1. Pacific Horizon Investment Trust

    Pacific Horizon Investment Trust

  2. 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.

    Share Price Premium to NAV

    Investors should bear in mind that shares bought at a high premium to net asset value can quickly lose substantial value if the premium is eroded.

    Performance & Portfolio

    Periodic Performance

    All figures to 29/02/2024

    1 Year

    3 Years

    5 Years

    10 Years

    Share Price -6.8%-26.0%83.5%257.1%
    NAV 3.6%-12.4%106.0%253.9%
    Index* 0.8%-14.2%16.7%102.4%

    Performance figures appear in GBP. 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.


    Discrete Performance

    Annual Performance to 31 December each year

    31/12/2018
    31/12/2019

    31/12/2019
    31/12/2020

    31/12/2020
    31/12/2021

    31/12/2021
    31/12/2022

    31/12/2022
    31/12/2023

    Share Price 14.0%128.6%15.5%-32.5%-4.9%
    NAV 22.7%86.3%20.7%-21.9%-2.4%
    Index* 13.9%21.5%-3.6%-9.2%0.3%

    Performance figures appear in GBP. 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 - 29/02/2024

    Performance figures appear in GBP. 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.

    Holdings - 29/02/2024

    Fund %
    1 Samsung Electronics 7.2%
    2 Daily Hunt 4.1%
    3 Tata Motors 4.1%
    4 Ramkrishna Forgings 3.8%
    5 Delhivery 3.8%
    6 Indiabulls Real Estate 3.6%
    7 EO Technics 3.3%
    8 Zijin Mining 2.7%
    9 Phoenix Mills 2.6%
    10 Bank Rakyat Indonesia 2.5%
    Total 37.6%
    Active Share - 29/02/2024

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

    Geographical Allocation of total assets - 29/02/2024

    Fund %

    • 1 India 34.81
    • 2 China 20.21
    • 3 Korea 16.71
    • 4 Vietnam 8.79
    • 5 Taiwan 7.72
    • 6 Indonesia 3.85
    • 7 China 'A' Shares 3.20
    • 8 Singapore 2.65
    • 9 Hong Kong 1.70
    • 10 Kazakhstan 1.30
    • 11 Thailand 0.90
    • 12 Net Liquid Assets -1.81
    • Total 100.00

    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 add due to rounding.

    Meet the Managers

    Roddy Snell - Manager

    Roddy is an investment manager in the Emerging Markets Equity Team. He joined Baillie Gifford in 2006 and became a partner of the firm in 2023. He has managed the Baillie Gifford Pacific Fund since 2010 and the Pacific Horizon Investment Trust since 2021 (having been deputy since 2013). Roddy became a member of the International Alpha Portfolio Construction Group in 2024. Prior to joining the Emerging Markets Equity Team in 2008, he also spent time in the UK and European equity teams. Roddy graduated BSc (Hons) in medical biology from the University of Edinburgh in 2006.

    Ben Durrant - Deputy Manager

    Ben is an investment manager in the Emerging Markets Equity Team. He has managed the Pacific Fund since 2021 and became deputy manager of the Pacific Horizon Investment Trust in 2023. He joined Baillie Gifford in 2017 and has also spent time in our UK, Global Discovery and Private Companies teams. Prior to joining the firm, he worked for RBS. Ben is a chartered accountant and a CFA Charterholder. He graduated BSc in Mathematics from the University of Edinburgh in 2012.

    How to Invest

    You can invest in our funds via a number of fund platforms, please see the links opposite. Information on the range of funds available through platforms can be found in our Platform Matrix.

    Please note that we do not have the facility for you to invest directly with us in our Investment Trusts and we do not offer ISAs, SIPPS or Share Plans.

    Please also note that we do not have an online service for individual investors.

    Further information on our 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.

    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.

    How to Invest

    Getting Financial Advice

    At Baillie Gifford we don’t provide financial advice, but we do try our best to provide you with all the information we think you might need to make investment decisions. Of course, we realise there are occasions when you may want the advice of an expert.

    Using professional financial advice

    An authorised intermediary can give you advice and help on how best to manage your financial affairs based on your circumstances and investment aspirations. They can also help keep track of all your different investment interests, saving you a lot of time and bookkeeping.

    Finding a financial adviser near you

    If you want to use an authorised intermediary, MyLocalAdviser is a website that allows you to search for authorised intermediaries in your area. You can visit their site on www.mylocaladviser.co.uk

    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.

    Investment Intelligence

    Investor Disclosure Document

    Sustainability-related Disclosures

    PRIIPs Key Information Document

    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.

    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.

    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.

    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.

    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 disseminated 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. (www.msci.com)