UPDATE (Sep 2026): PHI returned -4% in the year to July 2023 versus +1% for its benchmark, +5% versus +7% to July 2024, +8% versus +17% to July 2025. and +65% versus +36% to July 2026. The trust has bought back around 15% of its shares over the last three years, with its discount trading in a fairly tight range either side of 10%.

Pacific Horizon (ticker: PHI) was launched in 1989 by a small boutique called Tyndall Funds which was soon afterwards acquired by Jupiter. The trust had a poor first few years, resulting in Baillie Gifford being appointed as its investment manager in 1992. Baillie G...