Interim Management Statement

RNS Number : 6802S

Pacific Horizon Investment Tst PLC

11 November 2013

 

Pacific Horizon Investment Trust PLC

Interim Management Statement - 3 Months to 31 October 2013

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 +3.7% compared to +2.3% for the comparative index (total return). The share price total return was +6.7%. ¾  Top Ten Holdings:  BOC Hong Kong (Holdings) and China Mobile have dropped out of the top ten holdings following partial sales. Additions were made to MediaTek and Kunlun Energy Company and there was a partial sale of Baidu. Other changes were due to market movements. ¾  During the quarter, the Company bought back 155,000 shares for cancellation.
Geographical Analysis (as a % of total assets)		Region	31/10/13 %	31/07/13 %
		Hong Kong and China	34.1	33.7
		Korea	23.9	19.5
		Taiwan	17.6	16.6
		India	8.8	9.1
		Singapore	8.4	8.7
		Malaysia	2.1	2.5
		Thailand	1.8	3.0
		Vietnam	1.1	2.2
		Philippines	1.0	1.5
		Indonesia	0.9	1.9
		Net Liquid Assets	0.3	1.3
		Total	100.0	100.0
Top Ten Holdings (as a % of total assets)			31/10/13 %	31/07/13 %
		Samsung Electronics	7.1	6.4
		Taiwan Semiconductor Manufacturing	5.1	5.1
		Kunlun Energy Company	3.6	3.3
		Tencent Holdings	3.2	2.9
		Hyundai Mobis	2.9	2.7
		MediaTek	2.7	2.3
		Baidu	2.7	2.9
		Tech Mahindra	2.6	2.3
		Hyundai Glovis	2.6	2.2
		CNOOC	2.5	2.4
		Total	35.0	32.5

Total Return Performance			%
			3 Months	1 Year		3 Years		5 Years
		Share Price	6.7	10.3		5.7		149.3
		NAV (at fair)	3.7	9.0		9.2		142.8
		Benchmark*	2.3	10.8		12.1		129.2
		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					31/10/13		31/07/13
		Shareholders' funds †			£138.1m		£134.6m
		Net asset value per share†			187.13p		182.01p
		Share Price			165.75p		156.75p
		Discount			11.4%		13.9%
		†      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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