This factsheet from Baillie Gifford's Pacific Horizon trust covers its Asia-Pacific (ex-Japan) and India portfolio. Over the past year the fund's net asset value jumped 65%, easily beating its benchmark's 36%. There's no market commentary in the report. Top holdings: TSMC (world's biggest chip foundry) at 14.6%, Samsung Electronics (South Korean tech giant) at 13%, and Tencent (Chinese internet firm) at 4%. Six of the top ten are chip-related, so the fund is very concentrated.
Pacific Horizon Investment Trust PLC had total assets of £956 million as of July 31, 2026, with net borrowing of 4% and an ongoing charge of 0.75%. The share price traded at a 10.5% discount to NAV. The fund focuses on Asia-Pacific (excluding Japan) and the Indian subcontinent, employing index-neutr
This factsheet does not break out a monthly return for July 2026; for the one year to 31 July 2026, NAV was +65.1% vs. +35.8% for the benchmark; for the most recent full financial year (to 30/06/26), NAV was +94.5% vs. +51.2% for the benchmark.
| Measure | 1 Year | 3 Years | 5 Years | 10 Years |
|---|---|---|---|---|
| Share Price | 63.3% | 82.5% | 34.1% | 436.2% |
| NAV | 65.1% | 87.4% | 54.4% | 437.7% |
| Benchmark* | 35.8% | 69.8% | 57.2% | 164.4% |
*MSCI All Asia ex-Japan Index; all figures are total returns in GBP with dividends reinvested.
| Financial Year (ended 30 June) | 2021/22 | 2022/23 | 2023/24 | 2024/25 | 2025/26 |
|---|---|---|---|---|---|
| Share Price | -27.9% | -11.4% | 17.4% | -2.7% | 92.2% |
| NAV | -14.9% | -10.2% | 18.4% | -3.8% | 94.5% |
| Benchmark | -14.4% | -5.2% | 13.9% | 8.4% | 51.2% |
The one-year excess return was 29.3pp, and the most recent financial year delivered 43.3pp of outperformance; the only lagging window is five years — NAV +54.4% vs. benchmark +57.2%, with the share-price measure even lower at just +34.1%. Note that the one-year figures run to end-July 2026, while the discrete-period table runs to end-June each year, so the windows differ. The report does not provide monthly or attribution data.
This factsheet does not contain the manager's latest market outlook, only a statement of the established strategy framework [stance not stated].
The report does not disclose any rebalancing or buy/sell flow data; the following is a snapshot of holdings as of 31 July 2026. Gross and net leverage are both 4% (borrowings at face value), a modest level.
Top ten holdings (57.0% in aggregate):
| Rank | Holding | % of Total Assets |
|---|---|---|
| 1 | TSMC | 14.6% |
| 2 | Samsung Electronics | 13.0% |
| 3 | SK Square | 6.1% |
| 4 | SK Hynix | 4.2% |
| 5 | Tencent | 4.0% |
| 6 | ByteDance Ltd. | 3.9% |
| 7 | MediaTek | 3.8% |
| 8 | MMG Limited | 2.6% |
| 9 | Chifeng Jilong Gold Mining Industry Co. | 2.5% |
| 10 | Montage Technology | 2.4% |
Structural characteristics: six of the top ten belong to the semiconductor chain (TSMC, Samsung Electronics, SK Square, SK Hynix, MediaTek, Montage Technology), two are internet platforms (Tencent, ByteDance), and two are resource stocks (MMG Limited, Chifeng Jilong Gold Mining Industry Co.).
Geography (% of total assets): China 35.3%, South Korea 26.2%, Taiwan 23.3%, India 5.3%, Vietnam 3.2%, Hong Kong 2.2%, Singapore 1.7%, Kazakhstan 1.3%, Indonesia 1.0%, Thailand 0.5%, net current assets 0.2%.
Industries (33 in total; the chart shows the top 20): Semiconductors & Semiconductor Equipment ranks first, followed by Technology Hardware, Storage & Peripherals; Metals & Mining; Interactive Media & Services; Industrial Conglomerates; General Merchandise Retail; Electrical Equipment; Hotels, Restaurants & Leisure; Electronic Equipment, Instruments & Components; Financial Services; Communications Equipment; Banks; Insurance; Consumer Finance; Machinery; Household Durables; Real Estate Management & Development; Ground Transportation; Air Freight & Logistics; and Construction & Engineering (the original chart does not label exact percentages for each industry).
Portfolio activity: Active Share 62% (relative to the MSCI All Asia ex-Japan Index), annual turnover 41% — holdings are concentrated and deviate materially from the index.
Total assets £956m, NAV 1180.52p per share, share price 1056.00p (a 10.5% discount to NAV); fund manager Roderick Snell (Partner), deputy manager Ben Durrant.
This document is a factsheet published by fund manager Baillie Gifford and contains standard risk warnings and legal disclaimers; the ratings and strategy statements carry the fund manager's perspective. This summary retains only data and factual disclosures.