Pacific Horizon suffers sharp NAV slide

Investing in the Asia/Pacific (ex Japan) region, the trust's value declined from £122m at 31 May to £105m at 31 July. Over the year to end July, Pacific Horizon's net asset value fell 19.5% and share price plummeted 24.7% – much further than the 12.7% decline for the company’s MSCI All Country Far East ex Japan Index benchmark. Earlier in July, Baillie Gifford appointed Mike Gush to co-manage the trust, with a view to replace Gerald Smith early next year. Pacific Horizon cited Vietnamese funds, Korean shipbuilders and Hong Kong-listed Chinese companies as the main detractors to performan...