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Horizon Euroland Fund

An actively managed strategy aiming to deliver capital growth through the identification of good quality, but undervalued, firms operating/based in the Euroland

ISIN
LU0196034820

NAV
EUR 22.30
As of 11/22/2024

1-Day Change
EUR 0.16 (0.72%)
 As of 11/22/2024

Morningstar Rating

As of 10/31/2024

Overview

INVESTMENT OBJECTIVE

The Fund aims to provide capital growth over the long term.
Performance target: To outperform the MSCI EMU Net Return EUR Index, after the deduction of charges, over any 5 year period.

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The Fund invests at least 75% of its assets in shares (equities) and equity-related securities of companies, of any size, in any industry, in Euroland Countries (i.e. countries having adopted the Euro as their national currency in the member state of the European Monetary Union). Companies will be incorporated in or having their principal business activities in Euroland Countries.
The Fund may also invest in other assets including companies outside of Euroland Countries, 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 MSCI EMU Net Return EUR Index, which is broadly representative of the companies 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 disciplined investment process, developed by the fund manager in 1988, that sets aside sentiment in order to benefit from market mispricing
  • Investment process combines bottom-up analysis with qualitative overview that helps the team control risk while seeking to maximise performance
  • Seeks superior companies with established track records that are priced at a level that does not reflect their intrinsic value or future prospects
Past performance does not predict future returns. 
 

Portfolio Management

Nick Sheridan
Nick Sheridan

Portfolio Manager

Industry since 1986. Joined Firm in 2009.

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 10/31/2024
I2 EUR (Net) MSCI EMU NR Eurozone Large-Cap Equity - OE
 
  Cumulative Annualised
1MO YTD 1YR 3YR 5YR 10YR Since Inception
11/18/2013
I2 EUR (Net) -1.36 10.21 25.54 5.62 8.51 7.77 7.67
MSCI EMU NR -3.33 7.94 20.23 4.43 7.09 6.97 6.64
Eurozone Large-Cap Equity - OE -3.39 6.35 18.26 3.13 6.06 6.17 5.78
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.
Performance fees may be charged before the Fund’s outperformance target is reached.
© 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 (%)
I2 EUR (Net) MSCI EMU NR Eurozone Large-Cap Equity - OE
YTD 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
I2 EUR (Net) 11.73 22.85 -14.44 29.09 -2.02 23.93 -16.53 10.93 4.46 17.56 5.53
MSCI EMU NR 11.65 18.78 -12.47 22.16 -1.02 25.47 -12.71 12.49 4.37 9.81 4.32
Eurozone Large-Cap Equity - OE 10.09 17.03 -13.44 21.96 -1.71 23.78 -13.88 11.84 3.30 11.42 3.14
Calendar Year Returns (%)
Year I2 EUR (Net) Index
2023 22.85 18.78
2022 -14.44 -12.47
2021 29.09 22.16
2020 -2.02 -1.02
2019 23.93 25.47
2018 -16.53 -12.71
2017 10.93 12.49
2016 4.46 4.37
2015 17.56 9.81
2014 5.53 4.32
2013 from 18/11/2013 3.10 1.16
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.
Performance fees may be charged before the Fund’s outperformance target is reached.
© 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.
Annual Fees & Expenses (As of the most recent prospectus)
Initial Charge 0.00%
Annual Charge 1.00%
Ongoing Charge
(As of 06/30/2023) 		1.00%
Performance Fee 10% of the 'Relevant Amount'
Hurdle Rate MSCI EMU Net Return EUR 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 10/31/2024)
% of Fund
RELX 5.23
ASM International 5.20
UniCredit 4.47
Allianz 4.08
Prysmian 3.91
BNP Paribas 3.74
Deutsche Telekom 3.47
Sanofi 3.32
TotalEnergies 3.09
Siemens 3.05
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.

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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.
  • If a Fund has a high exposure to a particular country or geographical region it carries a higher level of risk than a Fund which is more broadly diversified.
  • 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.
  • 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 follows a value investment style that creates a bias towards certain types of companies. This may result in the Fund significantly underperforming or outperforming the wider market.
  • 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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