Pacific Horizon Investment Trust
|Headquarters||Edinburgh, Scotland, UK|
Ewan Markson-Brown, Trust ManagerRoderick Snell, Deputy Manager
|Parent||Baillie Gifford & Co Limited|
The Pacific Horizon Investment Trust (LSE: PHI) is a publicly traded investment trust listed on the London Stock Exchange. The Trust invests in the markets of the Asia Pacific region (excluding Japan) and of the Indian Sub-continent. The Trust is managed by Baillie Gifford & Co Limited, the Edinburgh-based investment management partnership.
The Company was incorporated on 1 February 1989 under the name of Dealchief Public Limited Company, with an authorised share capital of 100,000 ordinary shares of £1 each. The Company name was changed to Pacific Horizon Investment Trust PLC on 18 July 1989, and its share capital altered, so that by 31 July 1990, the Company had authorised 60,000,000 ordinary shares of 10p each and 40,872,989 issued and fully paid ordinary shares of 10p each.
Dealing in the Company's stock commenced on 22 September 1989 on the London Stock Exchange. Its investment policy at the time was to achieve capital growth via investing in certain 'Horizon' economies of Asia and the Far East whose stock markets were in the process of opening up to greater inflows of foreign investment. As a consequence, investment in Japan, Australia, New Zealand, Hong Kong, Singapore and Malaysia was excluded.
In 1992, at the end of the Company's financial year, the Board decided to widen the Company's investment objectives so as to embrace the whole of Asia except Japan. In addition, Baillie Gifford & Co Limited were appointed as managers, replacing Tyndall International (Asia) Limited. Consequently, management of the trust moved from Hong Kong to Edinburgh.
At an Extraordinary General Meeting of the Company on 17 July 1995, it was agreed that the life of the Company should be extended for a period of seven years. Once again, in 2002, shareholders agreed that the life of the Company should be extended, this time for a period of five years, at which point a continuation vote would be called again. At the annual general meeting held on 24 October 2006, shareholders voted in favour of extending the life of the Company for a further five years and to expand the investment remit to include the markets of the Indian subcontinent. At the meeting held on 17 October 2011, shareholders approved the continuation of the company until the date of the next Annual General Meeting which was held in 2016. In November 2016, shareholders voted to extend the life of the Trust for a further five years.