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For investors in Hong Kong

Horizon Pan European Property Equities Fund

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

ISIN
LU0088927925

NAV
EUR 50.26
As of 2024/12/20

1-Day Change
EUR -0.22 (-0.44%)
 As of 2024/12/20

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, 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 European property sector (may include small/ mid capitalization companies). It 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 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. 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 75% of its assets in a concentrated portfolio of shares (equities) and equity-related securities of real estate investment trusts (REITs) and companies, which have their registered offices in the EEA or the UK if not part of the EEA which will derive the main part of their revenue from owning, developing and managing real estate in Europe.

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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 based in the UK and supported by the wider global property equities teams in the US and Singapore
  • Offers a liquid means of diversifying into real estate and benefitting from powerful secular themes influencing the asset class

Portfolio Management

Guy Barnard, CFA
Guy Barnard, CFA

Co-Head of Global Property Equities | Portfolio Manager

Industry since 2003. Joined Firm in 2006.

Nicolas Scherf
Nicolas Scherf

Portfolio Manager

Industry since 2007. Joined Firm in 2014.

Performance

Cumulative Performance (%)
As of 2024/11/30
A2 EUR (Net) FTSE EPRA Nareit Developed Europe Capped NR Property - Indirect Europe - OE
 
  Cumulative
  1MO 3MO 6MO YTD 1YR 3YR 5YR Since Inception
1998/07/01
A2 EUR (Net) 0.46 -4.73 -0.42 1.94 11.44 -22.10 -3.84 439.14
FTSE EPRA Nareit Developed Europe Capped NR 1.11 -3.04 0.78 1.23 11.90 -23.82 -18.59 389.09
Property - Indirect Europe - OE 0.60 -2.70 0.24 1.41 10.97 -21.78 -15.56 319.08
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 EUR (Net) FTSE EPRA Nareit Developed Europe Capped NR Property - Indirect Europe - OE
2023 2022 2021 2020 2019
A2 EUR (Net) 19.43 -37.37 27.38 -3.93 35.60
FTSE EPRA Nareit Developed Europe Capped NR 16.34 -36.57 18.49 -10.74 28.52
Property - Indirect Europe - OE 15.19 -34.25 18.54 -9.60 28.51
Source: Morningstar, Inc., NAV-NAV, gross income reinvested where applicable. Past performance cannot guarantee future results.

Recommended holding period 5 Years

Example Investment: EUR 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 costs850 EUR1,220 EUR
Average return each year-91.45%-34.37%
UnfavourableWhat you might get back after costs5,950 EUR6,500 EUR
Average return each year-40.50%-8.25%
ModerateWhat you might get back after costs10,020 EUR13,810 EUR
Average return each year0.23%6.67%
FavourableWhat you might get back after costs13,520 EUR18,130 EUR
Average return each year35.23%12.64%
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 Europe Capped 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 2024/11/30)
% of Fund
Vonovia 9.85
Segro 7.33
LEG Immobilien 5.84
Unibail-Rodamco-Westfield 5.43
British Land 4.51
Merlin Properties Socimi 4.35
PSP Swiss Property 4.21
Tritax Big Box REIT 4.13
Fastighets AB Balder 4.02
UNITE Group 3.36
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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