Pacific Horizon Investment Trust PLC (PHI) AI Stock Analysis

• Market Cap: N/A
• Dividend Yield: 0.2%
• Average Volume (3M): 164.26K
• Price to Earnings (P/E): 0.9
• Beta (1Y): 0.98
• Revenue Growth: 14.72%
• EPS Growth: 63.73%
• Country: UK
• Employees: N/A
• Sector: Financial
• Sector Strength: 70
• Industry: Asset Management
• EPS (TTM): 2.59
• Shares Outstanding: 82,902,275
• 10 Day Avg. Volume: 144,946
• 30 Day Avg. Volume: 164,261
• PEG Ratio: 0.21
• Price to Book (P/B): 0.94
• Price to Sales (P/S): 11.89
• P/FCF Ratio: 548.12
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 65 Neutral
• Price Target: 989.00 p ▲(28.61% Upside)
• Action: Reiterated Date: 12/30/25
• Date: Action: Reiterated 12/30/25

The score is primarily held back by uneven fundamentals—especially weak cash conversion and volatile results—despite a strong balance sheet and a clear profitability rebound. Technicals are supportive with an established uptrend, while valuation looks fair but offers little dividend support; corporate updates are constructive overall but accompanied by elevated risk disclosures.

Positive Factors

Conservative balance sheet

Low leverage and a sizable equity base provide durable financial resilience for a closed‑ended investment trust. This structural strength reduces insolvency and refinancing risk, supports ability to hold through market cycles, and preserves capacity to use modest gearing tactically to enhance long‑term NAV.

Profitability rebound and improved returns

A marked return to profitability and rising ROE signal the manager's ability to generate positive excess returns after recent losses. Sustained profit recovery supports NAV recovery, rebuilds retained capital, and improves prospects for future distributions and shareholder confidence over the medium term.

Corporate flexibility to manage discount

Board approval to issue shares and buy back stock is a lasting corporate governance tool to manage the trust discount/premium. This structural flexibility allows the company to buy undervalued shares or raise capital when attractive, enhancing long‑term capital allocation and shareholder value management.

Negative Factors

Weak cash conversion

Earnings are not translating into cash, which is a durable operational weakness for an investment trust reliant on dividends and sales proceeds. Poor cash conversion limits ability to fund distributions, meet fees and financing costs reliably, and increases reliance on asset sales in stressed markets.

Volatile revenue and results

Wide swings in revenue and reported results indicate high sensitivity to market cycles and underlying holdings. Such lumpy performance makes long‑term return outcomes uncertain, complicates performance attribution and investor planning, and can lengthen timeframes to rebuild consistent outperformance.

Elevated macro/geopolitical and discount risks

Structural exposure to Asia‑Pacific markets brings persistent macro and geopolitical tail risks that can amplify NAV swings and widen discounts for closed‑ended trusts. These enduring risks can pressure investor flows, reduce liquidity of underlying holdings, and constrain the effectiveness of buybacks or issuance when most needed.

Pacific Horizon Investment Trust PLC Business Overview & Revenue Model

Company Description

Pacific Horizon Investment Trust PLC is a closed-ended equity mutual fund launched and managed by Baillie Gifford & Co Ltd. The fund is co-managed by Baillie Gifford & Co. It invests in the public equity markets of the Asia Pacific region (excluding Japan) and of the Indian Sub-continent. The fund seeks to invest in stocks of companies across diversified sectors. It primarily invests in growth stocks of companies across all market capitalizations. The fund focuses on securities which can grow their earnings and cash flows faster than the average while creating its portfolio. It is actively managed. The fund benchmarks the performance of its portfolio against the MSCI All Country Far East ex Japan Index (in sterling terms). It was formerly known as Baillie Gifford Pacific Horizon Investment Trust. Pacific Horizon Investment Trust PLC was formed on February 1, 1989 and is domiciled in the United Kingdom.

How the Company Makes Money

PHI does not earn revenue like an operating company; its economic return to shareholders is primarily generated through investment performance. (1) Portfolio capital gains: The main driver is appreciation in the market value of its underlying equity holdings; as the NAV rises, shareholders may benefit through share price appreciation and/or potential capital distributions depending on the trust’s policies and circumstances. (2) Portfolio income: PHI may receive dividends (and potentially other distributions) from the companies it holds; after expenses, this income can contribute to dividends paid by PHI if and when the board declares them. (3) Use of gearing/derivatives (if applicable): Like many investment trusts, PHI may use borrowing and/or derivatives to increase exposure to markets; this can amplify gains (and losses) and affects net returns after financing costs. PHI’s own direct, recurring cash inflows typically consist of portfolio income and proceeds from selling investments; these are used to fund operating costs (e.g., investment management fees, administration, custody, audit, and finance costs) and shareholder distributions. The trust’s external investment manager earns management fees (and may earn performance-related fees if specified) from the trust’s assets; however, those fees are expenses to PHI and reduce PHI’s net returns.

Pacific Horizon Investment Trust PLC Financial Statement Overview

Summary

Profitability rebounded strongly in 2024–2025 and the balance sheet is conservatively levered, but results are volatile (notably revenue) and cash conversion is weak, with operating cash flow covering only a small portion of net income and free cash flow down sharply in 2025.

Income Statement

Profitability is strong in the most recent annual period (2025) with very high operating and net margins and solid earnings generation, following a return to profitability in 2024 after losses in 2022–2023. The main weakness is volatility: revenue swung from large positives (2020–2021) to negative (2022–2023) and back to positive, and 2025 revenue fell sharply versus 2024 (down ~41%), highlighting earnings sensitivity and less stable top-line trajectory.

Balance Sheet

The balance sheet is conservatively positioned with low leverage versus equity in 2025 (debt-to-equity ~0.06) and a large equity base (~£613m) supporting assets (~£656m). Returns on equity improved to ~7% in 2025 from ~4% in 2024 and negative in 2022–2023, but remain well below the peak levels seen in 2020–2021, suggesting improved stability but not yet a consistently high-return profile.

Cash Flow

Cash generation is the weakest area: operating cash flow was modestly positive in 2025 (~£1.1m) after being negative in 2024, and free cash flow declined materially (down ~66% in 2025). A key concern is weak cash conversion versus reported profit in 2025 (operating cash flow covers only ~3% of net income), indicating earnings are not consistently translating into cash and results can be lumpy year to year.

Breakdown	TTM	Jul 2025	Jul 2024	Jul 2023	Jul 2022	Jul 2021
Income Statement
Total Revenue	250.43M	48.67M	42.42M	-20.44M	-111.03M	208.33M
Gross Profit	248.16M	48.67M	38.45M	-24.18M	-115.06M	204.85M
EBITDA	218.41M	0.00	0.00	0.00	0.00	0.00
Net Income	243.38M	43.55M	26.91M	-23.29M	-108.18M	199.17M
Balance Sheet
Total Assets	876.49M	656.39M	611.17M	585.61M	615.19M	758.27M
Cash, Cash Equivalents and Short-Term Investments	6.89M	3.82M	4.21M	12.44M	5.40M	31.77M
Total Debt	0.00	35.78M	52.00K	52.00K	52.00K	60.78M
Total Liabilities	66.61M	43.04M	9.20M	52.00K	4.64M	71.04M
Stockholders Equity	809.88M	613.36M	601.97M	580.36M	610.55M	687.23M
Cash Flow
Free Cash Flow	-3.39M	1.06M	-3.16M	4.45M	2.52M	396.00K
Operating Cash Flow	-3.39M	1.06M	-3.16M	4.45M	2.52M	396.00K
Investing Cash Flow	10.22M	-5.74M	332.00K	10.30M	-901.00K	-200.59M
Financing Cash Flow	-2.57M	4.88M	-5.30M	-6.91M	-32.08M	221.17M

Pacific Horizon Investment Trust PLC Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 769.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:PHI, the sentiment is Positive. The current price of 769 is below the 20-day moving average (MA) of 935.20, below the 50-day MA of 899.28, and above the 200-day MA of 750.59, indicating a neutral trend. The MACD of 2.92 indicates Positive momentum. The RSI at 51.46 is Neutral, neither overbought nor oversold. The STOCH value of 57.40 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:PHI.

Pacific Horizon Investment Trust PLC Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SDR	76 Outperform	£8.87B	11.95	12.35%	5.37%	4.78%	-4.86%
JUP	74 Outperform	£881.83M	8.25	7.11%	2.70%	-4.38%	―
ASHM	72 Outperform	£1.40B	4.19	14.60%	9.91%	-28.89%	-12.14%
IHP	72 Outperform	£1.06B	22.35	23.86%	3.11%	7.13%	-1.52%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
ICG	67 Neutral	£4.37B	5.37	23.35%	4.13%	28.34%	44.04%
PHI	65 Neutral	―	0.87	34.20%	0.20%	14.72%	63.73%

Pacific Horizon Investment Trust PLC Corporate Events

Pacific Horizon Adds to Treasury Stock in Latest Share Buyback

Pacific Horizon Investment Trust PLC has repurchased 75,000 ordinary shares at 911.71p each, with the shares to be held in treasury, increasing its total treasury holding to 9,424,587 shares. Following this transaction, the number of shares in issue excluding treasury shares stands at 82,650,374, a figure shareholders are instructed to use when calculating disclosure thresholds under the FCA’s transparency rules.

The buyback underscores the company’s ongoing capital management strategy, potentially supporting net asset value and earnings per share for remaining investors. It also clarifies the updated share capital structure, helping market participants accurately assess their ownership stakes and regulatory reporting obligations.

The most recent analyst rating on (GB:PHI) stock is a Hold with a £993.00 price target. To see the full list of analyst forecasts on Pacific Horizon Investment Trust PLC stock, see the GB:PHI Stock Forecast page.

Pacific Horizon Trust Outperforms Asia Benchmark as Semis and Commodities Drive Surge

Pacific Horizon Investment Trust reported a strong first half to 31 January 2026, with net asset value total return per share of 36.6% and share price total return of 38.7%, both significantly ahead of the MSCI All Country Asia ex Japan Index. Performance was driven by stock selection in North Asian semiconductor names and copper and gold producers, alongside selected Chinese technology holdings, while the share price discount narrowed and active share remained high.

Shareholders’ funds rose to £809.9m and NAV per share increased to 976.21p, with net gearing nudged up to 7% as the trust used a £60m revolving credit facility that will be replaced by a larger £90m facility. The board continued to manage the discount with buybacks amounting to 3.1% of issued capital over the half year, ahead of a key continuation vote in November, and the managers signalled confidence in Asia ex Japan’s structural growth prospects despite valuation concerns in parts of tech, China’s slowdown, and wider geopolitical risks.

The most recent analyst rating on (GB:PHI) stock is a Hold with a £993.00 price target. To see the full list of analyst forecasts on Pacific Horizon Investment Trust PLC stock, see the GB:PHI Stock Forecast page.

Pacific Horizon Investment Trust Buys Back Shares for Treasury Holdings

Pacific Horizon Investment Trust PLC has repurchased 31,898 ordinary shares at 902.86p each, with the shares to be held in treasury rather than cancelled. This move forms part of the trust’s capital management strategy and can enhance net asset value per share over time by reducing the free float.

Following this transaction, the company now holds 9,349,587 shares in treasury, leaving 82,725,374 shares in issue for trading. The updated share count serves as the new denominator for shareholders assessing whether their holdings trigger disclosure obligations under the FCA’s transparency rules, underscoring regulatory compliance and clarity for investors.

The most recent analyst rating on (GB:PHI) stock is a Hold with a £975.00 price target. To see the full list of analyst forecasts on Pacific Horizon Investment Trust PLC stock, see the GB:PHI Stock Forecast page.

Pacific Horizon Adjusts Share Capital Through Treasury Stock Buyback

Pacific Horizon Investment Trust PLC has repurchased 75,000 of its own ordinary shares at 922.15 pence per share, with the shares being placed into treasury rather than cancelled. This transaction forms part of the company’s capital management strategy and leaves 9,317,689 shares held in treasury, with 82,757,272 shares remaining in issue, a figure investors must now use when assessing disclosure thresholds under FCA transparency rules.

By adjusting its treasury stock and free float, the trust may influence liquidity and per-share metrics, which can affect existing shareholders’ positions and reporting obligations. The updated share capital structure is particularly relevant for institutional holders and other large investors who monitor regulatory ownership limits and must notify changes in their stakes.

The most recent analyst rating on (GB:PHI) stock is a Hold with a £1062.00 price target. To see the full list of analyst forecasts on Pacific Horizon Investment Trust PLC stock, see the GB:PHI Stock Forecast page.

Pacific Horizon Investment Trust Boosts Treasury Stock With Share Buyback

Pacific Horizon Investment Trust PLC has repurchased 70,000 ordinary shares at 964.65 pence each, with the shares to be held in treasury rather than cancelled. This move increases the company’s treasury stock to 9,242,689 shares, reducing the number of shares in issue to 82,832,272, which becomes the reference figure for regulatory disclosure thresholds for shareholders under FCA transparency rules.

The adjustment to the share capital structure may enhance net asset value per share for remaining investors and can be interpreted as a signal of management’s confidence in the trust’s valuation. It also has implications for institutional and large shareholders, who must now use the updated share count to assess and report changes in their holdings in line with UK disclosure requirements.

The most recent analyst rating on (GB:PHI) stock is a Hold with a £1071.00 price target. To see the full list of analyst forecasts on Pacific Horizon Investment Trust PLC stock, see the GB:PHI Stock Forecast page.

Pacific Horizon Updates Share Capital and Voting Rights Figure

Pacific Horizon Investment Trust PLC has confirmed that its issued share capital consists of 92,074,961 ordinary shares, of which 9,172,689 are held in treasury, leaving 82,902,272 shares carrying voting rights as of 28 February 2026. This updated voting rights figure serves as the reference denominator for shareholders assessing whether they must disclose holdings or changes under the FCA’s transparency rules, helping maintain regulatory compliance and market transparency.

The clarification of voting rights ensures that institutional and retail investors can accurately calculate percentage stakes in the trust. It may also influence how stakeholders monitor potential shifts in ownership structure and governance influence, particularly in the context of regulatory disclosure thresholds and corporate oversight.

The most recent analyst rating on (GB:PHI) stock is a Hold with a £1071.00 price target. To see the full list of analyst forecasts on Pacific Horizon Investment Trust PLC stock, see the GB:PHI Stock Forecast page.

Pacific Horizon Boosts Treasury Stock with Latest Share Buyback

Pacific Horizon Investment Trust PLC has repurchased 60,003 ordinary shares at 910.86p each, with the shares to be held in treasury, as part of its capital management activities. Following this transaction, the company now holds 9,172,689 shares in treasury, leaving 82,902,272 shares in issue, a figure shareholders should use when assessing disclosure obligations under FCA transparency rules.

The buyback slightly reduces the free float and can be seen as a move to support the share price and enhance net asset value per share for remaining investors. The updated share capital structure also clarifies the denominator for regulatory reporting of significant shareholdings, helping maintain transparency for market participants and regulators.

The most recent analyst rating on (GB:PHI) stock is a Hold with a £965.00 price target. To see the full list of analyst forecasts on Pacific Horizon Investment Trust PLC stock, see the GB:PHI Stock Forecast page.

Pacific Horizon Confirms Full Disclosure Ahead of Interim Results

Pacific Horizon Investment Trust PLC has confirmed that its directors are satisfied all inside information relating to the company’s results for the six months ended 31 January 2026 has already been disclosed through a regulated information service. The closed period confirmation underscores the trust’s compliance with market disclosure rules ahead of its forthcoming interim results, providing assurance to investors and regulators that no unpublished price-sensitive information is being withheld.

The most recent analyst rating on (GB:PHI) stock is a Hold with a £964.00 price target. To see the full list of analyst forecasts on Pacific Horizon Investment Trust PLC stock, see the GB:PHI Stock Forecast page.