4th Oct 2018 18:17
LONDON (Alliance News) - Pacific Horizon Investment Trust PLC said Thursday it outperformed its benchmark in the year ended July as several stocks did well.
The trust's net asset value per share total return in the period was 13.6% compared to the MSCI All Country Asia Index, excluding Japan, returning 6.0% in sterling terms.
Pacific Horizon's NAV per share increased to 351.26 pence at the end of the year from 309.15p the year before.
Pacific Horizon said the performance was a consequence of good stock selection, particularly in Korea, Hong Kong and China where exposure to certain healthcare and technology names "proved beneficial".
The trust's net assets increased to GBP204.9 million from GBP167.8 million.
Pacific Horizon did not propose or pay a dividend in the financial year 2018.
The trust is concerned over a "possible global trade war", initiated by US President Donald Trump. Pacific Horizon believe Trump's policies could result in reduced growth of company earnings in the region, in part due to the strengthening US dollar.
Shares in Pacific Horizon closed down 4.2% Thursday at 316.00p each.
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Pacific Horizon