RNS Number : 7714L

Pacific Horizon Investment Tst PLC

12 May 2010

 

PACIFIC HORIZON INVESTMENT TRUST PLC

Interim Management Statement - 3 months to 30 April 2010

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 rose by 14.7% compared to a rise in the comparative index of 14.3%. The share price rose by 13.4%.
·	Top 10 Holdings: A reduction in ZTE, combined with a fall in its share price, has moved it out of the top ten. Telekomunikasi is no-longer in the top ten and CNOOC and Dongfang Electric have entered the top ten, all due to market movements.
·	Mr Edward Creasy was appointed a Director of the Company with effect 11 March 2010.

Geographical Analysis of Total Assets				Top Ten Holdings
Region	% of total assets at 30/04/10	% of total assets at 31/01/10		Name	% of total assets at 30/04/10	% of total assets at 31/01/10
Hong Kong and China	41.7	42.9		Samsung Electronics	5.2	5.0
Korea	14.4	13.2		Kunlun Energy Company*	4.3	5.2
Taiwan	11.8	11.6		Taiwan Semiconductor
Singapore	9.8	8.3		Manufacturing	2.9	3.4
Indonesia	5.7	5.6		ASM Pacific Technology	2.7	2.6
India	5.3	5.0		Hon Hai Precision Industries	2.6	2.5
Thailand	4.8	5.1		Li & Fung	2.6	2.6
Malaysia	4.6	5.3		Parkson Holdings	2.5	2.5
Vietnam	1.0	1.1		Singapore Exchange	2.5	2.6
Philippines	0.1	1.1		CNOOC	2.2	1.9
Net Liquid Assets	0.8	0.8		Dongfang Electric	2.0	1.6
Total	100.0	100.0		Total	29.5	29.9

* Previously called CNPC Hong Kong

Capital Growth Performance

	%
	3 Months	1 Year	3 Years	5 Years
Share Price	13.4	51.5	9.6	120.7
NAV	14.7	52.8	24.3	130.2
Comparative Index	14.3	40.2	35.5	105.0

Source: Thomson Financial 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
	30/04/10	31/01/10
Equity shareholders' funds	£133.8m	£116.7m
Net asset value per share	170.95p	149.03p
Share Price	154.50p	136.25p
Discount	9.6%	8.6%

This interim management statement and up to date NAV and share price information is available on the Managers' website www.pacifichorizon.co.uk

For further information contact:-  Anzelm Cydzik on 0131 275 3276

 

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