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For individual investors in Ireland

Horizon Total Return Bond Fund

A 'go-anywhere' bond fund for a changing world

ISIN
LU1068766655

NAV
EUR 102.76
As of 22/11/2024

1-Day Change
EUR 0.14 (0.14%)
 As of 22/11/2024

Morningstar Medalist Rating ™

Morningstar Analyst Rating
As of 30/09/2024

Overview

INVESTMENT OBJECTIVE

The Fund aims to provide income and capital growth, exceeding that of cash, over a rolling 3-year period.
Performance target: To outperform the Euro Short-Term Rate by at least 2.5% per annum, before the deduction of charges, over any 5 year period.

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The Fund invests in bonds of any quality, including high yield (non-investment grade) bonds and distressed debt, of governments, companies or any other type of issuer in any country. The Fund may invest up to 30% of its assets in asset-backed and mortgage-backed securities (ABS/MBS), including up to 10% of which may be high yield (non-investment grade, equivalent to BB+ rated or lower). The Fund may invest up to 20% of its assets in China onshore bonds traded through Bond Connect. The Fund may invest up to 50% of its net assets in total return swaps.
Where investments are made in assets in currencies other than the base currency of the Fund, the Fund will seek to hedge those assets back to the base currency to remove the risk of currency exchange rate movements.
The Fund may also invest in other assets including contingent convertible bonds (CoCos), perpetual bonds, cash and money market instruments.
The Fund makes extensive use of derivatives (complex financial instruments), including total return swaps, with the aim of making investment gains in line with the Fund's objective, to reduce risk or to manage the Fund more efficiently.
The Fund is actively managed with reference to the Euro Short-Term Rate, as this forms the basis of the Fund's performance target. For currency hedged Share Classes, the rate that corresponds with the relevant Share Class currency is used as the basis of the performance comparison. The Investment Manager has complete discretion to choose investments for the Fund and is not constrained by a benchmark.

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The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested.
Potential investors must read the prospectus, and where relevant, the key investor information document before investing.
This website is a Marketing Communication and does not qualify as an investment recommendation.

Investment into the fund will acquire units / shares of the fund itself and not the underlying assets owned by the fund.

ABOUT THIS FUND

  • A benchmark-agnostic bond fund targeting positive total returns through a risk-managed approach
  • A disciplined risk-budgeting approach to deliver returns from diversified sources while maintaining moderate volatility
  • Invests in a broad range of fixed income and derivative instruments, including government and corporate bonds, secured debt, and asset-backed securities
Past performance does not predict future returns. 
 

Portfolio Management

Helen Anthony, CFA
Helen Anthony, CFA

Portfolio Manager

Industry since 2010. Joined Firm in 2010.

John Pattullo, ASIP
John Pattullo, ASIP

Co-Head of Global Bonds | Portfolio Manager

Industry since 1993. Joined Firm in 1997.

Jenna Barnard, CFA
Jenna Barnard, CFA

Co-Head of Global Bonds | Portfolio Manager

Industry since 2001. Joined Firm in 2002.

Performance

Past performance does not predict future returns. All performance data includes both income and capital gains or losses and reflects the deduction of any ongoing charges or other fund expenses.
Cumulative & Annualised Performance (%)
As of 31/10/2024
H2 EUR (Net) Euro Short-Term Rate Global Flexible Bond - EUR Hedged - OE
  
  Cumulative Annualised
1MO YTD 1YR 3YR 5YR 10YR Since Inception
09/05/2012
H2 EUR (Net) -1.83 0.53 7.15 -2.95 -0.69 0.30 0.79
Euro Short-Term Rate 0.29 3.23 3.91 2.13 1.04 0.38 0.32
Global Flexible Bond - EUR Hedged - OE -0.98 3.32 9.24 -0.86 0.15 0.68 1.34
 
  Annualised
3YR 5YR 10YR Since Inception
09/05/2012
H2 EUR (Gross) - 0.11 1.10 1.59
Euro Short-Term Rate + 2.50% - 3.57 2.89 2.83
The H2 EUR share class was launched on 30/05/2014. Performance prior to that date is past performance based on the A2 EUR share class of the same fund which has a different current ongoing charge included of 1.18.
Note that any differences among portfolio securities currencies, share class currencies and costs to be paid or represented in currencies other than your home currency will expose you to currency risk.  Costs and returns may increase or decrease as a result of currency and exchange rate fluctuations.
Performance/performance target related data will display only when relevant to the fund/share class inception date and the annualised target time period.
© Morningstar 2024. All rights reserved. NAV-NAV, gross income reinvested where applicable.
Fund charges will impact the value of your investment. In particular, the ongoing charges applicable to each fund will dilute investment performance, particularly over time.
From 16 June 2020, the Fund's Performance Target changed. Past performance shown before 16 June 2020 was achieved under circumstances that no longer apply.
Calendar Year Returns (%)
As of 30/09/2024
H2 EUR (Net) Euro Short-Term Rate Global Flexible Bond - EUR Hedged - OE
YTD 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
H2 EUR (Net) 2.40 3.91 -12.33 -1.48 7.37 5.13 -4.33 3.18 2.57 1.15 -0.05
Euro Short-Term Rate 2.93 3.30 -0.01 -0.57 -0.55 -0.41 -0.35 -0.34 -0.31 -0.11 0.09
Global Flexible Bond - EUR Hedged - OE 4.33 5.65 -10.61 -0.53 3.23 6.45 -4.25 2.70 3.92 -1.24 2.86
Calendar Year Returns (%)
Year H2 EUR (Net) Index
2023 3.91 3.30
2022 -12.33 -0.01
2021 -1.48 -0.57
2020 7.37 -0.55
2019 5.13 -0.41
2018 -4.33 -0.35
2017 3.18 -0.34
2016 2.57 -0.31
2015 1.15 -0.11
2014 -0.05 0.09
2013 0.37 0.09
2012 from 09/05/2012 5.46 0.10
The H2 EUR share class was launched on 30/05/2014. Performance prior to that date is past performance based on the A2 EUR share class of the same fund which has a different current ongoing charge included of 1.18.
Note that any differences among portfolio securities currencies, share class currencies and costs to be paid or represented in currencies other than your home currency will expose you to currency risk.  Costs and returns may increase or decrease as a result of currency and exchange rate fluctuations.
Performance/performance target related data will display only when relevant to the fund/share class inception date and the annualised target time period.
© Morningstar 2024. All rights reserved. NAV-NAV, gross income reinvested where applicable.
Fund charges will impact the value of your investment. In particular, the ongoing charges applicable to each fund will dilute investment performance, particularly over time.
From 16 June 2020, the Fund's Performance Target changed. Past performance shown before 16 June 2020 was achieved under circumstances that no longer apply.
Please note the performance target is to be achieved over a specific annualised time period. Refer to the performance target wording within the objective.
Fee Information
Initial Charge 5.00%
Annual Charge 0.38%
Ongoing Charge
(As of 30/06/2023) 		0.80%
For more information about charges, please see our fund charges page or the “charges” section of the fund’s prospectus.

Documents

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  • The value of the Funds and the income from them is not guaranteed and may fall as well as rise. You may get back less than you originally invested.
  • Past performance does not predict future returns.
  • Third party data is believed to be reliable, but its completeness and accuracy is not guaranteed.
  • An issuer of a bond (or money market instrument) may become unable or unwilling to pay interest or repay capital to the Fund. If this happens or the market perceives this may happen, the value of the bond will fall. High yielding (non-investment grade) bonds are more speculative and more sensitive to adverse changes in market conditions.
  • When interest rates rise (or fall), the prices of different securities will be affected differently. In particular, bond values generally fall when interest rates rise (or are expected to rise). This risk is typically greater the longer the maturity of a bond investment.
  • Some bonds (callable bonds) allow their issuers the right to repay capital early or to extend the maturity. Issuers may exercise these rights when favourable to them and as a result the value of the Fund may be impacted.
  • Emerging markets expose the Fund to higher volatility and greater risk of loss than developed markets; they are susceptible to adverse political and economic events, and may be less well regulated with less robust custody and settlement procedures.
  • The Fund may invest in onshore bonds via Bond Connect. This may introduce additional risks including operational, regulatory, liquidity and settlement risks.
  • The Fund may use derivatives to help achieve its investment objective. This can result in leverage (higher levels of debt), which can magnify an investment outcome. Gains or losses to the Fund may therefore be greater than the cost of the derivative. Derivatives also introduce other risks, in particular, that a derivative counterparty may not meet its contractual obligations.
  • If the Fund holds assets in currencies other than the base currency of the Fund, or you invest in a share/unit class of a different currency to the Fund (unless hedged, i.e. mitigated by taking an offsetting position in a related security), the value of your investment may be impacted by changes in exchange rates.
  • When the Fund, or a share/unit class, seeks to mitigate exchange rate movements of a currency relative to the base currency (hedge), the hedging strategy itself may positively or negatively impact the value of the Fund due to differences in short-term interest rates between the currencies.
  • Securities within the Fund could become hard to value or to sell at a desired time and price, especially in extreme market conditions when asset prices may be falling, increasing the risk of investment losses.
  • Some or all of the ongoing charges may be taken from capital, which may erode capital or reduce potential for capital growth.
  • CoCos can fall sharply in value if the financial strength of an issuer weakens and a predetermined trigger event causes the bonds to be converted into shares/units of the issuer or to be partly or wholly written off.
  • The Fund could lose money if a counterparty with which the Fund trades becomes unwilling or unable to meet its obligations, or as a result of failure or delay in operational processes or the failure of a third party provider.
  • The Fund invests in Asset-Backed Securities (ABS) and other forms of securitised investments, which may be subject to greater credit / default, liquidity, interest rate and prepayment and extension risks, compared to other investments such as government or corporate issued bonds and this may negatively impact the realised return on investment in the securities.
  • Funds incur costs as a necessary part of buying and selling the underlying investments, these are otherwise known as portfolio transaction costs, and include charges such as broker commission and Stamp Duty.
  • Before investing in any of our funds you should satisfy yourself as to the suitability and the risks involved, you may wish to consult a financial adviser.
  • If you invest through a third party provider you are advised to consult them directly as charges, performance and terms and conditions may differ materially.
  • Summary of Investor rights
  • Janus Henderson Investors Europe S.A. may decide to terminate the marketing arrangements of this Collective Investment Scheme in accordance with the appropriate regulation.
  • Information on compliance with EU Sustainability related disclosures can be found here.
  • For detailed product information including the risks associated with investing please read the relevant Prospectus or Annual Report. Please refer to the prospectus of the UCITS and to the KID before making any final investment decisions.

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