Pacific Horizon - Blistering performance
Since we last published in January of this year, Pacific Horizon (PHI) has continued with its trend of exceptional outperformance of both its Asia Pacific peer group (where it is comfortably the top-performing trust) and the various indices that it benchmarks itself against.
PHI, with its strong focus on growth, benefitted from a high allocation to technology stocks in the aftermath of the pandemic. However, more recently, the trust has benefitted from timely decisions to reduce its high exposure to China, prior to the various regulatory clampdowns seen this year, reallocating the proceeds mostly to India, a market that has performed strongly year to date.
Reflecting this, PHI continues to trade at a decent premium to net asset value (NAV) and has been issuing a significant amount of stock. Despite this incredible performance, PHI’s manager continues to see strong growth potential for the stocks in PHI’s portfolio and is genuinely enthused about the prospects for these companies.
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