Why Did Pacific Horizon Investment Trust PLC Shares Rise on 13 November 2026?

Pacific Horizon Investment Trust PLC (LSE:PHI) shares rose 0.10% to 975p on 13 November 2026. The investment trust remained in focus after publishing results for the year to 31 July 2026 on 22 September 2026.

The update reported a NAV total return of 65.1% and announced changes to the fee structure and investment policy.

Key Highlights

Net asset value per share total return was 65.1% for the year, compared with 35.8% for the MSCI All Country Asia ex Japan index. Share price total return was 63.3%.

The company spent £73.6m buying back 7.8m shares, equal to 9.1% of its opening share capital, which added an estimated 0.9% to NAV per share.

About Pacific Horizon Investment Trust PLC

Pacific Horizon Investment Trust seeks capital growth by investing in the Asia-Pacific region excluding Japan and the Indian sub-continent. It is managed by Baillie Gifford and compares performance with the MSCI All Country Asia ex Japan index.

The board does not target a distribution, in line with its capital growth objective.

Performance Drivers

Gains came largely from exposure to technology and AI infrastructure, particularly in South Korea and Taiwan. Samsung Electronics, SK Square and TSMC were among the largest contributors, while stock selection in China also added value.

The trust also holds economic exposure to SK Hynix, a memory-chip producer.

Longer-Term Reference Points

Total returns over longer periods were 87.3% for three years, 54.3% for five years and 437.4% for ten years on a NAV basis. The comparator index returned 69.8%, 57.2% and 164.4% over the same periods.

Between 31 March 2025 and 31 July 2026, NAV returned 80.2%, compared with 53.2% for the benchmark.

Fee Simplification

From 1 August 2026, Baillie Gifford receives 0.65% on the first £500m of net Assets and 0.50% above that level, replacing the previous three-tier structure. A simpler structure makes it easier to see how costs apply as assets change.

The board also noted that Earnings Per Share were 1.28p, compared with 2.34p a year earlier.

Investment Policy Amendment

The board approved an amendment to the investment policy from 15 September 2026. The maximum investment in any one listed company is now the greater of 15% of assets or its benchmark weight plus 2.5 percentage points, with an absolute ceiling of 20%.

The change reflects the rising concentration of the benchmark, where TSMC, Samsung Electronics and SK Hynix represented 32.5% of the index at year end.

Understanding NAV and Benchmarks

Net asset value measures the value of a trust's assets less liabilities per share. A benchmark such as the MSCI All Country Asia ex Japan index provides a reference for comparing portfolio returns.

Share Buybacks reduce the number of shares in issue and can add to NAV per share when shares are repurchased below NAV.

Why the Update Matters for the Sector

Asia-focused trusts are followed for exposure to regional growth and technology Supply chains. The update shows how portfolio positioning, buybacks and fee structures all contribute to the Shareholder experience.

The Annual General Meeting in November will also be an opportunity for the board to seek renewal of its annual buyback authority.

Key Growth Catalysts

A growth-oriented portfolio, continued buybacks and a simplified fee structure give the trust several reference points. The investment policy change provides flexibility as index weights evolve.

Factors to Monitor

Asian Stock Markets can be influenced by technology cycles, currency movements and geopolitical developments. The share price may trade at a discount to NAV.

What Investors Should Watch Next

Investors may wish to follow monthly NAV announcements, the November AGM, buyback activity and portfolio changes.

Conclusion

Pacific Horizon Investment Trust PLC (LSE:PHI) rose 0.10% to 975p on 13 November 2026. Pacific Horizon reported a NAV total return of 65.1% for the year to 31 July 2026, alongside buybacks, a simpler fee and an updated investment policy. The AGM and monthly NAV updates are the next reference points.