PHI Pacific Horizon Investment Trust Plc

TIDMPHI

Pacific Horizon Investment Tst PLC

08 December 2022

Pacific Horizon - Update research from QuotedData

8(th) December 2022

Convergence opportunity

Pacific Horizon (PHI) has in 2022 found itself at a convergence of both negative sentiment towards Asia and growth stocks more generally (a function of lockdowns in China, a slowing global economy and rising interest rates). While this has dented its performance in the short term and pushed it down its peer group rankings (see pages 22 to 24), the manager remains confident in the portfolio, highlighting that many of its companies are cheap (Asia Pacific ex Japan equities are trading at close to their five-year lows on a price-earnings (P/E) basis, and look cheap versus global equities more generally), are cash generative and retain their strong growth prospects.

Reflecting the current poor sentiment, PHI's discount to net asset value (NAV) is approaching its five-year high (excluding a brief spell during COVID), which offers investors an additional layer of comfort as it could tighten if sentiment improves.

Full research:

https://quoteddata.com/research/pacific-horizon-convergence-opportunity-qd/

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NB: Marten & Co was paid to produce this note on Pacific Horizon Trust Plc and it is for information purposes only. It is not intended to encourage the reader to deal in the security or securities mentioned in this report. Please read the important information at the back of this note. QuotedData is a trading name of Marten & Co Limited which is authorised and regulated by the Financial Conduct Authority. Marten & Co is not permitted to provide investment advice to individual investors categorised as Retail Clients under the rules of the Financial Conduct Authority.

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(END) Dow Jones Newswires

December 08, 2022 11:36 ET (16:36 GMT)

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