**Summary of Pacific Horizon Investment Trust PLC Annual Results (23 September 2025)**
**Performance Highlights**
**Net Asset Value (NAV) Total Return** 8.3% for the year to 31 July 2025.
**Share Price Total Return** 6.4% for the same period.
**Comparative Index (MSCI All Country Asia ex Japan Index):** 17.1% total return in sterling terms, outperforming the Trust.
**Five-Year Performance** NAV total return of 50.8% and share price total return of 30.8%, compared to the indexs 30.4%.
**Portfolio Contributions**
**Positive Contributors** Holdings in SEA Ltd (Singapore), Bytedance (China), and Accton Technology (Taiwan).
**Negative Contributors** VerSe Innovation (India), Samsung Electronics (South Korea), and Equinox India Developments (India).
**Strategic Initiatives**
**Performance-Related Tender Offer** Announced in April 2025, offering to buy back up to 25% of shares if NAV underperforms the MSCI index over five years (2025-2030).
**Share Buybacks** Bought back 5.5% of shares (£29.8 million) at an average discount of 10.7%, aiming to maintain a single-digit discount.
**Gearing** Increased net gearing to 5% (from 0% in 2024) to enhance portfolio exposure.
**Financials**
**Earnings per Share** 2.34p (down from 3.82p in 2024) due to borrowing costs.
**Dividend** Recommended final dividend of 1.50p per share (down from 2.65p in 2024), subject to shareholder approval.
**Outlook**
**Market Volatility** Near-term challenges from US tariff policy and inflation, but long-term optimism due to strong fundamentals in Asia.
**Portfolio Strengths** Focus on world-class, cashflow-generative businesses with regional income streams, less exposed to global macro risks.
**AGM Details**
Scheduled for **25 November 2025** in London, with a presentation by portfolio managers and Q&A session.
**Key Metrics**
**Active Share** 72.8%, indicating significant divergence from the benchmark.
**Portfolio Turnover:** 18.0%reflecting active management.
**Top Holdings:** TSMC (10.4%)Tencent Holdings (7.1%)and Samsung Electronics (6.0%).
**Conclusion**
Despite underperforming the benchmark in the short term, Pacific Horizon remains focused on long-term growth in Asia, leveraging strategic initiatives like gearing and share buybacks. The Trust is optimistic about the regions prospects, supported by strong macroeconomic fundamentals and attractive valuations.