LONDON (ShareCast) - Asia focused investment trust Pacific Horizon said its net asset value rose by 0.6% in the year to July 31, trailing the broader market, as positions in shipping, shipbuilding and offshore oil & gas held back gains.

The MSCI All Country Far East ex Japan Index saw an 8.3% increase during the period.

Chairman Peter Mackay said the performance was disappointing over all, but very mixed.

Exposure to shipping, shipbuilding and offshore oil and gas as well as some specific stocks were largely responsible for the decline, while the company saw an improved performance in the second half, he said.

He added that the Asia Pacific region has not suffered the same weakness as the developed world.

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE