Pacific Horizon Investment Trust
Encyclopedia
The Pacific Horizon Investment Trust 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
, the Edinburgh based investment management partnership.
Dealing in the Company's stock commenced on 22nd 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 and Co 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 17th 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 to be held in 2016.
Investment trust
An Investment trust is a form of collective investment found mostly in the United Kingdom. Investment trusts are closed-end funds and are constituted as public limited companies....
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
Baillie Gifford
Baillie Gifford is an investment management firm which is wholly owned by 36 partners, all of whom work full time for the firm. It was founded in Edinburgh in 1908 and still has its headquarters in the city...
, the Edinburgh based investment management partnership.
History
The Company was incorporated on 1st 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 18th July 1989, and its share capital altered, so that by 31st 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 22nd 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 and Co 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 17th 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 to be held in 2016.