5th Mar 2020 11:27
(Alliance News) - Pacific Horizon Investment Trust PLC on Thursday said it outperformed its comparative index in the first half of its financial year, with robust returns from holdings in Hong Kong, China, and India.
The trust's net asset value total return for the six months to the end of January was 1.3%, compared to the MSCI All Country Asia ex Japan Index, which in sterling terms posted a negative return of 3.4%.
Net asset value per share as at January 31 was 348.93 pence, up 17% from 298.42p the same date the year before, and up 1.3% at 344.50p at the end of July.
Pacific Horizon's shares price as at January 31 was 338.00 pence, reflecting a discount to net asset value of 3.1%.
Shares in Pacific Horizon Investment were up 0.8% at 332.56 pence on the day Thursday, having declined since the period-end.
The trust said its strong performance was due to its strong stock selection, particularly in Hong Kong and China, even though these markets suffered during the period.
The strongest performing stocks included Singaporean consumer games publisher SEA Ltd, Chinese sportswear firm Li Ning and Taiwanese network switch maker Accton Technology.
"In many ways, the world is becoming a better place. On average, people are richer and healthier, with more choice than ever in how they live their lives. This trend is particularly pronounced within the emerging world and in Asia ex Japan, home to 50% of the world's population. Despite all the media and political noise to the contrary, as well as the disruptive effect of the COVID-19 Coronavirus outbreak, these trends will probably continue for decades to come," said Investment Manager Baillie Gifford & Co.
"We remain optimistic. Change is happening rapidly, though not evenly. There will be periods of rapid growth, followed by periods of stress and retrenchment where the painful effects of change come to the fore," Baillie Gifford added.
By Dayo Laniyan; [email protected]
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