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For professional investors in Mexico

Horizon Global Property Equities Fund

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

ISIN
LU0209137628

NAV
USD 31.32
As of 04/11/2024

1-Day Change
USD -0.15 (-0.48%)
 As of 04/11/2024

Morningstar Rating

As of 30/09/2024

Overview

Quarterly Update

Watch the investment team recap this quarter.

(Note: Filmed in October 2024).

INVESTMENT OBJECTIVE

The Fund aims to provide capital growth over the long term. Performance target: To outperform the FTSE EPRA Nareit Developed Index by at least 2% 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 a portfolio of shares (equities) and equity-related securities of real estate investment trusts (REITs) and companies, which invest in property, in any country. Securities will derive the main part of their revenue from owning, developing and managing real estate. The Fund may also invest in other assets including cash and money market instruments. The Investment Manager may use derivatives (complex financial instruments) to reduce risk or to manage the Fund more efficiently. The Fund is actively managed with reference to the FTSE EPRA Nareit Developed Index, which is broadly representative of the securities in which it may invest, as this forms the basis of the Fund's performance target and the level above which performance fees may be charged (if applicable). 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.

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 global team of experts based in Singapore, the UK, and the US with more than 90 years’ collective investment experience
  • Offers a liquid means of diversifying into global real estate and benefitting from powerful secular themes influencing the asset class
Past performance does not predict future returns. 
 

Portfolio Management

Guy Barnard, CFA
Guy Barnard, CFA

Co-Head of Global Property Equities | Portfolio Manager

Industry since 2003. Joined Firm in 2006.

Tim Gibson
Tim Gibson

Co-Head of Global Property Equities | Portfolio Manager

Industry since 2001. Joined Firm in 2011.

Greg Kuhl, CFA
Greg Kuhl, CFA

Portfolio Manager

Industry since 2005. Joined Firm in 2015.

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 30/09/2024
I2 USD (Net) FTSE EPRA Nareit Developed NR Property - Indirect Global - OE
  
  Cumulative Annualised
1MO YTD 1YR 3YR 5YR 10YR Since Inception
03/01/2005
I2 USD (Net) 2.62 10.82 24.83 -1.58 2.78 5.92 6.22
FTSE EPRA Nareit Developed NR 3.01 11.77 28.86 0.39 1.39 4.06 5.06
Property - Indirect Global - OE 3.25 10.80 27.94 -0.88 1.38 3.25 3.77
 
  Annualised
3YR 5YR 10YR Since Inception
03/01/2005
I2 USD (Gross) - 4.06 7.16 7.37
FTSE EPRA Nareit Developed NR + 2.00% - 3.42 6.14 7.16
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 fees are charged separately as a way of rewarding the investment manager for superior returns or for outperforming specified targets. A Performance Fee is accrued where the NAV outperforms the relevant Hurdle NAV (subject to a High Water Mark).
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
I2 USD (Net) FTSE EPRA Nareit Developed NR Property - Indirect Global - OE
YTD 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
I2 USD (Net) 10.82 8.01 -26.33 25.18 0.71 30.42 -3.82 13.80 2.98 0.75 12.44
FTSE EPRA Nareit Developed NR 11.77 9.67 -25.09 26.09 -9.04 21.91 -5.63 10.36 4.06 -0.79 15.02
Property - Indirect Global - OE 10.80 9.69 -26.69 24.43 -6.35 22.23 -8.26 12.39 0.39 -1.19 11.29
Calendar Year Returns (%)
Year I2 USD (Net) Index
2023 8.01 9.67
2022 -26.33 -25.09
2021 25.18 26.09
2020 0.71 -9.04
2019 30.42 21.91
2018 -3.82 -5.63
2017 13.80 10.36
2016 2.98 4.06
2015 0.75 -0.79
2014 12.44 15.02
2013 2.54 3.67
2012 28.11 27.73
2011 -9.20 -6.12
2010 21.55 20.40
2009 47.41 38.25
2008 -47.74 -47.72
2007 -6.80 -6.96
2006 43.24 42.35
2005 from 03/01/2005 19.10 16.46
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 fees are charged separately as a way of rewarding the investment manager for superior returns or for outperforming specified targets. A Performance Fee is accrued where the NAV outperforms the relevant Hurdle NAV (subject to a High Water Mark).
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 1.00%
Ongoing Charge
(As of 30/06/2023) 		1.00%
Performance Fee 10% of the 'Relevant Amount'
Hurdle Rate FTSE EPRA Nareit Developed Index
The ongoing charge is calculated using the 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.
For more information about charges, please see our fund charges page or the “charges” section of the fund’s prospectus.

Portfolio

Top Holdings (As of 30/09/2024)
% of Fund
Equinix 6.57
Realty Income 5.34
Public Storage 5.25
Welltower 4.97
Prologis 4.48
AvalonBay Communities 3.36
Goodman Group 3.15
UDR 2.83
American Homes 4 Rent 2.70
EastGroup Properties 2.64
References made to individual securities do not constitute a recommendation to buy, sell or hold any security, investment strategy or market sector, and should not be assumed to be profitable. Janus Henderson Investors, its affiliated advisor, or its employees, may have a position in the securities mentioned.

Documents

Related Insights

Our intellectual capital is readily available and central to our Knowledge Shared approach"
Related Insights
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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.
  • Shares/Units can lose value rapidly, and typically involve higher risks than bonds or money market instruments. The value of your investment may fall as a result.
  • Shares of small and mid-size companies can be more volatile than shares of larger companies, and at times it may be difficult to value or to sell shares at desired times and prices, increasing the risk of losses.
  • The Fund is focused towards particular industries or investment themes and may be heavily impacted by factors such as changes in government regulation, increased price competition, technological advancements and other adverse events.
  • This Fund may have a particularly concentrated portfolio relative to its investment universe or other funds in its sector. An adverse event impacting even a small number of holdings could create significant volatility or losses for the Fund.
  • The Fund invests in real estate investment trusts (REITs) and other companies or funds engaged in property investment, which involve risks above those associated with investing directly in property. In particular, REITs may be subject to less strict regulation than the Fund itself and may experience greater volatility than their underlying assets.
  • The Fund may use derivatives with the aim of reducing risk or managing the portfolio more efficiently. However this introduces 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.
  • 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.
  • 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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