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For investors in Hong Kong

Horizon Japanese Smaller Companies Fund

Designed to capture the undervalued growth potential of Japanese smaller companies over the long term

ISIN
LU0572961604

NAV
JPY 9,851.53
As of 2024/11/15

1-Day Change
JPY -3.95 (-0.04%)
 As of 2024/11/15

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, interest rate and small/

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  • mid-capitalisation companies related 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 small/mid-capitalisation companies 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 two-thirds of its assets in a concentrated portfolio of shares (equities) and equity-related securities of small capitalisation companies, in any industry, in Japan or derive a significant portion of their revenues from Japan.

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ABOUT THIS FUND

  • Positioned to benefit from a recovery in Japan’s economy and improving corporate governance to generate long-term capital appreciation
  • High-conviction strategy leveraging more than 40 years’ experience in Japanese equities
  • Invests in the smallest 25% of listed Japanese companies by market capitalisation, which the team believes are set to benefit most from a domestic recovery

Portfolio Management

Yunyoung Lee, CFA
Yunyoung Lee, CFA

Portfolio Manager

Industry since 1992. Joined Firm in 2005.

Performance

Cumulative Performance (%)
As of 2024/10/31
A2 JPY (Net) Russell/Nomura Small Cap Japan Small/Mid-Cap Equity - OE
 
  Cumulative
  1MO 3MO 6MO YTD 1YR 3YR 5YR Since Inception
2009/09/30
A2 JPY (Net) -1.08 -3.03 -1.78 0.28 7.69 20.06 51.34 388.37
Russell/Nomura Small Cap 0.30 -0.91 1.14 12.52 17.48 34.80 57.92 367.76
Japan Small/Mid-Cap Equity - OE -1.07 -2.53 -0.64 7.59 14.57 15.70 48.75 309.79
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 JPY (Net) Russell/Nomura Small Cap Japan Small/Mid-Cap Equity - OE
2023 2022 2021 2020 2019
A2 JPY (Net) 18.83 3.38 13.72 3.63 31.50
Russell/Nomura Small Cap 23.30 1.08 8.40 -0.28 17.22
Japan Small/Mid-Cap Equity - OE 18.41 -6.74 10.15 7.91 19.21
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) 		1.89%
Performance Fee 10% of the 'Relevant Amount'
Hurdle Rate Russell/Nomura Small Cap 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
JINS 4.92
Park24 4.41
Septeni 4.27
Fujitsu General 3.56
CyberAgent 3.30
Aiful 3.22
Daio Paper 2.93
Central Security Patrols 2.85
Harmonic Drive Systems 2.79
Nihon M&A Center 2.78
Portfolio holdings are subject to change without notice. 

Documents

Related Insight

Japanese smaller companies: An active approach key to identify growth catalysts
13 Sep 2024
Timely & Topical

Japanese smaller companies: An active approach key to identify growth catalysts

Strong performance from Japanese larger companies is setting the scene for small and mid-cap stocks to shine given their potential for relatively higher growth.

6 min read

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