REG - Pacific Horizon - Pacific Horizon Investment Trst PLC Annual Results
23/09/2025 07:00
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RNS Number : 3355A Pacific Horizon Investment Tst PLC 23 September 2025
RNS Announcement
Pacific Horizon Investment Trust PLC
Legal Entity Identifier: VLGEI9B8R0REWKB0LN95
Results for the year to 31 July 2025
Regulated Information Classification: Additional regulated information
required to be disclosed under the applicable laws and regulations.
The following is the results announcement for the year to 31 July 2025 which
was approved by the Board on 22 September 2025.
Over the year the Company's net asset value total return* was 8.3% and the
share price total return was 6.4% compared with a total return of 17.1% for
the MSCI All Country Asia ex Japan Index (in sterling terms)†.
Chairman's statement
Performance
Over the year to 31 July 2025, the Company's net asset value ('NAV') per share
total return was 8.3%, compared to a 17.1% increase in the total return of the
MSCI All Country Asia ex Japan Index in sterling terms. The underperformance
of the portfolio was broadly uniform across the year. The share price rose by
6.4% and the discount ended the period at 9.5% having been 7.8% a year
earlier. The Company's annual ongoing charge was 0.75% compared to 0.74% for
the year to 31 July 2024.
The notable positive contributors to the portfolio's relative performance were
the holdings in SEA Ltd, a Singaporean internet gaming and ecommerce business,
private company Bytedance, a Chinese social media business, and Accton
Technology, a Taiwanese server network equipment manufacturer. The notable
detractors to relative performance were the holdings in private company VerSe
Innovation, an Indian news aggregator application business, Samsung
Electronics, a South Korean memory, phones and electronic components
manufacturer, and Equinox India Developments, an Indian real estate business.
The Managers' Review, below, provides fuller comment on the drivers of
returns, as well as thoughts on the investee companies and their prospects.
Over the five years to 31 July 2025, the Company's NAV and share price total
return were 50.8% and 30.8% respectively, whereas the Company's comparative
index returned 30.4% in sterling terms during the same period.
Performance-Related Tender
Mindful of more recent performance and the level of the discount at which the
Company's shares were trading, on 16 April 2025, following conversations with
stakeholders, the Company announced its intention to introduce a five-year
performance-related conditional tender for up to 25% of the Company's issued
share capital (excluding treasury shares).
The Tender Offer will be conditional on the Company's NAV total return
underperforming against its reference index, currently the MSCI All Country
Asia Ex Japan Index total return in sterling, over the five-year period from
close of business on 31 March 2025 to close of business on 31 March 2030.
The Discount, Share Buybacks and Issuance
Over the course of the Company's last financial year, the discount averaged
11.9% and in response, the Company increased the quantum of share buybacks. On
16 April it was announced that it is the current Board's ambition that the
Company's discount be maintained in single digits, in normal market
conditions, on a sustained basis. Since the announcement, the discount has
averaged 9.7%.
5,008,324 shares, 5.5% of the period's starting issued share capital, were
bought back for treasury at a cost of £29.8 million. The buybacks were
undertaken at a weighted average discount of 10.7%. In comparison, 425,198
shares, 0.5% of the period's starting issued share capital, were bought back
during the equivalent prior period. Since the financial year end, a further
1,181,983 shares have been bought back for treasury.
At the Company's Annual General Meeting ('AGM') in November, the Board will be
seeking to renew the annual authority to repurchase up to 14.99% of the
Company's outstanding shares on an ad hoc basis, either for cancellation or to
be held in treasury. The Board is also asking shareholders to renew the
existing 10% non-pre-emptive issuance authority. The authority will also
permit the re-issue of any shares held in treasury, of which there are
currently 7,608,517. Any issuance, be it of new shares or from treasury, will
only be undertaken at a premium to the NAV per share, so avoiding dilution for
existing investors. Issuance at a premium enhances NAV per share, improves
liquidity in the Company's shares and spreads the operating expenses of the
Company across a broader base.
Gearing
The Company has a multi-currency revolving credit facility with the Royal Bank
of Scotland International Limited for up to £60 million. This facility
expires in March 2026 and provides for potential gearing of 10% at present.
The Company is currently drawing £35.8 million, with the portfolio managers
having re‑introduced gearing to the portfolio in October 2024 and increased
it slightly as their conviction rose, with net gearing standing at 5% as at
period end (nil as at 31 July 2024).
The Board sets the gearing parameters within which the portfolio managers are
permitted to operate. At present, the agreed range of equity gearing is minus
15% (holding net cash) to plus 15%.
Earnings and Dividend
Earnings per share this year were 2.34p, a decrease from the 3.82p per share
reported last year due mainly to the cost of the borrowings. The Board is
recommending that a final dividend of 1.50p per share be paid (2.65p per share
paid in 2024), subject to shareholder approval at the AGM.
Investors should not invest in this Company if they require steady or growing
income from their investment as the Company invests in growth stocks that will
typically have little or no yield.
Annual General Meeting
I look forward to meeting shareholders at this year's AGM. Unlike prior years,
this will take place in London rather than Edinburgh in the hope that this
will increase the number of shareholders attending. The AGM will be on Tuesday
25 November 2025 at 1 Moorgate Place in London, commencing at 1.00pm. Light
refreshments will be available. If attending, please endeavour to arrive by
12.45pm to allow time to register. There will be a presentation from the
portfolio managers who, along with the Directors, will answer questions from
shareholders.
Outlook
Despite near-term market volatility, due largely to uncertainty regarding US
tariff policy and its impact on global trade and consequences for inflation,
the Board and portfolio managers remain optimistic about the long term
prospects for the portfolio, which contains a number of world-class
businesses. These tend to be more profitable and more cashflow generative than
the average, making them more robust to withstand uncertainty. The portfolio
also contains a number of businesses with regional income streams that are
less likely to be impacted directly by President Trump's policy making, often
with notable competitive moats. The Managers' review below provides examples.
Valuations look attractive and the recent headwinds of a strong US dollar and
weak Chinese economic activity appear to be receding. As I stated last year,
it remains important that our portfolio managers (and shareholders) can see
through the occasional and perhaps inevitable bouts of volatility in returns.
Assuming that is the case, then the outlook for the portfolio and the Company
is a positive one.
Roger Yates
Chairman
22 September 2025
*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.
Past performance is not a guide to future performance.
Managers' review
Overview
In the year to 31 July 2025, the Company's net asset value ('NAV') per share
total return and the share price total return were 8.3% and 6.4% respectively.
This compares to a 17.1% increase in the total return of the MSCI All Country
Asia ex Japan Index in sterling terms.
Although there were a number of global shocks, including trade tariffs and
tensions in the Middle East, the macro environment proved supportive for the
region. The US dollar weakened, expectations for Western rate cuts rose and
global growth remained reasonably firm.
The strength of the region was driven by China and Hong Kong, both rising
nearly 40%. The sharp reversal in China's market performance was driven by a
marked shift in government policy, including decisive economic stimulus
beginning in September 2024 and, importantly, a renewed focus on supporting
the private sector.
Conversely, after several extremely strong years, India was among the weakest
markets, falling around 9%. A combination of high valuations and widespread
earnings disappointments triggered a sharp correction, particularly in small
and mid-cap stocks.
Despite significantly reducing our Indian exposure over the past 18 months and
reinvesting much of it into China, the portfolio's relative performance
disappointed. Stock selection in China was the main detractor; the underweight
in Financials and not owning some of the top-performing technology companies,
including Xiaomi and Alibaba, hurt. Our small and mid-cap exposure in India
also underperformed.
Positive performance came from stock selection in Taiwan, driven by the
Artificial Intelligence (AI) capex boom, and Singapore, led by SEA Ltd which
rose 131% as its operational performance continued to exceed market
expectations.
We added significantly to China, most notably internet platforms such as
Meituan and Tencent Holdings. We also added to Industrials including CATL, the
world's leading EV battery maker, and Consumer Discretionary companies such as
Haidilao, the restaurant chain. As a result, China now accounts for 36.4% of
the Company's NAV, up from 25.8% at the start of the period, making it our
second largest overweight position (340bps). Funding came primarily from
India, which was reduced from 23.0% to 14.2%. Smaller additions were made to
Vietnam, which remains our largest active position (910bps).
We remain optimistic about the outlook for Asia. Macroeconomic fundamentals
are strong, valuations remain low, and sentiment in China is clearly
improving. A weaker US dollar could act as a further tailwind for the region.
At the portfolio level, our companies are performing well and remain
attractive; on average, our holdings are forecast to grow earnings by 21.4%,
more than double the comparative index's 9.2%, while still trading at a
discount to the market. We believe the portfolio is well placed for what looks
like a strong period for Asian markets.
Net gearing was increased from nil to 5% over the period and 5,008,324 shares
were bought back (2024 - 425,198 shares).
Philosophy
We are growth investors endeavouring to invest in the top twenty percent of
the fastest-growing companies in Asia. Across the region we have found the
most persistent source of outperformance to be those companies which can grow
their profits faster than the market, in hard currency terms, over the long
term. This trend persists irrespective of starting valuations. Our research is
singularly focused on finding those companies whose share prices can at least
double, in sterling terms, on a five-year view and we expect most of this
doubling to come from earnings growth.
We are particularly interested in three specific and persistent
inefficiencies:
1) Underappreciated growth duration
We believe one of the greatest investment inefficiencies is in companies with
excellent long-term earnings growth where profits are volatile from one
quarter to the next. The market typically shows an aversion to such companies,
preferring the predictability of smooth profit generation even if the
long-term growth rate turns out to be a fraction of that achieved by firms
more willing to reinvest in their business and with greater ambition. This
presents exciting investment opportunities, but it requires an approach that
allows near-term volatility to be ignored. Our holding in TSMC reflects this
investment philosophy.
2) Underappreciated growth pace
The market consistently underestimates the likelihood of rapid growth. The
evidence shows that most investors cluster around a narrow range of earnings
growth predictions, which can in turn lead to significant mispricing of
companies with the potential to grow very rapidly. Our process is focused on
finding those companies. By looking further out and searching for low
probability but high impact growth opportunities, we endeavour to outperform
the broader market. This approach has led us to investments in SEA Limited and
Delhivery.
3) Underappreciated growth surprise
The final significant inefficiency lies in the interaction between top-down
and bottom-up investing. As investors in Asia, ex Japan, and the Indian
Sub-continent, we do not have the luxury of ignoring macroeconomics. Purely
bottom-up investment is a path to ruin in a universe where industrial and
economic cycles can dominate investment returns over multi-year periods. The
long-term earnings of many companies - notably in the financial, materials and
industrial sectors - are determined by exogenous macro factors beyond their
control. This also provides opportunities.
Our analysis shows that while it may pay to invest in companies that display
consistently high levels of profitability, the strongest returns are to be
found in those companies that transition from poor levels of profitability to
high ones - a 'growth surprise'. EO Technics represents this type of
opportunity within our portfolio.
This may seem obvious - rising levels of profitability are normally
accompanied by a re-rating, thereby providing a two-fold kicker to share price
performance. But identifying the drivers behind this change is the key and has
been a significant source of outperformance for Pacific Horizon. We accept
that timing these inflection points perfectly is impossible, but when you have
an investment horizon measured over many years, anticipating the future
direction of travel is possible.
We are agnostic as to the type of growth inefficiency we are exploiting and
will invest wherever we are finding the best opportunities. At times this will
lead to a concentration in particular sectors or countries, and at others to a
much broader, flatter portfolio, but growth will always be the common theme.
Pacific MSCI AC
Horizon Asia
ex Japan
Index
Historical earnings growth (5 years trailing compound annual growth to 9.0% 5.9%
31 July 2025)
One year forecast earnings growth to 31 July 2026 21.4% 9.2%
Estimated p/e ratio for the year to 31 July 2026 13.5x 14.1x
Active share 72.8% n/a
Portfolio turnover 18.0% n/a
Data as at 31 July 2025, source: Baillie Gifford and MSCI (see disclaimer at
the end of this announcement).
Review
Asian markets performed strongly over the year, supported by improving
sentiment, a more favourable macro backdrop and strong earnings growth. Even
with ongoing geopolitical tensions, tariff debates and conflict in the Middle
East, most economies in the region continued to grow significantly faster than
their developed market peers. Sound macroeconomic management, characterised by
positive real interest rates and low inflation, helped cushion the impact of
global shocks, while a softer US dollar and the prospect of Western interest
rate cuts encouraged fresh capital flows into the region.
China experienced the most dramatic turnaround, with equities rallying sharply
from deeply depressed levels. This recovery was policy-led, beginning in
September 2024 when the authorities acted decisively to stabilise growth
through measures to support the property and equity markets. Equally important
was a renewed commitment to the private sector, a clear shift in tone after
several years in which it had been out of favour.
The investment case remains compelling. Valuations for many high-quality
companies are still low, while households have accumulated more than $10
trillion in savings since the Covid-19 pandemic. At the same time, operational
performance has been robust, particularly in the internet sector: KE Holdings
(property platform) is growing earnings by more than 70%, while ByteDance
(unlisted owner of Douyin and TikTok) is increasing earnings by over 30% and
could generate annual profits well in excess of $40 billion by year end. These
businesses are highly cash-generative and most have committed to returning
capital to shareholders through substantial buybacks and dividends.
Against this backdrop, we increased exposure to China, focusing on companies
with durable market leadership and strong growth runways. New holdings include
Kanzhun, one of the country's leading online recruitment platforms, which has
grown profits at an annual rate of 72% over the past three years despite a
challenging economic environment. We also purchased Meituan, the dominant
online food delivery platform, and added to existing positions in Tencent
Holdings and Pinduoduo Inc.
In the industrials sector, we introduced two new holdings. CATL, the world's
largest EV battery maker, combines unmatched scale with technological
leadership to maintain a formidable competitive advantage. Sanhua Intelligent
Controls, a global leader in refrigeration valves, is expanding into robotics
and is working with Tesla's Optimus humanoid robot project to supply
actuators. We also initiated a small position in Pony.ai, which we believe is
China's leading developer of Level 4 self-driving systems for both passenger
cars and commercial vehicles.
Meanwhile, India, one of the best performing markets in recent years,
experienced a notable correction. Valuations had become stretched, with many
companies trading at decade-high multiples and more than half of those we
monitor missed earnings estimates. The pullback was most pronounced in the mid
and small-cap sectors. While the macro outlook for the country remains good,
this backdrop led us to continue reducing our exposure, which fell from 23.0%
to 14.2% (- 490bps relative) over the period.
Sales included Jio Financial Services and Ramkrishna Forgings, while we
trimmed Indian property exposure through reductions in Prestige Estates,
Equinox Developments and Lemon Tree Hotels.
North Asia remained the epicentre of the global semiconductor manufacturing
industry, with Taiwan and Korea benefiting most directly from the ongoing
build-out of artificial intelligence infrastructure. Taiwan's TSMC reinforced
its leadership in advanced manufacturing nodes and chip packaging, cementing
its role as the sole supplier of the most sophisticated AI processors. TSMC
ended the period as our largest single position (10.4%). Complementary
holdings in Taiwan, including Accton Technology, a maker of high-speed
networking equipment, and semiconductor designer MediaTek, also performed well
as global AI investments continued to grow.
In our assessment, Vietnam remains the best structural growth story in Asia,
underpinned by its successful export manufacturing base and, more recently, a
powerful turnaround in the domestic cycle. Political stability has returned
under General Secretary To Lam, who consolidated power and embarked on a bold
pro-growth agenda. Approvals for infrastructure and property projects have
restarted, bank lending quotas have been raised, public investment is set to
rise by 50% in 2025, and the property cycle is turning.
While tariffs are a potential headwind, the country signed a favourable deal
with the USA and any weakness is likely to be offset by a rapidly expanding
domestic economy. We modestly increased exposure with additions to Military
Commercial Joint Stock Bank, alongside a new purchase in Khang Dien Housing,
one of the country's leading property developers.
Tariffs and industrial policy are now an enduring feature of the global trade
environment. While they remain a source of uncertainty, we view them as more
likely to redirect supply chains than dismantle them. The cost advantages
enjoyed by much of Asia, particularly in labour-intensive manufacturing, make
large-scale reshoring to developed markets uneconomic in many sectors. We
expect more regionalisation through "China-plus-one" strategies (ie not being
solely reliant on China) and deeper intra-Asian supply chains, creating
opportunities for both competitive exporters and well-positioned domestic
market leaders.
Overall, the number of names in the portfolio increased from 59 to 65 in the
year to 31 July 2025. Private companies, of which there were five in the
portfolio as of 31 July 2025, accounted for 6.1% of the portfolio.
Performance
Over the year to 31 July 2025, the Company's NAV per share total return was
8.3%, compared to a 17.1% increase in the MSCI All Country Asia ex Japan Index
in sterling terms. The share price rose by 6.4% as the discount to NAV widened
modestly. Relative performance was therefore disappointing, with aggregate
stock selection in China and India the most significant detractors.
China was the single largest drag on relative returns, despite being the
portfolio's biggest absolute overweight. While Chinese equities rebounded
nearly 40% over the period, a large part of the recovery was concentrated in a
handful of large financials and technology companies where we were
underweight.
We have had a long-standing underweight to Chinese banks, due to concerns over
margin pressures, regulatory issues and state control. While this strategy has
been correct long-term, Chinese financials rose more than 50% in this period
as the government bolstered the economy and the property sector.
In Information Technology, despite our significant exposure, the portfolio did
not hold Xiaomi (up more than 200% over the period) or Alibaba (+47%). Xiaomi
has far exceeded our expectations, reclaiming the number one position in
China's smartphone market and launching some of the country's most impressive
electric vehicles. Not owning the shares has been disappointing, but given the
cyclical nature of smartphones and autos, and the significant new capacity
entering these industries, we remain cautious. For Alibaba, we continue to see
the company ceding share in its core e-commerce business and expect its newer
ventures, including cloud infrastructure, to prove highly competitive with low
returns.
India was the second major source of relative weakness, despite the portfolio
being underweight the market. Our exposure was concentrated in small and
mid-cap companies, particularly in real estate, which previously delivered
exceptional returns but corrected sharply. The largest single Indian detractor
was our private holding VerSe Innovation. The company struggled with weak
monetisation in its short-form video business (Josh), which faced increasing
competition from global platforms. At the same time, the digital advertising
market in India softened, hitting revenue growth, while user engagement failed
to scale as expected.
Korea was a modest detractor, driven primarily by our large holding in Samsung
Electronics (6.0%). The shares fell heavily in the first half as the company
lost ground in high-bandwidth memory (HBM), a critical component for
artificial intelligence data centres, to domestic rival SK hynix. However,
Samsung Electronics rebounded in the second half as the traditional memory
cycle turned and the firm made progress in HBM. Offsetting some of this
weakness, we are significant holders of SK hynix (via SK Square, its parent
company), which benefited from its leadership in HBM and contributed
positively to performance.
Vietnam, while remaining our largest active country overweight (910bps),
detracted modestly from relative returns. The market was hit harder than most
by tariff uncertainty, given Vietnam's large trade surplus with the US and
reliance on exports. Encouragingly, since the reporting date the market has
outperformed as investors recognised that exports remain resilient and the
domestic economy robust.
Taiwan emerged as the portfolio's best-performing market, contributing
c.150bps to performance, driven by strong demand for AI infrastructure. Accton
Technology, a manufacturer of data centre switches, was our top Taiwanese
company, rising 90% on accelerated demand from its key customer, Amazon.
Chroma (testing equipment) and our core holding in TSMC also delivered strong
performance, reinforcing Taiwan's central role in the AI supply chain.
Singapore followed closely, with SEA Ltd, ASEAN's leading ecommerce and gaming
company, rising 131% and adding c.150bps to performance. The company has
reached an important inflection point, with Shopee, its ecommerce arm, turning
profitable across ASEAN and in Brazil, well ahead of expectations. Its gaming
division remained resilient, with Free Fire among the world's most downloaded
games, while the fintech arm continued to expand rapidly, with loan customers
up more than 60% year-on-year. These achievements reinforced SEA Ltd's
position as ASEAN's leading internet platform.
By sector, Materials was the top contributor to relative performance, led by
strong gains in our copper holdings MMG and Zijin Mining Group. Underweights
in lower-growth areas such as Utilities and Consumer Staples also added value,
as both sectors lagged a rising market. In contrast, Financials and Real
Estate were the largest detractors, reflecting the rally in Chinese banks and
the correction in Indian property names.
In summary, relative performance was disappointing, reflecting both index
concentration in a narrow set of Chinese financials and technology companies,
and the correction in Indian small and mid-cap names. While these dynamics
weighed on results over the period, the portfolio holds a broad mix of growth
businesses, from technology leaders to commodity producers. These companies
are forecast to grow earnings much faster than the index yet still trade at a
discount. Combined with the supportive backdrop for the region, we believe the
portfolio is well positioned to benefit from what should be a strong period
for Asian markets.
Baillie Gifford & Co
22 September 2025
Source: Baillie Gifford/LSEG and relevant underlying index providers. See
disclaimer at the end of this announcement.
For a definition of terms see Glossary of terms and Alternative Performance
Measures at the end of this announcement.
Past performance is not a guide to future performance.
Baillie Gifford - 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 four times in a
twelve‑month period. For investment trusts, the prices are also reviewed
twice per year by the respective boards.
Beyond the regular cycle, the valuations group 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
('NAV'). There is no delay.
The valuations group also monitors relevant market benchmarks 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 improvements in market conditions have sustained an increase in deal
activity, but isolated pockets of heightened volatility remain. The data below
quantifies the revaluations carried out during the twelve months to 31 July
2025, however doesn't reflect the ongoing monitoring of the private investment
portfolio which hasn't resulted in a change in valuation.
Pacific Horizon Investment Trust
Instruments (lines of stock reviewed) 7
Revaluations performed 42
Percentage of portfolio revalued up to 4 times 29%
Percentage of portfolio revalued 5+ times 71%
List of investments
as at 31 July 2025
Name Geography Business 2025 2025 2024
Value % of total Value
£'000 assets * £'000
TSMC Taiwan Semiconductor manufacturer 68,163 10.4 52,860
Tencent Holdings China Internet services 46,469 7.1 22,940
Samsung Electronics South Korea Memory, phones and electronic components manufacturer 39,453 6.0 57,877
SK Square South Korea Asset manager, investing in semiconductors and information and communications 25,599 3.9 5,835
technologies
ByteDance Series E-1 Preferred (U) China Social media 25,300 3.9 15,232
SEA Ltd ADR Singapore Internet gaming and ecommerce 23,130 3.5 11,197
Zijin Mining Group China Gold and copper miner 18,061 2.8 18,142
EO Technics South Korea Manufacturer and distributor of semiconductor laser markers 16,590 2.5 15,692
Delhivery (P) India Logistics and courier services provider 15,472 2.4 18,175
Pinduoduo Inc China Ecommerce platform 13,860 2.1 15,469
Luckin Coffee Inc ADR China Coffeehouse chain 13,786 2.1 8,456
Accton Technology Corporation Taiwan Server network equipment manufacturer 13,572 2.1 10,717
MMG China Copper miner 13,557 2.1 12,885
HDBank Vietnam Consumer bank 13,113 2.0 9,751
Equinox India Developments India Real estate 12,057 1.8 23,158
Military Commercial Joint Stock Bank Vietnam Retail and corporate bank 11,272 1.7 6,578
Name Geography Business 2025 2025 2024
Value % of total Value
£'000 assets * £'000
MediaTek Taiwan Electronic component manufacturer 10,856 1.7 10,216
Ping An Insurance China Life insurance provider 10,563 1.6 7,345
Meituan China Chinese local services platform 10,406 1.6 -
Midea Group A shares China A Household appliance manufacturer 9,919 1.5 8,386
Mobile World Investment Corporation Vietnam Electronic and grocery retailer 9,712 1.5 11,052
PolicyBazaar India Online financial services platform 9,484 1.5 9,637
Kaspi.kz Kazakhstan Banking, ecommerce and payments platform 8,894 1.4 17,034
VerSe (Dailyhunt) Innovation Series I Preferred (U) India News aggregator application 6,689 1.0 15,417
VerSe (Dailyhunt) Innovation Series J Preferred (U) India News aggregator application 1,003 0.2 2,198
VerSe (Dailyhunt) Innovation Series Equity (U) India News aggregator application 694 0.1 3,078
8,386 1.3 20,693
SG Micro A Shares China A Semiconductor manufacturer 8,168 1.3 4,871
Prestige Estate Projects India Owner and operator of residential real estate properties 7,999 1.2 13,985
Coupang South Korea Ecommerce business 7,574 1.2 6,239
Fabrinet Thailand Manufacturer of optical and electro-mechanical services 7,491 1.1 -
KE Holdings China Real estate platform 6,851 1.0 5,722
KE Holdings ADR China Real estate platform 630 0.1 517
7,481 1.1 6,239
JD.com China Online mobile commerce 7,086 1.1 8,027
Bank Rakyat Indonesia Consumer bank 7,009 1.1 10,444
Lemon Tree Hotels India Owner and operator of a chain of Indian hotels and resorts 6,909 1.1 11,583
Sanhua Intelligent Controls China Thermal management manufacturer 6,686 1.0 -
FPT Corporation Vietnam IT service provider 6,602 1.0 8,272
Reliance Industries India Petrochemical company 6,567 1.0 14,290
Kanzhun China Online recruitment platform 6,377 1.0 -
CATL China A EV battery manufacturer 6,219 1.0 -
MicroConnect (U) Hong Kong SME financing exchange 6,143 0.9 6,782
Bajaj Finserv India Indian financial services business 6,097 0.9 -
Precision Tsugami China Industrial machinery manufacturer 6,053 0.9 3,170
Zhejiang Supor Co A Shares China A Manufacturer of cookware and home appliance products 5,847 0.9 6,161
Silergy Taiwan Semiconductor manufacturer 5,784 0.9 8,428
Chroma ATE Taiwan Manufacturer of electronic measuring instruments 5,770 0.9 4,285
Binh Minh Plastics Joint Stock Company Vietnam Plastic piping manufacturer 5,705 0.9 4,555
Hoa Phat Group Vietnam Steel and related products manufacturer 5,358 0.8 5,767
HBD Financial Services India Retail and commercial lender 5,184 0.8 -
Lufax Holding China Online financial services platform 5,165 0.8 4,615
Chifeng Jilong Gold China A Gold mining company 5,034 0.8 -
Phoenix Mills India Commercial property manager 5,031 0.8 12,263
InterGlobe Aviation India India's leading airline 4,852 0.7 -
Khan Dien House Trading and Investment Joint Stock Company Vietnam Real estate 4,638 0.7 -
Eicher Motors India Manufacturer of Royal Enfield motorcycles 4,199 0.6 -
Haidilao China Leading hotpot restaurant chain 4,037 0.6 -
Goneo China A Consumer electrics manufacturer 3,992 0.6 -
PT AKR Corporindo Tbk Indonesia Logistics and supply chain 3,938 0.6 5,211
ASMPT Hong Kong Semiconductor manufacturer 3,600 0.6 5,147
Vietnam Enterprise Investments Limited Vietnam Investment fund 3,572 0.5 3,090
Pony.ai China Autonomous driving technology company 3,044 0.5 -
Grab Singapore Ride-hailing and food delivery platform 2,969 0.5 -
AirTAC International Group Taiwan Pneumatic components manufacturer 1,953 0.3 1,909
Techtronic Industries Hong Kong Power tool manufacturer 1,778 0.3 2,354
Jadestone Energy Singapore Oil and gas explorer and producer 1,226 0.2 5,616
Hyundai Motor India India Automotive manufacturer 894 0.1 -
Chime Biologics (U) China Biopharmaceutical company 44 <0.1 46
Eden Biologics (U) Taiwan Biopharmaceutical company 22 <0.1 10
Total investments 651,771 99.8
Net liquid assets 1,557 0.2
Total assets 653,328 100.0
Listed Private company Net liquid Total
equities investments † assets * assets *
% % % %
31 July 2025 93.7 6.1 0.2 100.0
31 July 2024 93.6 7.1 (0.7) 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.
(P) Denotes listed investment previously held in the portfolio as an
unlisted (private company) investment.
(U) Denotes unlisted (private company) investment.
Distribution of total assets* and size splits
Geographical 2025
Geographical 2025 2024
% %
1 China 30.3 22.6
2 Taiwan 16.3 14.7
3 India 14.2 23.0
4 South Korea 13.6 17.0
5 Vietnam 9.1 8.7
6 China 'A' shares 6.1 3.2
7 Singapore 4.2 3.7
8 Hong Kong 1.8 2.4
9 Indonesia 1.7 2.6
10 Kazakhstan 1.4 2.8
11 Thailand 1.1 -
12 Net liquid assets 0.2 (0.7)
Sectoral 2025
Sectoral 2025 2024
% %
1 Information Technology 29.0 32.5
2 Communication Services 15.8 13.2
3 Consumer Discretionary 14.4 13.2
4 Industrials 13.5 6.0
5 Financials 13.2 14.2
6 Materials 6.5 6.9
7 Real Estate 5.6 10.0
8 Energy 1.8 4.2
9 Health Care <0.1 -
10 Consumer Staples - 0.5
11 Net liquid assets 0.2 (0.7)
* For a definition of terms see Glossary of terms and
Alternative Performance Measures at the end of this announcement.
Income statement
For the year ended 31 July
Notes 2025 2025 2025 2024 2024 2024
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
Gains on investments - 39,801 39,801 - 33,438 33,438
Currency losses - (586) (586) - (113) (113)
Income 2 8,870 - 8,870 8,987 - 8,987
Investment management fee 3 (3,573) - (3,573) (3,458) - (3,458)
Other administrative expenses (881) - (881) (830) - (830)
Net return before finance costs and taxation 4,416 39,215 43,631 4,699 33,325 38,024
Finance costs of borrowings (1,437) - (1,437) (401) - (401)
Net return before taxation 2,979 39,215 42,194 4,298 33,325 37,623
Tax (889) 2,246 1,357 (834) (9,875) (10,709)
Net return after taxation 2,090 41,461 43,551 3,464 23,450 26,914
Net return per ordinary share 4 2.34p 46.42p 48.76p 3.82p 25.82p 29.64p
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 published 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 comprehensive income for the year.
Balance sheet
As at 31 July
Notes 2025 2025 2024 2024
£'000 £'000 £'000 £'000
Fixed assets
Investments held at fair value through profit or loss 6 651,771 606,173
Current assets
Debtors 802 790
Cash and cash equivalents 3,820 4,205
4,622 4,995
Creditors
Amounts falling due within one year:
Other creditors and accruals 7 (38,845) (1,507)
Net current (liabilities)/assets (34,223) 3,488
Total assets less current liabilities 617,548 609,661
Creditors
Amounts falling due after more than one year:
Provision for tax liability 8 (4,191) (7,691)
Net assets 613,357 601,970
Capital and reserves
Share capital 9 9,208 9,208
Share premium account 254,120 254,120
Capital redemption reserve 20,367 20,367
Capital reserve 320,583 308,888
Revenue reserve 9,079 9,387
Total shareholders' funds 613,357 601,970
Net asset value per ordinary share 716.13p 664.01p
Statement of changes in equity
For the year ended 31 July 2025
Notes Share Share Capital Capital Revenue Shareholders'
capital premium redemption reserve reserve funds
£'000 account reserve £'000 £'000 £'000
£'000 £'000
Shareholders' funds at 1 August 2024 9,208 254,120 20,367 308,888 9,387 601,970
Net return after taxation - - - 41,461 2,090 43,551
Ordinary shares bought back into treasury 9 - - - (29,766) - (29,766)
Dividends paid during the year 5 - - - - (2,398) (2,398)
Shareholders' funds at 31 July 2025 9,208 254,120 20,367 320,583 9,079 613,357
For the year ended 31 July 2024
Notes Share Share Capital Capital Revenue Shareholders'
capital premium redemption reserve reserve funds
£'000 account reserve £'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 - - - 23,450 3,464 26,914
Ordinary shares bought back into treasury 9 - - - (2,345) - (2,345)
Dividends paid during the year 5 - - - - (2,954) (2,954)
Shareholders' funds at 31 July 2024 9,208 254,120 20,367 308,888 9,387 601,970
Cash flow statement
For the year ended 31 July
Notes 2025 2025 2024 2024
£'000 £'000 £'000 £'000
Cash flows from operating activities
Net return before taxation 42,194 37,623
Adjustments to reconcile company profit before tax to net cash flow from
operating activities
Net gains on investments (39,801) (33,438)
Currency losses 586 113
Finance costs of borrowings 1,437 401
Other capital movements
Overseas withholding tax incurred (909) (785)
Indian tax paid on transactions (1,254) (6,276)
Changes in debtors 8 (465)
Change in creditors 87 71
Cash from operations* 2,348 (2,756)
Non-utilisation fee paid (305) (401)
Loan Interest paid (987) -
Net cash inflow/(outflow) from operating activities 1,056 (3,157)
Cash flows from investing activities
Acquisitions of investments (147,280) (206,776)
Disposals of investments 141,541 207,108
Net cash (outflow)/inflow from investing activities (5,739) 332
Cash flows from financing activities
Bank loans repaid (30,780) -
Bank loans drawn down 66,560 -
Ordinary shares bought back into treasury 9 (28,498) (2,345)
Equity dividends paid 5 (2,398) (2,954)
Net cash inflow/(outflow) from financing activities 4,884 (5,299)
Increase/(decrease) in cash and cash equivalents 201 (8,124)
Exchange movements (586) (113)
Cash and cash equivalents at 1 August 4,205 12,442
Cash and cash equivalents at 31 July 3,820 4,205
* Cash from operations includes dividends received of £8,781,000 (2024 -
£8,362,000) and interest received of £112,000 (2024 - £160,000).
Notes to the Financial Statements
1. Principal accounting policies
The Financial Statements for the year to 31 July 2025 have been prepared in
accordance with FRS 102 'The Financial Reporting Standard applicable in the UK
and Republic of Ireland' on the basis of the accounting policies set out below
which are unchanged from the prior year and have been applied consistently.
2. Income
2025 2024
£'000 £'000
Income from investments
Overseas dividends 8,758 8,827
Other income
Deposit interest 112 160
Total income 8,870 8,987
Total income comprises:
Dividends from financial assets designated at fair value through profit or 8,758 8,827
loss
Interest from financial assets not at fair value through profit or loss 112 160
8,870 8,987
3. Investment management fee
2025 2024
£'000 £'000
Investment management fee 3,573 3,458
The Company has appointed Baillie Gifford & Co Limited, a wholly owned
subsidiary of Baillie Gifford & Co, as its Alternative Investment Fund
Managers ('AIFM') 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. Net return per ordinary share
2025 2025 2025 2024 2024 2024
Revenue Capital Total Revenue Capital Total
Net return after taxation 2.34p 46.42p 48.76p 3.82p 25.82p 29.64p
Revenue return per ordinary share is based on the net
revenue profit after taxation of £2,090,000 (2024 - net revenue profit of
£3,464,000) and on 89,322,898 (2024 - 90,804,045) ordinary shares, being the
weighted average number of ordinary shares in issue (excluding treasury
shares) during the year.
Capital return per ordinary share is based on the net
capital gain for the financial year of £41,461,000 (2024 - net gain of
£23,450,000) and on 89,322,898 (2024 - 90,804,045) ordinary shares, being the
weighted average number of ordinary shares in issue (excluding treasury
shares) during the year.
Total return per ordinary share is based on the total gain
for the financial year of £43,551,000 (2024 - total loss of £26,914,000) and
on 89,322,898 (2024 - 90,804,045) ordinary shares, being the weighted average
number of ordinary shares in issue (excluding treasury shares) during the
year.
There are no dilutive or potentially dilutive shares in
issue.
5. Ordinary dividends
2025 2024 2025 2024
£'000 £'000
Amounts recognised as distributions in the year:
Previous year's final dividend 2.65p 3.25p 2,398 2,954
(paid 28 November 2024)
We set out below the total dividends proposed in respect of
the financial year, which is the basis on which the requirements of section
1158 of the Corporation Tax Act 2010 are considered. There is a revenue
surplus for the year to 31 July 2025 of £2,090,000 which is available for
distribution by way of a dividend payment (2024 - a revenue surplus of
£3,464,000).
2025 2024 2025 2024
£'000 £'000
Amounts paid and payable in respect of the
financial year:
Proposed final dividend per ordinary share 1.50p 2.65p 1,267 2,398
(payable 1 December 2025)
If approved, the final dividend of 1.50p will be paid on 1 December 2025 to all shareholders on the register at the close of business on 24 October 2025. The ex-dividend date is 23 October 2025.
6. Fair Value Hierarchy
As at 31 July 2025 Level 1 Level 2 Level 3 Total
£'000 £'000 £'000 £'000
Listed equities 611,876 - - 611,876
Unlisted company equities - - 6,903 6,903
Unlisted company preference shares# - - 32,992 32,992
Total financial asset investments 611,876 - 39,895 651,771
As at 31 July 2024 Level 1 Level 2 Level 3 Total
£'000 £'000 £'000 £'000
Listed equities 563,410 - - 563,410
Unlisted company equities - - 9,036 9,036
Unlisted company preference shares# - - 33,727 33,727
Total financial asset investments 563,410 - 42,763 606,173
# 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.
During the year to 31 July 2025 no investments (31 July
2024 - nil) were transferred from Level 3 to Level 1 on becoming listed.
Investments in securities are financial assets held at fair
value through profit or loss. In accordance with Financial Reporting Standard
102, the tables above provide an analysis of these investments based on the
fair value hierarchy described below, which reflects the reliability and
significance of the information used to measure their fair value.
Fair value hierarchy
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).
The Company's unlisted ordinary share investments at 31
July 2025 were valued using a variety of techniques. These include using
comparable company performance, comparable scenario analysis, and assessment
of milestone achievement at investee companies. The determinations of fair
value included assumptions that the comparable companies and scenarios chosen
for the performance assessment provide a reasonable basis for the
determination of fair value. In some cases the latest dealing price is
considered to be the most appropriate valuation basis, but only following
assessment using the techniques described above.
7. Creditors - amounts falling due within one year
2025 2024
£'000 £'000
Royal bank of Scotland International Limited non-utilisation fee 13 52
Royal bank of Scotland International Limited interest 184 -
Royal bank of Scotland International Limited loan 35,780 -
Investment purchases awaiting settlement 331 273
Investment management fee 918 903
Share buy backs payable 1,268 -
Other creditors and accruals 351 279
38,845 1,507
The Company has a multi-currency revolving credit facility
with the Royal Bank of Scotland International Limited for up to £60 million,
with a non-utilisation rate of 0.4%. This facility expires in March 2026. At
31 July 2025 there were £35,780,000 outstanding drawings (31 July 2024 -
nil). The main covenants relating to the loan are that borrowings should not
exceed 30% of the Company's adjusted net asset value and the Company's net
asset value should be at least £300 million.
There were no breaches in the loan covenants during the
year.
None of the above creditors at 31 July 2025 or 31 July 2024
are financial liabilities designated at fair value through profit or loss.
8. Provision for tax liability
2025 2024
£'000 £'000
The movement in provision for tax liability comprises:
Opening balance 7,691 4,092
Capital gains tax charge to the capital reserve in the year (2,246) 9,875
Capital gains tax paid in the year (1,254) (6,276)
Provision for tax liability 4,191 7,691
ThThe tax liability provision at 31 July 2025 of
£4,191,000 (31 July 2024 - £7,691,000) 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 12.5% (2024 - 12.5%) and short term capital gains are taxed
at 20% (2024 - 20%). 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.
9. Share capital
2025 2025 2024 2024
Number £'000 Number £'000
Allotted, called up and fully paid ordinary shares of 10p each 85,648,427 8,565 90,656,751 9,066
Treasury shares of 10p each 6,426,534 643 1,418,210 142
92,074,961 9,208 92,074,961 9,208
In the year to 31 July 2025, the Company issued no ordinary
shares from treasury (2024 - no ordinary shares).
In the year to 31 July 2025, 5,008,324 ordinary shares,
representing 5.5% of the issued share capital at 31 July 2024, were
bought back at a total cost of £29,766,000 and are held in treasury (2024 -
425,198 ordinary shares, representing 0.5% of the issued share capital at 31
July 2023, were bought back at a total cost of £2,345,000 and are held in
treasury). At 31 July 2025 the Company had authority to allot or sell from
treasury 9,061,687 ordinary shares without application of pre-emption rights
and to buy back 8,826,505 ordinary shares on an ad hoc basis. Under the
provisions of the Company's Articles of Association share buy-backs are funded
from the capital reserve.
Between 1 August 2025 and 18 September 2025, no further
shares were issued and 1,181,983 shares were bought back.
10. Transactions with related parties and the Managers and Secretaries
The Directors' fees for the year are detailed in the
Directors' remuneration report on page 72 of the Annual Report and Financial
Statements. No Director has a contract of service with the Company. During the
year no Director was interested in any contract or other matter requiring
disclosure under section 412 of the Companies Act 2006.
Details of the management contract are set out in the
Directors' report on page 56 of the Annual Report and Financial Statements.
The management fee payable to the Manager by the Company for the year was, as
disclosed in note 3, £3,573,000 (2024 - £3,458,000) of which £918,000 (2024
- £903,000) was outstanding at the year end, as disclosed in note 7.
The Company is part of a marketing programme which includes
all the investment trusts managed by the Manager. The Company's marketing
contribution, recharged by the Manager, was £100,000 (2024 - £90,000).
11. The financial information set out above does not constitute the
Company's statutory accounts for the year ended 31 July 2025 or 2024 but is
derived from those accounts. Statutory accounts for 2024 have been delivered
to the Registrar of Companies, and those for 2025 will be delivered in due
course. The auditor has reported on these accounts; the reports were
unqualified, did not include a reference to any matters to which the auditors
drew attention by way of emphasis without qualifying the report and did not
contain a statement under sections 498 (2) or 498(3) of the Companies Act
2006.
The Annual Report and Financial Statements will be available on the Company's
page on the
Managers' website pacifichorizon.co.uk† on or around 1 October 2025.
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 current 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
(excluding treasury shares) in issue.
Net liquid assets
Net liquid assets comprise current assets less current liabilities (excluding
borrowings).
Discount/premium (APM)
As stock markets 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.
2025 2024
Net asset value per ordinary share (a) 716.13p 664.01p
Share price (b) 648.00p 612.00p
(Discount)/premium ((b) - (a)) ÷ (a) (9.5%) (7.8%)
Turnover
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.
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.
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, as detailed below:
2025 2024
£'000 £'000
Investment management fee 3,573 3,458
Other administrative expenses 881 830
Total expenses (a) 4,454 4,288
Average net asset value (b) 592,680 580,820
Ongoing charges ((a) ÷ (b) expressed as a percentage) 0.75% 0.74%
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.
Active share
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.
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.
2025 2025 2024 2024
NAV Share price NAV Share price
Closing NAV per share/share price (a) 716.13p 648.00p 664.01p 612.00p
Dividend adjustment factor* (b) 1.0039 1.0046 1.0060 1.0060
Adjusted closing NAV per share/share price (c) = (a) x (b) 718.95p 650.98p 667.99p 615.67p
Opening NAV per share/share price (d) 664.01p 612.00p 637.18p 586.00p
Total return (c) ÷ (d) -1 8.3% 6.4% 4.8% 5.1%
* The dividend adjustment factor is calculated on the assumption that the
final dividend of 2.65p (31 July 2024 - 3.25p) 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.
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.
Net gearing is borrowings at book less cash and brokers' balances expressed as
a percentage of shareholders' funds.
2025 2024
£'000 £'000
Borrowings (at book cost) (a) 35,780 -
Less: cash and cash equivalents (3,820) (4,205)
Less: sales for subsequent settlement - -
Add: purchases for subsequent settlement 331 273
Adjusted borrowings (b) 32,291 (3,932)
Shareholders' funds (c) 613,357 601,970
Net gearing: (b) as a percentage of (c) 5% (1%)
Gross gearing is the Company's borrowings expressed as a percentage of
shareholders' funds.
2025 2024
£'000 £'000
Borrowings (at book value) (a) 35,780 -
Shareholders' funds (b) 613,357 601,970
Gross gearing: (a) as a percentage of (b) 6% -
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.
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 subcontinent.
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
public listed 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 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.
22 September 2025
For further information please contact:
Anzelm Cydzik, Baillie Gifford & Co
Tel: 0131 275 2000
Jonathan Atkins, Four Communications
Tel: 0203 920 0555 or 07872 495396
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