Pacific Horizon PHI Interim Management Statement

  Pacific Horizon (PHI) - Interim Management Statement

RNS Number : 9975Q
Pacific Horizon Investment Tst PLC
13 November 2012








Pacific Horizon Investment Trust PLC



Interim Management Statement - 3 Months to 31 October 2012





Pacific Horizon's objective is to invest in the stock markets of the
Asia-Pacific region (excluding Japan) and in the stock markets of the Indian
Sub-continent in order to achieve capital growth. The Company is prepared to
move freely between the markets of the region as opportunities for growth
vary. The portfolio will normally consist entirely of quoted securities.



Review of the     ¾ Over the period, the Company's net asset value per share
Period            total return was up 1.5% compared to a 3.3% increase in the
                  comparative index (total return). The share price total
                  return was up 2.4%.

                  ¾ Top Ten Holdings: China Mobile has entered the top ten
                  holdings following an addition and Ping An Insurance has
                  dropped out after a partial sale. Other changes were due to
                  market movements.

                  ¾ The one year multi-currency loan facility with The Bank
                  of New York Mellon has been renewed.

                  
Geographical                               % of total               % of total
Analysis of                                 assets at
Total Assets                                 31/10/12               assets at

                  Region                                             31/07/12
                  Hong Kong and China            33.0                     33.3
                  Korea                          21.4                     20.7
                  Taiwan                         15.6                     15.4
                  Singapore                       9.9                      9.8
                  India                           5.5                      3.3
                  Malaysia                        4.4                      5.2
                  Thailand                        3.7                      3.8
                  Philippines                     2.4                      2.1
                  Indonesia                       1.8                      2.9
                  Vietnam                         1.7                      1.9
                  Net Liquid Assets               0.6                      1.6
                  Total                         100.0                    100.0
Top Ten Holdings                             31/10/12                 31/07/12

(as a % of total                                    %                        %
assets)           Samsung Electronics             7.0                      7.0
                  Taiwan Semiconductor            4.4
                 Manufacturing                                            4.1
                  Kunlun Energy Company           4.1                      3.7
                  Hyundai Mobis                   2.8                      3.0
                  CNOOC                           2.7                      2.7
                  Hyundai Glovis                  2.6                      2.5
                  China Mobile                    2.5                      2.2
                  Hon Hai Precision               2.5                      2.2
                  Industries
                  Hyundai Marine and              2.3                      1.9
                  Fire Insurance
                  Security Bank                   2.3       2.1
                  Total                          33.2 
                                                      31.4



























Total Return                                           %
Performance                        3 Months      1 Year     3 Years  5 Years
               Share Price             2.4         3.8        19.0     (20.1)
               NAV (at fair)           1.5         7.1        24.6     (6.0)
               Benchmark*              3.3         7.0        27.4      13.2
              Source: Morningstar/Baillie Gifford & Co

               * On 1 August 2011 the Company changed its comparative
               index from the MSCI All Country Far East ex Japan Index (in
               sterling terms) to the MSCI All Country Asia ex Japan Index (in
               sterling terms). For the purposes of the above the returns on
               both benchmarks for their respective periods have been linked
              to form a single benchmark.

               

               Past performance is not a guide to future performance

               
General                                                31/10/12     31/07/12
Information    Equity shareholders' funds ^†              £129.9m      £129.1m
               Net asset value per share^†                173.07p      172.01p
              
               Share Price                                151.63p      149.50p
               Discount                                     12.4%        13.1%
             

              † These figures have been calculated using the AIC cum
               income basis (includes current financial year retained income).

               This interim management statement and up to date NAV and Share
               Price information are available at www.pacifichorizon.co.uk ^‡

               

               ‡ Neither the contents of the Managers' website nor the
               contents of any website accessible from hyperlinks on the
               Managers' website (or any other website) is incorporated into,
               or forms part of, this announcement.

               

               For further information, contact: Anzelm Cydzik on 0131 275
               3276



                     This information is provided by RNS
           The company news service from the London Stock Exchange

END


IMSFFIFFDFESEEF -0- Nov/13/2012 11:28 GMT
 
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