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Horizon Emerging Markets Innovation Fund

An emerging markets equity strategy seeking growth opportunities across the three phases of innovation – building, scaling, and compounding.

Overview

INVESTMENT OBJECTIVE

ABOUT THIS FUND

We believe conditions are ripe for a material expansion in emerging market led innovation, driven by digitalized economies, large domestic populations, and a new era of policy support. We seek to generate strong investment returns by identifying emerging market companies that are driving this innovation. We expect these innovators to create exponential, step-change improvements that generate durable value for all stakeholders.

WHY INVEST

Our Team: Experienced EM investors that have built extensive local market relationships and benefit from the broad resources of a global firm

Innovation Threshold: Our three-lens approach that emphasizes the addressable market size, business models, and entrepreneurs to identify innovative growth opportunities

Intentional Approach to Growth: Disciplined risk management seeks to balance capital allocation across the three phases of innovation to create an unconstrained, open-ended growth portfolio

Portfolio Management

Matthew Culley

Portfolio Manager

Industry since 2008. Joined Firm in 2019.

Doug Turnbull

Portfolio Manager | Research Analyst

Industry since 2007. Joined Firm in 2024.

Performance

Portfolio

Index represents the MSCI Emerging Markets Index

Top Holdings (As of 31/12/2025)
% of Fund
Taiwan Semiconductor Manufacturing 8.09
MercadoLibre 6.86
Contemporary Amperex Technology 6.53
NAVER 5.21
Accton Technology 5.06
Sea 5.04
NU 4.67
Full Truck Alliance 4.41
Trip.com Group 4.30
MakeMyTrip 3.78
TOTAL 53.96
Sector Allocation % of Fund % of Index % of Fund % of Index As of 31/12/2025
Market Capitalization Range of Equity Holdings % of Fund % of Index % of Fund % of Index As of 31/12/2025
Country/Geographic Exposures % of Fund % of Index % of Fund % of Index As of 31/12/2025
Regional Allocation % of Fund % of Index % of Fund % of Index As of 31/12/2025

Documents