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For individual investors in the UK

Horizon Pan European Smaller Companies Fund

A balanced portfolio seeking attractive valuations and high growth opportunities

ISIN
LU0892273995

NAV
EUR 27.54
As of 17/12/2024

1-Day Change
EUR -0.06 (-0.22%)
 As of 17/12/2024

Morningstar Rating

As of 30/11/2024

Morningstar Medalist Rating ™

Morningstar Analyst Rating
As of 31/10/2024
This product is based overseas and is not subject to UK sustainable investment labelling and disclosure requirements.

Overview

INVESTMENT OBJECTIVE

The Fund aims to provide capital growth over the long term.
Performance target: To outperform the MSCI Europe Small Cap Index, after the deduction of charges, over any 5 year period.

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The Fund invests at least 75% of its assets in shares (equities) and equity-related securities of smaller companies, in any industry, in the EEA or the UK if not part of the EEA. Companies will have their registered office in the EEA or the UK if not part of the EEA.
The Fund may also invest in other assets including companies of any size, in any region, 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 Europe 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.

Portfolio Management

Ollie Beckett
Ollie Beckett

Portfolio Manager

Industry since 1995. Joined Firm in 2005.

Rory Stokes, CFA
Rory Stokes, CFA

Portfolio Manager | Deputy Portfolio Manager (2014) - The European Smaller Companies Trust PLC

Industry since 2001. Joined Firm in 2013.

Julia Scheufler, CFA
Julia Scheufler, CFA

Portfolio Manager | Deputy Portfolio Manager (2024) - The European Smaller Companies Trust PLC

Industry since 2009. Joined Firm in 2018.

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 EUR (Net) MSCI Europe Small Cap NR Europe Small-Cap Equity - OE
 
As of 30/09/2024 2023/2024 2022/2023 2021/2022 2020/2021 2019/2020
H2 EUR (Net) 20.22 16.39 -24.99 49.95 4.30
MSCI Europe Small Cap NR 20.28 13.97 -27.35 39.87 0.89
Europe Small-Cap Equity - OE 14.26 8.08 -30.37 41.21 6.68
The H2 EUR share class was launched on 01/01/1970. Performance prior to that date is past performance based on the A2 EUR share class of the same fund which has a different current ongoing charge included of 1.89.
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.
From 25 February 2022, the Fund's benchmark changed. Past performance before 25 February 2022 is shown for the fund’s previous benchmark.
Cumulative & Annualised Performance (%)
As of 30/11/2024
H2 EUR (Net) MSCI Europe Small Cap NR Europe Small-Cap Equity - OE
 
  Cumulative Annualised
1MO YTD 1YR 3YR 5YR 10YR Since Inception
27/08/1993
H2 EUR (Net) 0.11 4.87 11.75 1.14 7.48 9.16 9.51
MSCI Europe Small Cap NR 1.23 5.94 13.33 -1.18 4.85 7.08 8.99
Europe Small-Cap Equity - OE 0.34 1.14 7.88 -6.10 3.16 6.38 8.55
The H2 EUR share class was launched on 28/08/2013. Performance prior to that date is past performance based on the A2 EUR share class of the same fund which has a different current ongoing charge included of 1.89.
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.
From 25 February 2022, the Fund's benchmark changed. Past performance before 25 February 2022 is shown for the fund’s previous benchmark.
Calendar Year Returns (%)
As of 30/09/2024
H2 EUR (Net) MSCI Europe Small Cap NR Europe Small-Cap Equity - OE
2023 2022 2021 2020 2019
H2 EUR (Net) 8.86 -14.51 22.28 14.63 35.30
MSCI Europe Small Cap NR 12.74 -22.60 22.93 7.32 28.65
Europe Small-Cap Equity - OE 7.08 -26.43 25.72 12.51 27.19
Calendar Year Returns (%)
Year H2 EUR (Net) Index
2023 8.86 12.74
2022 -14.51 -22.60
2021 22.28 22.93
2020 14.63 7.32
2019 35.30 28.65
2018 -22.64 -14.46
2017 26.21 17.15
2016 6.27 2.39
2015 23.69 21.69
2014 0.35 5.13
2013 from 28/08/2013 38.16 32.21
2012 26.28 23.96
2011 -22.33 -18.44
2010 39.02 25.66
2009 99.54 58.60
2008 -63.56 -51.12
2007 -6.41 -5.79
2006 38.45 32.75
2005 34.02 37.28
2004 35.99 24.21
2003 38.65 37.31
2002 -37.62 -24.69
2001 -32.24 -16.02
2000 -3.81 -4.70
1999 97.50 45.96
1998 5.12 3.28
1997 23.72 31.61
1996 42.33 28.59
1995 4.44 1.39
1994 -7.98 -1.29
1993 12.05 22.08
The H2 EUR share class was launched on 28/08/2013. Performance prior to that date is past performance based on the A2 EUR share class of the same fund which has a different current ongoing charge included of 1.89.
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.
From 25 February 2022, the Fund's benchmark changed. Past performance before 25 February 2022 is shown for the fund’s previous benchmark.

Recommended holding period 5 Years

Example Investment: EUR 10,000

Scenarios If you exit after 1 year If you exit after 5 years
MinimumThere is no minimum guaranteed return. You could lose some or all of your investment
StressWhat you might get back after costs1,020 EUR1,060 EUR
Average return each year-89.75%-36.19%
UnfavourableWhat you might get back after costs7,130 EUR8,330 EUR
Average return each year-28.74%-3.58%
ModerateWhat you might get back after costs10,100 EUR13,810 EUR
Average return each year0.95%6.67%
FavourableWhat you might get back after costs18,910 EUR20,220 EUR
Average return each year89.08%15.12%
There is currently insufficient data to provide a useful indication of past performance to investors.
Fee Information
Initial Charge 5.00%
Annual Charge 0.60%
Ongoing Charge
(As of 28/06/2024) 		1.11%
Performance Fee 10% of the 'Relevant Amount'
Hurdle Rate MSCI Europe 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
Van Lanschot Kempen 3.10
IG Group 2.94
TKH Group 2.74
SUSS MicroTec 2.16
Gaztransport Et Technigaz 1.70
R&S Group 1.70
KSB 1.67
Crest Nicholson 1.49
DFDS 1.48
Stroeer 1.47
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.
  • 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.
  • The Legal Entity Identifier for this product is 213800PTNMP9V9T45J20.

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