Pacific Horizon Investment Trust PLC (PHI), the Baillie Gifford-managed investment trust focused on Asian and emerging market growth equities, announced on 30 October 2026 that it has purchased 100,000 ordinary shares at a price of 972.68p each. The shares will be held in Treasury, bringing the total Treasury holding to 15,928,989 shares. The transaction reduces the company's shares in issue, net of Treasury, to 76,145,972 — a figure that shareholders must now use as the denominator when calculating disclosure obligations under the FCA's Disclosure Guidance and Transparency Rules.

Key Points

  • Pacific Horizon Investment Trust PLC (PHI), company secretaries Baillie Gifford & Co Limited
  • PHI purchased 100,000 ordinary shares at 972.68p each on 30 October 2026, to be held in Treasury
  • Total Treasury shares now stand at 15,928,989; shares in issue less Treasury total 76,145,972
  • Investors should watch whether further buybacks follow and monitor any changes to the trust's discount to net asset value

PHI Purchases 100,000 Ordinary Shares at 972.68p on 30 October 2026

The announcement confirms that Pacific Horizon Investment Trust executed the purchase of 100,000 ordinary shares at 972.68p per share on 30 October 2026. The total cost of the transaction was not disclosed in the announcement. The acquired shares will not be cancelled but will instead be held in Treasury, a common mechanism used by investment trusts to manage share supply. Baillie Gifford & Co Limited, acting as company secretaries, signed off the regulatory notification, which is classified as an acquisition or disposal of the issuer's own shares under the relevant regulated information framework.

Treasury Holding Rises to 15,928,989 Shares Following the Transaction

Following the buyback, Pacific Horizon Investment Trust now holds 15,928,989 shares in Treasury. This represents a meaningful accumulation of repurchased stock, and the practice of holding shares in Treasury rather than cancelling them preserves the option to reissue them at a later date, for example to satisfy demand when the trust trades at a premium to net asset value. The trust's total shares in issue, once the Treasury holding is deducted, now stands at 76,145,972 ordinary shares, reflecting the reduced free float available to investors in the secondary market.

Updated Denominator of 76,145,972 Shares for FCA Disclosure Calculations

The announcement explicitly states that 76,145,972 is the figure shareholders must use as the denominator when determining whether they are required to notify the company or the FCA of an interest, or a change in interest, under the FCA's Disclosure Guidance and Transparency Rules. This updated denominator is significant for any investor whose holding may be approaching a relevant notification threshold. Shareholders are advised to use this figure for any transparency calculations following the 30 October 2026 transaction, as prior denominators will no longer be valid for this purpose.