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Pacific Horizon Investment Trust PLC on Wednesday reported a wider share price discount and weaker investment returns for the six months to January 31, despite a modest increase in its net asset value. The Edinburgh-based investment trust owned by Baillie Gifford & Co said its net asset value per share rose 2.6% to 681.44 pence at January 31 from 664.01p on July 31. However, the share price declined 4.4% to 585.00p from 612.00p, widening the discount to NAV to around 14% from 7.8%. The trust delivered a NAV total return of 3.0% for the period, down from 4.8% for the year to July 31. This lagged its benchmark, the MSCI All Country Asia ex Japan Index, which returned 6.7% in sterling terms over the same six months. The share price total return was negative 4.0%, underperforming the index’s 6.8% rise over the full year to July. Revenue earnings per share fell to 0.52p for the six-month period, down from 0.59p a year earlier. Chair Roger Yates said the investment performance relative to the comparative index was ‘disappointing’ over the half-year, but noted the board remains optimistic about long-term returns. ‘The board and managers are very positive about macroeconomic conditions in the region and about the growth companies located there. Accordingly, we remain optimistic about the returns which will accrue to shareholders in the medium to long term,’ Yates said. The trust increased its share buybacks during the period to address the widening discount, repurchasing 590,771 shares at a total cost of £3.5 million, compared to 335,775 shares bought back a year earlier. However, Yates acknowledged that these efforts have so far had a ‘limited impact’ on narrowing the discount. Looking ahead, Pacific Horizon said it remains optimistic about investment opportunities in Asia, particularly in China, Taiwan, and Vietnam, while reducing exposure to India following a period of strong market performance. Shares in Pacific Horizon were up 0.5% at 570.72 pence in London on Wednesday afternoon. Copyright 2025 Alliance News Ltd. All Rights reserved.
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