4th Mar 2016 11:52
LONDON (Alliance News) - Pacific Horizon Investment Trust PLC on Friday reported a fall in its net asset value per share in the first half of its financial year due to weaknesses in the Chinese and Indian markets.
The trust said its NAV per share fell by 6.1% to 185.64 pence in the six months to January 31, as its share price fell by 12% widening the discount to 14% from 8.2%. The fall wasn't as big as Pacific Horizon's benchmark, however. The MSCI All Country Asia ex Japan Index suffered a 7.4% decline.
Pacific said its investments in China underperformed as the market reacted negatively to the weakening currency, slowing growth and questions over the government's credibility. India was also a "significant drag" on performance. Korea performed better, while the best performing market was Indonesia, driven by a rebound in the currency after an "exceptionally weak" period.
"In line with our long-term investment philosophy, we believe that the investments held represent attractive opportunities which have the potential to generate superior returns for shareholders over the next few years," Pacific said in a statement.
Shares in Pacific were trading flat at 163.00 pence on Friday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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