Interim Management Statement

RNS Number : 5081H

Pacific Horizon Investment Tst PLC

19 May 2014

 

Pacific Horizon Investment Trust PLC

Interim Management Statement - 3 Months to 30 April 2014

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 -0.6% compared to +2.5% for the comparative index (total return). The share price total return was +2.1%. ¾  During the quarter, the Company bought back 3,690,850 shares for cancellation pursuant to a tender offer for up to 5% of the Company's shares. ¾  Geographical Analysis: The India weighting has increased following additional investment there, mainly funded from sales in China. ¾  Top Ten Holdings:  Kunlun Energy dropped out of the top ten following a partial sale and there were additions to Naver, which entered the top ten, and Tencent Holdings. With the exception of China Petroleum & Chemical Corporation, the other top ten holdings were among the holdings which were trimmed to fund the tender offer.
Geographical Analysis (as a % of total assets)		Region	30/04/14 %	31/01/14 %
		Hong Kong and China	28.0	35.6
		Korea	24.7	24.6
		Taiwan	18.9	18.0
		India	14.1	8.9
		Singapore	7.4	7.3
		Thailand	1.4	1.4
		Vietnam	1.4	1.3
		Malaysia	1.1	0.9
		Philippines	1.0	0.9
		Indonesia	0.7	0.9
		Net Liquid Assets	1.3	0.2
		Total	100.0	100.0
Top Ten Holdings (as a % of total assets)			30/04/14 %	31/01/14 %
		Samsung Electronics	6.4	6.2
		Tencent Holdings	5.4	4.2
		Taiwan Semiconductor Manufacturing	5.1	4.8
		Tech Mahindra	3.0	3.0
		MediaTek	3.0	2.7
		Naver	2.8	1.7
		Hyundai Glovis	2.6	2.5
		Baidu	2.6	2.6
		China Petroleum & Chemical Corporation	2.5	2.2
		Towngas China	2.4	2.6
		Total	35.8	32.5

Total Return Performance			%
			3 Months	1 Year		3 Years		5 Years
		Share Price	2.1	4.0		2.8		72.4
		NAV (at fair)	-0.6	-2.3		2.6		69.7
		Benchmark*	2.5	-6.0		-0.8		62.0
		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					30/04/14		31/01/14
		Shareholders' funds †			£127.07		£134.6m
		Net asset value per share†			181.21p		182.37p
		Share Price			167.00p		163.50p
		Discount			7.8%		10.3%
		†      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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