23rd Sep 2025 09:17
(Alliance News) - Pacific Horizon Investment Trust PLC on Tuesday reported an increased net asset value, but its total return underperformed against the MSCI All Country Asia ex Japan Index.
The Edinburgh-based investment trust, which is owned by Baillie Gifford & Co, reported an NAV per share of 716.13 pence as of July 31, up from 664.01p one year prior.
Shares in Pacific Horizon were 0.4% lower at 728.98p on Tuesday morning in London.
For the financial year ended July 31, the trust reported a positive 8.3% NAV total return. This was compared with a positive 17.1% return from the MSCI All Country Asia ex Japan in sterling terms.
Pacific Horizon said its board recommends a 1.50p per share final dividend, down from 2.65p for the previous year.
Pacific Horizon said the notable positive contributors to its performance were Singaporean internet gaming and ecommerce business SEA Ltd, TikTok owner ByteDance, and Taiwanese server network equipment manufacturer Accton Technology.
It named the most notable detractors as Indian news aggregator firm VerSe Innovation, South Korean electronics manufacturer Samsung Electronics, and Indian real estate firm Equinox India Developments.
Looking ahead, Chair Roger Yates acknowledged near-term volatility "due largely to uncertainty regarding US tariff policy and its impact on global trade and consequences for inflation".
However, he said that "the board and portfolio managers remain optimistic about the long term prospects for the portfolio, which contains a number of world-class businesses. These tend to be more profitable and more cashflow generative than the average...The portfolio also contains a number of businesses with regional income streams that are less likely to be impacted directly by President Trump's policy making, often with notable competitive moats."
Yates continued: "Valuations look attractive and the recent headwinds of a strong US dollar and weak Chinese economic activity appear to be receding. As I stated last year, it remains important that our portfolio managers (and shareholders) can see through the occasional and perhaps inevitable bouts of volatility in returns.
"Assuming that is the case, then the outlook for the portfolio and the company is a positive one."
By Emma Curzon, Alliance News reporter
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