Capital at risk

Pacific Horizon Investment Trust

By showing patience in an inpatient market and open-mindedness to different flavours of growth, the Company targets Asia’s top growth companies. Over thirty years’ experience in Asia ex Japan provides insight into selectively investing in Asia’s powerful growth tailwinds.

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Overview

ISIN

GB0006667470

SEDOL

0666747

Investment proposition

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

Share price and charges

Price

750.00p

NAV at fair

835.72p

Premium (+) or discount (-) at fair

-10.3%

Ongoing charges*

0.74%

Fund facts

Active share

67%*

Fund launch date

1989

AIC Investment Sector

Asia Pacific

Benchmark

MSCI All Country Asia Ex Japan Index

Past performance is not a guide to future returns.

*Relative to MSCI All Country Asia Ex Japan Index. Source: Baillie Gifford & Co, MSCI.

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

Meet the managers

Meet the directors

Ratings

As at: 30 September 2025

Rayner Spencer Mills Research Rated Fund

Rayner Spencer Mills Research Rated Fund - Investment Trust

AGM, voting and registrar details

AGM

25 November 2025 at 1 Moorgate Place in London at 1:00pm

View latest results

Voting

Access information on our Corporate calendar, AGM voting and attendance.

Access information on votes cast by Baillie Gifford during the previous quarter on behalf of the investment trust in the Proxy voting disclosure.

Registrar

Computershare Investor Service PLC,
The Pavilions,
Bridgwater Road,
Bristol,
BS99 6ZZ.

Regulatory news announcements

Regulatory news announcements which are released to the London Stock Exchange can be accessed via their service.

Pacific Horizon Investment Trust announcements

The Association of Investment Companies

Further information on investment trusts and the investment trust sector can be found on The Association of Investment Companies website.

Visit the website

Risk Warnings

Risk Introduction

The investment trusts managed by Baillie Gifford & Co Limited are listed UK companies. 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. The specific risks associated with the Trust include:

Currency

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.

Investing in China

The Trust invests in China, often through contractual structures that are complex and could be open to challenge, where potential issues with market volatility, political and economic instability including the risk of market shutdown, trading, liquidity, settlement, corporate governance, regulation, legislation and taxation could arise, resulting in a negative impact on the value of your investment.

Private Companies

Unlisted investments such as private companies can increase risk. These assets may be more difficult to sell, so changes in their prices may be greater.

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.

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 which may impact on its performance.

Premium Risk

Share prices may either be below (at a discount) or above (at a premium) the net asset value (NAV). The Company may issue new shares when the price is at a premium which may reduce the share price. Shares bought at a premium may have a greater risk of loss than those bought at a discount.

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.

Income Secondary

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

Regulation of Investment Trusts

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

Index disclaimer

Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data 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.

Important information

Baillie Gifford Overseas Limited is wholly owned by Baillie Gifford & Co. Baillie Gifford Overseas Limited provides investment management and advisory services to non-UK clients. Both are authorised and regulated by the Financial Conduct Authority.

The information provided does not constitute an offer of or solicitation for purchase or sale of securities or provision of any investment services. Any general enquiries regarding Baillie Gifford should be directed to the relevant individual as noted in the Contact Us section.

The information contained in this website has been compiled with considerable care to ensure its accuracy at the date of publication. However, no representation or warranty, express or implied, is made to its accuracy or completeness. Nothing in this information or elsewhere in this website shall exclude, limit or restrict our duties and liabilities to you under the United Kingdom's Financial Services and Markets Act 2000 or any conduct of business rules which we are bound to comply with.

This website is informative only and the information provided should not be considered as investment advice or a recommendation to buy, sell or hold a particular investment. Read our Legal and regulatory information for further details.

Contact us

Still have a question?  Please get in touch with us.

Fund performance

Periodic Performance

As at: 31 October 2025

1 Year
3 Years
5 Years
10 Years
Share Price
36.9%
51.7%
27.2%
360.6%
NAV
30.2%
52.2%
55.9%
374.7%
Index*
26.3%
65.7%
39.5%
166.3%

Discrete Performance

As at: 30 September 2025

30/09/2020 –
30/09/2021
30/09/2021 –
30/09/2022
30/09/2022 –
30/09/2023
30/09/2023 –
30/09/2024
30/09/2024 –
30/09/2025
Share Price
51.3%
-32.8%
-6.8%
10.1%
25.3%
NAV
48.1%
-19.9%
-4.7%
11.5%
20.4%
Index*
10.0%
-13.6%
1.8%
17.7%
17.6%

Performance

As at: 31 October 2025

View by date range:

Source: Morningstar, MSCI.

Performance figures appear in GBP. Please bear in mind that past performance is not a guide to future returns. The value of your investment may go down as well as up, and you may not get back the amount you invested.

Comparative index data is limited to a 5 year period from the current date.

The graph is rebased to 100.

 

Discount/premium history at fair

As at: 31 October 2025

View by date range:

Source: Morningstar. Premium/Discount of share price to NAV at fair.

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 a Premium.

Active Share

As at: 31 October 2025

View by date range:

Relative to MSCI All Country Asia Ex Japan Index. Source: Baillie Gifford & Co, MSCI.

Contact us

Still have a question?  Please get in touch with us.

Fund portfolio holdings

The list of top 10 holdings that this fund invests in.

As at: 31 October 2025

#Holding% of total assets
1TSMC13.8%
2Samsung Electronics8.1%
3Tencent7.5%
4SK Square5.1%
5Alibaba3.8%
6ByteDance Ltd.3.6%
7Zijin Mining Group3.1%
8MMG Limited3.0%
9Sea Limited2.8%
10EO Technics 2.1%

We publish our full portfolio with an intentional delay to protect the company’s intellectual property.

As the Fund 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.

The information contained on this page is intended as a guide only and should not be relied upon when making investment decisions. All holdings information is unaudited. Source Baillie Gifford & Co.

Please note that totals may not sum due to rounding.

Geographic allocation of total assets

All figures up to: 31 October 2025

Total: 100%

Contact us

Still have a question?  Please get in touch with us.

Insights

Key articles, videos and podcasts relating to the fund:

Filters

Insights

Viewing 14 of 14
  1. Pacific Horizon: Manager Insights

    Roderick Snell discusses recent themes, portfolio changes, and the outlook for Pacific Horizon Trust.
    November 2025
    Video5 minutes
  2. TSMC: Stock Story

    Qian Zhang unwraps TSMC, the company powering modern life.
    November 2025
    Video3 minutes
  3. Tencent: Stock Story

    Fernanda Lai explores how Tencent became the super-app pioneer connecting over one billion users.
    November 2025
    Video3 minutes
  4. Our best ideas in China

    Ben Buckler highlights Meituan (autonomous delivery), Midea (smart homes) and CATL (EV batteries).
    September 2025
    Video3 minutes
  5. Emerging markets: the next engines of global growth

    From lithium mining to a do-it-all super-app, companies capitalising on transformational trends.
    June 2025
    Podcast33 minutes
  6. The Next Chapter

    Baillie Gifford trusts showcase private market focus and AI optimism at annual investment conference.
    May 2025
    ArticleLong read
  7. Illustration of skyline of Almaty with view of mountains in the background

    Trip notes: Kazakhstan

    Sizing up super-app Kaspi.kz in Almaty.
    March 2025
    Article6 minutes
  8. Pacific Horizon: opportunities in Asia ex Japan

    The Pacific Horizon Investment Trust explores the various opportunities in Asia's dynamic markets.
    February 2025
    Video44 minutes
  9. Pacific Horizon: Manager Insights

    Roddy Snell on the investment landscape in China, ‘silicon intensity’ and positioning the portfolio to maximise future growth opportunities.
    November 2024
    Video5 minutes
  10. Investment specialist Qian Zhang

    Our best ideas in Asia

    Qian Zhang covers Samsung, Delhivery and Bank Rakyat, three companies at the heart of global structural trends.
    September 2024
    Video3 minutes
  11. Purple line pattern on black background

    Pacific Horizon: capturing growth

    The Pacific Horizon Investment Trust shares its strategic investments in Asia's dynamic markets.
    July 2024
    Video40 minutes
  12. South-east Asia’s new export stars

    Unearthing growth companies in Vietnam, Indonesia and Thailand.
    December 2023
    Podcast29 minutes
  13. Asia ex Japan Strategy

    Investment manager, Roderick Snell, discusses the Baillie Gifford Asia ex Japan Strategy.
    September 2023
    Video4 minutes
  14. China’s gen Z+

    How the digital natives’ wants and needs create opportunities for forward-thinking Chinese companies.
    October 2021
    Document

  1. Pacific Horizon: Manager Insights

    Roderick Snell discusses recent themes, portfolio changes, and the outlook for Pacific Horizon Trust.
    November 2025
    Video5 minutes
  2. TSMC: Stock Story

    Qian Zhang unwraps TSMC, the company powering modern life.
    November 2025
    Video3 minutes
  3. Tencent: Stock Story

    Fernanda Lai explores how Tencent became the super-app pioneer connecting over one billion users.
    November 2025
    Video3 minutes
  4. Our best ideas in China

    Ben Buckler highlights Meituan (autonomous delivery), Midea (smart homes) and CATL (EV batteries).
    September 2025
    Video3 minutes
  5. Emerging markets: the next engines of global growth

    From lithium mining to a do-it-all super-app, companies capitalising on transformational trends.
    June 2025
    Podcast33 minutes
  6. The Next Chapter

    Baillie Gifford trusts showcase private market focus and AI optimism at annual investment conference.
    May 2025
    ArticleLong read
  7. Illustration of skyline of Almaty with view of mountains in the background

    Trip notes: Kazakhstan

    Sizing up super-app Kaspi.kz in Almaty.
    March 2025
    Article6 minutes
  8. Pacific Horizon: opportunities in Asia ex Japan

    The Pacific Horizon Investment Trust explores the various opportunities in Asia's dynamic markets.
    February 2025
    Video44 minutes
  9. Pacific Horizon: Manager Insights

    Roddy Snell on the investment landscape in China, ‘silicon intensity’ and positioning the portfolio to maximise future growth opportunities.
    November 2024
    Video5 minutes
  10. Investment specialist Qian Zhang

    Our best ideas in Asia

    Qian Zhang covers Samsung, Delhivery and Bank Rakyat, three companies at the heart of global structural trends.
    September 2024
    Video3 minutes
  11. Purple line pattern on black background

    Pacific Horizon: capturing growth

    The Pacific Horizon Investment Trust shares its strategic investments in Asia's dynamic markets.
    July 2024
    Video40 minutes
  12. South-east Asia’s new export stars

    Unearthing growth companies in Vietnam, Indonesia and Thailand.
    December 2023
    Podcast28 minutes
  13. Asia ex Japan Strategy

    Investment manager, Roderick Snell, discusses the Baillie Gifford Asia ex Japan Strategy.
    September 2023
    Video4 minutes
  14. China’s gen Z+

    How the digital natives’ wants and needs create opportunities for forward-thinking Chinese companies.
    October 2021
    Document

Contact us

Still have a question?  Please get in touch with us.

Documents

You can access any literature about the Fund here.

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.

Contact us

Still have a question?  Please get in touch with us.