(Alliance News) - Pacific Horizon Investment Trust PLC on Friday reported a slight decline in net asset value over the half-year that ended on January 31, underperforming against its benchmark due to the impact of China's Covid policies during 2022.

Pacific Horizon is an investor in the Asia-Pacific region excluding Japan and the Indian sub-continent.

The company said NAV as at January 31 decreased 0.2% to 663.08 pence per share from 664.65p on July 31. NAV total return was 0.3% compared to its benchmark which returned 4.0%. Its benchmark is MSCI All Country Asia ex Japan Index.

Looking ahead, Pacific Horizon said: "Today, Asia's financial position is superior to much of the developed world. Combine this with Asia's structurally faster growth rates and valuations at multi-year lows relative to developed markets, and the long-term outlook for Asian investors looks very encouraging."

It added that this has not reflected in the performance of Asian equities because of China's restrictive Covid policies which were in place throughout most of 2022, noting that the MSCI China Index is down nearly 50% since its 2021 peak.

Pacific Horizon Investment Trust shares were 0.5% higher at 648.00 pence each in London on Friday morning.

By Tom Budszus, Alliance News reporter

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