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For investors in Hong Kong

Horizon Global Property Equities Fund

Actively managed, high-conviction fund focused on the managers’ best ideas in listed property stocks and REITs, and aiming to deliver long-term capital appreciation

ISIN
LU0209137206

NAV
USD 17.99
As of 2024/12/17

1-Day Change
USD -0.01 (-0.06%)
 As of 2024/12/17

Morningstar Rating

As of 2024/11/30

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 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 property sector and may be more volatile and subject to property securities related risk.
  • The Fund may invest in Eurozone and may suffer from Eurozone 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 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 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 real estate investment trusts (REITs) and companies of any size, in any country which will derive the main part of their revenue from owning, developing and managing real estate.

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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 global team of experts based in Singapore, the UK, and the US with more than 90 years’ collective investment experience
  • Offers a liquid means of diversifying into global real estate and benefitting from powerful secular themes influencing the asset class
Notes:
The inclusion of real estate will typically enhance  the risk/return characteristics in a balanced portfolio – Source: Janus Henderson Investors as at June 2019. Based on analysis of asset class weights and risk/return characteristics in an optimal portfolio (maximum Sharpe ratio) when the FTSE EPRA Nareit Developed Index is included/excluded from the baseline balanced market portfolio. Past performance is not a guide to future performance.
Over the long term, returns from listed real estate have exceeded those from direct (physical) real estate – Source: European Public Real Estate Association (EPRA). Global listed real estate 9.5% vs global physical real estate 7.4%, 15 years annualised total returns to 30 June 2018.
Unless otherwise indicated, the source for all data is Janus Henderson Investors as of the publishing date of this video (12/07/2017).

Portfolio Management

Guy Barnard, CFA
Guy Barnard, CFA

Co-Head of Global Property Equities | Portfolio Manager

Industry since 2003. Joined Firm in 2006.

Tim Gibson
Tim Gibson

Co-Head of Global Property Equities | Portfolio Manager

Industry since 2001. Joined Firm in 2011.

Greg Kuhl, CFA
Greg Kuhl, CFA

Portfolio Manager

Industry since 2005. Joined Firm in 2015.

Performance

Cumulative Performance (%)
As of 2024/11/30
A3q USD (Net) FTSE EPRA Nareit Developed NR Property - Indirect Global - OE
 
  Cumulative
  1MO 3MO 6MO YTD 1YR 3YR 5YR Since Inception
2005/01/03
A3q USD (Net) 1.78 -0.17 12.66 7.21 16.54 -11.78 3.04 170.63
FTSE EPRA Nareit Developed NR 2.39 0.11 13.19 8.62 18.90 -5.11 2.86 157.52
Property - Indirect Global - OE 1.51 -0.36 11.41 6.92 17.27 -8.85 1.00 100.20
Source: Morningstar, Inc., NAV-NAV, gross income reinvested where applicable. Past performance cannot guarantee future results.
Calendar Year Returns (%)
As of 2024/09/30
A3q USD (Net) FTSE EPRA Nareit Developed NR Property - Indirect Global - OE
2023 2022 2021 2020 2019
A3q USD (Net) 7.04 -26.95 24.61 -0.21 30.08
FTSE EPRA Nareit Developed NR 9.67 -25.09 26.09 -9.04 21.91
Property - Indirect Global - OE 9.69 -26.69 24.43 -6.35 22.23
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 costs1,560 USD1,370 USD
Average return each year-84.42%-32.81%
UnfavourableWhat you might get back after costs6,850 USD7,300 USD
Average return each year-31.47%-6.11%
ModerateWhat you might get back after costs10,020 USD12,990 USD
Average return each year0.21%5.37%
FavourableWhat you might get back after costs13,060 USD16,580 USD
Average return each year30.59%10.64%
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) 		1.87%
Performance Fee 10% of the 'Relevant Amount'
Hurdle Rate FTSE EPRA Nareit Developed 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
Equinix 7.11
Welltower 5.54
Realty Income 5.28
Public Storage 5.03
Prologis 3.52
AvalonBay Communities 3.32
Goodman Group 3.09
American Homes 4 Rent 2.74
EastGroup Properties 2.67
UDR 2.61
Portfolio holdings are subject to change without notice. 

Documents

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Our intellectual capital is readily available and central to our Knowledge Shared approach"
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