OREANDA-NEWS. March 23, 2016. Pacific Horizon (PHI) is unashamedly a growth fund and its Asia-focused portfolio is overweight technology and biotechnology. However, during weakening Chinese growth, investors have sought defensive stocks, so it's not surprising that PHI has underperformed, 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.

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