LONDON (Alliance News) - Pacific Horizon Investment Trust PLC Friday said its recent performance has been unsatisfactory when compared against its competitors, after its net asset value per share saw a slower increase.
Pacific Horizon's full-year results, on a like-for-like basis against its own performance in 2012, look strong, but it said its NAV per share increased by just 5.8%, to 182.01 pence, coming short of its own chosen comparison index by 3.3 percentage points. Pacific Horizon said the performance disparity was a result of its medium- to long-term investment strategy, whereas some of its competitors are satisfied by looking for short-term performance in light of difficult market conditions.
Pacific Horizon also proposed a bi-annual tender offer at varying discount percentages to its NAV, saying it gives more benefits than share buybacks.
Pacific Horizon also criticised "fickle" markets, where sentiment on emerging markets, such as the Asia-Pacific region, is shaped very much by events such as Federal Reserve Chairman Ben Bernanke's hint about a tapering of quantitative easing, despite the region's generally good economic performance over the year.
In light of the results, Pacific Horizon said it is recommending a dividend of 1.50 pence per share, equal to last year's.
Pacific Horizon shares were Friday quoted at 152.75 pence per share, unchanged on Thursday's close.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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Pacific Horizon (PHI)