REG - Pacific Horizon - Baillie Gifford Pacific Horizon Interim Results
14/03/2024 07:00
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RNS Number : 7587G Pacific Horizon Investment Tst PLC 14 March 2024
RNS Announcement
Pacific Horizon Investment Trust PLC ('PHI')
Legal Entity Identifier: VLGEI9B8R0REWKB0LN95
Regulated Information Classification: Half Yearly Financial Report
Results for the six months to 31 January 2024
The following is the unaudited Interim Financial Report for the six months to
31 January 2024 which was approved by the Board on 13 March 2024.
Responsibility statement
We confirm that to the best of our knowledge:
a) the condensed set of Financial Statements has been prepared in accordance
with FRS 104 'Interim Financial Reporting';
b) the Interim Management Report includes a fair review of the
information required by Disclosure Guidance and Transparency Rule 4.2.7R
(being an indication of important events that have occurred during the first
six months of the financial year, their impact on the Financial Statements and
a description of the principal risks and uncertainties for the remaining six
months of the financial year); and
c) the Interim Financial Report includes a fair review of the information
required by Disclosure Guidance and Transparency Rule 4.2.8R (disclosure of
related party transactions and changes therein).
On behalf of the Board
Angus Macpherson
Chairman
13 March 2024
Summary of unaudited results
31 January 2024 31 July 2023 % change
(audited)
Shareholders' funds* £547.6m £580.4m
Net asset value per ordinary share* 603.43p 637.18p (5.3)
Share price 537.00p 586.00p (8.4)
MSCI All Country Asia ex Japan Index (in sterling terms)†# 890.9 969.1 (8.1)
Discountঠ(11.0%) (8.0%)
Active share‡ 85% 82%
Six months to Six months to
31 January 2024 31 January 2023
Revenue earnings per ordinary share 0.59p 0.25p
Six months to Year to
31 January 2024 31 July 2023
Total returns#‡
Net asset value per ordinary share¶ (4.8%) (3.6%)
Share price¶ (7.8%) (8.9%)
MSCI All Country Asia ex Japan Index (in sterling terms)† (7.3%) 0.8%
Six months to 31 January 2024 Year to 31 July 2023
Period's high and low High Low High Low
Net asset value per ordinary share* 642.81p 579.28p 699.18p 556.69p
Share price 590.00p 512.00p 693.00p 523.00p
(Discount)/premiumঠ(7.0%) (13.2%) 2.7% (11.7%)
* For a definition of terms see Glossary of terms and Alternative Performance
Measures at the end of this announcement.
† The MSCI All Country Asia ex Japan Index (in sterling terms) is the
principal index against which performance is measured.
# Source: Baillie Gifford/LSEG and relevant underlying index providers. See
disclaimer at the end of this announcement.
‡ Alternative Performance Measure. See Glossary of terms and Alternative
Performance Measures at the end of this announcement.
¶ Key Performance Indicator.
Past performance is not a guide to future performance.
Interim management report
Overview
Over the six-month reporting period, share price performance for Asian stock
markets was disappointing with the comparative index down 7.3% in sterling
terms, led by significant weakness in China. The Company's NAV performed
somewhat better, falling by a more modest 4.8%, with the portfolio's Indian
and Vietnamese holdings performing strongly. However, the Company's share
price declined 7.8%, as the share price discount to NAV expanded from 8% to
11%. The Company bought back 335,775 shares which are held in treasury.
There was a significant dispersion of geographic returns across the region,
with the worst performing market indices, China and Hong Kong, both falling
approximately 20%, while the best performing markets, India and Taiwan, rose
approximately 16% and 8% respectively. The portfolio was generally well
positioned in this environment, with India our largest country position (35%
absolute and +16 percentage points ('pp') relative to the comparative index.
By contrast, China (23% absolute and -10pp relative) and Hong Kong (+2%
absolute and -4pp relative) were among our most substantial underweights.
By sector, the exposure of the portfolio remains similar to last year, with
significant positions in both cyclical growth, particularly Indian real estate
and materials, and secular growth, including technology and consumer
companies.
Chinese holdings continued to perform poorly as a result of relatively slow
economic growth coupled with weak investor sentiment. These factors have
especially impacted private sector consumer and technology companies, which
the portfolio is biased towards. While we are cognisant of the questions
around Chinese economic growth and geopolitics, many of these are world-class
growth businesses now trading on single-digit earnings multiples.
By contrast, Indian and Vietnamese holdings benefited from much stronger
economies and renewed enthusiasm by both domestic and foreign investors.
Vietnam's structural growth outlook continues to remain strong and valuations
are still undemanding. In India, expectations in some sectors, for instance
consumer discretionary and staples, appear to have run ahead of fundamentals
and we are reviewing our positions accordingly. However, we are mainly exposed
to sectors where valuations look reasonable and the multi-decade growth
prospects means there is still significant upside potential, including real
estate, banking and logistics.
We remain extremely positive on the long-term outlook. Asia has already taken
up the baton of global demand growth, with China alone having contributed more
to global growth in US dollar terms than the US over the past decade, while
India is overtaking Japan. Asia is now better positioned financially than much
of the developed world and, with a renewed investment cycle unfolding, Asian
growth is likely to significantly outperform over the coming years. We
strongly believe that the best way to benefit from this outlook is by
investing in the best growth companies in the region.
Review
The past couple of years have seen Asian markets hampered by several major
headwinds, notably the strongest US dollar in decades, fears of recessions in
western markets and armed conflicts in Europe and the Middle East. Despite
these, there has been no Asian crisis, quite the opposite. Asian economies
have remained resilient and are generally growing far faster than most western
economies. This is a remarkable change from the Asian economies of old, when
such a recent move in the US dollar alone would have been enough to spark a
major economic crisis across the region.
We have previously articulated in detail the reasons for these changed
fortunes. To summarise: Asian economies are far better positioned than in the
past, especially when compared to developed markets; they have managed their
economies more prudently, without printing money and have maintained sensible
real interest rates for many years.
Combining this favourable macro-economic position with Asia's structurally
faster growth rates and valuations at multi-year lows relative to developed
markets, the obvious question is why haven't Asian markets performed better?
The first reason is timing. Several of the headwinds facing Asia, most
importantly the strength of the US dollar, are yet to subside. Judging
precisely when these might turn is difficult. However, with inflation peaking
in the west, US interest rates likely to fall sometime in the next 18 months,
US and European government spending and indebtedness continuing to soar, Asian
economies will become increasingly more attractive.
The second issue continues to be China. A year ago, the stock market looked
set to embrace China's reopening: Covid-19 was put in the rear-view mirror,
the consumer was expected to bounce back, regulation of big tech was abating,
Beijing was rolling out measures to restore confidence in the property sector
and Biden's meeting with Xi in Bali gave hopes of a thawing in geopolitical
tensions.
Instead, China continues to underperform, with an almost unprecedented third
year of market falls and the MSCI China index down nearly 60% from its peak in
early 2021. What went wrong? The consumer, largely shell-shocked from Covid-19
lockdowns and witnessing challenges in the property sector, has been
significantly more cautious than envisaged. In turn, the private sector, with
a weaker domestic economy and still cautious from the memory of regulatory
headwinds, has been slow to invest and employ.
Despite these issues, we continue to believe there are compelling investment
opportunities in China . Firstly, valuations are extreme with many world class
companies trading on low single digit multiples and others even below the cash
on their balance sheet.
Secondly, the macro situation is not as dire as these valuations suggest. We
are aware of many of the questions surrounding local government finance
vehicles, GDP growth rates, demographics and much else. However, this is a US
$17tr economy, with a relatively strong balance sheet and considerable fiscal,
monetary and policy room to support the economy which it is starting to do.
Longer term, however, China faces two key challenges. The first is
geopolitics; tensions with the US and her allies appear unlikely to
significantly improve. Our analysis would suggest much of this is out of
China's hands with the direction of US policy already set irrespective of who
becomes the next US president.
China can likely cope with much of the friction this brings with specific
areas including semiconductors, artificial intelligence and advanced
automation benefiting from China's desire to build its own domestic
capabilities. While it is necessary to be selective in these sectors, our
holdings in companies such as Silergy (semiconductors) and Baidu Inc (online
search and artificial intelligence), both of which were added to over the
period, should be significant beneficiaries of these trends.
The second issue is arguably more important: how do Xi and the Chinese
Communist Party want the economy to operate over the next decade and,
specifically, what role will the private sector be allowed to play? The answer
to these has become less clear, making longer term assumptions more difficult.
We made several modest changes to the portfolio's exposure to Chinese
holdings. In addition to Silergy and Baidu Inc (as mentioned above), we added
to unlisted ByteDance, owner of Douyin and TikTok, the world's most popular
short form video apps. We also completed the purchase of MicroConnect, a
private company, which finances small and medium sized Chinese businesses.
These purchases were funded from the sales of other Chinese companies,
including a handful of internet businesses, for example Meituan and Dada
Nexus. We also sold both of our Chinese green technology businesses, LONGi and
Wuxi Lead, where competition was significantly more intensive than expected.
Despite the sales and purchases roughly matching, market movements in China
took the portfolio's absolute China exposure down from 34% to 23% over the
period.
India has been the complete opposite to China. The business-friendly reforms
of the Modi government have led to a robust economy and a surge of foreign
investment. The result has been the region's most buoyant stock market, which
has taken our Indian exposure from 24% to 35% over the period, making it both
the portfolio's largest absolute and relative (+16pp) country position.
We remain enthused on the long-term outlook for the country but acknowledge
that valuations are beginning to look stretched in certain areas, particularly
in the consumer sector and in many small and mid-cap companies. Nevertheless,
we continue to find attractive opportunities and are exposed to areas where we
believe there is considerable upside. Indian real estate is our largest
exposure (10% of net assets) and benefits from house prices being the most
affordable they have been in the past few decades, combined with a dramatic
consolidation in the industry over the past five years. We also have large
positions in Indian autos (Tata Motors), industrials (Skipper and Ramkrishna
Forgings), where India is benefiting from its first major capex cycle in
years, and the burgeoning internet sector through our holding in Delhivery
(ecommerce delivery) and the unlisted Dailyhunt (social media).
We continue to believe Vietnam remains the best structural growth story of any
Asian economy driven by its successful export manufacturing base. In May 2023,
we and the Board visited companies in Vietnam to test this belief. With most
share prices still below the market peak back in 2022, they appear to offer
compelling value. We added to the holdings in Mobile World, the country's
largest electronics retailer, which is also rapidly creating the country's
leading grocery chain, and FPT, Vietnam's leading technology firm.
As at period end, the Company held five private companies, representing 8.4%
of total assets, and the Company was ungeared over the period.
Performance
We are long-term investors, running a high conviction growth portfolio that is
index agnostic. Performance will be volatile and occasional underperformance
is to be expected. The portfolio has generated significant value for
shareholders over the past five years, the timescale on which we believe tends
to reflect performance more accurately, though over more recent shorter
periods, results have been weaker.
Over the six months to 31 January 2024, the Company's NAV fell by 4.8%, while
the share price fell by 7.8%. The comparative index declined 7.3% in sterling
terms, all figures total return.
India was the most significant contributor to portfolio performance, adding
710bp. This was led by our Indian real estate companies, as they benefited
from the first property upcycle in the country for more than a decade.
Prestige Estates was the best performing stock in the portfolio, adding 180bp,
as presales grew nearly 90% year over year. Our other property related names,
Indiabulls Real Estate, Phoenix Mills and Lemon Tree Hotels, added a further
290bp between them. Our Indian industrial holdings, Ramkrishna Forgings
(manufacturer) and Skipper (power transmission infrastructure), were the
second biggest contributors, rising 36% and 53% respectively as infrastructure
spending continued to pick up across the country.
We also had a recovery in a few of our online-related companies in India, with
the share price of both Delhivery (ecommence delivery) and Policybazaar
(online insurance comparison site) rebounding from their early 2023 lows.
Delhivery experienced a strong resumption in growth, from what we always
believed was a post covid cyclical lull and turned profitable.
Vietnam and Hong Kong both added around 80bps. The Hong Kong market fell 18%
over the period and our significant underweight position (-4pp relative)
benefited performance. Conversely, Vietnam was a significant overweight (+9pp
relative) and performance was led by our bank holdings HDBank and Military
Commercial Joint Stock Bank.
Several of the semiconductor holdings performed well, including EO Technics,
MediaTek and Koh Young, however their contribution was offset by our single
largest detractor to performance coming from our significant underweight to
TSMC (-6.4pp relative).
By country, China was the worst performing country detracting 180bp from
portfolio performance. Here, our holding in Li-Ning was the biggest detractor,
with the share price falling 64% as the company announced issues with its
inventory management. After consulting with the company and many of its
distributors, we do not believe this is an issue that will damage the brand
and growth should resume over the coming 12 months. Other notable laggards
were: JD.com, which continues to feel competitive pressure in the ecommerce
space; Dada Nexus, which carries out logistics for JD.com; and the insurance
company Ping An where the market was concerned about potential financial
regulation and the company's exposure to the property market.
Conclusion
We remain extremely positive on the long-term outlook for the region. The rise
of the Asian middle class, accelerated by technology and innovation, continues
to be one of the most powerful investment opportunities of the coming decade.
We are enthused by the number of exciting growth companies we can buy that are
exposed to these themes, many of which are now trading on historically low
valuations. Combined with what seem brighter macro-economic conditions across
Asia compared to developed markets, we believe looking east remains firmly the
right course of action.
The principal risks and uncertainties facing the Company are set out in note
13 of this report.
Baillie Gifford & Co Limited
Managers and Secretaries
Valuing private companies
We aim to hold our private company investments at 'fair value', i.e. the price
that would be paid in an open-market transaction. Valuations are adjusted both
during regular valuation cycles and on an ad hoc basis in response to 'trigger
events'. Our valuation process ensures that private companies are valued in
both a fair and timely manner.
The valuation process is overseen by a valuations group at Baillie Gifford,
which takes advice from an independent third party (S&P Global). The
valuations group is independent from the investment team, with all voting
members being from different operational areas of the firm, and the investment
managers only receive final valuation notifications once they have been
applied.
We revalue the private holdings on a three-month rolling cycle, with one-third
of the holdings reassessed each month. During stable market conditions, and
assuming all else is equal, each investment would be valued twice in a six
month period. For our investment trusts, the prices are also reviewed twice
per year by the respective investment trust boards and are subject to the
scrutiny of external auditors in the annual audit process.
Beyond the regular cycle, the valuations team also monitors the portfolio for
certain 'trigger events'. These may include changes in fundamentals, a
takeover approach, an intention to carry out an initial public offering
('IPO'), company news which is identified by the valuation team or by the
portfolio managers or meaningful changes to the valuation of comparable public
companies. Any ad hoc change to the fair valuation of any holding is
implemented swiftly and reflected in the next published net asset value. There
is no delay.
The valuations team also monitors relevant market indices on a weekly basis
and updates valuations in a manner consistent with our external valuer's
(S&P Global) most recent valuation report where appropriate. Continued
periods of market volatility has meant that valuations continue to be reviewed
much more frequently, in some instances resulting in a further valuation
movement. The data below quantifies the revaluations carried out during the
six months to 31 January 2024, however doesn't reflect the ongoing monitoring
of the private investment portfolio that hasn't resulted in a change in
valuation.
Pacific Horizon Investment Trust PLC*
Instruments held 7
Revaluations performed 19
Percentage of portfolio revalued up to 2 times 28.6%
Percentage of portfolio revalued 3+ times 71.4%
* Data reflecting period 1 August 2023 to 31 January 2024 to align with the
Company's reporting period end.
Despite a general improvement in sentiment, continued volatility in some
public markets has tempered valuation recovery. The average movement in
company valuations and share prices across the portfolio are shown below.
Average movement in Average movement
investee company valuation
in investee
share price
Instruments valued* (8.8%) (0.7%)
* Data reflecting period 1 August 2023 to 31 January 2024 to align with the
Company's reporting period end.
List of investments
At 31 January 2024 (unaudited)
Name Geography Business Value % of total
£'000 assets*
Samsung Electronics South Korea Memory, phones and electronic components manufacturer 37,123 6.8
Dailyhunt (VerSe Innovation) India News aggregator application 17,956 3.3
Series I Preferred (U)
Dailyhunt (VerSe Innovation) India News aggregator application 3,585 0.7
Series Equity (U)
Dailyhunt (VerSe Innovation) India News aggregator application 2,431 0.4
Series J Preferred (U)
23,972 4.4
Ramkrishna Forgings India Auto parts manufacturer 23,029 4.2
Tata Motors India Automobile manufacturer 21,939 4.0
Delhivery (P) India Logistics and courier services provider 20,732 3.8
Indiabulls Real Estate India Domestic and commercial real estate provider 16,989 3.1
EO Technics South Korea Manufacturer and distributor of semiconductor laser markers 16,106 2.9
Prestige Estate Projects India Owner and operator of residential real estate properties 15,341 2.8
Zijin Mining Group China Gold and copper miner 14,527 2.7
ByteDance Series E-1 Preferred (U) China Social media 14,314 2.6
Reliance Industries India Petrochemical company 13,885 2.5
Bank Rakyat Indonesia Consumer bank 13,329 2.4
Phoenix Mills India Commercial property manager 13,240 2.4
Lemon Tree Hotels India Owner and operator of a chain of hotels and resorts 12,982 2.4
Ping An Insurance China Life insurance provider 12,542 2.3
Accton Technology Corporation Taiwan Server network equipment manufacturer 11,985 2.2
HDBank Vietnam Consumer bank 11,729 2.1
SK hynix South Korea Semiconductor manufacturer 10,359 1.9
Baidu Inc China Internet provider 10,279 1.9
MMG China Copper miner 9,954 1.8
Skipper India Transmission and distribution structures provider 9,744 1.8
MediaTek Taiwan Electronic component manufacturer 8,676 1.6
Jio Financial Services India Financial services business 8,497 1.6
Hoa Phat Group Vietnam Steel and related products manufacturer 7,873 1.4
MicroConnect (U) Hong Kong SME financing exchange 7,853 1.4
Midea Group A shares China A Household appliance manufacturer 7,842 1.4
Silergy Taiwan Semiconductor manufacturer 7,766 1.4
Alibaba Group China Online and mobile commerce 7,571 1.4
Samsung Engineering South Korea Construction 7,445 1.4
TSMC Taiwan Semiconductor manufacturer 7,295 1.3
Policybazaar India Online financial services platform 6,817 1.2
JD.com China Online mobile commerce 6,797 1.2
Kaspi.kz Khazakstan Banking, ecommerce and payments platform 6,632 1.2
Sea ADR Singapore Internet gaming and ecommerce 6,612 1.2
Zhejiang Supor Co A Shares China A Manufacturer of cookware and home appliance products 6,358 1.2
Koh Young Technology South Korea 3D inspection machine manufacturer 6,297 1.2
KE Holdings China Real estate platform 5,727 1.0
KE Holdings ADR China Real estate platform 538 0.1
6,265 1.1
Military Commercial Joint Stock Bank Vietnam Retail and corporate bank 6,176 1.1
PT AKR Corporindo Tbk Indonesia Logistics and supply chain 5,840 1.1
Mobile World Investment Corporation Vietnam Electronic and grocery retailer 5,784 1.1
Vietnam Enterprise Investments Limited Vietnam Investment fund 5,765 1.1
Merdeka Copper Gold Indonesia Miner 5,608 1.0
FPT Corporation Vietnam IT service provider 5,575 1.0
TISCO Financial Group Thailand Retail and corporate bank 5,244 1.0
China Oilfield Services Limited China Oilfield services 4,841 0.9
Jadestone Energy Singapore Oil and gas explorer and producer 4,801 0.9
HDFC Bank India Mortgage provider 4,318 0.8
Coupang South Korea Ecommerce business 4,278 0.8
Li-Ning China Sportswear apparel supplier 4,095 0.7
SDI Corporation Taiwan Stationery and lead frames for semiconductors manufacturer 4,050 0.7
CIMC Vehicles Group China Manufacturer of trailers and trucks 3,687 0.7
Ningbo Peacebird Fashion China A Fashion 3,349 0.6
A shares
Precision Tsugami China Industrial machinery manufacturer 3,020 0.6
Ping An Bank China A Consumer bank 2,909 0.5
A shares
Vinh Hoan Corporation Vietnam Food producer 2,884 0.5
KHVatec Company South Korea Electronic component and device manufacturer 2,858 0.5
Geely Automobile China Automobile manufacturer 2,823 0.5
PropertyGuru Singapore Real estate platform 2,521 0.5
Kingdee China Enterprise management software distributor 2,339 0.4
Hyundai Mipo Dockyard South Korea Shipbuilder 2,329 0.4
AirTac International Group Taiwan Pneumatic components manufacturer 2,293 0.4
Techtronic Industries Hong Kong Power tool manufacturer 1,988 0.4
Binh Minh Plastics Vietnam Plastic piping manufacturer 1,276 0.3
Joint Stock Company
Brilliance China Automotive China Minibus and automotive components manufacturer 1,090 0.2
Chalice China Miner 620 0.1
Chime Biologics (U) China Biopharmaceutical company 49 0.0
Eden Biologics (U) Taiwan Biopharmaceutical company 6 0.0
Total investments 553,112 101.0
Net liquid assets* (5,522) (1.0)
Total assets 547,590 100.0
Private company investments(†)
% Net liquid assets*
Listed equities % Total
% assets
%
31 January 2024 92.6 8.4 (1.0) 100.0
31 July 2023 93.6 5.1 1.3 100.0
Figures represent percentage of total assets.
* For a definition of terms see Glossary of terms and Alternative Performance
Measures at the end of this announcement.
† Includes holdings in ordinary shares and preference shares.
(U) Denotes private company investment.
(P)( ) Denotes listed security previously held in the portfolio as a
private company investment.
Distribution of total assets* (unaudited)
Geographical analysis at 31 January 2024
Geographical % at % at
31 January 31 July
2024 2023
India 35.0 23.9
China 19.1 28.5
South Korea 15.9 18.3
Vietnam 8.6 6.7
Taiwan 7.6 5.7
Indonesia 4.5 5.7
China A 3.7 5.2
Singapore 2.6 3.5
Other 2.2 0.9
Hong Kong 1.8 0.3
Net liquid assets (1.0) 1.3
Sectoral analysis at 31 January 2024
Sectoral % at % at
31 January 31 July
2024 2023
Information technology 21.9 22.0
Financials 16.7 12.9
Consumer discretionary 15.5 20.3
Materials 11.2 12.5
Communication services 10.1 8.6
Real estate 9.9 6.9
Industrials 9.8 10.6
Energy 5.4 4.3
Consumer staples 0.5 0.5
Healthcare 0.0 0.1
Net liquid assets (1.0) 1.3
* For a definition of terms see Glossary of terms and Alternative Performance
Measures at the end of this announcement.
Income statement (unaudited)
For the six months ended 31 January 2024 For the six months ended 31 January 2023 For the year ended 31 July 2023 (audited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Losses on investments - (22,963) (22,963) - (545) (545) - (25,404) (25,404)
Currency losses - (145) (145) - (575) (575) - (791) (791)
Income 3,067 - 3,067 2,821 - 2,821 9,580 - 9,580
Investment management fee (note 3) (1,628) - (1,628) (1,712) - (1,712) (3,419) - (3,419)
Other administrative expenses (368) - (368) (405) - (405) (762) - (762)
Net return before finance costs and taxation 1,071 (23,108) (22,037) 704 (1,120) (416) 5,399 (26,195) (20,796)
Finance costs of borrowings (202) - (202) (201) - (201) (403) - (403)
Net return before taxation 869 (23,108) (22,239) 503 (1,120) (617) 4,996 (26,195) (21,199)
Tax (note 4) (328) (5,424) (5,752) (274) 1,578 1,304 (830) (1,256) (2,086)
Net return after taxation 541 (28,532) (27,991) 229 458 687 4,166 (27,451) (23,285)
Net return per ordinary share (note 5) 0.59p (3.38p) (30.79) 0.25p 0.50p 0.75p 4.56p (30.05p) (25.49p)
The total column of this statement represents the profit and loss account of
the Company. The supplementary revenue and capital columns are prepared under
guidance issued by the Association of Investment Companies.
All revenue and capital items in this statement derive from continuing
operations.
A Statement of Comprehensive Income is not required as the Company does not
have any other comprehensive income and the net return after taxation is both
the profit and total comprehensive income for the period.
Balance sheet (unaudited)
Notes At 31 January At 31 July
2024 2023
£'000 (audited)
£'000
Fixed assets
Investments held at fair value through profit or loss 7 553,112 572,748
Current assets
Debtors 982 420
Cash and cash equivalents 3,716 12,442
4,698 12,862
Creditors
Amounts falling due within one year:
Other creditors and accruals (1,348) (1,163)
Net current assets 3,350 11,699
Total assets less current liabilities 556,462 584,447
Creditors
Amounts falling due after more than one year:
Provision for tax liability 9 (8,872) (4,092)
Net assets 547,590 580,355
Capital and reserves
Share capital 10 9,208 9,208
Share premium account 254,120 254,120
Capital redemption reserve 20,367 20,367
Capital reserve 257,431 287,783
Revenue reserve 6,464 8,877
Shareholders' funds 547,590 580,355
Net asset value per ordinary share 603.43p 637.18p
Ordinary shares in issue 10 90,746,174 91,081,949
Statement of changes in equity
For the six months ended 31 January 2024
Share capital Share premium account Capital redemption reserve Capital reserve* Revenue reserve Shareholders' funds
£'000 £'000 £'000 £'000 £'000 £'000
Shareholders' funds at 1 August 2023 9,208 254,120 20,367 287,783 8,877 580,355
Net return after taxation - - - (28,532) 541 (27,991)
Ordinary shares bought back into treasury (note 10) - - - (1,820 ) - (1,820)
Ordinary shares sold from treasury (note 10) - - - - - -
Dividends paid during the period (note 6) - - - - (2,954) (2,954)
Shareholders' funds at 31 January 2024 9,208 254,120 20,367 257,431 6,464 547,590
For the six months ended 31 January 2023
Share capital Share premium account Capital redemption reserve Capital reserve* Revenue reserve Shareholders' funds
£'000 £'000 £'000 £'000 £'000 £'000
Shareholders' funds at 1 August 2022 9,208 253,946 20,367 319,573 7,456 610,550
Net return after taxation - - - 458 229 687
Ordinary shares bought back into treasury (note 10) - - - (3,940) - (3,940)
Ordinary shares sold from treasury (note 10) - 21 - 151 - 172
Dividends paid during the period (note 6) - - - - (2,745) (2,745)
Shareholders' funds at 31 January 2023 9,208 253,967 20,367 316,242 4,940 604,724
* The capital reserve balance at 31 January 2024 includes investment holding
gains on investments of £85,284,000 (31 January 2023 - gains of
£103,733,000).
Condensed cash flow statement (unaudited)
Six months to Six months to
31 January 2024
31 January 2023
£'000
£'000
Net return before taxation (22,239) (617)
Adjustments to reconcile company profit before tax to net cash flow from
operating activities
Net losses on investments 22,963 545
Currency losses 145 575
Finance costs of borrowings 202 201
Other capital movements
Changes in debtors (395) 158
Changes in creditors (121) (60)
Taxation
Overseas withholding tax (259) (269)
Indian CGT paid on transactions (644) -
Cash from operations* (348) 533
Interest paid (201) (201)
Net cash (outflow)/inflow from operating activities (549) 332
Cash flows from investing activities
Acquisitions of investments (52,638) (58,477)
Disposals of investments 49,305 63,217
Net cash (outflow)/inflow from investing activities (3,333) 4,740
Cash flows from financing activities
Ordinary shares bought back into treasury (1,745) (3,940)
Ordinary shares sold from treasury - 172
Proceeds from ordinary shares issued - -
Borrowings drawn down - -
Borrowings repaid - -
Equity dividends paid (2,954) (2,745)
Net cash outflow from financing activities (4,699) (6,513)
Decrease in cash and cash equivalents (8,581) (1,441)
Exchange movements (145) (575)
Cash and cash equivalents at start of period 12,442 5,399
Cash and cash equivalents at end of period 3,716 3,383
* Cash from operations includes dividends received of £2,601,000 (31 January
2023 - £2,682,000) and interest received of £91,000 (31 January 2023 -
£118,000).
Notes to the Financial Statements
1. Basis of Accounting
The condensed Financial Statements for the six months to 31 January 2024
comprise the statements set out above together with the related notes below.
They have been prepared in accordance with FRS 104 'Interim Financial
Reporting' and the AIC's Statement of Recommended Practice issued in November
2014 and updated in October 2019, April 2021 and July 2022 with consequential
amendments. They have not been audited or reviewed by the auditor pursuant to
the Auditing Practices Board Guidance on 'Review of Interim Financial
Information'. The Financial Statements for the six months to 31 January 2024
have been prepared on the basis of the same accounting policies as set out in
the Company's Annual Report and Financial Statements at 31 July 2023.
Going Concern
The Directors have considered the Company's principal risks and uncertainties,
as set out in note 13 of this report, together with the Company's current
position, investment objective and policy, the level of demand for the
Company's shares, the nature of its assets, its liabilities and projected
income and expenditure. The Board has, in particular, considered the impact of
heightened market volatility due to macroeconomic and geopolitical concerns,
but it does not believe the Company's going concern is affected. It is the
Directors' opinion that the Company has adequate resources to continue in
operational existence for the foreseeable future. The Company's assets, the
majority of which are investments in quoted securities which are readily
realisable, exceed its liabilities significantly. All borrowings require the
prior approval of the Board. The Board approves borrowing and gearing limits
and reviews regularly the amounts of any borrowing and the level of gearing as
well as compliance with borrowing covenants. The Company has continued to
comply with the investment trust status requirements of section 1158 of the
Corporation Tax Act 2010 and the Investment Trust (Approved Company) (Tax)
Regulations 2011. In accordance with the Company's Articles of Association,
shareholders have the right to vote on the continuation of the Company every
five years, the next vote being in 2026. Accordingly, the Directors consider
it appropriate to adopt the going concern basis of accounting in preparing
these Financial Statements and confirm that they are not aware of any material
uncertainties which may affect the Company's ability to continue to do so over
a period of at least twelve months from the date of approval of these
Financial Statements.
2. Financial information
The financial information contained within this Interim Financial Report does
not constitute statutory accounts as defined in sections 434 to 436 of the
Companies Act 2006. The financial information for the year ended 31 July 2023
has been extracted from the statutory accounts which have been filed with the
Registrar of Companies. The auditor's report on those accounts was not
qualified, did not include a reference to any matters to which the auditor
drew attention by way of emphasis without qualifying its report, and did not
contain statements under sections 498(2) or (3) of the Companies Act 2006.
3. Investment manager
Baillie Gifford & Co Limited, a wholly owned subsidiary of Baillie Gifford
& Co, has been appointed by the Company as its Alternative Investment Fund
Managers and Company Secretaries. Baillie Gifford & Co Limited has
delegated portfolio management services to Baillie Gifford & Co. Dealing
activity and transaction reporting have been further sub-delegated to Baillie
Gifford Overseas Limited and Baillie Gifford Asia (Hong Kong) Limited. The
Managers may terminate the Management Agreement on six months' notice and the
Company may terminate on three months' notice. The annual management fee is
0.75% on the first £50 million of net assets, 0.65% on the next £200 million
of net assets and 0.55% on the remaining net assets. Management fees are
calculated and payable on a quarterly basis.
4. Tax
The revenue tax charge includes the overseas withholding tax suffered in the
period. The capital tax charge results from the provision for tax liability in
respect of Indian capital gains tax as detailed in note 9.
5. Net return
Six months to Six months to Year to 31 July
31 January 2024 31 January 2023 2023 (audited)
£'000 £'000 £'000
Revenue return after taxation 541 229 4,166
Capital return after taxation (28,532) 458 (27,451)
Total net return (27,991) 687 (23,285)
Net return per ordinary share
Revenue return after taxation 0.59p 0.25p 4.56p
Capital return after taxation (31.38p) 0.50p (30.05p)
Total net return per ordinary share (30.79p) 0.75p (25.49p)
Weighted average number of ordinary shares in issue 90,921,470 91,439,600 91,364,427
The net return per ordinary share figures are based on the above totals of
revenue and capital and the weighted average number of ordinary shares in
issue (excluding treasury shares) during each period.
There are no dilutive or potentially dilutive shares in issue.
6. Dividends
Six months to Six months to Year to 31 July 2023 (audited)
31 January 2024
31 January 2023
£'000
£'000 £'000
Amounts recognised as distributions in the period: 2,954 2,745 2,745
Previous year's final dividend of 3.25p
(31 July 2022 - 3.00p), paid 30 November 2023
Amounts paid and payable in respect of the period: - - 2,954
Final dividend (31 July 2023 - 3.25p),
No interim dividend has been declared in respect of the current period.
7. Fixed assets - investments
The Company's investments in securities are financial assets held at fair
value through profit or loss. The fair value hierarchy used to analyse the
fair values of financial assets is described below. The levels are determined
by the lowest (that is the least reliable or least independently observable)
level of input that is significant to the fair value measurement for the
individual investment in its entirety as follows:
Level 1 - using unadjusted quoted prices for identical instruments in an
active market;
Level 2 - using inputs, other than quoted prices included within Level 1, that
are directly or indirectly observable (based on market data); and
Level 3 - using inputs that are unobservable (for which market data is
unavailable).
An analysis of the Company's financial asset investments based on the fair
value hierarchy described above is shown below.
Investments held at fair value through profit or loss
Level 1 Level 2 Level 3 Total
£'000
£'000
£'000
£'000
As at 31 January 2024
Listed equities 506,918 - - 506,918
Unlisted equities - - 11,493 11,493
Unlisted preference shares† - - 34,701 34,701
Total financial asset investments 506,918 - 46,194 553,112
Level 1 Level 2 Level 3 Total
£'000
£'000
£'000
£'000
As at 31 July 2023 (audited)
Listed equities* 542,048 1,273 - 543,321
Unlisted equities - - 2,555 2,555
Unlisted preference shares† - - 26,872 26,872
Total financial asset investments 542,048 1,273 29,427 572,748
* During the period, Brilliance China listed on the Hong Kong stock exchange
having de-listed on 31 March 2021 and there was a demerger with Reliance
Industries, where shares of Jio Financial Services were acquired but the
company did not list until 21 August 2023.
† The investments in preference shares include liquidation preference rights
that determine the repayment (or multiple thereof) of the original investment
in the event of a liquidation event such as a take-over.
The fair value of listed security investments is bid price or, in the case of
FTSE 100 constituents and holdings on certain recognised overseas exchanges,
last traded price. The fair value of suspended investments is the last traded
price, adjusted for the estimated impact on the business of the suspension.
Unlisted investments are valued at fair value by the Directors following a
detailed review and appropriate challenge of the valuations proposed by the
Managers. The Managers' unlisted investment policy applies methodologies
consistent with the International Private Equity and Venture Capital Valuation
guidelines ('IPEV'). These methodologies can be categorised as follows: (a)
market approach (multiples, industry valuation benchmarks and available market
prices); (b) income approach (discounted cash flows); and (c) replacement cost
approach (net assets). The valuation process recognises also, as stated in the
IPEV Guidelines, that the price of a recent investment may be an appropriate
starting point for estimating fair value, however it should be evaluated using
the techniques described above.
8. Financial liabilities
The Company has a £100 million multi-currency revolving 3 year credit
facility with The Royal Bank of Scotland International Limited, with a
non-utilisation rate of 0.4%, which expires on 14 March 2025. At 31 January
2024 there were no outstanding drawings (31 July 2023 - no outstanding
drawings).
9. Provision for tax liability
The tax liability provision at 31 January 2024 of £8,872,000 (31 July 2023 -
£4,092,000) relates to a potential liability for Indian capital gains tax
that may arise on the Company's Indian investments should they be sold in the
future, based on the net unrealised taxable capital gain at the period end and
on enacted Indian tax rates (long term capital gains are taxed at 10% and
short term capital gains are taxed at 15%). The amount of any future tax
amounts payable may differ from this provision, depending on the value and
timing of any future sales of such investments and future Indian tax rates.
10. Share capital
As at 31 January 2024 As at 31 July 2023 (audited)
Number £'000 Number £'000
Allotted, called up and fully paid ordinary 90,746,174 9,075 91,081,949 9,108
shares of 10p each in issue
Treasury shares of 10p each 1,328,787 133 993,012 100
92,074,961 9,208 92,074,961 9,208
The Company has authority to allot shares under section 551 of the Companies
Act 2006. In accordance with authorities granted at the last Annual General
Meeting in November 2023, buy-backs will only be made at a discount to net
asset value and the Board has authorised use of the issuance authorities to
issue new shares or sell shares from treasury at a premium to net asset value
in order to enhance the net asset value per share for existing shareholders
and improve the liquidity of the Company's shares. In the six months to 31
January 2024, the Company issued no ordinary shares, (year to 31 July 2023 -
200,000 ordinary shares from treasury, at a premium to net asset value, with a
nominal value £20,000, representing 0.2% of the issued share capital at 31
July 2022, raising net proceeds of £1,376,000). At 31 January 2024 the
Company had authority to allot or sell from treasury 9,104,695 ordinary shares
without application of pre-emption rights.
In the six months to 31 January 2024, 335,775 shares, representing 0.4% of the
issued share capital as at 31 July 2023, were bought back at a total cost of
£1,820,000 and held in treasury (year to 31 July 2023 - 979,012 ordinary
shares, representing 1.1% of the issued share capital at 31 July 2022, were
bought back at a total cost of £5,541,000 and held in treasury). As at 31
January 2024, the Company had authority remaining to buy back 13,530,019
ordinary shares on an ad hoc basis.
Over the period from 31 January 2024 to 12 March 2024 the Company has issued
no further shares from treasury and 24,073 shares were bought back.
11. Transaction costs on purchases
During the period, transaction costs on purchases amounted to £86,000 (31
January 2023 - £84,000; 31 July 2023 - £188,000) and transaction costs on
sales amounted to £92,000 (31 January 2023 - £143,480; 31 July 2023 -
£188,000).
12. Related party transactions
There have been no transactions with related parties during the first six
months of the current financial year that have materially affected the
financial position or the performance of the Company during that period and
there have been no changes in the related party transactions described in the
last Annual Report and Financial Statements that could have had such an effect
on the Company during that period.
13. Principal risks and uncertainties
The principal risks facing the Company are financial risk, investment strategy
risk, political and associated economic risk, discount risk, regulatory risk,
custody and depositary risk, operational risk, leverage risk, climate and
governance risk, cyber security risk and emerging risks. An explanation of
these risks and how they are managed is set out on pages 47 to 51 of the
Company's Annual Report and Financial Statements for the year to 31 July 2023
which is available on the Company's website: pacifichorizon.co.uk
The principal risks and uncertainties have not changed since the date of that
report.
None of the views expressed in this document should be construed as advice to
buy or sell a particular investment.
The printed version of the Interim Financial Report will be sent to
shareholders and will be available on the Company's page on the Managers'
website pacifichorizon.co.uk (http://www.pacifichorizon.co.uk) ‡ on or
around 22 March 2024.
‡ 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.
Third party data provider disclaimer
No third party data provider ('Provider') makes any warranty, express or
implied, as to the accuracy, completeness or timeliness of the data contained
herewith nor as to the results to be obtained by recipients of the data. No
Provider shall in any way be liable to any recipient of the data for any
inaccuracies, errors or omissions in the index data included in this document,
regardless of cause, or for any damages (whether direct or indirect) resulting
therefrom.
No Provider has any obligation to update, modify or amend the data or to
otherwise notify a recipient thereof in the event that any matter stated
herein changes or subsequently becomes inaccurate.
Without limiting the foregoing, no Provider shall have any liability
whatsoever to you, whether in contract (including under an indemnity), in tort
(including negligence), under a warranty, under statute or otherwise, in
respect of any loss or damage suffered by you as a result of or in connection
with any opinions, recommendations, forecasts, judgements, or any other
conclusions, or any course of action determined, by you or any third party,
whether or not based on the content, information or materials contained
herein.
MSCI index data
Source: MSCI. The MSCI information may only be used for your internal use, may
not be reproduced or redisseminated in any form and may not be used as a basis
for or a component of any financial instruments or products or indices. None
of the MSCI information is intended to constitute investment advice or a
recommendation to make (or refrain from making) any kind of investment
decision and may not be relied on as such. Historical data and analysis should
not be taken as an indication or guarantee of any future performance analysis,
forecast or prediction. The MSCI information is provided on an 'as is' basis
and the user of this information assumes the entire risk of any use made of
this information. MSCI, each of its affiliates and each other person involved
in or related to compiling, computing or creating any MSCI information
(collectively, the 'MSCI Parties') expressly disclaims all warranties
(including, without limitation, any warranties of originality, accuracy,
completeness, timeliness, non-infringement, merchantability and fitness for a
particular purpose) with respect to this information. Without limiting any of
the foregoing, in no event shall any MSCI Party have any liability for any
direct, indirect, special, incidental, punitive, consequential (including,
without limitation, lost profits) or any other damages. (msci.com).
Glossary of terms and Alternative Performance Measures ('APM')
Total assets
This is the Company's definition of adjusted total assets, being the total
value of all assets held less all liabilities (other than liabilities in the
form of borrowings).
Shareholders' funds and net asset value
Also described as shareholders' funds, net asset value ('NAV') is the value of
all assets held less all liabilities (including borrowings). The NAV per share
is calculated by dividing this amount by the number of ordinary shares in
issue (excluding shares held in treasury).
Net liquid assets
Net liquid assets comprise current assets less current liabilities (excluding
borrowings) and provisions for deferred liabilities.
Discount/premium (APM)
As stockmarkets and share prices vary, an investment trust's share price is
rarely the same as its NAV. When the share price is lower than the NAV per
share it is said to be trading at a discount. The size of the discount is
calculated by subtracting the share price from the NAV per share and is
usually expressed as a percentage of the NAV per share. If the share price is
higher than the NAV per share, this situation is called a premium.
As at As at
31 January
31 July 2023
2024 (audited)
£'000 £'000
Net asset value per ordinary share (a) 603.43p 637.18p
Share price (b) 537.00p 586.00p
Discount ((b) - (a)) ÷ (a) (11.0%) (8.0%)
Total Return (APM)
The total return is the return to shareholders after reinvesting the net
dividend on the date that the share price goes ex-dividend. In periods where
no dividend is paid, the total return equates to the capital return.
As at As at
31 January 2024
31 July 2023
NAV Share price NAV Share
price
Closing NAV per share/share price (a) 603.43p 537.00p 637.18p 586.00p
Dividend adjustment factor* (b) 1.0051 1.0057 1.0056 1.0057
Adjusted closing NAV per share/share price (c) = (a) x (b) 606.51p 540.06p 640.75p 589.34p
Opening NAV per share/share price (d) 637.18p 586.00p 664.65p 647.00p
Total return (c) ÷ (d) -1 (4.8%) (7.8%) (3.6%) (8.9%)
*The dividend adjustment factor is calculated on the assumption that the final
dividend of 3.25p (31 July 2022 - 3.00p) paid by the Company during the period
was reinvested into shares of the Company at the cum income NAV per
share/share price, as appropriate, at the ex-dividend date.
Turnover (APM)
Turnover is calculated as the minimum of purchases and sales in a month,
divided by the average market value of the portfolio, summed to get rolling 12
month turnover data.
Ongoing charges (APM)
The total recurring expenses (excluding the Company's cost of dealing in
investments and borrowing costs) incurred by the Company as a percentage of
the daily average net asset value.
Gearing (APM)
At its simplest, gearing is borrowing. Just like any other public company, an
investment trust can borrow money to invest in additional investments for its
portfolio. The effect of the borrowing on the shareholders' assets is called
'gearing'. If the Company's assets grow, the shareholders' assets grow
proportionately more because the debt remains the same. But if the value of
the Company's assets falls, the situation is reversed. Gearing can therefore
enhance performance in rising markets but can adversely impact performance in
falling markets.
Gearing is borrowings at book less cash and brokers' balances expressed as a
percentage of shareholders' funds.
As at As at
31 January
31 July
2024
2023
(audited)
£'000
£'000
Borrowings (at book value) - -
Less: cash and cash equivalents (3,716) (12,442)
Less: sales for subsequent settlement (281) -
Add: purchases for subsequent settlement 276 -
Adjusted borrowings (a) (3,721) (12,442)
Shareholders' funds (b) 547,590 580,355
Gearing: (a) as a percentage of (b) (0.7%) (2%)
Gross gearing is the Company's borrowings expressed as a percentage of
shareholders' funds.
As at As at 31 July
31 January
2023
2024
(audited)
£'000
£'000
Borrowings (at book value) (a) - -
Shareholders' funds (b) 547,590 580,355
Gross gearing: (a) as a percentage of (b) - -
Leverage (APM)
For the purposes of the Alternative Investment Fund Managers Regulations,
leverage is any method which increases the Company's exposure, including the
borrowing of cash and the use of derivatives. It is expressed as a ratio
between the Company's exposure and its net asset value and can be calculated
on a gross and a commitment method. Under the gross method, exposure
represents the sum of the Company's positions after the deduction of sterling
cash balances, without taking into account any hedging and netting
arrangements. Under the commitment method, exposure is calculated without the
deduction of sterling cash balances and after certain hedging and netting
positions are offset against each other.
Active share (APM)
Active share, a measure of how actively a portfolio is managed, is the
percentage of the portfolio that differs from its comparative index. It is
calculated by deducting from 100 the percentage of the portfolio that overlaps
with the comparative index. An active share of 100 indicates no overlap with
the index and an active share of zero indicates a portfolio that tracks the
index.
Compound annual return (APM)
The compound annual return converts the return over a period of longer than
one year to a constant annual rate of return applied to the compound value at
the start of each year.
China 'A' shares
'A' Shares are shares of mainland China-based companies that trade on the
Shanghai Stock Exchange and the Shenzhen Stock Exchange. Since 2003, select
foreign institutions have been able to purchase them through the Qualified
Foreign Institutional Investor system.
Treasury shares
The Company has the authority to make market purchases of its ordinary shares
for retention as treasury shares for future reissue, resale, transfer, or for
cancellation. Treasury shares do not receive distributions and the Company is
not entitled to exercise the voting rights attaching to them.
Unlisted (private) company
An unlisted or private company means a company whose shares are not available
to the general public for trading and are not listed on a stock exchange.
Pacific Horizon Investment Trust PLC (Pacific Horizon) aims to achieve capital
growth through investment in the Asia-Pacific region (excluding Japan) and in
the Indian Sub-continent. At 31 January 2024 the Company had total assets of
£547.6 million (before deduction of loans of nil).
Pacific Horizon is managed by Baillie Gifford & Co Limited, the Edinburgh
based fund management group.
Past performance is not a guide to future performance.
Pacific Horizon is a listed UK Company and is not authorised or regulated by
the Financial Conduct Authority. The value of its shares and any income from
those shares can fall as well as rise and you may not get back the amount
invested. Pacific Horizon invests in overseas securities. Changes in the rates
of exchange may also cause the value of your investment (and any income it may
pay) to go down or up. Pacific Horizon invests in emerging markets (including
Chinese 'A' shares) where difficulties in dealing, settlement and custody
could arise, resulting in a negative impact on the value of your investment.
Shareholders in Pacific Horizon have the right to vote every five years, on
whether to continue Pacific Horizon, or wind it up. If the shareholders decide
to wind the Company up, the assets will be sold and you will receive a cash
sum in relation to your shareholding. The next vote will be held at the Annual
General Meeting in 2026. You can find up to date performance information about
Pacific Horizon on the Pacific Horizon page of the Managers' website at
pacifichorizon.co.uk (http://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.
13 March 2024
For further information please contact:
Anzelm Cydzik, Baillie Gifford & Co
Tel: 0131 275 2000
Jonathan Atkins, Director, Four Communications
Tel: 0203 920 0555 or 07872 495396
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