Pacific Horizon Investment Trust | Winterflood Research

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Pivoting allocations to maintain outperformance

Pacific Horizon aims to achieve capital growth by investing in equities listed in the Asia Pacific region (excluding Japan) and the Indian subcontinent. Up to 10% of the portfolio may be invested in unlisted entities and shareholder approval will be sought to increase this limit to 15% at the November AGM. The fund was managed by Ewan Markson-Brown from March 2014 to June 2021, when he was succeeded by Roderick Snell, who had been deputy manager of the fund since 2013. The manager utilises a bottom-up approach, with country and sector allocations a consequence of stock selection. The emphasis is on identifying companies that are able to double in size within a five-year timeframe. The manager described this approach as “growth squared”: investing in high-growth companies within the fastest growing region in the world. The fund has outperformed the MSCI All Country Asia ex Japan Index and its Asia Pacific peer group over the past one, three, five and ten years, driven by its performance in the wake of the pandemic, with a +130% NAV total return since 1 March 2020, compared with +21% for the benchmark and +43% for the peer group.

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