Interim Management Statement

RNS Number : 9236G

Henderson TR Pacific Inv. Trust PLC

29 October 2008

 

HENDERSON TR PACIFIC INVESTMENT TRUST PLC

HENDERSON GLOBAL INVESTORS

29 October 2008

HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Interim Management Statement

Review of the period from 1 July 2008 to 30 September 2008

The Directors of Henderson TR Pacific Investment Trust plc hereby announce the following:

MATERIAL EVENTS OR TRANSACTIONS DURING THE PERIOD

Portfolio comments: Asian markets were sharply lower in the three months to the end of September, down 15% in sterling terms and 38% down from their October 2007 peak. This weakness continued after the period end. The dramatic decline in markets followed the intervention of governments around the world to try to stabilise credit markets and prevent the collapse of financial institutions in the US, UK and Europe following the bankruptcy of Lehman Brothers and near collapse of US insurance giant AIG. Asian markets were led down by Taiwan, Indonesia and China. Energy and Materials were the worst performing sectors. More resilient performance came from Malaysia and India and the traditionally defensive Utilities and Telecoms sectors.

At the interim stage we noted that high commodity prices were delaying the policy response from Asian governments to the increased likelihood of a deep and lasting recession in the West. Since June, the speculation that drove energy, metals and food prices to all time highs has unwound spectacularly. This has virtually extinguished any threat from inflation in the region and cleared the way for aggressive fiscal and monetary stimulus to cushion the downdraft from slower export growth. Regional equities remain vulnerable to further selling by distressed global investors as well as the earnings downgrades that will accompany slower economic growth in 2009. However, opportunities are emerging in high quality, long term growth companies. Your Company continues to be positioned to capture relative strength in more resilient, domestically orientated, sectors and in China where the policy response to slower growth is likely to be most effective.

Net Asset Value: The net asset value at 27 October was 82.2p including income and 79.9p excluding income.

Gearing: At the end of the quarter the Company had increased gearing to 8% (at 30 June 2008: 1%)

Dividends: Following shareholder approval a final dividend of 2p per ordinary share, in respect of the year ending 31 December 2007, was paid on 30 April 2008 to holders registered on 28 March 2008. The ex-dividend date was 26 March 2008.

Share Capital: During the period the Company bought back 1,193,000 ordinary shares at a cost of £9.8 million. The Company bought back a further 90,000 ordinary shares at a cost of £96,169 since 30 September 2008 and the date of this announcement.

There are no other material events or transactions to report.

PERFORMANCE AND FINANICAL HIGHLIGHTS

Financial Position Source: Henderson/Fact Sheet

	at 30 September 2008	at 30 June 2008
Ordinary share price	105.3p	122.5p
Discount	-12.2%	-10.1%
Total gross assets	£210m	£226m
Net asset value (cum income)	119.8p	136.2p
Net asset value (ex income)	117.5p	134.9p
Gearing	8%	1%
Yield	1.9%	1.63%
Total Expense Ratio	0.89%	0.89%

Performance at 30 September 2008 (total return % change) Source: Datastream

	6 months	1 year	3 years	5 years	10 years
Net asset value	-19.68	-30.9	18.3	48.7	144.8
Share price	-20.86	-31.6	17.9	47.3	167.7
Share price	-19.89	-29.9	20.9	75.6	193.4

* The benchmark is the MSCI All Country Asia ex-Japan Index 

THE PORTFOLIO Source: Henderson/Fact Sheet

Top Ten Investments

	% of total assets at 30 September 2008
Industrial & Commercial Bank of China	7.0
China Mobile	6.5
Mediatek	3.7
Suntech Power Holdings	3.7
Petrochina H	3.7
China Life Insurance	3.7
Tencent Holdings	3.4
High Tech Computer	3.3
Sun Hung Kai Props	3.3
Yuanta Financial	3.2
Top 10=	41.5

	% of total assets at 30 June 2008
China Mobile	7.7
Industrial & Commercial Bank of China	6.4
Sun Hung Kai Props	3.8
Noble Group	3.5
Kookmin Bank	3.5
High Tech Computer	3.3
Suntech Power	3.3
DBS Group	3.2
Keppel Corporation	3.2
Tencent Holdings	3.2
Top 10=	41.1

Geographic Breakdown

	% at 30 September 2008	% at 30 June 2008
China	33.1	30.1
Taiwan	13.7	8.6
South Korea	12.7	14.4
India	9.1	6.5
Hong Kong	8.6	12.9
Singapore	7.5	11.9
Malaysia	4.7	4.2
Thailand	4.5	2.5
Indonesia	2.6	2.2
Vietnam	2.5	2.2
Cash & Fixed Interest	1.0	4.5
	100.0	100.0

Sector Breakdown

	% at 30 September 2008	% at 30 June 2008
Financials	47.2	42.0
Technology	12.3	8.4
Telecommunications	11.2	9.8
Consumer Services	8.1	6.7
Industrials	7.6	16.2
Oil & Gas	7.3	7.1
Basic Materials	3.9	5.3
Consumer Goods	1.4	-
Cash and Fixed Interest	1.0	4.5
	100.0	100.0

Source: Henderson/Fact Sheet

PROFILE

Objective: Henderson TR Pacific Investment Trust plc seeks a high rate of total return from companies operating primarily in the Pacific region excluding Japan and Australasia.

Prospects: High levels of growth, particularly in comparison with the US and Europe, continue to provide the potential for attractive long term returns.

Benchmark: MSCI All Country Asia ex-Japan Index

Sector: Asia Pacific excluding Japan

Fund Manager: Andrew Beal

Fund Manager Profile: Andrew took over management of Henderson TR Pacific in September 2005. His investment style is growth orientated with an emphasis on long term capital appreciation. He targets companies with accelerating earnings trading at discounts to their long term franchise value.

Board of Directors: David Robins (Chairman), Hugh Aldous, Christopher Keljik, David Brief, Struan Robertson.

Key Dates:

Year end	31 December
Report and Accounts posted	March
Annual General Meeting	April
Annual Dividend paid	April

Website: The Company has its own website at www.hendersontrpacific.com where you will find further details about the Company, including up to date NAV, daily share prices and downloadable literature.

For further information, please contact:

Andrew Beal

Fund Manager

Henderson TR Pacific Investment Trust plc

Telephone: [phone]

James de Sausmarez

Head of Investment Trusts 

Henderson Global Investors 

Telephone: [phone]

-END-

 

END

 

 

IMSPUGUAUUPRGUB