1. Overview

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

    The value of investments and any income from them may go down as well as up and you or your client may not get back the amount originally invested. Please note that all the investment trusts managed by Baillie Gifford & Co Limited are available for investment by intermediaries and their clients. More information on suitability for retail distribution can be found in the Risks section.
  2. About the Trust

    Dealing in the Trust’s stock commenced in 1989. Its investment policy at the time was to achieve capital growth via investing in certain ‘Horizon’ economies of Asia and the Far East whose stock markets were in the process of opening up to greater inflows of foreign investment. As a consequence, investment in Japan, Australia, New Zealand, Hong Kong, Singapore and Malaysia was excluded.

    In 1992, at the end of the Trust’s financial year, the Board decided to widen the investment objectives so as to embrace the whole of Asia-Pacific except Japan. In addition, Baillie Gifford and Co was appointed as managers and secretaries, replacing Tyndall International (Asia) Limited. Consequently, management of the Trust moved from Hong Kong to Edinburgh.

    In 1996, following a period of strong performance and subsequent demand, the Trust held a ‘C’ share issue in order to improve liquidity in the market for the Trust’s shares. The amount raised was approximately £21.5m, almost doubling the Trust’s assets.

    In 2006, the Trust’s investment remit was broadened to include the Indian Sub-continent. The Trust has a 5-yearly continuation vote. In 2016, shareholders voted to extend the life of the Trust for a further five years.

    Circuit board

    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.

    Pacific Horizon is an investment company within the meaning of section 833 of the Companies Act 2006. Registered in England. Registered number: 2342193. Registered office: Computershare Investor Services PLC, Moor House, 120 London Wall, London, EC2Y 5ET.

  3. Meet the Trust Managers

    Ewan Markson-Brown
    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
    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.

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  5. Meet the Directors

    Angus Macpherson - Chairman

    Angus Macpherson was appointed a Director in 2017 and Chairman on 12 November 2019. He is chief executive of Noble and Company (UK) Limited, an independent Scottish corporate finance business. He is currently chairman of Henderson Diversified Income Trust plc and a non-executive director of Schroder Japan Growth Fund plc, and is the former chairman of JP Morgan Elect PLC. He was based in Asia between 1995 and 2004 in Singapore and Hong Kong, latterly as Head of Capital Markets and Financing for Merrill Lynch for Asia.

    Angela Lane - Director

    Ms Angela Lane was appointed a Director in 2018. She is a qualified accountant and has held several non-executive and advisory roles for small and medium capitalised companies across a range of industries. Previously she spent 18 years working as a private equity investor for 3i plc. She is a non-executive director of BlackRock Throgmorton Trust plc, Sherborne Schools Worldwide and Dunedin Enterprise Investment Trust PLC, where she is also chairman of its audit committee, and former non-executive chairman of Huntswood CTC.

    Joe Studwell - Director

    Richard Frank (‘Joe’) Studwell was appointed a Director in 2018. He has spent over 25 years working in East Asia as a journalist, independent researcher at Dragonomics and author under the name of Joe Studwell. His published works include Asian Godfathers: Money and Power in Hong Kong and South-East Asia and How Asia Works: Success and Failure in the World’s Most Dynamic Region.

    Wee-Li Hee - Director

    Wee-Li Hee was appointed a Director with effect from 1 June 2020. She is an experienced Asian analyst and fund manager. Brought up in Singapore, she speaks fluent Mandarin and studied in the UK at the University of Leeds and the London School of Economics and Political Science. After graduation, in 2002 she joined First State Investments in Singapore as an analyst, subsequently moving to the firm’s Edinburgh office in 2005. Having co-managed Scottish Oriental Smaller Companies Trust plc she became lead manager in 2014, stepping back as a result of family commitments to return to a co-manager role in 2017 and retiring at the end of 2019. She is a CFA Charterholder.

    Robert Chote - Director

    Robert Chote was appointed a Director with effect from 25 November 2020. Mr Chote was chairman of the Office for Budget Responsibility from 2010 to 2020. He served as Director of the Institute for Fiscal Studies from 2002 to 2010, as an advisor to senior management at the International Monetary Fund from 1999 to 2002 and as economics editor of the Financial Times from 1995 to 1999. He is chair of the Royal Statistical Society’s advisory group on public data literacy. He is also a member of the Policy Committee of the Centre for Economic Performance at the London School of Economics and the Council of Westcott House Theological College in Cambridge. He is a visiting professor at the Department of Political Economy, Kings College London.

  6. quote-icon
    The Company’s portfolio is increasingly focused on the effect of technological change on economies and existing businesses.
  7. Objective

    The Company’s objective is to invest in the Asia-Pacific region (excluding Japan) and in the Indian Sub-continent in order to achieve capital growth. The Company is prepared to move freely between the markets of the region as opportunities for growth vary. The portfolio will normally consist principally of quoted securities.

  8. Investment Policy

    Pacific Horizon aims to achieve capital growth principally through investment in companies listed on the stock markets of the Asia- Pacific region (excluding Japan) and the Indian Sub-continent. The Company may also invest in companies based in the region and in investment funds specialising in the region or particular countries or sectors within it even if they are listed elsewhere. The maximum permitted investment in one company is 15% of total assets at time of investment.

    The portfolio contains companies which the Managers have identified as offering the potential for long term capital appreciation, irrespective of whether they comprise part of any index. The portfolio is actively managed and will normally consist principally of quoted equity securities although unlisted companies, fixed interest holdings or other non equity investments may be held. The maximum exposure to unlisted investments is 10% of total assets at the time of initial investment. The Company is also permitted to invest in other pooled vehicles (general, country and sector specific) that invest in the markets of the region.

    In constructing the equity portfolio a spread of risk is created through diversification and the portfolio will typically consist of between 40 and 120 holdings. Although sector concentration and the thematic characteristics of the portfolio are carefully monitored, no maximum limits to stock or sector weights have been set by the Board except as imposed from time to time by banking covenants on borrowings.

    Pacific Fund

    The Company may use derivatives which will be principally, but not exclusively, for the purpose of reducing, transferring or eliminating investment risk in its investments. These typically take the form of index futures, index options and currency forward transactions.

    The Company has a maximum approved equity gearing level of 50% of shareholders’ funds but, in the absence of exceptional market conditions, equity gearing is typically less than 25% of shareholders’ funds. Borrowings are invested in securities when it is considered that investment opportunities merit the Company taking a geared position. The Company is also permitted to be less than fully invested. Cash and equity gearing levels, and the extent of gearing, are discussed by the Board and Managers at every Board meeting.