Interim Management Statement

RNS Number : 0970W

Pacific Horizon Investment Tst PLC

12 November 2010

 

PACIFIC HORIZON INVESTMENT TRUST PLC

 

Interim Management Statement - 3 months to 31 October 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 total return was 9.2% compared to a total return on the comparative index of 10.3%. The share price total return was 11.7%.
·	Top 10 Holdings:  Notable transactions included additions to Hyundai Mobis and Mediatek, which were not previously in the top 10, the former also benefiting from strong performance.  Other changes were due to market movements.
·	The one year £15 million multi-currency loan facility with The Bank of New York Mellon has been renewed.

Geographical Analysis of Total Assets				Top Ten Holdings
Region	% of total assets at 31/10/10	% of total assets at 31/07/10		Name	% of total assets at 31/10/10	% of total assets at 31/07/10
Hong Kong and China	41.1	40.1		Samsung Electronics	4.4	4.9
Korea	15.2	14.5		Hyundai Mobis	2.9	1.8
Taiwan	12.6	11.8		Taiwan Semiconductor
Singapore	9.6	9.7		Manufacturing	2.8	3.0
Indonesia	6.4	6.5		Kunlun Energy Company	2.7	3.0
India	5.8	5.9		Singapore Exchange	2.6	2.4
Malaysia	4.8	4.7		Li & Fung	2.6	2.5
Thailand	2.9	3.4		Parkson Holdings	2.5	2.5
Vietnam	1.1	1.2		Hon Hai Precision Industries	2.4	2.5
Philippines	0.0	0.0		CNOOC	2.4	2.1
Net Liquid Assets	0.5	2.2		Media Tek	2.3	1.1
Total	100.0	100.0		Total	27.6	25.8

Total Return Performance

	%
	3 Months	1 Year	3 Years	5 Years
Share Price	11.7	24.2	(16.6)	108.3
NAV	9.2	24.3	(6.0)	126.1
Comparative Index	10.3	26.0	12.0	119.2

Source: Thomson Reuters 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
	31/10/10	31/07/10
Equity shareholders' funds †	£137.8m	£127.9m
Net asset value per share †	176.04p	163.42p
Share price	161.75p	146.00p
Discount	8.1%	10.7%

† 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

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

 

END

 

 

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