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Pacific Horizon Investment Trust (Baillie Gifford) Letters & Research Archive

7 pieces · 2025–2026 · updated every Monday

2026

09-08Baillie Gifford Pacific Horizon Investment Trust FactsheetThis is the latest monthly factsheet for Baillie Gifford's Pacific Horizon investment trust. The fund returned 64.4% last month, beating its benchmark's 40.4% by a wide margin. The report doesn't state a clear market view, but the portfolio is heavily weighted toward Asian tech stocks, with top holdings including TSMC (13.8%), Samsung Electronics (12.6%), and SK Square (6.0%). The fund also uses a small amount of leverage (3% net gearing) to boos…→08-12Baillie Gifford Pacific Horizon Investment Trust FactsheetThis 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…→07-09Baillie Gifford Pacific Horizon Investment Trust FactsheetThis 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 v…→07-01Pacific Horizon Valuation - 30 April 2026This is a fund's holdings list as of April 2026, basically a public look at where its money sits. The fund holds about £939 million, mostly in listed shares, with nearly half the portfolio in just ten companies, led by TSMC, Samsung Electronics, and Tencent. It also has a small stake in private firms, notably ByteDance. For everyday investors, the key point is that this fund is heavily concentrated in Asian tech and keeps very little cash, so it…→03-20Pacific Horizon Interim Financial Report - January 2026This is a plain-English summary of a fund's half-year report. The fund made 36.6% over six months, beating its benchmark (a regional stock index) which returned 17.8%. It gained from big bets on Korean chip makers, copper and gold miners, and Chinese tech stocks. For everyday investors, the key point is that the fund now leans heavily on China and Korea and uses more borrowed money, which can boost gains but also increases losses. It also bought…→

2025

11-26Pacific Horizon - Quoted Data Annual Overview - Individual - November 2025This report covers Pacific Horizon Fund (PHI) performance and strategy for October 2025. The manager is optimistic, citing cheap Asian stocks, a weaker dollar, and China's recovery, with limited tariff impact. Key holdings: ① TSMC, up 45% on AI chip demand; ② Alibaba, re-added for cloud and AI potential; ③ Sea Limited, undervalued fintech with growth prospects.→10-02Pacific Horizon Annual Report - including the Notice of AGM - July 2025This article explains how Pacific Horizon, a trust that invests in Asian growth stocks (excluding Japan), underperformed the market last year: its net asset value rose 8.3%, while the benchmark returned 17.1%. Still, over five years it remains ahead. The reason isn't bad stock-picking but a market that favored big financials and tech giants, while the trust shifted from India toward China and Vietnam. For ordinary investors, the takeaway is that…→