The Baillie Gifford-managed Pacific Horizon Investment Trust, which manages assets of £955.56 million, announced its results for the year to July 31, 2026.

Over the period, the company’s net asset value (NAV) per share total return was 65.1%, while the share price total return was 63.3%, significantly ahead of the MSCI All Country Asia ex Japan Index return of 35.8%.

“The strong performance was driven by a broad range of holdings, with particularly strong contributions from investments in China, South Korea and Taiwan,” said Pacific Horizon.

“At a sector level, Information Technology and Materials were key contributors, with Samsung Electronics, Z.AI, SK Hynix, SK Square and TSMC among the strongest performers.”

The fund’s other major investments include Tencent Holdings, ByteDance, MediaTek, Chifeng Jilong Gold, CATL, Montage Technology and Alibaba.

In March 2025, Pacific Horizon Investment Trust announced a five-year performance-related conditional tender for up to 25% of its issued share capital. Since then, NAV and share price have risen by 80.3% and 81.2% respectively, compared with 53.2% for the comparative index.

Edinburgh-based Baillie Gifford has £200 billion of assets under management. The firm is owned and run by 54 partners, who all work at the firm. The company has 1,700 staff and branch offices in Amsterdam, Dublin, Frankfurt, Hong Kong, London, New York, Shanghai, Singapore, Toronto, and Zurich.

Pacific Horizon Investment Trust portfolio managers Roddy Snell and Ben Durrant said they are optimistic about the long-term prospects for Asia Pacific ex Japan “notwithstanding the strong returns from a number of markets over the past year and the likelihood of continued market volatility.”

While recent returns have been strong, the managers continue to see a rich opportunity set across the region.

“Many Asian businesses remain under-researched, under-owned and attractively valued, supported by powerful structural growth drivers including artificial intelligence, digitisation, rising domestic consumption and industrial upgrading,” said Pacific Horizon.

Snell said: “We remain positive on the outlook for Asia. Our exposure to Samsung Electronics, SK Hynix and SK Square was particularly beneficial during the year.

“These holdings were among the portfolio’s largest positions and strongest contributors to relative performance, as tightening supply and exceptional AI-related demand drove earnings to record levels.

“While recent market returns have been strong, we continue to see a compelling opportunity set across the region. Many businesses are benefiting from powerful structural growth trends, yet valuations remain attractive relative to developed markets.

“We believe some of the most attractive opportunities emerge where growth is underappreciated. Markets often overemphasise short-term certainty and underestimate the scale and duration of future growth.

“By taking a long-term perspective, we seek to identify exceptional companies capable of compounding earnings for many years before that potential is fully recognised in share prices.”