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For individual investors in the UK

Horizon Japanese Smaller Companies Fund

Designed to capture the undervalued growth potential of Japanese smaller companies over the long term

ISIN
LU1678963320

NAV
JPY 8,176.04
As of 21/11/2024

1-Day Change
JPY 24.36 (0.30%)
 As of 21/11/2024

Morningstar Rating

As of 31/10/2024

Morningstar Medalist Rating ™

Morningstar Analyst Rating
As of 27/11/2023

Overview

INVESTMENT OBJECTIVE

The Fund aims to provide capital growth over the long term. Performance target: To outperform the Russell/Nomura Small Cap Index by 2.5% 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 smaller companies, in any industry, in Japan. The Fund may also invest in other assets including companies of any size, 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 Russell/Nomura Small Cap 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.

Investment into the fund will acquire units / shares of the fund itself and not the underlying assets owned by the fund.

ABOUT THIS FUND

  • Positioned to benefit from a recovery in Japan’s economy and improving corporate governance to generate long-term capital appreciation
  • High-conviction strategy leveraging more than 40 years’ experience in Japanese equities
  • Invests in the smallest 25% of listed Japanese companies by market capitalisation, which the team believes are set to benefit most from a domestic recovery
Past performance does not predict future returns. 
 

RATINGS AND AWARDS

Alpha Manager Yunyoung Lee
Lipper Fund Awards based on Horizon Japanese Smaller Companies Fund Class A2 USD shares only. Availability of  this share class may be limited by law in certain jurisdictions. Performance records are detailed on the specific KIID, fees and charges may vary and further information can be found in the fund’s prospectus and KIID which must be reviewed before investing. Please consult your local sales representative if you have any further queries.

Portfolio Management

Yunyoung Lee, CFA
Yunyoung Lee, CFA

Portfolio Manager

Industry since 1992. Joined Firm in 2005.

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
H2 JPY (Net) Russell/Nomura Small Cap Japan Small/Mid-Cap Equity - OE
 
As of 30/09/2024 2023/2024 2022/2023 2021/2022 2020/2021 2019/2020
H2 JPY (Net) 7.18 14.15 -0.25 31.94 7.14
Russell/Nomura Small Cap 14.53 22.54 -5.21 18.85 4.96
Japan Small/Mid-Cap Equity - OE 11.23 17.16 -10.65 22.74 11.02
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.
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 31/10/2024
H2 JPY (Net) Russell/Nomura Small Cap Japan Small/Mid-Cap Equity - OE
  
  Cumulative Annualised
1MO YTD 1YR 3YR 5YR 10YR Since Inception
15/12/2017
H2 JPY (Net) -1.01 0.97 8.57 7.10 9.49 - 6.21
Russell/Nomura Small Cap 0.30 12.52 17.48 10.46 9.57 - 5.40
Japan Small/Mid-Cap Equity - OE -1.07 7.59 14.57 4.98 8.26 - 4.52
 
  Annualised
3YR 5YR 10YR Since Inception
15/12/2017
H2 JPY (Gross) - 10.89 - 7.50
Russell/Nomura Small Cap + 2.50% - 12.30 - 8.04
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.
Calendar Year Returns (%)
As of 30/09/2024
H2 JPY (Net) Russell/Nomura Small Cap Japan Small/Mid-Cap Equity - OE
2023 2022 2021 2020 2019 Performance Inception
15/12/2017
H2 JPY (Net) 19.68 4.18 14.61 4.54 32.52 1.63
Russell/Nomura Small Cap 23.30 1.08 8.40 -0.28 17.22 1.35
Japan Small/Mid-Cap Equity - OE 18.41 -6.74 10.15 7.91 19.21 2.38
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.
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 0.60%
Ongoing Charge
(As of 28/06/2024) 		1.09%
Performance Fee 10% of the 'Relevant Amount'
Hurdle Rate Russell/Nomura Small Cap Index
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 31/10/2024)
% of Fund
JINS 4.92
Park24 4.41
Septeni 4.27
Fujitsu General 3.56
CyberAgent 3.30
Aiful 3.22
Daio Paper 2.93
Central Security Patrols 2.85
Harmonic Drive Systems 2.79
Nihon M&A Center 2.78
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

Related Insight

Japanese smaller companies: An active approach key to identify growth catalysts
13 Sep 2024
Timely & Topical

Japanese smaller companies: An active approach key to identify growth catalysts

Strong performance from Japanese larger companies is setting the scene for small and mid-cap stocks to shine given their potential for relatively higher growth.

6 min read

  • ​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.
  • 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, you may wish to consult a financial adviser.
  • If you invest through a third party provider you are advised to consult them directly as charges, performance and terms and conditions may differ materially.
  • 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.
  • You should note that your tax treatment in relation to any investments held outside an ISA will depend on your individual circumstances and may be subject to change in the future. Governments may change the tax rules which affect you or the Funds in which you have invested.
  • 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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