This monthly report covers a fund that invests in Pacific region stocks. It gained 94.5% over the past year, far beating its benchmark, thanks to big bets on Asian chipmakers like Samsung and TSMC. But don't get too excited: the year before it lost 3.8%, so swings are extreme. The fund's shares currently trade at about a 10% discount to their underlying value. It explicitly suits long-term investors who can hold for five-plus years and tolerate volatility, not those seeking steady income or quick gains. Worth reading because it's a clear example of high returns coming with high risk.
Pacific Horizon Investment Trust PLC (as of June 30, 2026) focuses on long-term capital appreciation in Asia Pacific (ex-Japan) and the Indian subcontinent, employing a non-indexed stock selection strategy with a portfolio of 40–120 holdings and the ability to allocate up to 15% to private companies
As of 30 June 2026, the fund delivered a one-year NAV return of 94.5% and a share-price return of 92.2%, outperforming the MSCI Asia (ex Japan) Index (51.2%) by 43.3 and 41.0 percentage points, respectively; the report does not disclose a year-to-date figure.
| Metric | 1 Year | 3 Years | 5 Years | 10 Years |
|---|---|---|---|---|
| Fund NAV | 94.5% | 121.4% | 69.2% | 527.7% |
| Fund Share Price | 92.2% | 119.5% | 40.2% | 538.6% |
| Benchmark | 51.2% | 86.6% | 51.4% | 192.4% |
| NAV Excess | +43.3 | +34.8 | +17.8 | +335.3 |
Discrete years (NAV / share price / benchmark):
| Year | NAV | Share Price | Benchmark |
|---|---|---|---|
| 2021/22 | -14.9% | -27.9% | -14.4% |
| 2022/23 | -10.2% | -11.4% | -5.2% |
| 2023/24 | +18.4% | +17.4% | +13.9% |
| 2024/25 | -3.8% | -2.7% | +8.4% |
| 2025/26 | +94.5% | +92.2% | +51.2% |
The substantial one-year outperformance is built on a 12.2 percentage-point underperformance versus the benchmark in 2024/25, implying considerable volatility; the report does not provide a performance attribution breakdown.
This report does not disclose buy/sell transactions during the period; the following is the static portfolio: the top ten holdings total 60.0% of total assets, with Korean and Taiwanese semiconductor supply-chain names dominating the portfolio, alongside four private companies (4.4% in aggregate).
Top ten holdings (as % of assets):
| # | Holding | Weight |
|---|---|---|
| 1 | Samsung Electronics | 14.0% |
| 2 | TSMC | 13.5% |
| 3 | SK Square | 8.5% |
| 4 | SK Hynix | 4.8% |
| 5 | MediaTek | 4.3% |
| 6 | Montage Technology | 3.6% |
| 7 | ByteDance Ltd. | 3.5% |
| 8 | Tencent | 3.3% |
| 9 | EO Technics | 2.4% |
| 10 | Accton Technology | 2.2% |
Geographic exposure (as listed separately in the original): South Korea 30.7%, Taiwan 23.2%, China 18.5%, China A-shares 11.8%, India 4.9%, Vietnam 3.2%, Hong Kong 3.0%, Singapore 1.5%, Kazakhstan 1.2%, Indonesia 0.8%, Thailand 0.6%, net current assets 0.7%. Industries (33 in total; the report lists the top 20 but without specific percentages): the largest exposure is in semiconductors and semiconductor equipment, followed by technology hardware/storage/peripherals, industrial conglomerates, interactive media and services, metals and mining, and others.
Fund framework: non-indexed stock selection, portfolio of 40–120 holdings, private-company cap of 15%. Leverage and trading statistics: Gross Gearing 4%, Net Gearing 3% (total borrowings £37.04m), annual turnover 37%, Active Share 62% (relative to the MSCI All Asia ex Japan Index).
Total assets £1,066.36m, NAV per share 1302.75p, share price 1170.00p (discount of 10.2%); Ongoing Charges 0.75%, dividend yield 0.1%.