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For investors in Hong Kong

Horizon Asia-Pacific Property Income Fund

Actively managed fund focused on the managers’ best ideas in Asia-Pacific listed property stocks and REITs to deliver long-term capital appreciation

ISIN
LU0229494975

NAV
USD 15.88
As of 2024/11/20

1-Day Change
USD -0.10 (-0.63%)
 As of 2024/11/20

Morningstar Medalist Rating ™

Morningstar Analyst Rating
As of 2024/09/30

Key investment risks:

  • The Fund's investments in equities are subject to equity securities risk due to fluctuation of securities values.
  • Investments in the Fund involve general investment, currency, liquidity, hedging, market, economic, political, regulatory, taxation, securities lending related, reverse repurchase transactions related, financial, interest rate and benchmark

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  • risks. In extreme market conditions, you may lose your entire investment.
  • The Fund may invest in financial derivatives instruments to reduce risk and to manage the Fund more efficiently. This may involve counterparty, liquidity, leverage, volatility, valuation and over-the-counter transaction risks and the Fund may suffer significant losses.
  • The Fund's investments are concentrated in the Asia-Pacific property sector and may be more volatile and subject to property securities related risk.
  • The directors may at its discretion pay distributions (i) out of gross investment income and net realised/ unrealised capital gains while charging all or part of the fees and expenses to the capital, resulting in an increase in distributable income for the payment of distributions and therefore, the Fund may effectively pay distributions out of capital; and (ii) additionally for sub-class 4 and sub-class 5 of the Fund, out of original capital invested. This amounts to a return or withdrawal of part of an investor's original investment or from any capital gains attributable to that original investment, and may result in an immediate reduction of the Fund’s net asset value per share.
  • The Fund may charge performance fees. An investor may be subject to such fee even if there is a loss in investment capital.
  • Investors should not only base on this document alone to make investment decisions and should read the offering documents including the risk factors for further details.

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Overview

INVESTMENT OBJECTIVE

The Fund aims to provide a sustainable level of income, with a dividend yield higher than that of the FTSE EPRA Nareit Developed Asia Dividend Plus Index, plus the potential for capital growth over the long term.

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The Fund invests at least 75% of its assets in a concentrated portfolio of shares (equities) and equity-related securities of real estate investment trusts (REITs) and companies of any size which will derive the main part of their revenue from owning, developing and managing real estate in the Asia Pacific region.

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ABOUT THIS FUND

  • A broad investable universe and selective approach enables the team to identify stocks with attractive dividend yield and growth characteristics
  • Managed by a specialist team in Singapore, supported by the wider global property equities teams in the UK and the US
  • Offers a liquid means of diversifying into real estate and benefitting from powerful secular themes influencing the asset class

Portfolio Management

Tim Gibson
Tim Gibson

Co-Head of Global Property Equities | Portfolio Manager

Industry since 2001. Joined Firm in 2011.

Xin Yan Low
Xin Yan Low

Portfolio Manager

Industry since 2007. Joined Firm in 2014.

Performance

Cumulative Performance (%)
As of 2024/10/31
A2 USD (Net) FTSE EPRA Nareit Developed Asia Dividend Plus NR Property - Indirect Asia - OE
 
  Cumulative
  1MO 3MO 6MO YTD 1YR 3YR 5YR Since Inception
2005/10/03
A2 USD (Net) -6.62 0.25 -0.37 -2.73 10.24 -21.95 -20.27 63.60
FTSE EPRA Nareit Developed Asia Dividend Plus NR -7.54 0.63 2.00 -3.35 10.73 -17.94 -20.67 94.77
Property - Indirect Asia - OE -7.59 2.69 4.98 -1.54 14.98 -18.03 -20.95 77.35
Source: Morningstar, Inc., NAV-NAV, gross income reinvested where applicable. Past performance cannot guarantee future results.
Calendar Year Returns (%)
As of 2024/09/30
A2 USD (Net) FTSE EPRA Nareit Developed Asia Dividend Plus NR Property - Indirect Asia - OE
2023 2022 2021 2020 2019
A2 USD (Net) -1.58 -14.85 0.70 -1.48 20.92
FTSE EPRA Nareit Developed Asia Dividend Plus NR -1.85 -11.60 5.03 -9.14 16.93
Property - Indirect Asia - OE -0.15 -14.77 0.39 -6.95 17.43
Source: Morningstar, Inc., NAV-NAV, gross income reinvested where applicable. Past performance cannot guarantee future results.
Fee Information
Initial Charge 5.00%
Annual Charge 1.20%
Ongoing Charge
(As of 2023/06/30) 		1.92%
Performance Fee 10% of the 'Relevant Amount'
Hurdle Rate FTSE EPRA Nareit Developed Asia Dividend Plus Index
The ongoing charge is calculated using the Packaged Retail Investment Product (PRIIPs) methodology. The PRIIPs methodology differs to the UCITS ongoing charge methodology, as the PRIIPS methodology captures additional recurring charges, including but not limited to: a. Interest paid on borrowing (e.g. bank interest) b. Any fees incurred in relation to stock-lending activity (i.e. the fee paid to the lending agent) c. Any costs associated with holding closed-ended vehicles.
Please refer to the offering documents for more details on the fees and expenses.

Portfolio

Top Holdings (As of 2024/10/31)
% of Fund
Mitsui Fudosan 8.76
Sun Hung Kai Properties 6.88
Stockland 5.76
Scentre Group 4.57
Link REIT 4.47
Japan Metropolitan Fund Invest 4.39
Japan Hotel REIT Investment 4.30
CapitaLand Investment 4.20
Invincible Investment 4.18
Dexus 4.16
Portfolio holdings are subject to change without notice. 

Documents

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