7th Sep 2018 11:59
LONDON (Alliance News) - Pacific Horizon Investment Trust PLC on Friday said it had outperformed its comparative index in its most recent financial year, benefiting from healthcare and technology exposure.
The Asia-Pacific investor's net asset value total return was 13.6% in the year to July 31, more than twice the 6.0% reported by the MSCI All Country Asia ex Japan Index in sterling terms.
"The relative and absolute performance over the course of the year was largely as a consequence of good stock selection, particularly in Korea, Hong Kong and China where exposure to certain healthcare and information technology names proved beneficial," said Pacific Horizon Chair Jean Matterson.
The company's net asset value per share of 351.26 pence at July 31 was 14% ahead of its 309.15p net asset value on the same date the prior year.
The company's GBP22.5 million total gain on investments was less than half its GBP47.5 million gain the previous year.
The company did not declare a dividend for the period, citing a revenue return deficit of 0.60p per share. The company's per share revenue deficit the year before was 0.38p.
"Whilst always cognisant of macro developments, including the uncertain outcome of the North Korea situation, the portfolio managers continue to see strong earnings growth from portfolio holdings," said Matterson.
"The potential opportunities for investment have started to broaden and the board remains confident that the region offers attractive investments for generating capital growth for the patient investor," she added.
Shares in Pacific Horizon were down 4.7% at 314.00 pence on Friday.
Related Shares:
Pacific Horizon