Pacific Horizon Investment Trust smashes benchmark returns in first half

(Sharecast News) - Pacific Horizon Investment Trust significantly outperformed its benchmark over the six months to 31 January, while the share price's discount to net asset value narrowed further, helped by strong performances in the North Asian semiconductors and mining sectors. NAV total return per share was 36.6% for the fiscal first half, compared to a 17.8% total return for its benchmark, the MSCI All Country Asia ex Japan Index, in sterling terms.

Meanwhile, the share price jumped by a greater 38.7% over the period, leading to a discount to NAV falling to 8.1% from 9.5%.

"The strong absolute and relative returns over the period were driven by effective stock selection, notably within North Asian semiconductor holdings, including SK Square and Samsung Electronics, and among copper and gold producers such as MMG and Zijin Mining Group," the company said.

Looking ahead, PHI reiterated confidence its outlook for Asian markets and its portfolio, which is exposed to structural growth themes supported by "improving fundamentals and reasonable valuations".

PHI said that the region's performance reflects a "deep and enduring structural change" in global economic dynamics, because of evolving consumption patterns, innovation capacity and corporate governance.

"As these forces compound, Asia ex Japan is increasingly central to the world's economic architecture, offering investors exposure to some of the most important growth opportunities of the coming decades," the company said.

PHI shares were up 0.5% at 929p by 1224 GMT.