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For investors in Hong Kong

Horizon China Opportunities Fund

An actively managed equity fund seeking to deliver long-term capital growth from the dynamic and evolving Chinese economy

ISIN
LU0327786744

NAV
USD 14.43
As of 2024/12/17

1-Day Change
USD -0.06 (-0.41%)
 As of 2024/12/17

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 and interest rate risks.

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  • 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 China and Hong Kong and may be more volatile.
  • The Fund may invest in emerging markets, China A-Shares/ China A-Share access products and may be more volatile, subject to risks of investing in China securities and the Stock Connect Programs.
  • 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 capital growth over the long term.

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The Fund invests at least 80% of its assets in a concentrated portfolio of shares (equities) and equity-related securities of companies, of any size, in any industry, in China or Hong Kong. Companies will have their registered office in or do most of their business (directly or through subsidiaries) in this region. The Fund may invest in derivatives (complex financial instruments) and also up to 50% of its assets in China A Shares.

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ABOUT THIS FUND

  • A diversified portfolio designed to capture investment opportunities as political, economic, social, and technological forces drive the maturation of the Chinese economy
  • Fundamental research is channelled through a robust, proven investment process focused on company-specific analysis
  • With combined investment experience of more than 30 years, the team’s deep knowledge of Chinese equities enables them to identify mispriced opportunities

Portfolio Management

Victoria Mio, CFA
Victoria Mio, CFA

Head of Greater China Equities & Portfolio Manager

Industry since 1998.

Performance

Cumulative Performance (%)
As of 2024/11/30
A2 USD (Net) MSCI Zhong Hua 10/40 NR China Equity - OE
 
  Cumulative
  1MO 3MO 6MO YTD 1YR 3YR 5YR Since Inception
2008/01/25
A2 USD (Net) -4.56 7.55 -0.07 2.23 0.00 -36.77 -29.19 42.40
MSCI Zhong Hua 10/40 NR -4.51 11.08 8.42 13.04 11.98 -21.47 -6.65 51.18
China Equity - OE -3.89 11.02 6.16 10.41 8.14 -32.39 -13.44 16.95
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) MSCI Zhong Hua 10/40 NR China Equity - OE
2023 2022 2021 2020 2019
A2 USD (Net) -16.59 -25.74 -19.36 29.24 25.90
MSCI Zhong Hua 10/40 NR -11.87 -19.04 -18.19 30.62 23.46
China Equity - OE -15.68 -25.35 -15.52 37.36 23.26
Source: Morningstar, Inc., NAV-NAV, gross income reinvested where applicable. Past performance cannot guarantee future results.

Recommended holding period 5 Years

Example Investment: USD 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 costs2,190 USD1,400 USD
Average return each year-78.11%-32.55%
UnfavourableWhat you might get back after costs4,840 USD4,470 USD
Average return each year-51.65%-14.87%
ModerateWhat you might get back after costs9,390 USD11,170 USD
Average return each year-6.14%2.23%
FavourableWhat you might get back after costs15,230 USD22,100 USD
Average return each year52.30%17.18%
There is currently insufficient data to provide a useful indication of past performance to investors.
Fee Information
Initial Charge 5.00%
Annual Charge 1.20%
Ongoing Charge
(As of 2023/06/30) 		1.90%
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
Tencent 8.62
Alibaba Group 8.60
Meituan 7.42
China Construction Bank 5.88
Trip.com Group 4.10
Contemporary Amperex Technology 3.84
AIA Group 3.48
Zijin Mining Group 2.99
China Pacific Insurance Group 2.95
PICC Property & Casualty 2.83
Portfolio holdings are subject to change without notice. 

Documents

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