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For individual investors in Luxembourg

Horizon Global High Yield Bond Fund

A fund that can access the total return potential of high-yield bonds through a portfolio diversified by issuers, sectors, and geography.

ISIN
LU1678962512

NAV
USD 131.08
As of 21/11/2024

1-Day Change
USD 0.11 (0.08%)
 As of 21/11/2024

Morningstar Rating

As of 31/10/2024

Overview

INVESTMENT OBJECTIVE

The Fund aims to provide an income with the potential for capital growth over the long term.
Performance target: To outperform the ICE BofA Global High Yield Constrained Index (100% Hedged) by 1.75% per annum, before the deduction of charges, over any 5 year period.

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The Fund invests at least 80% of its assets in high yield (non-investment grade, equivalent to BB+ rated or lower) corporate bonds, in any country. The Fund may invest up to 20% of its net assets in total return swaps, and may invest in contingent convertible bonds (CoCos); and/or asset-backed and mortgage-backed securities.
The Fund may also invest in other assets including bonds of other types from any issuer (including perpetual bonds), cash and money market instruments.
The Investment Manager may use 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 ICE BofA Global High Yield Constrained Index (100% Hedged), which is broadly representative of the bonds in which it may invest, as this forms the basis of the Fund's performance target. The Investment Manager has discretion to choose investments for the Fund with weightings different to the index or not in the index, but at times the Fund may hold investments similar to the index.

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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

  • Co-managed from the US and Europe, the fund benefits from a global perspective with local insight
  • Research is focused on identifying positive catalysts and improving balance sheets to help capture returns and avoid defaults or rating downgrades
  • The global approach allows access to a variety of economies and companies at different stages in the business cycle
Past performance does not predict future returns. 
 

Portfolio Management

Tom Ross, CFA
Tom Ross, CFA

Head of High Yield | Portfolio Manager

Industry since 2002. Joined Firm in 2002.

Brent Olson
Brent Olson

Portfolio Manager

Industry since 1997. Joined Firm in 2017.

Tim Winstone, CFA
Tim Winstone, CFA

Head of Investment Grade Credit | Portfolio Manager

Industry since 2003. Joined Firm in 2015.

Agnieszka Konwent-Morawski, CFA
Agnieszka Konwent-Morawski, CFA

Portfolio Manager

Industry since 2009. Joined Firm in 2014.

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 USD (Net) ICE BofA Global High Yield Constrained USD Hdg Global High Yield Bond - OE
  
  Cumulative Annualised
1MO YTD 1YR 3YR 5YR 10YR Since Inception
19/11/2013
H2 USD (Net) -0.16 8.95 18.34 1.34 2.75 4.88 5.06
ICE BofA Global High Yield Constrained USD Hdg -0.23 8.41 16.79 2.90 4.03 4.86 4.98
Global High Yield Bond - OE -0.56 6.43 14.84 1.71 2.99 3.09 3.10
 
  Annualised
3YR 5YR 10YR Since Inception
19/11/2013
H2 USD (Gross) - 3.58 5.89 6.11
ICE BofA Global High Yield Constrained USD Hdg + 1.75% - 5.85 6.70 6.82
The H2 USD share class was launched on 15/12/2017. Performance prior to that date is past performance based on the A2 USD share class of the same fund which has a different current ongoing charge included of 1.17.
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.
Calendar Year Returns (%)
As of 30/09/2024
H2 USD (Net) ICE BofA Global High Yield Constrained USD Hdg Global High Yield Bond - OE
YTD 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
H2 USD (Net) 9.13 11.54 -14.29 0.78 6.56 18.33 -1.81 8.45 14.40 1.00 3.75
ICE BofA Global High Yield Constrained USD Hdg 8.66 12.97 -11.38 3.04 6.48 14.54 -1.90 7.99 16.21 -2.03 2.53
Global High Yield Bond - OE 7.04 11.68 -11.67 2.43 5.33 12.41 -3.72 8.14 10.87 -5.01 -1.04
Calendar Year Returns (%)
Year H2 USD (Net) Index
2023 11.54 12.97
2022 -14.29 -11.38
2021 0.78 3.04
2020 6.56 6.48
2019 18.33 14.54
2018 -1.81 -1.90
2017 8.45 7.99
2016 14.40 16.21
2015 1.00 -2.03
2014 3.75 2.53
2013 from 19/11/2013 1.64 0.98
The H2 USD share class was launched on 15/12/2017. Performance prior to that date is past performance based on the A2 USD share class of the same fund which has a different current ongoing charge included of 1.17.
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.
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

Related Insights

Our intellectual capital is readily available and central to our Knowledge Shared approach"
Related Insights
Up in quality does not mean ignoring high yield bonds
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Up in quality does not mean ignoring high yield bonds

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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.
  • 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.
  • The Fund invests in high yield (non-investment grade) bonds and while these generally offer higher rates of interest than investment grade bonds, they are more speculative and more sensitive to adverse changes in market conditions.
  • 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 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.
  • 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.
  • The Fund may incur a higher level of transaction costs as a result of investing in less actively traded or less developed markets compared to a fund that invests in more active/developed markets.
  • 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.
  • In addition to income, this share class may distribute realised and unrealised capital gains and original capital invested. Fees, charges and expenses are also deducted from capital. Both factors may result in capital erosion and reduced potential for capital growth. Investors should also note that distributions of this nature may be treated (and taxable) as income depending on local tax legislation.
  • 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.
  • Information on compliance with EU sustainable 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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