Please click on the link above to access our initiation note on Pacific Horizon.
Pacific Horizon (PHI) is unashamedly a growth fund and its Asia-focused portfolio has significant overweight exposures to technology and biotechnology. However, it would appear that, investors are shying away from Asia because of weak Chinese growth and are seeking safety in defensive stocks for the same reason. Perhaps it is not surprising that PHI has underperformed both its comparative index and its peer group, and its discount has widened. PHI is a fund that may be out of fashion but could perform well in an environment where investors are less risk averse.
PHI : Pacific Horizon – investor in Asian growth