Pacific Horizon Valuation - 30 April 2026

This section is the holdings valuation table as of April 30, 2026, rather than a narrative introduction; the report contains no performance, manager commentary, or holdings change explanations. The following is organized objectively by portfolio structure.

Portfolio Size and Asset Composition

Fund total assets of £939 million; listed equities account for 91.8%, private company investments 4.8%, and net current assets 3.3%.

Asset Class	Market Value (GBP)	% of Total
Listed equities	862,529,063	91.8%
Private company investments (excluding fixed interest)	45,501,830	4.8%
Net current assets	31,043,121	3.3%
Total assets	939,074,014	100.0%

Top Ten Holdings and Concentration

The top ten holdings together account for 50.3%; TSMC alone represents 13.3%, and the top three (TSMC, Samsung Electronics, SK Square) together account for 31.2%.

Holding	Shares Held	Market Value (GBP)	% of Total
TSMC	2,528,000	125,359,304	13.3%
Samsung Electronics	959,817	105,008,824	11.2%
SK Square	150,405	62,760,592	6.7%
Tencent	852,000	37,441,961	4.0%
Mediatek	453,000	27,461,252	2.9%
Eo Technics	112,924	26,221,702	2.8%
CATL 'A'	511,898	24,035,086	2.6%
Chifeng Gold 'A'	5,452,700	22,307,795	2.4%
Accton Technology	394,000	20,864,726	2.2%
Montage Technology 'A'	1,107,667	20,672,049	2.2%

Remaining Listed Equity Holdings (by Region)

There are 67 listed stocks in total; beyond the top ten, the portfolio remains diversified across markets including China/Hong Kong, India, Vietnam, South Korea, among others.

• China/Hong Kong: Alibaba (US ADR) (£8,729,092, 0.9%), Alibaba Group Holding (£10,849,486, 1.2%), Cmoc Group 'A' (£3,730,614, 0.4%), DiDi Global ADR (£6,560,262, 0.7%), Gongniu Group 'A' (£3,266,777, 0.3%), Haidilao Intl (£3,353,624, 0.4%), Kanzhun ADR (£3,609,114, 0.4%), Knowledge Atlas Technology -H (£14,351,180, 1.5%), Lightelligence (£11,711,990, 1.2%), Luckin Coffee ADR (£10,716,013, 1.1%), Meituan (£5,739,577, 0.6%), Midea Group 'A' (£9,862,493, 1.1%), PDD Holdings (£9,685,667, 1.0%), Ping An Insurance (£12,236,151, 1.3%), Pony AI ADR (£1,773,712, 0.2%), Sanhua Intelligent Controls 'H' (£3,982,498, 0.4%), SG Micro 'A' (£8,741,468, 0.9%), Sungrow Power Supply 'A' (£5,390,171, 0.6%), Zangge Mining 'A' (£4,331,355, 0.5%), Zijin Gold International (£12,155,152, 1.3%), Zijin Mining Group 'H' (£17,875,407, 1.9%).
• Taiwan: Chroma ATE (£16,446,139, 1.8%), Silergy (£12,620,312, 1.3%).
• South Korea: SK Hynix (£9,932,868, 1.1%), Samsung E & A (KR7028050003, £7,907,355, 0.8%), Seoul Viosys (£1,540,062, 0.2%).
• India: Bajaj Finserv (£4,126,486, 0.4%), Delhivery (£7,194,371, 0.8%), Eicher Motors (£4,119,215, 0.4%), Embassy Developments (£4,014,078, 0.4%), HDB Financial Services (£3,385,640, 0.4%), InterGlobe Aviation (£2,660,668, 0.3%), Lemon Tree Hotels (£3,910,751, 0.4%), MakeMyTrip (£6,202,251, 0.7%), Meesho (£1,361,371, 0.1%), PB Fintech (£6,580,295, 0.7%).
• Vietnam: Binh Minh Plastics (£2,389,487, 0.3%), FPT (£1,969,211, 0.2%), HDBank (£8,048,626, 0.9%), Hoa Phat Group (£3,141,609, 0.3%), Khang Dien House (£4,774,861, 0.5%), Military Commercial Joint Bank (£7,846,341, 0.8%), Mobile World Investment (£5,209,936, 0.6%), Vietnam Enterprise (£1,647,086, 0.2%).
• Indonesia/Southeast Asia/Other: AKR Corporindo (£3,585,710, 0.4%), Bank Rakyat Indonesia (£4,404,594, 0.5%), PT Vale Indonesia (£2,228,324, 0.2%), Grab Holdings (£1,844,325, 0.2%), Sea Ltd ADR (£11,928,259, 1.3%), Fabrinet (£7,518,686, 0.8%), ASM Pacific Tech (£6,800,286, 0.7%), Kaspi.kz ADR (£12,228,086, 1.3%), MMG Ltd (£15,007,988, 1.6%), Silvercorp Metals (£7,169,537, 0.8%), Tsugami Precision (£8,918,586, 0.9%), Wasion Holdings (£6,644,404, 0.7%).

Private Company Investments

Private company investments total 4.8%, with ByteDance at 3.9% — the largest unlisted holding in the portfolio.

Holding	Market Value (GBP)	% of Total
ByteDance Ltd Series E-1 Pref.	36,540,889	3.9%
Eden Biologics Inc	18,053	0.0%
Micro Connect (New Markets BVI) Ltd Series C Pref	4,966,040	0.5%
Ver Se (DailyHunt) Innovation Private Ltd J Pref	551,326	0.1%
Ver Se (DailyHunt) Innovation Private Ltd Equity	358,397	0.0%
Ver Se (DailyHunt) Innovation Private Ltd I Pref	3,067,125	0.3%

Portfolio Characteristics: Geography, Industry, and Position Status

Judging by holding names and listing venues, the portfolio is heavily concentrated in the Asian semiconductor supply chain; cash and net current assets amount to just 3.3%, leaving the portfolio nearly fully invested.

• Geographically, Taiwan (TSMC, Mediatek, Accton, Chroma, Silergy), South Korea (Samsung Electronics, SK Square, Eo Technics, SK Hynix), and China/Hong Kong (Tencent, CATL, Alibaba, PDD, etc.) constitute the three core markets, together accounting for over 70%.
• By industry, semiconductor design, manufacturing, equipment, and components (TSMC, Samsung Electronics, SK Square, Mediatek, Eo Technics, Montage, Accton, Chroma, Silergy, SG Micro, SK Hynix, Fabrinet, ASM Pacific, Lightelligence, Seoul Viosys, etc.) carry the largest weight; internet/platform names (Tencent, Alibaba, PDD, Meituan, Sea, Grab, Kanzhun, Luckin, Meesho, etc.) form the second tier.
• Gold/mining (Chifeng Gold, Zijin Mining, Zijin Gold International, Silvercorp, MMG, Zangge, PT Vale) totals approximately 8%, serving as the portfolio's resource allocation.
• Net current assets stand at £31,043,121 (3.3%). The report does not disclose leverage, long/short ratios, or derivative positions, noting only that derivative exposure is available in the monthly factsheet.