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For investors in Hong Kong

Horizon Japan Opportunities Fund

For investors seeking quality growth and cash-flow positive businesses with deep, local insight.

ISIN
LU0011889929

NAV
USD 22.45
As of 2024/11/21

1-Day Change
USD 0.01 (0.04%)
 As of 2024/11/21

Morningstar Rating

As of 2024/10/31

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 Japan and may be more volatile.
  • 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 Japanese companies, of any size, in any industry.

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ABOUT THIS FUND

LOCALISED INVESTMENT APPROACH
Experienced lead manager with local expertise and a proven track record, supported by a well-resourced firm.

NOT STYLE CONSTRAINED
Built on a foundation of quality, the fund also considers mispriced quality companies on an opportunistic basis.

HIGH CONVICTION
Repeatable, fundamentals-driven process, investing in a concentrated portfolio of profitable businesses demonstrating cash-flow growth.

Portfolio Management

Junichi Inoue
Junichi Inoue

Head of Japanese Equities | Portfolio Manager

Industry since 1995. Joined Firm in 2016.

Performance

Cumulative Performance (%)
As of 2024/10/31
A2 USD (Net) Tokyo Stock Price Index (TOPIX) NR Japan Large-Cap Equity - OE
 
  Cumulative
  1MO 3MO 6MO YTD 1YR 3YR 5YR Since Inception
1985/07/31
A2 USD (Net) -5.84 -8.49 -1.54 6.61 20.92 2.49 30.28 364.92
Tokyo Stock Price Index (TOPIX) NR -4.33 -3.92 2.54 7.37 21.29 7.45 27.04 676.56
Japan Large-Cap Equity - OE -4.81 -3.95 2.54 6.65 20.66 2.59 24.43 775.99
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) Tokyo Stock Price Index (TOPIX) NR Japan Large-Cap Equity - OE
2023 2022 2021 2020 2019
A2 USD (Net) 21.86 -20.19 -1.37 22.09 25.22
Tokyo Stock Price Index (TOPIX) NR 19.58 -15.22 0.76 12.62 18.79
Japan Large-Cap Equity - OE 18.53 -17.81 1.13 14.91 19.33
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) 		1.90%
Performance Fee 10% of the 'Relevant Amount'
Hurdle Rate Tokyo Stock Price 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
Toyota Motor 7.17
Hitachi 6.02
Sony Group 5.30
Sumitomo Mitsui Financial Group 4.86
Tokio Marine 4.81
Shin-Etsu Chemical 4.67
Fujitsu 4.61
Daiichi Sankyo 4.38
Mitsubishi 3.94
Asahi Group 3.79
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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