Steps to reproduce:

1. Open attached project "793101.zip"
2. Open scene
3. Select Particle System to start simulation
4. Enable wireframe (for better visualization)
5. Also, in Renderer module notice that pivot's Y position is shifted by 0.75
6. While simulating, notice that blue particles is misplaced - pivot is affected in X axis as well
7. Move scene view camera to the top (by clicking on Y in the top right corner of scene view)
8. Notice that blue particle is in line with red ones - this is expected because pivot is only shifted in Y axis
9. In the top right corner of scene view click on Z to get back to previous view
10. Notice that this time blue particle is in line with red ones
11. By holding right mouse click, do a soft rotation to the scene view camera
12. Notice that blue particle gets shifted to the right which means that X axis of pivot is affected as well.

Reproduced with: 5.3.4p5, 5.4.0b17