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For financial professionals in the UK

Horizon Asian Growth Fund

An actively managed Asian equities fund, driven by fundamental research, that blends quality and growth opportunities

ISIN
LU0011890851

NAV
USD 127.78
As of 04/11/2024

1-Day Change
USD 0.94 (0.74%)
 As of 04/11/2024

Overview

INVESTMENT OBJECTIVE

The Fund aims to provide capital growth over the long term.
Performance target: To outperform the MSCI AC Asia Pacific ex Japan Index by at least 2% per annum, before the deduction of charges, over any 5 year period.

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The Fund invests at least two-thirds of its assets in a portfolio of shares (equities) and equity-related securities of companies, of any size, in any industry, in the Asia Pacific region (including the Indian subcontinent and Australasia, but excluding Japan). Companies will have their registered office in or do most of their business (directly or through subsidiaries) in this region. The Fund may invest up to 20% of its assets in China A-Shares.
The Fund may also invest in other assets including companies outside this region, investment grade government bonds, cash and money market instruments.
The Investment Manager may use derivatives (complex financial instruments) to reduce risk or to manage the Fund more efficiently.
The Fund is actively managed with reference to the MSCI AC Asia Pacific ex Japan Index, which is broadly representative of the companies in which it may invest, as this forms the basis of the Fund's performance target and the level above which performance fees may be charged (if applicable). The Investment Manager has discretion to choose investments for the Fund with weightings different to the index or not in the index, but at times the Fund may hold investments similar to the index.

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The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested.
Potential investors must read the prospectus, and where relevant, the key investor information document before investing.
This website is a Marketing Communication and does not qualify as an investment recommendation.

ABOUT THIS FUND

  • The Asia Growth Fund seeks to identify quality and capture growth in the dynamic and fast-growing Asian region
  • Provides a high-conviction, active stock-picking portfolio without significant constraints at sector levels
  • Seeks to generate competitive returns through different market conditions with an investment process driven by fundemental stock selection
Past performance does not predict future returns. 
 

Portfolio Management

Daniel J. Graña, CFA
Daniel J. Graña, CFA

Portfolio Manager

Industry since 1995. Joined Firm in 2019.

Matthew Culley
Matthew Culley

Portfolio Manager | Research Analyst

Industry since 2008. Joined Firm in 2019.

Performance

Past performance does not predict future returns. All performance data includes both income and capital gains or losses and reflects the deduction of any ongoing charges or other fund expenses.
Discrete Performance (%)
As of 30/09/2024
A2 USD (Net) MSCI All Countries Asia Pacific (ex Japan) NR Asia-Pacific ex-Japan Equity - OE
 
As of 30/09/2024 2023/2024 2022/2023 2021/2022 2020/2021 2019/2020
A2 USD (Net) 23.26 6.52 -30.10 7.99 13.79
MSCI All Countries Asia Pacific (ex Japan) NR 29.35 11.60 -26.95 16.59 13.59
Asia-Pacific ex-Japan Equity - OE 25.69 9.43 -26.27 19.97 12.35
Note that any differences among portfolio securities currencies, share class currencies and costs to be paid or represented in currencies other than your home currency will expose you to currency risk.  Costs and returns may increase or decrease as a result of currency and exchange rate fluctuations.
Performance fees are charged separately as a way of rewarding the investment manager for superior returns or for outperforming specified targets. A Performance Fee is accrued where the NAV outperforms the relevant Hurdle NAV (subject to a High Water Mark).
© Morningstar 2024. All rights reserved. NAV-NAV, gross income reinvested where applicable.
Performance fees may be charged before the Fund’s outperformance target is reached.
Fund charges will impact the value of your investment. In particular, the ongoing charges applicable to each fund will dilute investment performance, particularly over time.
The ongoing charges includes fees payable to Distributors. Where the ongoing charges exceed the target outperformance relative to the benchmark the return is likely to be below the benchmark return, even when the Fund’s outperformance target (before the deduction of charges) has been achieved.
Please note the performance target is to be achieved over a specific annualised time period. Refer to the performance target wording within the objective.
Cumulative & Annualised Performance (%)
As of 30/09/2024
A2 USD (Net) MSCI All Countries Asia Pacific (ex Japan) NR Asia-Pacific ex-Japan Equity - OE
  
  Cumulative Annualised
1MO YTD 1YR 3YR 5YR 10YR Since Inception
31/07/1985
A2 USD (Net) 5.56 15.59 23.26 -2.82 2.43 3.34 8.74
MSCI All Countries Asia Pacific (ex Japan) NR 7.87 19.94 29.35 1.78 6.91 5.58 7.75
Asia-Pacific ex-Japan Equity - OE 6.72 16.74 25.69 0.46 6.44 4.89 9.13
 
  Annualised
3YR 5YR 10YR Since Inception
31/07/1985
A2 USD (Gross) - 4.49 5.44 10.89
MSCI All Countries Asia Pacific (ex Japan) NR + 2.00% - 9.04 7.69 9.90
Note that any differences among portfolio securities currencies, share class currencies and costs to be paid or represented in currencies other than your home currency will expose you to currency risk.  Costs and returns may increase or decrease as a result of currency and exchange rate fluctuations.
Performance fees are charged separately as a way of rewarding the investment manager for superior returns or for outperforming specified targets. A Performance Fee is accrued where the NAV outperforms the relevant Hurdle NAV (subject to a High Water Mark).
Performance/performance target related data will display only when relevant to the fund/share class inception date and the annualised target time period.
Performance fees may be charged before the Fund’s outperformance target is reached.
© Morningstar 2024. All rights reserved. NAV-NAV, gross income reinvested where applicable.
Fund charges will impact the value of your investment. In particular, the ongoing charges applicable to each fund will dilute investment performance, particularly over time.
The ongoing charges includes fees payable to Distributors. Where the ongoing charges exceed the target outperformance relative to the benchmark the return is likely to be below the benchmark return, even when the Fund’s outperformance target (before the deduction of charges) has been achieved.
Calendar Year Returns (%)
As of 30/09/2024
A2 USD (Net) MSCI All Countries Asia Pacific (ex Japan) NR Asia-Pacific ex-Japan Equity - OE
2023 2022 2021 2020 2019
A2 USD (Net) 4.66 -23.57 -10.53 25.79 20.39
MSCI All Countries Asia Pacific (ex Japan) NR 7.36 -17.48 -2.90 22.44 19.16
Asia-Pacific ex-Japan Equity - OE 5.78 -18.12 0.33 23.02 18.74
Calendar Year Returns (%)
Year A2 USD (Net) Index
2023 4.66 7.36
2022 -23.57 -17.48
2021 -10.53 -2.90
2020 25.79 22.44
2019 20.39 19.16
2018 -15.18 -13.92
2017 39.22 38.15
2016 3.19 5.44
2015 -8.48 -8.95
2014 4.12 5.11
2013 8.64 3.33
2012 24.19 22.70
2011 -22.64 -17.07
2010 15.23 19.93
2009 79.89 74.92
2008 -52.91 -51.63
2007 34.38 37.19
2006 32.01 33.20
2005 20.31 21.01
2004 7.26 23.02
2003 57.58 48.66
2002 -9.05 -5.11
2001 -10.39 -2.40
2000 -16.00 -29.95
1999 69.81 49.79
1998 -3.65 -4.42
1997 -29.64 -34.20
1996 8.00 11.64
1995 -6.48 6.08
1994 -20.67 -12.28
1993 118.29 84.96
1992 30.17 9.89
1991 23.56 32.40
1990 -10.93 -11.86
1989 31.50 21.43
1988 35.92 30.46
1987 -16.25 0.00
1986 62.30 0.00
1985 from 31/07/1985 3.64 0.00
Note that any differences among portfolio securities currencies, share class currencies and costs to be paid or represented in currencies other than your home currency will expose you to currency risk.  Costs and returns may increase or decrease as a result of currency and exchange rate fluctuations.
Performance fees are charged separately as a way of rewarding the investment manager for superior returns or for outperforming specified targets. A Performance Fee is accrued where the NAV outperforms the relevant Hurdle NAV (subject to a High Water Mark).
Performance/performance target related data will display only when relevant to the fund/share class inception date and the annualised target time period.
Performance fees may be charged before the Fund’s outperformance target is reached.
© Morningstar 2024. All rights reserved. NAV-NAV, gross income reinvested where applicable.
Fund charges will impact the value of your investment. In particular, the ongoing charges applicable to each fund will dilute investment performance, particularly over time.
The ongoing charges includes fees payable to Distributors. Where the ongoing charges exceed the target outperformance relative to the benchmark the return is likely to be below the benchmark return, even when the Fund’s outperformance target (before the deduction of charges) has been achieved.
Please note the performance target is to be achieved over a specific annualised time period. Refer to the performance target wording within the objective.
Fee Information
Initial Charge 5.00%
Annual Charge 1.20%
Ongoing Charge
(As of 29/12/2023) 		1.98%
Performance Fee 10% of the 'Relevant Amount'
Hurdle Rate MSCI AC Asia Pacific ex Japan Index
The ongoing charge figure is an estimate of the expected future charges.
For more information about charges, please see our fund charges page or the “charges” section of the fund’s prospectus.

Portfolio

Top Holdings (As of 30/09/2024)
% of Fund
Taiwan Semiconductor Manufacturing 9.10
Samsung Electronics 6.72
Tencent 5.73
AIA Group 4.64
Bharti Airtel 3.39
Santos 3.03
CSL 2.96
Contemporary Amperex Technology 2.93
BYD 2.81
National Australia Bank 2.74
References made to individual securities do not constitute a recommendation to buy, sell or hold any security, investment strategy or market sector, and should not be assumed to be profitable. Janus Henderson Investors, its affiliated advisor, or its employees, may have a position in the securities mentioned.

Documents

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  • ​The value of the Funds and the income from them is not guaranteed and may fall as well as rise. You may get back less than you originally invested.
  • ​Past performance does not predict future returns.
  • Third party data is believed to be reliable, but its completeness and accuracy is not guaranteed.
  • Shares/Units can lose value rapidly, and typically involve higher risks than bonds or money market instruments. The value of your investment may fall as a result.
  • Shares of small and mid-size companies can be more volatile than shares of larger companies, and at times it may be difficult to value or to sell shares at desired times and prices, increasing the risk of losses.
  • Emerging markets expose the Fund to higher volatility and greater risk of loss than developed markets; they are susceptible to adverse political and economic events, and may be less well regulated with less robust custody and settlement procedures.
  • The Fund may invest in China A shares via a Stock Connect programme. This may introduce additional risks including operational, regulatory, liquidity and settlement risks.
  • If a Fund has a high exposure to a particular country or geographical region it carries a higher level of risk than a Fund which is more broadly diversified.
  • The Fund may use derivatives with the aim of reducing risk or managing the portfolio more efficiently. However this introduces other risks, in particular, that a derivative counterparty may not meet its contractual obligations.
  • If the Fund holds assets in currencies other than the base currency of the Fund, or you invest in a share/unit class of a different currency to the Fund (unless hedged, i.e. mitigated by taking an offsetting position in a related security), the value of your investment may be impacted by changes in exchange rates.
  • When the Fund, or a share/unit class, seeks to mitigate exchange rate movements of a currency relative to the base currency (hedge), the hedging strategy itself may positively or negatively impact the value of the Fund due to differences in short-term interest rates between the currencies.
  • Securities within the Fund could become hard to value or to sell at a desired time and price, especially in extreme market conditions when asset prices may be falling, increasing the risk of investment losses.
  • The Fund could lose money if a counterparty with which the Fund trades becomes unwilling or unable to meet its obligations, or as a result of failure or delay in operational processes or the failure of a third party provider.
  • Funds incur costs as a necessary part of buying and selling the underlying investments, these are otherwise known as portfolio transaction costs, and include charges such as broker commission and Stamp Duty.
  • Before investing in any of our funds you should satisfy yourself as to the suitability and the risks involved.
  • Summary of Investor rights
  • Janus Henderson Investors Europe S.A. may decide to terminate the marketing arrangements of this Collective Investment Scheme in accordance with the appropriate regulation.
  • Information on compliance with EU Sustainability related disclosures can be found here.
  • For detailed product information including the risks associated with investing please read the relevant Prospectus or Annual Report. Please refer to the prospectus of the UCITS and to the KID before making any final investment decisions.

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