2018 re-calibration paying off
Moves by Pacific Horizon’s (PHI) manager Ewan Markson-Brown to re-position the portfolio by lowering its allocation to technology stocks, and excellent returns to-date from stock picks made in 2018, are paying off. PHI is the best-performing Asia Pacific fund in net asset value (NAV) terms over the year-to-date. Following a poor 2018, which saw sentiment turn against both China and technology (areas where PHI has significant exposures), the portfolio is now more diversified with a greater focus on a newer wave of growth companies. PHI’s strong focus on fast-growing companies means that it is clearly differentiated from its peer group. Despite improved recent performance and a relatively low ongoing charges ratio for its size, the trust’s discount is the widest it has been for nearly two years.
Pacific Horizon Investment Trust is an investment company. Co. invests in the Asia-Pacific region (excluding Japan) and in the Indian Sub-continent. Co. also invests in companies based in the region and in investment funds specializing in the region or particular countries or sectors within it even if they are listed elsewhere. The portfolio is actively managed and normally consists of quoted equity securities. Co. is also permitted to invest in other pooled vehicles (general, country and sector specific) that invest in the markets of the region. Co.'s Alternative Investment Fund Manager is Baillie Gifford & Co Limited. The valuation of the portfolio at Jul 31 2017 was £179.5 million.
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