Interim Results - 6 Months to 31 January 2000

Pacific Horizon Investment Tst PLC
1 March 2000





PACIFIC HORIZON INVESTMENT TRUST PLC
Interim Results for the six months to 31 January 2000
Pacific Horizon Investment Trust PLC (Pacific Horizon) aims to achieve capital
growth through investment in the stock markets of the Asia-Pacific region
(excluding Japan). The Company has total assets of £53.7 million.  An ISA and
Share Plan are available.

Pacific Horizon is managed by Baillie Gifford & Co., the leading independent
Edinburgh based fund management group with £21 billion under management and
advice.



Salient points

Net asset value per share increased 33.4% to 59.1p compared with an increase
of 12.4%, in sterling terms, in the benchmark MSCI All Countries Far East ex
Japan Free Index.

Economic recovery has broadened and deepened during the first half of the
Company's present year.

Rapid growth experienced in Korea, with best performing markets being Taiwan
and Malaysia.  Hong Kong market also boosted by successful placing of part of
the government's large equity holdings.

60% of portfolio invested in 'new economy' companies at 31 January 2000, but
increasing number of attractive opportunities exist to invest in 'old economy'
companies.

Gearing increased to 15.4% of shareholders' funds to take advantage of
investment opportunities that exist. 

For further information please contact:

Gerald Smith, Manager
Pacific Horizon Investment Trust PLC                                      
 0131 222 4000

Gill Meekison, Director
Baillie Gifford & Co                                          
 0131 222 4000

Mike Lord, Director
Broadgate Marketing                                             
 020 7726 6111

Baillie Gifford & Co. is regulated by IMRO.




PACIFIC HORIZON INVESTMENT TRUST PLC
INTERIM REPORT

In the six months to 31 January 2000 the net asset value per share increased
33.4% to 59.1p compared with an increase of 12.4%, in sterling terms, in the
benchmark MSCI All Countries Far East ex Japan Free Index.
 
The economic recovery, which began in the Company's previous year, broadened
and deepened during the first half of the Company's present year.  The most
rapid growth has been seen in Korea, where strong demand for major categories
of exports and a recovery in domestic demand have combined to produce
double-digit growth.  Hong Kong, which had lagged behind other economies in
rebounding from the depression caused by the financial crisis of 1997-1998, is
now recording positive growth and there are signs that deflationary pressures
have abated.  Strong figures for Chinese exports are also indicative of a
positive trend for Hong Kong corporate profits.  The Hong Kong market was also
boosted by the successful placement of part of the government's large equity
holdings, which it acquired in its market intervention in 1998, in the form of
an index-tracking fund.  The best performing markets were Taiwan and Malaysia,
which have in common relative isolation from the impact of the rising trend of
global interest rates.  

The main differentiating feature between those shares that rose more than the
overall change in the markets of the region and those that rose by less during
the period, was which industry they were in rather than which country.
Technology, media and mobile telephony shares rose the most, while banks and
other financials generally performed badly.  The Asia-Pacific markets have
exhibited the same degree of polarisation towards companies viewed as part of
the 'new economy' rather than the old as seen in other markets and this is
likely to continue.  Approximately 60% of the portfolio was invested in these
'new economy' companies at 31 January 2000, but there is also an increasing
number of opportunities to invest in 'old economy' companies with attractive
prospects whose shares are more lowly rated.  In the light of the number of
opportunities available gearing was increased by additional short-term dollar
borrowing and at 31 January 2000 it was 15.4% of shareholders' funds. 

Earnings per share for the period were 0.31p compared to 0.26p in the first
half of the previous year.  Revenue has been boosted by the receipt of an
exceptional dividend payment and should not be taken as an indication of
earnings for the second half of the year. As in previous years, no interim
dividend will be paid.

By order of the Board
Baillie Gifford & Co
29 February 2000
  



The following is an interim statement for the six months ended 31 January 2000
which has been neither reviewed nor audited by the auditors.  This statement
is being printed and will be sent to all shareholders on 10 March 2000. 
Copies will be available for inspection at the Registered Office of the
Company or may be obtained on request from the Managers and Secretaries after
that date.



PACIFIC HORIZON INVESTMENT TRUST PLC
STATEMENT OF TOTAL RETURN
(unaudited and incorporating the revenue account*)


                                            for the six months ended
                                            31 January 2000

                                            Revenue    Capital    Total
                                            £'000      £'000      £'000 


Realised gains/(losses) on                  
investments                                 -          3,123      3,123
Unrealised gains on investments             -          8,495      8,495       
Currency losses                             -           (220)      (220)

Income (note 1)                             696        -            696 
Investment management fee                  (214)       -           (214)
Other administrative expenses               (86)        -           (86)
                                           _____________________________

Net return before finance costs 
and taxation                                396       11,398     11,794   

Finance costs of borrowings                 (84)        -           (84)
                                           _____________________________

Return on ordinary activities 
before taxation                            312         11,398     11,710  
Tax on ordinary activities                 (64)        -             (64)
                                           _____________________________

Return on ordinary activities 
after taxation                             248         11,398     11,646  
Dividend in respect of equity 
shares (note 2)                            -           -          -
                                           _____________________________

Transfer to reserves                       248         11,398     11,646
                                           _____________________________
                                            
Return per ordinary share 
(note 3)                                   0.31p       14.46p     14.77p
                                           _____________________________

Dividend per ordinary share                -
                                           ____________




PACIFIC HORIZON INVESTMENT TRUST PLC
STATEMENT OF TOTAL RETURN
(unaudited and incorporating the revenue account*)

                                           for the six months ended
                                           31 January 1999

                                           Revenue    Capital    Total
                                           £'000      £'000      £'000 


Realised gains/(losses) on                 
investments                                -          (3,705)    (3,705)      
Unrealised gains on investments            -           4,474      4,474
Currency losses                            -             (40)       (40)  

Income (note 1)                             448        -            448
Investment management fee                  (121)      -            (121)
Other administrative expenses               (55)       -            (55)
                                           ____________________________

Net return before finance costs             272          729      1,001
and taxation                               

Finance costs of borrowings                -          -          -
                                           ____________________________
Return on ordinary activities              
before taxation                            272        729        1,001
Tax on ordinary activities                 (66)       -            (66)
                                           ____________________________
Return on ordinary activities 
after taxation                             206        729          935
Dividend in respect of equity 
shares (note 2)                            -          -          -
                                           ____________________________

Transfer to reserves                       206        729          935
                                           ____________________________
                                     
Return per ordinary share 
(note 3)                                   0.26p      0.93p      1.19p
                                           ____________________________
                                          
Dividend per ordinary share                -        
                                           ___________________________




PACIFIC HORIZON INVESTMENT TRUST PLC
STATEMENT OF TOTAL RETURN
(unaudited and incorporating the revenue account*)

                                           for the year ended
                                           31 July 1999

                                           Revenue    Capital    Total
                                           £'000      £'000      £'000

Realised gains/(losses) on                          
investments                                -         (1,282)    (1,282)
Unrealised gains on investments            -         13,772     13,772
Currency losses                            -           (198)      (198)       
              
Income (note 1)                            738       -             738
Investment management fee                 (300)     -             (300)       
Other administrative expenses             (138)     -             (138)
                                           ____________________________

Net return before finance costs            300       12,292     12,592
and taxation                               

Finance costs of borrowings                (14)      -             (14)
                                           ____________________________
Return on ordinary activities              
before taxation                            286       12,292     12,578
Tax on ordinary activities                 (58)      -             (58)
                                           ____________________________
                                           
Return on ordinary activities 
after taxation                             228       12,292     12,520
Dividend in respect of equity 
shares (note 2)                           (158)     -             (158)
                                           ____________________________
                        
Transfer to reserves                        70       12,292     12,362
                                           ____________________________
                                        
Return per ordinary share 
(note 3)                                   0.29p     15.59p     15.88p
                                           ____________________________
                                           
Dividend per ordinary share                0.20p
                                           ________
                                                                              
                                                    
* The revenue column of this statement is the profit and loss account of the
Company.   
  All revenue and capital items in the above statement derive from continuing
operations.
   



PACIFIC HORIZON INVESTMENT TRUST PLC

SUMMARISED BALANCE SHEET
at 31 January 2000
(unaudited)      
                                          31 January 2000      31 July 1999
                                          £'000                £'000

NET ASSETS
Fixed asset investments                   53,530               37,269
Net liquid assets                            226                  855
                                          ________             _______
Total assets
(before deduction of bank loan)           53,756               38,124
Bank loan (note 4)                        (7,156)              (3,170)
                                          ________             _______        
 
                                          46,600               34,954
                                          ________             _______
                                                      
CAPITAL AND RESERVES
Called-up share capital                    7,884                7,884
Capital reserves                          37,740               26,342
Revenue reserve                              976                  728
                                          ________             _______
EQUITY SHAREHOLDERS' FUNDS                46,600               34,954
                                          ________             _______


NET ASSET VALUE PER ORDINARY SHARE        59.1p                44.3p

DILUTED NET ASSET VALUE PER ORDINARY 
SHARE (FRS 14) (note 5)                   59.1p                44.3p

FULLY DILUTED NET ASSET VALUE PER 
ORDINARY SHARE (note 5)                   58.6p                44.3p


Ordinary shares in issue               78,841,864           78,841,864


 


DISTRIBUTION OF  ASSETS

                                 31 January 2000          31 July 1999
                                 %                        %

Equities:    
Hong Kong                        30.4                     24.1
China                             2.2                      3.8
Singapore                        22.0                     19.7
Korea                            17.4                     18.6
Taiwan                           10.6                     8.4
Malaysia                          7.3                      6.7
Thailand                          2.3                      3.6
Philippines                       1.7                      2.4
Indonesia                         1.4                      2.3
Other                             4.3                      8.2
                                 _______                  ______
Total equities                   99.6                     97.8
Net liquid assets                 0.4                      2.2
                                 _______                  ______
Total assets
(before deduction of bank loan) 100.0                    100.0
                                 _______                  ______
                                

Total equities include 1.1% (31 July 1999 - 1.5%) of convertible issues.   





PACIFIC HORIZON INVESTMENT TRUST PLC

TWENTY LARGEST EQUITY HOLDINGS
at 31 January 2000

Name                    Business                           Market    %of total
                                                         value £'000   assets

Cheung Kong             Property developer                     3,895     7.2
Hutchison Whampoa       Property and industrial conglomerate   2,753     5.1
Pacific Century Regional
Developments            Internet access provider               2,419     4.5
Singapore Press         Newspaper and magazine publisher       2,354     4.4
Samsung Electronics     Semiconductors and electrical goods    1,942     3.6
                        manufacturer       
Datacraft Asia          Systems developer                      1,694     3.2
Sun Hung Kai Properties Property developer                     1,587     3.0
Paramount Publishing    Publishing and printing services       1,541     2.9
Chartered Semiconductor Semiconductor manufacturer             1,520     2.8
United MicroElectronics Integrated circuit manufacturer        1,426     2.7
Venture Manufacturing   Electronics manufacturer               1,352     2.5
Natsteel Electronics    Electronics manufacturer               1,304     2.4
Legend Holdings         Computer manufacturer and distributor  1,094     2.0
Taiwan Semiconductor    Integrated circuit manufacturer        1,067     2.0
Chinadotcom             Internet service provider                999     1.9
Korea Thrunet           Internet service provider                995     1.9
BAT Malaysia            Tobacco company                          984     1.8
Samsung Corp.           Electronics and industrial retailing     766     1.4
Samsung Electro         Electronics manufacturer                 766     1.4
Mechanics   
Unilever Indonesia      Consumer products manufacturer           758     1.4
                                                              ______    ______
                                                              31,216    58.1
                                                              ______    ______

All stocks listed overseas.
                  


                                 
PACIFIC HORIZON INVESTMENT TRUST PLC

SUMMARISED CASH FLOW STATEMENT
(unaudited)

                                         Six months to       Year to   
                                         31 January 2000     31 July 1999
                                         £'000       £'000   £'000       £'000
                                           

NET CASH INFLOW FROM OPERATING ACTIVITIES            393                 317
                                   
SERVICING OF FINANCE
Interest paid                            (40)                -       
                                         ________            _______

NET CASH OUTFLOW FROM SERVICING OF FINANCE           (40)                -
                                   
TAXATION      
ACT paid                                  -                 (173)   
                                         ________           ________
TOTAL TAX PAID                                        -                 (173)
                                                                              
  
FINANCIAL INVESTMENT
Acquisitions of investments              (14,322)           (27,392)
Disposals of investments                  10,048             21,267
Realised currency loss                       (47)               (49) 
                                         ________           ________
NET CASH OUTFLOW FROM FINANCIAL 
INVESTMENT                                          (4,321)            (6,174)
                                                    
EQUITY DIVIDEND PAID                                  (158)              (710)
                                                    ________           _______
                                
NET CASH OUTFLOW BEFORE FINANCING                   (4,126)            (6,740)

FINANCING
Net bank loans drawn down                3,814               3,021       
Proceeds from exercise of warrants           -                   1       
                                         ________            _______

NET CASH INFLOW FROM FINANCING                       3,814             3,022
                                                     _______         _______

DECREASE IN CASH                                      (312)           (3,718)
                                                     _______         _______  
                                  




PACIFIC HORIZON INVESTMENT TRUST PLC

NOTES

                            31 January 2000   31 January 1999    31 July 1999
                            £'000             £'000              £'000
                       


1. Income
   Income from investments 
   and interest                       
   receivable                   696                448                738 
   Other income                 Nil                Nil                Nil


2. No interim dividend will be declared.

3. Return per ordinary share    
   Revenue return                  248            206                   228
   Capital return               11,398            729                12,292

Return per ordinary share is based on the above totals of revenue and capital
and on 78,841,864 (31 January 1999 - 78,841,160; 31 July 1999 - 78,841,220)
ordinary shares, being the weighted average number of ordinary shares in issue
during each period.

There was no dilution of the above returns in any period.

4. A one year £10 million multi-currency loan has been arranged with the Royal
Bank of Scotland plc.  At 31 January 2000 there were outstanding drawings of
US$11.6 million (31 July 1999 - yen 400 million and US$1.65 million)


5. The diluted net asset value per ordinary share has been calculated in
accordance with FRS14 'Earnings per share'.  The calculation determines the
potential number of dilutive shares which would be issued on the exercise of
warrants by reference to the share price (fair value) at the period end. 
Under this method there was no dilution to the net asset value at either date.

The fully diluted net asset value per ordinary share has been calculated on
the assumption that the 15,763,976 warrants in issue at 31 January 2000 and 31
July 1999 were fully exercised at each date.  Under this method there was a
dilution to the net asset value at 31 January 2000 but none at 31 July 1999. 
The outstanding warrants are exercisable at 56p on 30 June in any of the years
2000 to 2002.

6. The financial information for the year ended 31 July 1999 has been
extracted from the full accounts, which have been filed with the Registrar of
Companies and which contain an unqualified Auditors' Report.


7. The accounting policies applied in calculating the interim figures are
consistent with those used in the Annual Financial Statements.  The Interim
Report was approved by the Board on 29 February 2000.