Interim Management Statement

RNS Number : 0084R

Henderson TR Pacific Inv. Trust PLC

22 April 2009

 



HENDERSON TR PACIFIC INVESTMENT TRUST PLC

HENDERSON GLOBAL INVESTORS 

22 April 2009

HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Interim Management Statement 

Review of the period from 1 January 2009 to 31 March 2009

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 flat over the first quarter of the year with the MSCI All Countries excluding Japan Index up 1% in Sterling terms. January and February saw sharply lower markets as the news on economies and companies around Asia and the rest of the world continued to deteriorate. There was also scepticism about the ability of the new Obama administration to tackle the ongoing crisis in the US banking system and fear that Asian governments' stimulus plans would not be enough to prevent a deep and lasting recession. The markets bottomed in early March and rallied strongly into the quarter end. The catalyst for the rally was the announcement of a new fiscal stimulus package in the US and greater clarity on plans to rescue the banks. In Asia, it also became increasingly clear that business conditions were beginning to stabilise and that, crucially, the Chinese economy was beginning to recover. Hong Kong listed China shares performed well led by property shares as prospects for the industry and the general economy improved. Taiwan was the best performing larger market led by the technology sector which had faced the most dramatic downgrading of prospects in late 2008 and early 2009 and rebounded sharply as industry destocking appeared to have run its course. 

Your Trust was positioned too early for a potential turnaround in markets and suffered in the final quarter of 2008 and early 2009 as a result of this stance. However, the sharp recovery in markets in recent weeks has helped it to recover lost ground versus its benchmark and competition. At the end of the first quarter your Trust was ranked third in its peer group of Asian Trusts over one year.

While it seems likely that the depths reached by global markets following the collapse of Lehman Brothers in September of last year will not be revisited, there is still ample scope for markets to retrace their recent gains as many companies and economies remain under extreme stress. Asia is insulated but not immune from these potential problems. Consequently, your Trust will remain flexible in its investment stance until clearer signs of a lasting recovery in global economic activity become apparent.

Gearing: At the end of the period the Company had reduced gearing to 5% (at 31 December 2008: 11.0%)

Dividends:  Following shareholder approval a final dividend of 2.40p per ordinary share, in respect of the year ending 31 December 2008, is to be paid on 30 April 2009 to holders registered on 27 March 2009.  The ex-dividend date was 25 March 2009.

Changes to Board:  Alexandra Mackesy joined the Board in November 2008.

Share Capital:  During the period the Company did not buy back any ordinary shares.

There are no other material events or transactions to report.

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HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Interim Management Statement 

PERFORMANCE AND FINANCIAL HIGHLIGHTS

Financial Position Source: Henderson/Fact Sheet

	at 31 March 2009	at 31 December 2008
Ordinary share price	101.8p	101.0p
Discount	-8.3%	-10.3%
Total gross assets	£188m	£202m
Net asset value (cum income)	110.9p	112.6p
Net asset value (ex income)	110.9p	110.1p
Gearing	5%	11%
Yield	2.36%	1.98%
Total Expense Ratio	0.85%	0.85%

Performance at 31 March 2009 (total return % change) (Source: Datastream)

	6 months	1 year	3 years	5 years	10 years
Net asset value	-3.6	-22.5	-5.0	31.3	94.0
Share price	-0.9	-21.6	-2.5	32.2	114.0
Benchmark *	-1.7	-22.1	0.0	55.8	88.8

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

THE PORTFOLIO (Source: Henderson/Fact Sheet)

Top 10 Investments 

	% of total assets		% of  total  assets
	at 31 March 2009		at 31 December 2008
China Mobile	7.1	Industrial & Commercial Bank of China	8.1
Industrial & Commercial Bank of China	5.9	China Mobile	7.8
China Life Insurance	4.4	China Overseas Land & Investment	4.1
Sun Hung Kai Properties	3.9	Petrochina	4.1
Petrochina	3.9	Tencent Holdings	4.0
Mediatek	3.8	China Life Insurance	3. 9
High Tech Computer	3.7	Yuanta Financial	3.5
Yuanta Financial	3.5	Sun Hung Kai Properties	3.5
China Overseas Land & Investment	3.4	Mediatek	3.2
Bank of China	3.3	Advanced Information Services	3.2
	------		------
Top 10 =	42.9	Top 10 =	45.4
	------		------

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HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Interim Management Statement 

Geographic Breakdown	% at 31 March 2009	% at 31 December 2008
China	39.1	36.0
Taiwan	14.9	12.9
Hong Kong	12.0	12.2
South Korea	11.6	11.6
India	7.7	8.5
Singapore	6.3	5.4
Thailand	4.7	4.9
Indonesia	2.3	2.2
Vietnam	1.4	1.8
Malaysia	0.0	2.5
Cash & Fixed Interest	0.0	2.0
	-------	-------
	100.0 ====	100.0 ====

Sector Breakdown	% at 31 March 2009	% at 31 December 2008
Financials	47.6	48.9
Technology	12.3	12.6
Industrials	12.1	11.4
Telecommunication	11.5	10.0
Consumer Services	7.3	6.1
Oil & Gas	5.4	5.5
Basic Materials	3.8	3.5
Cash & Fixed Interest	0.0	2.0
	-------	-------
	100.0 ====	100.0 ====

PROFILE

Objective: The objective of Henderson TR Pacific Investment Trust plc is to seek 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

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HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Interim Management Statement 

Fund Manager: Andrew Beal

Fund Manager Profile: Andrew took over management of Henderson TR Pacific in September 2005.  He has 16 years investment experience including 11 years with Schroders and 4 years in the US with Nicholas Applegate Capital Management. His PIMCO-NACM Asia Pacific fund was the recipient of the 2005 Lipper award for consistency of risk adjusted returns over 3 years. 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, Alexandra Mackesy.

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.

Henderson TR Pacific Investment Trust plc is managed by Henderson Global Investors Limited.  

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]

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