1. Overview

    Pacific Horizon aims to achieve capital growth through investment in the Asia-Pacific region (excluding Japan) and the Indian Sub-continent.

    The Company’s portfolio is increasingly focused on the effect of technological change on economies and existing businesses.

    Performance & Portfolio

    Annual Performance to 30 June each year

    30/06/2015
    30/06/2016

    30/06/2016
    30/06/2017

    30/06/2017
    30/06/2018

    30/06/2018
    30/06/2019

    30/06/2019
    30/06/2020

    Share Price -3.4% 41.7% 36.1% -8.9% 46.0%
    NAV -0.6% 39.5% 20.3% -6.3% 38.4%
    Index* 3.9% 30.8% 8.4% 3.6% 5.0%

    Periodic Performance

    All figures to 31/08/2020

    1 Year

    3 Years

    5 Years

    10 Years

    Share Price 77.1% 89.5% 257.8% 301.7%
    NAV 55.4% 62.4% 197.7% 238.9%
    Index* 10.9% 13.6% 92.3% 125.2%

    The value of your investment may go down as well as up, and you may not get back the amount you invested.
    NAV is calculated with borrowings deducted at fair value for 1, 3 and 5 years and par value for 10 years.
    *MSCI All Country Asia ex Japan Index.
    Performance source: Morningstar and relevant underlying index provider(s), total return.
    Please bear in mind that past performance is not a guide to future performance.
    Pacific Horizon is only suitable for those investors prepared to accept a higher level of risk. This is because Pacific Horizon invests in the markets of the Asia Pacific region (excluding Japan) and of the Indian sub-continent, which are more volatile than the main international markets.

    Performance - 31/08/2020
    The value of your investment may go down as well as up, and you may not get back the amount you invested.
    Comparative Index – changed from MSCI All Country Far East Ex Japan Index on 01/08/2011 to MSCI All Country Asia Ex Japan Index. In the above graph the indices have been chain-linked to form a single index.
    Comparative index data is limited to a 5 year period from the current date. The graph is rebased to 100.
    Please bear in mind that past performance is not a guide to future performance.
    Pacific Horizon is only suitable for those investors prepared to accept a higher level of risk. This is because Pacific Horizon invests in the markets of the Asia Pacific region (excluding Japan) and of the Indian sub-continent, which are more volatile than the main international markets.
    Unfortunately we were unable to load the chart. Please try again later.
    Discount/Premium History at Fair - 31/08/2020
    The value of your investment may go down as well as up, and you may not get back the amount you invested.
    If the graph shows negative figures this means that the share price is lower than the NAV at fair – this is known as trading at a Discount.
    If the graph shows positive figures this means that the share price is higher than the NAV at fair - this is known as trading at Please bear in mind that past performance is not a guide to future performance.
    Pacific Horizon is only suitable for those investors prepared to accept a higher level of risk. This is because Pacific Horizon invests in the markets of the Asia Pacific region (excluding Japan) and of the Indian sub-continent, which are more volatile than the main international markets.a Premium.

    Holdings - 31/08/2020

    Fund %
    1 SEA Limited 10.0%
    2 Alibaba 4.7%
    3 JD.com 4.7%
    4 Samsung SDI 3.3%
    5 Li Ning 3.0%
    6 Kingdee International Software 2.9%
    7 Tata Motors 2.3%
    8 Meituan Dianping 2.1%
    9 Nickel Mines 2.1%
    10 L&C BIO 1.8%
    Total 36.9%
    All holdings of 0.7% and above
    Fund %
    1 SEA Limited 10.0%
    2 Alibaba 4.7%
    3 JD.com 4.7%
    4 Samsung SDI 3.3%
    5 Li Ning 3.0%
    6 Kingdee International Software 2.9%
    7 Tata Motors 2.3%
    8 Meituan Dianping 2.1%
    9 Nickel Mines 2.1%
    10 L&C BIO 1.8%
    Total 36.9%
    Geographical Allocation of total assets - 31/08/2020
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    Active Share - 31/08/2020
    Relative to MSCI All Country Asia Ex Japan Index. Source: Baillie Gifford & Co, MSCI.
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    Meet the Managers

    Ewan Markson-Brown - Manager

    Ewan is an Investment Manager in the Emerging Markets Equity Team. He has co-managed the Pacific Fund since May 2014 and has managed Pacific Horizon Investment Trust PLC since March 2014. Prior to joining Baillie Gifford in 2013, Ewan was a Senior Vice President in Emerging Markets at PIMCO. He previously worked at Newton for five years, most recently as Lead Portfolio Manager on an Asia Pacific Equity Strategy, as well as segregated Asian income and Japanese Equities Strategies. Ewan also previously worked for Merrill Lynch Investment Managers as a Portfolio Manager in the Asia-Pacific region for six years. He graduated MA in Politics, Philosophy and Economics from the University of Oxford in 2000.

    Roderick Snell - Deputy Manager

    Roderick joined Baillie Gifford in 2006 and is an Investment Manager in the Emerging Markets Equity Team. He previously worked in the UK and European Equity Teams and has managed the Baillie Gifford Pacific Fund since 2010. Roderick graduated BSc (Hons) in Medical Biology from the University of Edinburgh in 2006.

    How to Buy

    You can invest in a range of our funds via a number of fund platforms and supermarkets, please see the links opposite. Further information on the funds can be found in the relevant Key Investor Information and Prospectus Documents, which are available in English and will be sent to you free of charge on request. Information on the range of funds available through platforms can be found in our Platform Matrix.

    Baillie Gifford does not sponsor, maintain or have any control over the content of any other websites. Therefore, we are not responsible for the adequacy or accuracy of any of the information you may view, nor do we undertake to ensure successful transmission to any linked website.

    Fund Platforms/Supermarkets

    Documents

    You can access any literature about the Fund here, either by downloading or requesting a copy by post (where available). To download any document you will need Adobe Reader.  Please note that we can now provide you with Braille and audio transcriptions of our literature on request. It may take up to 10 days for the transcription to be completed dependent on the size of the document.

    Investor Disclosure Document

    Key Information Document

    Philosophy and Process Documents

    Risks

    Any investment in an investment trust involves risk. You should be aware of the following risks when considering investing.


    Past performance

    Past performance is not a guide to future performance.

    The value of your investment

    The investment trusts managed by Baillie Gifford & Co Limited are listed UK companies and are not authorised or regulated by the Financial Conduct Authority. The value of their shares, and any income from them, can fall as well as rise and investors may not get back the amount invested.

    Overseas investment

    The Trust 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.

    Emerging Markets

    The Trust invests in emerging markets where difficulties in dealing, settlement and custody could arise, resulting in a negative impact on the value of your investment.

    Gearing

    The Trust can borrow money to make further investments (sometimes known as “gearing” or “leverage”). The risk is that when this money is repaid by the Trust, the value of the investments may not be enough to cover the borrowing and interest costs, and the Trust will make a loss. If the Trust's investments fall in value, any invested borrowings will increase the amount of this loss.

    Share buy-backs

    The Trust can buy back its own shares. The risks from borrowing, referred to above, are increased when a trust buys back its own shares.

    Liquidity

    Market values for securities which have become difficult to trade may not be readily available and there can be no assurance that any value assigned to such securities will accurately reflect the price the Trust might receive upon their sale.

    Derivatives

    The Trust can make use of derivatives to obtain, increase or reduce exposure to assets and may result in the Trust being leveraged. Derivatives are most often used to compensate for possible unfavourable currency and market movements. This may result in greater movements (down or up) in the net asset value of the Trust. It is not our intention that the use of derivatives will significantly alter the overall risk profile of the Trust. A further risk exists in respect of the counterparty with whom the derivative transaction is made. Due care and diligence is exercised in the selection of counterparties, however, the possibility of the counterparty failing to pay sums due to the Trust still remains.

    Unlisted Investments

    The Trust's risk could be increased by its investment in unlisted investments. These assets may be more difficult to buy or sell, so changes in their prices may be greater.

    Charges to income

    Charges are deducted from income. Where income is low, the expenses may be greater than the total income received, meaning the Trust may not pay a dividend and the capital value would be reduced.

    Income is less important

    The aim of the Trust is to achieve capital growth. You should not expect a significant, or steady, annual income from the Trust.

    Continuation vote

    Shareholders in the Trust have the right to vote every five years, on whether to continue the Trust or wind it up. If the shareholders decide to wind the Trust 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 2021.

    Tax Rates

    You should note that tax rates and reliefs may change at any time and their value depends on your circumstances.

    Regulation

    The Trust is listed on the London Stock Exchange and is not authorised or regulated by the Financial Conduct Authority.

    Information subject to change

    The information and opinions expressed within this website are subject to change without notice.

    Not Investment Advice

    This information has been issued and approved by Baillie Gifford & Co Limited and does not in any way constitute investment advice.

    Suitability for retail distribution

    Please note that the Company currently conducts its affairs, and intends to continue to conduct its affairs, so that the Company’s ordinary shares can be recommended by Independent Financial Advisers to ordinary retail investors in accordance with the FCA’s rules in relation to non-mainstream pooled investment products (NMPI). The Company’s ordinary shares are excluded from the FCA’s restrictions which apply to non-mainstream pooled investment products because they are shares in an investment trust.

    Disclaimers

    MSCI Disclaimer

    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 or 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 (www.msci.com)