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
Pacific Horizon PHI Interim Management Statement
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