REG - Pacific Horizon - Pacific Horizon Inv Trust Interim Financial Report
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RNS Number : 1170W Pacific Horizon Investment Tst PLC 11 March 2026
RNS Announcement
Pacific Horizon Investment Trust PLC ('PHI')
Legal Entity Identifier: VLGEI9B8R0REWKB0LN95
Regulated Information Classification: Half Yearly Financial Report
Results for the six months to 31 January 2026
The following is the unaudited Interim Financial Report for the six months to
31 January 2026 which was approved by the Board on 10 March 2026.
Responsibility statement
We confirm that to the best of our knowledge:
a. the condensed set of Financial Statements has been prepared in
accordance with FRS 104 'Interim Financial Reporting';
b. the Interim Management Report includes a fair review of the
information required by Disclosure Guidance and Transparency Rule 4.2.7R
(being an indication of important events that have occurred during the first
six months of the financial year, their impact on the Financial Statements and
a description of the principal risks and uncertainties for the remaining six
months of the financial year); and
c. the Interim Financial Report includes a fair review of the
information required by Disclosure Guidance and Transparency Rule 4.2.8R
(disclosure of related party transactions and changes therein).
On behalf of the Board
Roger Yates
Chairman
10 March 2026
Summary of unaudited results
31 January 2026 31 July 2025
(audited) % change
Shareholders' funds(*) £809.9m £613.4m
Net gearing(†) 7% 5%
Net asset value per ordinary share(*) 976.21p 716.13p 36.3
Share price 897.00p 648.00p 38.4
MSCI All Country Asia ex Japan Index (in sterling terms)(#) 16.9
Discount(†‡) (8.1%) (9.5%)
Active share(†) 68% 73%
Six months to Six months to
31 January 2026 31 January 2025
Revenue earnings per ordinary share (1.22p) 0.52p
Six months to Year to
31 January 2026 31 July 2025
Total return(†)
Net asset value per ordinary share(‡) 36.6% 8.3%
Share price(‡) 38.7% 6.4%
MSCI All Country Asia ex Japan Index (in sterling terms)(#) 17.8% 17.1%
Six months to Year to 31 July 2025
31 January 2026
Period's high and low High Low High Low
Net asset value per ordinary share(*) 990.09p 702.96p 719.77p 579.44p
Share price 899.00p 638.00p 650.00p 507.00p
Discount(†‡) (8.1%) (11.2%) (7.7%) (15.9%)
* For a definition of terms see Glossary of terms and Alternative
Performance Measures at the end of this announcement.
(†) Alternative Performance Measure - see Glossary of terms and
Alternative Performance Measures at the end of this announcement.
(#) The MSCI All Country Asia ex Japan Index (in sterling terms) is the
principal index against which performance is measured.
(‡) Key Performance Indicator.
Source: Baillie Gifford/LSEG and relevant underlying index providers. See
disclaimer at the end of this announcement.
Past performance is not a guide to future performance.
Chairman's statement
Performance
Over the six months to 31 January 2026, the Company's net asset value ('NAV')
total return per share was 36.6% compared to the 17.8% total return of the
MSCI All Country Asia ex Japan Index in sterling terms. The share price total
return over the period was 38.7%, with the discount narrowing from 9.5% to
8.1%. The strong absolute and relative returns over the period were driven by
effective stock selection, notably within North Asian semiconductor holdings,
including SK Square and Samsung Electronics, and among copper and gold
producers such as MMG and Zijin Mining Group.
Fuller commentary on performance and current portfolio positioning is
contained in the Managers' review.
Discount and Share Buybacks
It is the Board's ambition that the Company's discount be maintained in single
digits, in normal market conditions, on a sustained basis.
Over the course of the six months to 31 January 2026, the Company's discount
averaged 9.6% compared to 13.0% for the equivalent period last year. 2,686,152
shares, 3.1% of the period's starting issued share capital, were bought back
for treasury at a cost of £19.7 million in an effort to narrow the discount.
Over the course of the twelve months to 31 January 2026, 7.9% of the
Company's issued share capital, measured as at 31 January 2025, was bought
back. A further 236,901 shares have been bought back since period end and
there are now 9,349,587 shares held in treasury for potential re-issuance at a
premium to the Company's NAV.
Gearing
The Board sets the gearing parameters within which the portfolio managers are
permitted to operate. At present, the agreed range of equity gearing is minus
15% (holding net cash) to plus 15%.
The Company has a £60 million multi-currency revolving credit facility with
the Royal Bank of Scotland International Limited. This facility expires on
13 March 2026 and is being replaced with a £90 million multi‑currency
open-ended uncommitted revolving credit facility with The Bank of New
York Mellon.
At 31 January 2026, the Company was drawing £60 million of the facility, up
from £35.8 million at the start of the period. Net gearing stood at 7%
compared to 5% six months earlier.
Outlook
As noted above, investment performance relative to the comparative index was
strong over the half year. The Company's relative and absolute numbers over a
number of time periods are encouraging, particularly as there is a
quinquennial continuation vote in November this year when shareholders will be
asked whether the Company should continue, or not.
The growing prominence of Asia ex Japan companies on the global stage is not
simply a story of scale, but one of deep and enduring structural change.
Across the region, long-term changes in consumption patterns, innovation
capacity and corporate governance are reshaping the balance of global growth.
As these forces compound, Asia ex Japan is increasingly central to the world's
economic architecture, offering investors exposure to some of the most
important growth opportunities of the coming decades.
The investment backdrop, however, is not without challenges. Valuations in
parts of the technology sector have become more demanding, and index
concentration has increased, raising the risk that market returns are
increasingly driven by a small number of large companies, resulting in
heightened market volatility. China's economic slowdown has weighed on
regional confidence, while global geopolitical uncertainties, including trade
tensions and tariffs, continue to complicate the outlook.
Despite this, these concerns should be viewed alongside the substantial
opportunities that remain. The Asia Pacific region offers a diverse set of
growth drivers that are not perfectly correlated with developed markets. This
diversity, combined with attractive long-term growth prospects and improving
corporate quality, reinforces the case for selective investment. Although
short-term volatility and macro uncertainty are likely to persist, patient
investors willing to look beyond near-term headlines can find a rich
opportunity set across the region, where structural growth and attractive
valuations continue to coexist.
Roger Yates
Chairman
10 March 2026
Managers' review
Overview
Over the six-month reporting period, the Company's net asset value ('NAV')
total return per share and the share price total return were 36.6% and 38.7%
respectively. This compares to a total return of 17.8% for the MSCI All
Country Asia ex Japan Index in sterling terms.
Markets were supported by easier global financial conditions and a weaker US
dollar. Against this backdrop, performance was driven overwhelmingly by stock
selection, concentrated in three areas: North Asian semiconductors, copper and
gold, and selected Chinese technology names.
Leadership within technology broadened from early artificial intelligence
pioneers to the enablers of large-scale adoption, many of which are based in
Asia. Our exposure to semiconductor leaders and their supporting ecosystem was
a significant contributor. Commodities were the other major driver, as rising
copper and gold prices combined with strong operational delivery to generate
substantial share price gains.
Portfolio activity reflected these convictions. We increased exposure to
copper and gold companies and initiated new positions in selected Chinese
artificial intelligence-related businesses, while adding to leading Chinese
platforms. China's weight rose to 39.3% (an 8.9% overweight), overtaking
Vietnam as our largest relative position, and Materials became the largest
sector overweight.
Net gearing increased from 5% to 7%, and 2,686,152 shares were bought back,
representing 3.1% of the issued share capital as at 31 July 2025.
We remain enthused by the backdrop. Structural growth drivers are
strengthening, portfolio companies are delivering, and company valuations
remain supportive relative to slower-growing developed markets. With many
Asian currencies at historically low levels, we believe the opportunity set
remains compelling.
Review
Asian markets continued to perform strongly over the period, with the broader
backdrop remaining supportive. Growth across much of the region outpaced
developed market peers, and inflation was generally contained. Many major
Asian economies entered this phase from a position of relative macroeconomic
strength, having avoided the prolonged negative interest rate policies and
large‑scale quantitative easing that characterised much of the developed
world.
In earlier reports we highlighted two material headwinds: the strength of the
US dollar and uncertainty surrounding China's economic trajectory. Over the
past six months, both evolved more constructively. The US dollar weakened
meaningfully, easing financial conditions across emerging markets and
providing a clear tailwind to Asian assets.
In China, while structural challenges persist, growth has stabilised and
policy support has incrementally increased. Tensions with the United States
are ongoing; however, the period saw a degree of pragmatic de-escalation. Firm
responses around trade and critical minerals were met without further
escalation, suggesting a more managed competitive dynamic.
South Korea and Taiwan were the best performing markets (+71% and +29%
respectively), driven largely by their technology sectors and reinforcing
North Asia's leadership in several critical technologies. In both markets,
strength was concentrated in semiconductors, where Samsung Electronics and SK
Hynix are global leaders in memory, and TSMC is the leading manufacturer of
leading-edge logic semiconductors.
Supported by a deep ecosystem of suppliers, these firms control key choke
points across advanced chips, memory and foundry services, supplying much of
the hardware underpinning artificial intelligence and broader digital
adoption.
Reflecting our conviction in this structural positioning, we increased our
holdings in TSMC and Samsung Electronics by approximately 300 and 100 basis
points respectively.
China continued to accelerate its progression up the manufacturing and
technological value chain. It is arguably the only credible competitor to the
United States in artificial intelligence, quantum computing, drone technology
and robotics, and is already a global leader in electric vehicles, batteries,
solar manufacturing and power grid infrastructure. Importantly, the breadth
and depth of China's industrial capability continue to expand, with
technological standards and product competitiveness rising rapidly across
multiple sectors.
Against this backdrop, we increased our exposure to China meaningfully. We
purchased MiniMax and Knowledge Atlas Technology at IPO, added to Chinese
online platforms, most notably through a new 375 basis point position in
Alibaba, and increased our holding in CATL while initiating a new position in
Wasion Holdings. We also initiated new positions in Zijin Gold International
at IPO, CMOC Group and Zangge Mining, and added to our existing holding in
Chifeng Jilong Gold.
Funding of the purchases was from across the portfolio. Within China, we
exited KE Holdings, Zhejiang Supor and JD.com, and trimmed positions such as
Sanhua Intelligent Controls and Precision Tsugami following strong
performance. Net additions to China were approximately 1,200 basis points.
Elsewhere, India provided a significant source of funding, where valuations
remain demanding. We exited Phoenix Mills, Prestige Estates and Reliance
Industries. India is now the portfolio's largest underweight position (-9.9%),
having declined from an absolute weight of 14.2% six months ago to 5.4%, with
part of this reduction reflecting relative underperformance.
Commodities were also strong, particularly copper and precious metals. Our
copper exposure reflects a long-held view that more than a decade of
underinvestment would constrain supply. Given the long lead times required to
develop new mines, often more than ten years, the industry's ability to
respond quickly to rising demand is limited. Incremental demand from renewable
energy, electric vehicles, grid expansion and data centre build-out is already
tightening the market at the margin. While copper prices are likely to remain
volatile, we believe the structural imbalance will become increasingly
evident.
Gold reached new highs during the period, supported by moderating real
interest rates, a weaker US dollar and continued geopolitical uncertainty.
Structural demand remains firm, particularly from central banks diversifying
reserves, while supply growth remains constrained following years of limited
investment. We remain constructive on gold and gold miners, both as
beneficiaries of higher realised prices and as portfolio hedges in an
environment of elevated fiscal and geopolitical risk. Following recent
additions, direct exposure to gold miners stood at approximately 5% of the
portfolio.
Finally, a notable development has been the increasing concentration of the
Asia ex Japan index, with the top five companies - TSMC, Samsung Electronics,
Tencent, Alibaba and SK Hynix - now accounting for approximately one third of
the benchmark. We hold these companies in meaningful size, including exposure
to SK Hynix through our holding in SK Square, believing they represent some of
the most attractive businesses in our universe. In many of these industries,
scale confers durable competitive advantages, which in our view strengthen as
companies grow.
One consequence of owning several of the index's largest constituents is a
reduction in portfolio active share, which currently stands at 68%, compared
to 82% three years ago. Although differentiation from the index has reduced,
these holdings reflect deliberate, conviction-led investments rather than
benchmark alignment.
Performance
Over the six-month period to 31 January 2026, the Company's NAV total return
was 36.6%, compared to 17.8% for the MSCI All Country Asia ex Japan Index
(sterling). As mentioned, the majority of this was driven by stock selection,
with returns concentrated in semiconductors, commodities and certain Chinese
technology names.
South Korea and Taiwan were among the largest sources of excess return. SK
Square was the standout holding, accounting for 640 basis points of
attribution as the shares rose 248%. (Although classified as an industrial, it
represents economic exposure to SK Hynix which accounts for more than 90% of
its net asset value.) Strong high bandwidth memory demand, tightening industry
supply and continued capacity constraints supported the rerating of the
shares.
Samsung Electronics also made a meaningful contribution, adding 220 basis
points as the shares rose 110%. Pricing in commodity memory improved as
capacity shifted toward high bandwidth memory, tightening supply conditions.
At the same time, investors reassessed Samsung's competitive position,
particularly the scope for its foundry operations to benefit as customers seek
diversification in a supply-constrained market.
Returns were supported across the broader semiconductor ecosystem. EO Technics
and Chroma ATE advanced on rising demand for increasingly sophisticated laser
and testing equipment required at leading-edge nodes.
Materials were another significant contributor, adding 620 basis points at the
sector level. MMG benefited from firmer copper prices and record production,
while Zijin Mining and gold holdings including Zijin Gold International and
Chifeng Jilong Gold generated strong gains. Participation in the Zijin Gold
IPO proved well timed.
China was the largest country contributor, primarily through stock selection.
IPO investments in MiniMax and Knowledge Atlas added positively, alongside
selected industrial holdings. Excess return also came from avoidance: we did
not own Xiaomi, where valuations appeared stretched, and remain cautious on
electric vehicle manufacturers such as BYD, preferring battery leader CATL
given intensifying competition and overcapacity risks.
Weakness was concentrated in Consumer Discretionary and Real Estate. SEA was
the largest detractor, reflecting competitive pressures and uneven
profitability in e-commerce. Luckin Coffee and PDD Holdings also weighed on
returns as consumer sentiment softened.
In India, Embassy Developments declined as the property sector cooled. We have
materially reduced Indian property exposure over the past year and now retain
only Embassy Developments in India.
In Vietnam, Khang Dien remained under pressure amid continued softness in
residential property demand. Sales have yet to show a sustained recovery;
however, after several challenging years we believe the market is nearing an
inflection point and we remain positive.
In aggregate, the period's excess return was driven by conviction positions in
North Asian semiconductors and commodities, complemented by selective China
exposure, partly offset by weakness in consumer-facing holdings and our real
estate positions.
Conclusion
The portfolio is exposed to structural growth themes supported by improving
fundamentals and reasonable valuations. Against a backdrop of attractive
currency levels, improving macro conditions and resilient earnings delivery,
we are positive on the outlook for the region, and have positioned the
portfolio accordingly.
Baillie Gifford & Co
10 March 2026
Baillie Gifford - valuing private companies
We aim to hold our private company investments at 'fair value', i.e. the price
that would be paid in an open-market transaction. Valuations are adjusted both
during regular valuation cycles and on an ad hoc basis in response to 'trigger
events'. Our valuation process ensures that private companies are valued in
both a fair and timely manner.
The valuation process is overseen by a valuations group at Baillie Gifford,
which takes advice from an independent third party (S&P Global). The
valuations group is independent from the investment team with voting members
selected from different operational areas of the firm. The investment team
receive final valuation notifications once they have been applied.
We revalue the private holdings on a three-month rolling cycle, with one-third
of the holdings reassessed each month. During stable market conditions, and
assuming all else is equal, each investment would be valued four times in a
twelve-month period. For investment trusts, the prices are also reviewed twice
per year by the respective boards and are subject to the scrutiny of external
auditors in the annual audit process.
Beyond the regular cycle, the valuations group also monitors the portfolio for
certain 'trigger events'. These may include changes in fundamentals, a
takeover approach, an intention to carry out an Initial Public Offering
('IPO'), company news which is identified by the valuation team or by the
portfolio managers, or meaningful changes to the valuation of comparable
public companies. Any ad hoc change to the fair valuation of any holding is
implemented swiftly and reflected in the next published net asset value
('NAV'). There is no delay.
The valuations group also monitors relevant market benchmarks on a weekly
basis and updates valuations in a manner consistent with our external valuer's
(S&P Global) most recent valuation report where appropriate.
List of investments
as at 31 January 2026 (unaudited)
Name Geography Business Value % of total
£'000 assets *
TSMC Taiwan Semiconductor manufacturer 111,799 12.9
Samsung Electronics South Korea Memory, phones and electronic components manufacturer 84,035 9.7
SK Square South Korea Asset manager, investing in semiconductors and information and communications 70,547 8.1
technologies
Tencent Holdings China Internet services 49,522 5.7
ByteDance Series E-1 Preferred (U) China Social media 28,961 3.3
MMG China Base metals mining company 28,779 3.3
Zijin Mining Group China Gold and copper mining company 27,994 3.2
Chifeng Jilong Gold China 'A' shares Gold mining company 26,618 3.1
Alibaba Group China Chinese e-commerce and cloud computing platform 15,016 1.7
Alibaba Group ADR China Chinese e-commerce and cloud computing platform 11,535 1.3
26,551 3.0
EO Technics South Korea Manufacturer and distributor of semiconductor laser markers 23,162 2.7
Zijin Gold International Hong Kong Gold mining company 18,851 2.2
SEA ADR Singapore Internet gaming and ecommerce 16,708 1.9
HDBank Vietnam Consumer bank 14,937 1.7
CATL China 'A' shares EV battery manufacturer 14,051 1.6
Accton Technology Corporation Taiwan Server network equipment manufacturer 13,555 1.6
Military Commercial Joint Stock Bank Vietnam Retail and corporate bank 13,502 1.6
Knowledge Atlas Technology China Enterprise software and IT services business 12,664 1.5
Montage Technology China 'A' shares Semiconductor chip designer 11,173 1.3
MediaTek Taiwan Electronic component manufacturer 11,126 1.3
Mobile World Investment Corporation Vietnam Electronic and grocery retailer 10,657 1.2
Luckin Coffee ADR China Coffeehouse chain 10,516 1.2
Chroma ATE Taiwan Manufacturer of electronic measuring instruments 10,462 1.2
PDD Holdings China Ecommerce platform 10,067 1.2
Khang Dien House Trading and Investment Joint Stock Company Vietnam Real estate 9,604 1.1
Midea Group A shares China 'A' shares Household appliance manufacturer 9,534 1.1
Ping An Insurance China Life insurance provider 9,457 1.1
Fabrinet Thailand Manufacturer of optical and electro-mechanical services 9,232 1.1
DiDi Global ADR China Ride-hailing and mobility platform 8,746 1.0
Precision Tsugami China Industrial machinery manufacturer 8,089 0.9
SG Micro A Shares China 'A' shares Semiconductor manufacturer 7,596 0.9
Delhivery India Logistics and courier services provider 7,228 0.8
Kaspi.kz ADR Kazakhstan Banking, ecommerce and payments platform 6,990 0.8
PolicyBazaar India Online financial services platform 6,927 0.8
Meituan China Chinese local services platform 6,907 0.8
Silvercorp Metals Inc China Silver, lead and zinc mining company 6,413 0.7
Embassy Developments India Real estate 6,057 0.7
Bank Rakyat Indonesia Consumer bank 5,974 0.7
MiniMax China Generative AI model and applications company 5,846 0.7
Hoa Phat Group Vietnam Steel and related products manufacturer 5,632 0.6
Dailyhunt (VerSe Innovation) India News aggregator application 4,250 0.5
Series I Preferred (U)
Dailyhunt (VerSe Innovation) India News aggregator application 769 0.1
Series J Preferred (U)
Dailyhunt (VerSe Innovation) India News aggregator application 487 0.1
Series Equity (U)
5,506 0.7
MicroConnect (U) Hong Kong SME financing exchange 5,230 0.6
CMOC Group China 'A' shares Diversified metals mining company 5,118 0.6
Kanzhun ADR China Online recruitment platform 5,082 0.6
FPT Corporation Vietnam IT service provider 5,065 0.6
Binh Minh Plastics Joint Stock Company Vietnam Plastic piping manufacturer 4,974 0.6
Bajaj Finserv India Indian financial services business 4,889 0.6
Lemon Tree Hotels India Owner and operator of a chain of Indian hotels and resorts 4,763 0.5
ASMPT Hong Kong Semiconductor manufacturer 4,641 0.5
Zangge Mining China 'A' shares Copper and lithium producer 4,392 0.5
Eicher Motors India Manufacturer of Royal Enfield motorcycles 4,375 0.5
Sanhua Intelligent Controls China Thermal management manufacturer 4,352 0.5
Coupang South Korea Ecommerce business 4,233 0.5
Silergy Taiwan Semiconductor manufacturer 3,982 0.4
HDB Financial Services India Retail and commercial lender 3,867 0.4
Lufax Holding China Online financial services platform 3,862 0.4
Haidilao China Leading hotpot restaurant chain 3,842 0.4
Wasion Holdings Hong Kong Power management system provider 3,834 0.4
Goneo China 'A' shares Consumer electrics manufacturer 3,076 0.4
PT AKR Corporindo Tbk Indonesia Logistics and supply chain 3,073 0.4
InterGlobe Aviation India India's leading airline 3,019 0.3
Vietnam Enterprise Investments Vietnam Investment fund 2,851 0.3
Pony.ai ADR China Autonomous driving technology company 2,569 0.3
Grab Singapore Ride-hailing and food delivery platform 2,133 0.2
Meesho India Indian e-commerce marketplace platform 1,298 0.1
Chime Biologics (U) China Biopharmaceutical company 78 <0.1
Eden Biologics (U) Taiwan Biopharmaceutical company 18 <0.1
Total Investments 866,591 99.6
Net liquid assets* 3,292 0.4
Total assets* 869,883 100.0
Listed Private company Net liquid Total
equities investments (†) assets * assets *
% % % %
31 January 2026 95.0 4.6 0.4 100.0
31 July 2025 93.7 6.1 0.2 100.0
Figures represent percentage of total assets*.
* For a definition of terms see Glossary of terms and Alternative
Performance Measures at the end of this announcement.
† Includes holdings in ordinary shares and preference shares.
(U) Denotes private company investment.
Distribution of total assets* (unaudited)
Geographical analysis at 31 January 2026
Geographical % at % at
31 January 31 July
2026 2025
1 China 29.8 30.3
2 South Korea 21.0 13.6
3 Taiwan 17.4 16.3
4 China 'A' shares 9.5 6.1
5 Vietnam 7.7 9.1
6 India 5.4 14.2
7 Hong Kong 3.7 1.8
8 Singapore 2.1 4.2
9 Indonesia 1.1 1.7
10 Thailand 1.1 1.1
11 Kazakhstan 0.8 1.4
12 Net liquid assets 0.4 0.2
Sectoral analysis at 31 January 2026
Sectoral % at % at
31 January 31 July
2026 2025
1 Information Technology 37.1 29.0
2 Industrials 15.0 13.5
3 Materials 14.2 6.5
4 Consumer Discretionary 12.4 14.4
5 Communication Services 9.7 15.8
6 Financials 9.0 13.2
7 Real Estate 1.8 5.6
8 Energy 0.4 1.8
9 Net liquid assets 0.4 0.2
* For a definition of terms see Glossary of terms and Alternative
Performance Measures at the end of this announcement.
Income statement (unaudited)
For the six months ended For the six months ended For the year ended 31 July 2025 (audited)
31 January 2026
31 January 2025
Notes Revenue Capital Total Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Gains - 218,198 218,198 - 16,087 16,087 - 39,801 39,801
Currency (losses)/gains - (369) (369) - 179 179 - (586) (586)
Income 3,275 - 3,275 3,626 - 3,626 8,870 - 8,870
Investment management fee 3 (2,270) - (2,270) (1,831) - (1,831) (3,573) - (3,573)
Other administrative expenses (425) - (425) (406) - (406) (881) - (881)
Net return before finance costs and taxation 580 217,829 218,409 1,389 16,266 17,655 4,416 39,215 43,631
Finance costs of borrowings 4 (1,297) - (1,297) (482) - (482) (1,437) - (1,437)
Net return before taxation (717) 217,829 217,112 907 16,266 17,173 2,979 39,215 42,194
Tax 5 (308) 656 348 (440) 894 454 (889) 2,246 1,357
Net return after taxation (1,025) 218,485 217,460 467 17,160 17,627 2,090 41,461 43,551
Net return per ordinary share 6 (1.22p) 260.43p 259.21p 0.52p 18.97p 19.49p 2.34p 46.42p 48.76p
The total column of this statement represents the profit and loss account of
the Company. The supplementary revenue and capital columns are prepared under
guidance issued by the Association of Investment Companies.
All revenue and capital items in this statement derive from continuing
operations.
A Statement of Comprehensive Income is not required as the Company does not
have any other comprehensive income and the net return after taxation is both
the (loss)/profit and total comprehensive (expense)/income for the period.
Balance sheet (unaudited)
Notes At 31 January At 31 July
2026 2025
£'000 (audited)
£'000
Fixed assets
Investments held at fair value through profit or loss 8 866,591 651,771
Current assets
Debtors 3,006 802
Cash and cash equivalents 6,892 3,820
9,898 4,622
Creditors
Amounts falling due within one year (66,606) (38,845)
Net current liabilities (56,708) (34,223)
Total assets less current liabilities 809,883 617,548
Creditors
Amounts falling due after more than one year:
Provision for tax liability 10 - (4,191)
Net assets 809,883 613,357
Capital and reserves
Share capital 11 9,208 9,208
Share premium account 254,120 254,120
Capital redemption reserve 20,367 20,367
Capital reserve 519,394 320,583
Revenue reserve 6,794 9,079
Total shareholders' funds 809,883 613,357
Net asset value per ordinary share 976.21p 716.13p
Ordinary shares in issue 11 82,962,275 85,648,427
Statement of changes in equity (unaudited)
For the six months ended 31 January 2026
Notes Share Share Capital Capital Revenue Shareholders'
capital premium redemption reserve * reserve funds
£'000 account reserve £'000 £'000 £'000
£'000 £'000
Shareholders' funds at 1 August 2025 9,208 254,120 20,367 320,583 9,079 613,357
Net return after taxation - - - 218,485 (1,025) 217,460
Ordinary shares bought back into treasury 11 - - - (19,674) - (19,674)
Dividends paid during the period 7 - - - - (1,260) (1,260)
Shareholders' funds at 31 January 2026 9,208 254,120 20,367 519,394 6,794 809,883
For the six months ended 31 January 2025
Notes Share Share Capital Capital Revenue Shareholders'
capital premium redemption reserve * reserve funds
£'000 account reserve £'000 £'000 £'000
£'000 £'000
Shareholders' funds at 1 August 2024 9,208 254,120 20,367 308,888 9,387 601,970
Net return after taxation - - - 17,160 467 17,627
Ordinary shares bought back into treasury 11 - - - (3,455) - (3,455)
Dividends paid during the period 7 - - - - (2,398) (2,398)
Shareholders' funds at 31 January 2025 9,208 254,120 20,367 322,593 7,456 613,744
* The capital reserve balance at 31 January 2026 includes investment
holding gains of £299,473,000 (31 January 2025 - gains of £112,017,000).
Cash flow statement (unaudited)
Six months to Six months to
31 January 2026 31 January 2025
£'000 £'000
Cash flows from operating activities
Net return before taxation 217,112 17,173
Adjustments to reconcile company profit before tax to net cash flow from
operating activities
Net gains on investments (218,198) (16,087)
Currency losses/(gains) 369 (179)
Finance costs of borrowings 1,297 482
Other capital movements
Changes in debtors (2,207) 138
Changes in creditors 2,404 (24)
Taxation
Overseas withholding tax incurred (305) (428)
Indian tax paid on transactions (3,535) (198)
Cash from operations* (3,063) 877
Non-utilisation fee paid (31) (191)
Loan interest paid (894) (230)
Net cash (outflow)/inflow from operating activities (3,988) 456
Cash flows from investing activities
Acquisitions of investments (155,997) (28,850)
Disposals of investments 161,406 18,297
Net cash inflow/(outflow) from investing activities 5,409 (10,553)
Cash flows from financing activities
Ordinary shares bought back into treasury (20,940) (3,455)
Bank loans repaid (35,780) -
Bank loans drawn down 60,000 15,325
Equity dividends paid (1,260) (2,398)
Net cash inflow from financing activities 2,020 9,472
Increase/(decrease) in cash and cash equivalents 3,441 (625)
Exchange movements (369) 179
Cash and cash equivalents at start of period 3,820 4,205
Cash and cash equivalents at end of period 6,892 3,759
* Cash from operations includes dividends received of £3,430,000 (31
January 2025 - £3,743,000) and interest received of £30,000 (31 January
2025 - £56,000).
Notes to the condensed Financial Statements (unaudited)
1 Basis of accounting
The condensed Financial Statements for the six months to 31 January 2026
comprise the statements set out above together with the related notes below.
They have been prepared in accordance with FRS 104 'Interim Financial
Reporting' and the AIC's Statement of Recommended Practice issued in November
2014 and in July 2022 with consequential amendments. They have not been
audited or reviewed by the auditor pursuant to the Auditing Practices Board
Guidance on 'Review of Interim Financial Information'. The Financial
Statements for the six months to 31 January 2026 have been prepared on the
basis of the same accounting policies as set out in the Company's Annual
Report and Financial Statements at 31 July 2025.
Going concern
The Directors have considered the Company's principal risks and uncertainties,
as set out on the inside cover of this report, together with the Company's
current position, investment objective and policy, the level of demand for
the Company's shares, the nature of its assets, its liabilities and projected
income and expenditure. The Board has, in particular, considered the impact
of heightened market volatility due to macroeconomic and geopolitical
concerns, but it does not believe the Company's going concern is affected. It
is the Directors' opinion that the Company has adequate resources to continue
in operational existence for the foreseeable future. The Company's assets, the
majority of which are investments in quoted securities which are readily
realisable, exceed its liabilities significantly. All borrowings require the
prior approval of the Board. The Board approves borrowing and gearing limits
and reviews regularly the amounts of any borrowing and the level of gearing as
well as compliance with borrowing covenants. The Company has continued to
comply with the investment trust status requirements of section 1158 of the
Corporation Tax Act 2010 and the Investment Trust (Approved Company) (Tax)
Regulations 2011. In accordance with the Company's Articles of Association,
shareholders have the right to vote on the continuation of the Company every
five years, the next vote being in November 2026. The Directors have no reason
to believe that the continuation resolution will not be passed at that Annual
General Meeting. Accordingly, the Directors consider it appropriate to adopt
the going concern basis of accounting in preparing these Financial Statements
and confirm that they are not aware of any material uncertainties which may
affect the Company's ability to continue to do so over a period of at least
twelve months from the date of approval of these Financial Statements.
2 Financial information
The financial information contained within this Interim Financial Report does
not constitute statutory accounts as defined in sections 434 to 436 of the
Companies Act 2006. The financial information for the year ended 31 July 2025
has been extracted from the statutory accounts which have been filed with the
Registrar of Companies. The auditor's report on those accounts was not
qualified, did not include a reference to any matters to which the auditor
drew attention by way of emphasis without qualifying its report, and did not
contain statements under sections 498(2) or (3) of the Companies Act 2006.
3 Investment manager
Baillie Gifford & Co Limited, a wholly owned subsidiary of Baillie
Gifford & Co, has been appointed by the Company as its Alternative
Investment Fund Managers and Company Secretaries. Baillie Gifford & Co
Limited has delegated portfolio management services to Baillie Gifford &
Co. Dealing activity and transaction reporting have been further sub-delegated
to Baillie Gifford Overseas Limited and Baillie Gifford Asia (Hong Kong)
Limited. The Managers may terminate the Management Agreement on six months'
notice and the Company may terminate on three months' notice. The annual
management fee is 0.75% on the first £50 million of net assets, 0.65% on the
next £200 million of net assets and 0.55% on the remaining net assets.
Management fees are calculated and payable on a quarterly basis.
4 Finance costs
Six months to Six months to Year to 31 July
31 January 2026 31 January 2025 2025 (audited)
£'000 £'000 £'000
Royal Bank of Scotland International Limited non-utilisation fee 20 182 258
Royal Bank of Scotland International Limited interest 1,277 300 1,119
Royal Bank of Scotland International Limited arrangement fee - - 60
1,297 482 1,437
5 Tax
The revenue tax charge includes the overseas withholding tax suffered in the
period. The capital tax charge results from the provision for tax liability in
respect of Indian capital gains tax as detailed in note 10.
6 Net return
Six months to Six months to Year to 31 July
31 January 2026 31 January 2025 2025 (audited)
£'000 £'000 £'000
Revenue return after taxation (1,025) 467 2,090
Capital return after taxation 218,485 17,160 41,461
Total net return 217,460 17,627 43,551
Net return per ordinary share
Revenue return after taxation (1.22p) 0.52p 2.34p
Capital return after taxation 260.43p 18.97p 46.42p
Total net return per ordinary share 259.21p 19.49p 48.76p
Weighted average number of ordinary shares in issue 83,894,769 90,437,115 89,322,898
The net return per ordinary share figures are based on the above totals of
revenue and capital and the weighted average number of ordinary shares in
issue (excluding treasury shares) during each period.
There are no dilutive or potentially dilutive shares in issue.
7 Dividends
Six months to Six months to Year to 31 July
31 January 2026 31 January 2025 2025 (audited)
£'000 £'000 £'000
Amounts recognised as distributions in the period: 1,260 2,398 2,398
Previous year's final dividend of 1.50p
(31 July 2024 - 2.65p), paid 1 December 2025
Amounts paid and payable in respect of the period: - - 1,260
Final dividend (31 July 2025 - 1.50p)
No interim dividend has been declared in respect of the current period.
8 Fixed assets - investments
The Company's investments in securities are financial assets held at fair
value through profit or loss. The fair value hierarchy used to analyse the
fair values of financial assets is described below. The levels are determined
by the lowest (that is the least reliable or least independently observable)
level of input that is significant to the fair value measurement for the
individual investment in its entirety as follows:
Level 1 - using unadjusted quoted prices for identical instruments in
an active market;
Level 2 - using inputs, other than quoted prices included within Level
1, that are directly or indirectly observable (based on market data); and
Level 3 - using inputs that are unobservable (for which market data is
unavailable).
An analysis of the Company's financial asset investments based on the fair
value hierarchy described above is shown below.
Investments held at fair value through profit or loss
Level 1 Level 2 Level 3 Total
As at 31 January 2026 £'000 £'000 £'000 £'000
Listed equities 826,798 - - 826,798
Unlisted equities - - 5,813 5,813
Unlisted preference shares(†) - - 33,980 33,980
Total financial asset investments 826,798 - 39,793 866,591
Level 1 Level 2 Level 3 Total
As at 31 July 2025 (audited) £'000 £'000 £'000 £'000
Listed equities 611,876 - - 611,876
Unlisted equities - - 6,903 6,903
Unlisted preference shares(†) - - 32,992 32,992
Total financial asset investments 611,876 - 39,895 651,771
† The investments in preference shares include liquidation preference
rights that determine the repayment (or multiple thereof) of the original
investment in the event of a liquidation event such as a take-over.
The fair value of listed security investments is bid price or, in the case of
FTSE 100 constituents and holdings on certain recognised overseas exchanges,
last traded price. The fair value of suspended investments is the last traded
price, adjusted for the estimated impact on the business of the suspension.
Unlisted investments are valued at fair value by the Directors following
a detailed review and appropriate challenge of the valuations proposed by the
Managers. The Managers' unlisted investment policy applies methodologies
consistent with the International Private Equity and Venture Capital Valuation
guidelines ('IPEV'). These methodologies can be categorised as follows: (a)
market approach (multiples, industry valuation benchmarks and available market
prices); (b) income approach (discounted cash flows); and (c) replacement cost
approach (net assets). The valuation process recognises also, as stated in the
IPEV Guidelines, that the price of a recent investment may be an appropriate
starting point for estimating fair value, however it should be evaluated using
the techniques described above.
9 Financial liabilities
At 31 January 2026, creditors falling due within one year include borrowings
of £60,000,000 (31 July 2025 - £35,780,000) drawn under a one year £60
million multi-currency revolving credit facility with the Royal Bank of
Scotland International Limited which expires in March 2026.
10 Provision for tax liability
The tax liability provision at 31 January 2026 was nil (31 July 2025 -
£4,191,000). In the prior period, the provision related to a potential
liability for Indian capital gains tax that may arise on the Company's Indian
investments should they be sold in the future, based on the net unrealised
taxable capital gain at the period end and on enacted Indian tax rates (long
term capital gains are taxed at 12.5% and short term capital gains are taxed
at 20%). No provision is required at 31 January 2026 as there was no net
unrealised taxable capital gain on Indian investments at the period end. The
amount of any future tax payable may differ from this position depending on
the value and timing of any future sales of such investments and future Indian
tax rates.
11 Share capital
As at 31 January 2026 As at 31 July 2025 (audited)
Number £'000 Number £'000
Allotted, called up and fully paid ordinary shares of 10p each in issue 82,962,275 8,297 85,648,427 8,565
Treasury shares of 10p each 9,112,686 911 6,426,534 643
92,074,961 9,208 92,074,961 9,208
The Company has authority to allot shares under section 551 of the Companies
Act 2006. In accordance with authorities granted at the last Annual General
Meeting in November 2025, buy-backs will only be made at a discount to net
asset value and the Board has authorised use of the issuance authorities to
issue new shares or sell shares from treasury at a premium to net asset value
in order to enhance the net asset value per share for existing shareholders
and improve the liquidity of the Company's shares. In the six months to 31
January 2026, the Company issued no ordinary shares (year to 31 July 2025 - no
ordinary shares from treasury). At 31 January 2026 the Company had authority
to allot or sell from treasury 8,446,640 ordinary shares without application
of pre-emption rights.
In the six months to 31 January 2026, 2,686,152 shares, representing 3.1% of
the issued share capital as at 31 July 2025, were bought back at a total cost
of £19,674,000 and held in treasury (year to 31 July 2025 - 5,008,324
ordinary shares, representing 5.5% of the issued share capital at 31 July
2024, were bought back at a total cost of £29,766,000 and held in treasury).
As at 31 January 2026, the Company had authority remaining to buy back
12,341,415 ordinary shares on an ad hoc basis.
Over the period from 31 January 2026 to 10 March 2026 the Company has issued
no further shares from treasury and 236,901 shares were bought back.
12 Transaction costs
During the period, transaction costs on purchases amounted to £243,000 (31
January 2025 - £21,000; 31 July 2025 - £190,000) and transaction costs on
sales amounted to £275,000 (31 January 2025 - £30,000; 31 July 2025 -
£262,000).
13 Related party transactions
There have been no transactions with related parties during the first six
months of the current financial year that have materially affected the
financial position or the performance of the Company during that period and
there have been no changes in the related party transactions described in the
last Annual Report and Financial Statements that could have had such an effect
on the Company during that period.
14 Principal risks and uncertainties
The principal risks facing the Company are financial risk, investment strategy
risk, political and associated economic risk, discount risk, regulatory risk,
custody and depositary risk, operational risk, leverage risk, climate and
governance risk, cyber security risk and emerging risks. An explanation of
these risks and how they are managed is set out on pages 44 to 47 of the
Company's Annual Report and Financial Statements for the year to 31 July 2025
which is available on the Company's website: pacifichorizon.co.uk
(http://www.pacifichorizon.co.uk/) (‡).
The principal risks and uncertainties have not changed since the date of that
report.
None of the views expressed in this document should be construed as advice to
buy or sell a particular investment. The printed version of the Interim
Financial Report will be sent to shareholders and will be available on the
Company's page on the Managers' website pacifichorizon.co.uk
(http://www.pacifichorizon.co.uk/) (‡) on or around 20 March 2026.
(‡) Neither the contents of the Managers' website nor the contents of
any website accessible from hyperlinks on the Managers' website (or any other
website) is incorporated into, or forms part of, this announcement.
Third party data provider disclaimer
No third party data provider ('Provider') makes any warranty, express or
implied, as to the accuracy, completeness or timeliness of the data contained
herewith nor as to the results to be obtained by recipients of the data. No
Provider shall in any way be liable to any recipient of the data for any
inaccuracies, errors or omissions in the index data included in this document,
regardless of cause, or for any damages (whether direct or indirect) resulting
therefrom.
No Provider has any obligation to update, modify or amend the data or to
otherwise notify a recipient thereof in the event that any matter stated
herein changes or subsequently becomes inaccurate.
Without limiting the foregoing, no Provider shall have any liability
whatsoever to you, whether in contract (including under an indemnity), in tort
(including negligence), under a warranty, under statute or otherwise, in
respect of any loss or damage suffered by you as a result of or in connection
with any opinions, recommendations, forecasts, judgements, or any other
conclusions, or any course of action determined, by you or any third party,
whether or not based on the content, information or materials contained
herein.
MSCI Index data
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 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. (msci.com).
Glossary of terms and Alternative Performance Measures ('APM')
Total assets
This is the Company's definition of adjusted total assets, being the total
value of all assets held less all current liabilities (other than liabilities
in the form of borrowings).
Shareholders' funds and net asset value
Also described as shareholders' funds, net asset value ('NAV') is the value of
all assets held less all liabilities (including borrowings). The NAV per
share is calculated by dividing this amount by the number of ordinary shares
(excluding shares held in treasury) in issue.
Net liquid assets
Net liquid assets comprise current assets less current liabilities (excluding
borrowings).
Discount/premium (APM)
As stockmarkets and share prices vary, an investment trust's share price is
rarely the same as its NAV. When the share price is lower than the NAV per
share it is said to be trading at a discount. The size of the discount is
calculated by subtracting the share price from the NAV per share and is
usually expressed as a percentage of the NAV per share. If the share price is
higher than the NAV per share, this situation is called a premium.
As at As at
31 January 31 July 2025
2026 (audited)
£'000 £'000
Net asset value per ordinary share (a) 976.21p 716.13p
Share price (b) 897.00p 648.00p
Discount ((b) - (a)) ÷ (a) (8.1%) (9.5%)
Total return (APM)
The total return is the return to shareholders after reinvesting the net
dividend on the date that the share price goes ex-dividend. In periods where
no dividend is paid, the total return equates to the capital return.
As at As at As at As at
31 January 31 January 31 July 31 July
2026 2026 2025 2025
NAV Share price NAV Share price
Closing NAV per share/share price (a) 976.21p 897.00p 716.13p 648.00p
Dividend adjustment factor* (b) 1.0018 1.0020 1.0039 1.0046
Adjusted closing NAV per share/share price (c) = (a) x (b) 977.97p 898.79p 718.95p 650.98p
Opening NAV per share/share price (d) 716.13p 648.00p 664.01p 612.00p
Total return (c) ÷ (d) -1 36.6% 38.7% 8.3% 6.4%
* The dividend adjustment factor is calculated on the assumption that the
final dividend of 1.50p (31 July 2024 - 2.65p) paid by the Company during the
period was reinvested into shares of the Company at the cum income NAV per
share/share price, as appropriate, at the ex-dividend date.
Turnover
Turnover is calculated as the minimum of purchases and sales in a month,
divided by the average market value of the portfolio, summed to get rolling
12 month turnover data.
Ongoing charges (APM)
The total recurring expenses (excluding the Company's cost of dealing in
investments and borrowing costs) incurred by the Company as a percentage of
the daily average net asset value.
Gearing (APM)
At its simplest, gearing is borrowing. Just like any other public company, an
investment trust can borrow money to invest in additional investments for its
portfolio. The effect of the borrowing on the shareholders' assets is called
'gearing'. If the Company's assets grow, the shareholders' assets grow
proportionately more because the debt remains the same. But if the value of
the Company's assets falls, the situation is reversed. Gearing can therefore
enhance performance in rising markets but can adversely impact performance in
falling markets.
Net gearing is borrowings at book less cash and brokers' balances expressed as
a percentage of shareholders' funds.
As at As at
31 January 31 July 2025
2026 (audited)
£'000 £'000
Borrowings (at book value) 60,000 35,780
Less: cash and cash equivalents (6,892) (3,820)
Less: sales for subsequent settlement (2,362) -
Add: purchases for subsequent settlement 4,725 331
Adjusted borrowings (a) 55,471 32,291
Shareholders' funds (b) 809,883 613,357
Net gearing: (a) as a percentage of (b) 7% 5%
Gross gearing is the Company's borrowings expressed as a percentage of
shareholders' funds.
As at As at
31 January 31 July 2025
2026 (audited)
£'000 £'000
Borrowings (at book value) (a) 60,000 35,780
Shareholders' funds (b) 809,883 613,357
Gross gearing: (a) as a percentage of (b) 7% 6%
Leverage (APM)
For the purposes of the UK Alternative Investment Fund Managers Regulations,
leverage is any method which increases the Company's exposure, including the
borrowing of cash and the use of derivatives. It is expressed as a ratio
between the Company's exposure and its net asset value and can be calculated
on a gross and a commitment method. Under the gross method, exposure
represents the sum of the Company's positions after the deduction of sterling
cash balances, without taking into account any hedging and netting
arrangements. Under the commitment method, exposure is calculated without the
deduction of sterling cash balances and after certain hedging and netting
positions are offset against each other.
Active share (APM)
Active share, a measure of how actively a portfolio is managed, is the
percentage of the portfolio that differs from its comparative index. It is
calculated by deducting from 100 the percentage of the portfolio that overlaps
with the comparative index. An active share of 100 indicates no overlap with
the index and an active share of zero indicates a portfolio that tracks the
index.
Compound annual return (APM)
The compound annual return converts the return over a period of longer than
one year to a constant annual rate of return applied to the compound value
at the start of each year.
China 'A' shares
'A' Shares are shares of mainland China-based companies that trade on the
Shanghai Stock Exchange and the Shenzhen Stock Exchange. Since 2003, select
foreign institutions have been able to purchase them through the Qualified
Foreign Institutional Investor system.
Treasury shares
The Company has the authority to make market purchases of its ordinary shares
for retention as treasury shares for future reissue, resale, transfer, or for
cancellation. Treasury shares do not receive distributions and the Company is
not entitled to exercise the voting rights attaching to them.
Unlisted (private) company
An unlisted or private company means a company whose shares are not available
to the general public for trading and are not listed on a stock exchange.
Pacific Horizon Investment Trust PLC (Pacific Horizon) aims to achieve capital
growth through investment in the Asia-Pacific region (excluding Japan) and in
the Indian Sub-continent. At 31 January 2026 the Company had total assets of
£869.9 million (before deduction of loans of £60.0 million).
Pacific Horizon is managed by Baillie Gifford & Co Limited, the Edinburgh
based fund management group.
Past performance is not a guide to future performance.
Pacific Horizon is a listed UK Company and is not authorised or regulated by
the Financial Conduct Authority. The value of its shares and any income from
those shares can fall as well as rise and you may not get back the amount
invested. Pacific Horizon 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. Pacific Horizon invests in emerging markets (including
Chinese 'A' shares) where difficulties in dealing, settlement and custody
could arise, resulting in a negative impact on the value of your investment.
Shareholders in Pacific Horizon have the right to vote every five years, on
whether to continue Pacific Horizon, or wind it up. If the shareholders decide
to wind the Company 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 November 2026. You can find up to date performance
information about Pacific Horizon on the Pacific Horizon page of the Managers'
website at pacifichorizon.co.uk (http://www.pacifichorizon.co.uk/) . Neither
the contents of the Managers' website nor the contents of any website
accessible from hyperlinks on the Managers' website (or any other website) is
incorporated into, or forms part of, this announcement.
10 March 2026
For further information please contact:
Anzelm Cydzik, Baillie Gifford & Co
Tel: 0131 275 2000
Jonathan Atkins, Director, Four Communications
Tel: 0203 920 0555 or 07872 495396
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