Horizon Euro High Yield Bond Fund HHFEHY SICAV

Quarterly Update

Watch the investment team recap this quarter.

(Note: Filmed in October 2024).

INVESTMENT OBJECTIVE

The investment objective of the Euro High Yield Bond Fund is to provide a high overall yield and potential for capital growth.

The Fund will invest at least 70% of its net assets in sub investment grade corporate debt securities with a credit rating equivalent to BB+ or lower and denominated in Euros and Sterling. The Fund can invest in fixed and variable rate and index-related securities issued by corporate, government, supranational institutions and local and regional agencies. The Fund may invest up to 20% of its net assets in contingent convertible bonds.

The Fund may make use of one or a combination of the following instruments / strategies in order to achieve the Fund’s objective including, but not limited to, asset and mortgage backed securities, convertible bonds, structured notes, options, OTC swaps (such as interest rate swaps, credit default swaps, credit default swaps on indices and total return swaps), and forward foreign exchange contracts.

ABOUT THIS FUND

Access the total return potential of European high-yield bonds through a portfolio diversified by issuers, sectors, and geography
High-conviction portfolio with the ability to access smaller, less-liquid issuers, all actively managed to reflect market changes
Security selection drives returns; focuses on company metrics, corporate strategy, and bond covenants in context of credit cycle and market conditions

RATINGS AND AWARDS

RATINGS AND AWARDS

RATINGS AND AWARDS

RATINGS AND AWARDS

RATINGS AND AWARDS

	Cumulative	Annualised
A3q EUR (Net)	0.39	7.60	14.46	0.71	1.64	3.43	4.43
X2 EUR (Net)	0.36	7.28	14.05	0.35	1.28	3.07	2.86
X3q EUR (Net)	0.36	7.29	14.05	0.36	1.28	-	2.88
A3q HUSD (Net)	0.52	8.99	16.28	2.59	3.37	-	4.31
A2 EUR (Net)	0.39	7.60	14.45	0.71	1.64	3.42	4.41
A2 HUSD (Net)	0.49	8.97	16.24	2.58	3.35	5.12	5.81
ICE BofA Euro Non-Financial High Yield Constrained USD Hgd	0.72	8.90	15.75	4.31	4.73	-	5.05
ICE BofA Euro Non-Financial High Yield Constrained	0.60	7.46	13.76	2.17	2.89	3.68	3.57
ICE BofA Euro Non-Financial High Yield Constrained	0.60	7.46	13.76	2.17	2.89	3.68	4.47
ICE BofA Euro Non-Financial High Yield Constrained USD Hgd	0.72	8.90	15.75	4.31	4.73	5.57	6.04
ICE BofA Euro Non-Financial High Yield Constrained	0.60	7.46	13.76	2.17	2.89	-	3.82
ICE BofA Euro Non-Financial High Yield Constrained	0.60	7.46	13.76	2.17	2.89	3.68	4.47
EUR High Yield Bond - OE	0.43	5.93	11.54	1.44	1.81	2.65	3.38
EUR High Yield Bond - OE	0.43	5.93	11.54	1.44	1.81	2.65	3.38
EUR High Yield Bond - OE	0.43	5.93	11.54	1.44	1.81	2.65	2.54
EUR High Yield Bond - OE	0.43	5.93	11.54	1.44	1.81	-	2.74

A3q HUSD (Gross)	-	4.60	-	5.63
A2 EUR (Gross)	-	2.84	4.65	5.71
A2 HUSD (Gross)	-	4.57	6.45	7.21
X3q EUR (Gross)	-	2.83	-	4.46
A3q EUR (Gross)	-	2.83	4.65	5.71
X2 EUR (Gross)	-	2.83	4.65	4.44
ICE BofA Euro Non-Financial High Yield Constrained USD Hgd + 1.75%	-	6.56	7.42	7.90
ICE BofA Euro Non-Financial High Yield Constrained + 1.75%	-	4.69	5.49	6.29
ICE BofA Euro Non-Financial High Yield Constrained + 1.75%	-	4.69	5.49	6.29
ICE BofA Euro Non-Financial High Yield Constrained USD Hgd + 1.75%	-	6.56	-	6.89
ICE BofA Euro Non-Financial High Yield Constrained + 1.75%	-	4.69	-	5.63
ICE BofA Euro Non-Financial High Yield Constrained + 1.75%	-	4.69	5.49	5.39

Cumulative

Annualised

1MO

YTD

1YR

3YR

5YR

10YR

Since Inception
19/11/2012

A3q EUR (Net)

0.39

7.60

14.46

0.71

1.64

3.43

4.43

X2 EUR (Net)

0.36

7.28

14.05

0.35

1.28

3.07

2.86

X3q EUR (Net)

0.36

7.29

14.05

0.36

1.28

2.88

A3q HUSD (Net)

0.52

8.99

16.28

2.59

3.37

4.31

A2 EUR (Net)

0.39

7.60

14.45

0.71

1.64

3.42

4.41

A2 HUSD (Net)

0.49

8.97

16.24

2.58

3.35

5.12

5.81

ICE BofA Euro Non-Financial High Yield Constrained USD Hgd

0.72

8.90

15.75

4.31

4.73

5.05

ICE BofA Euro Non-Financial High Yield Constrained

0.60

7.46

13.76

2.17

2.89

3.68

3.57

ICE BofA Euro Non-Financial High Yield Constrained

0.60

7.46

13.76

2.17

2.89

3.68

4.47

ICE BofA Euro Non-Financial High Yield Constrained USD Hgd

0.72

8.90

15.75

4.31

4.73

5.57

6.04

ICE BofA Euro Non-Financial High Yield Constrained

0.60

7.46

13.76

2.17

2.89

3.82

ICE BofA Euro Non-Financial High Yield Constrained

0.60

7.46

13.76

2.17

2.89

3.68

4.47

EUR High Yield Bond - OE

0.43

5.93

11.54

1.44

1.81

2.65

3.38

EUR High Yield Bond - OE

0.43

5.93

11.54

1.44

1.81

2.65

3.38

EUR High Yield Bond - OE

0.43

5.93

11.54

1.44

1.81

2.65

2.54

EUR High Yield Bond - OE

0.43

5.93

11.54

1.44

1.81

2.74

Annualised

3YR

5YR

10YR

Since Inception
19/11/2012

A3q HUSD (Gross)

4.60

5.63

A2 EUR (Gross)

2.84

4.65

5.71

A2 HUSD (Gross)

4.57

6.45

7.21

X3q EUR (Gross)

2.83

4.46

A3q EUR (Gross)

2.83

4.65

5.71

X2 EUR (Gross)

2.83

4.65

4.44

ICE BofA Euro Non-Financial High Yield Constrained USD Hgd + 1.75%

6.56

7.42

7.90

ICE BofA Euro Non-Financial High Yield Constrained + 1.75%

4.69

5.49

6.29

ICE BofA Euro Non-Financial High Yield Constrained + 1.75%

4.69

5.49

6.29

ICE BofA Euro Non-Financial High Yield Constrained USD Hgd + 1.75%

6.56

6.89

ICE BofA Euro Non-Financial High Yield Constrained + 1.75%

4.69

5.63

ICE BofA Euro Non-Financial High Yield Constrained + 1.75%

4.69

5.49

5.39

	YTD	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
A2 HUSD (Net)	8.44	12.58	-12.53	2.84	4.25	14.50	0.17	7.05	10.75	5.06	3.69
A3q HUSD (Net)	8.42	12.63	-12.57	2.88	4.30	14.56	0.26	2.96
X2 EUR (Net)	6.90	9.99	-14.69	1.68	2.09	11.32	-2.59	4.74	9.10	4.33	-0.47
A3q EUR (Net)	7.18	10.38	-14.39	2.04	2.44	11.73	-2.25	5.10	9.51	4.63	3.66
A2 EUR (Net)	7.18	10.38	-14.39	2.04	2.44	11.63	-2.26	5.11	9.53	4.63	3.63
X3q EUR (Net)	6.90	10.00	-14.69	1.69	2.08	11.34	-2.59	4.74	7.45
ICE BofA Euro Non-Financial High Yield Constrained	6.81	12.04	-11.72	3.31	2.69	10.76	-3.44	6.10	7.71
ICE BofA Euro Non-Financial High Yield Constrained USD Hgd	8.12	14.41	-9.44	4.19	4.34	14.10	-0.64	3.16
ICE BofA Euro Non-Financial High Yield Constrained	6.81	12.04	-11.72	3.31	2.69	10.76	-3.44	6.10	9.96	1.26	5.04
ICE BofA Euro Non-Financial High Yield Constrained	6.81	12.04	-11.72	3.31	2.69	10.76	-3.44	6.10	9.96	1.26	1.49
ICE BofA Euro Non-Financial High Yield Constrained USD Hgd	8.12	14.41	-9.44	4.19	4.34	14.10	-0.64	8.22	11.66	1.57	5.19
ICE BofA Euro Non-Financial High Yield Constrained	6.81	12.04	-11.72	3.31	2.69	10.76	-3.44	6.10	9.96	1.26	5.04
EUR High Yield Bond - OE	5.47	9.63	-10.44	2.54	0.90	8.82	-4.21	5.69	7.64	1.46	3.77
EUR High Yield Bond - OE	5.47	9.63	-10.44	2.54	0.90	8.82	-4.21	5.69	6.32
EUR High Yield Bond - OE	5.47	9.63	-10.44	2.54	0.90	8.82	-4.21	5.69	7.64	1.46	3.77
EUR High Yield Bond - OE	5.47	9.63	-10.44	2.54	0.90	8.82	-4.21	5.69	7.64	1.46	0.52

YTD

2023

2022

2021

2020

2019

2018

2017

2016

2015

2014

A2 HUSD (Net)

8.44

12.58

-12.53

2.84

4.25

14.50

0.17

7.05

10.75

5.06

3.69

A3q HUSD (Net)

8.42

12.63

-12.57

2.88

4.30

14.56

0.26

2.96

X2 EUR (Net)

6.90

9.99

-14.69

1.68

2.09

11.32

-2.59

4.74

9.10

4.33

-0.47

A3q EUR (Net)

7.18

10.38

-14.39

2.04

2.44

11.73

-2.25

5.10

9.51

4.63

3.66

A2 EUR (Net)

7.18

10.38

-14.39

2.04

2.44

11.63

-2.26

5.11

9.53

4.63

3.63

X3q EUR (Net)

6.90

10.00

-14.69

1.69

2.08

11.34

-2.59

4.74

7.45

ICE BofA Euro Non-Financial High Yield Constrained

6.81

12.04

-11.72

3.31

2.69

10.76

-3.44

6.10

7.71

ICE BofA Euro Non-Financial High Yield Constrained USD Hgd

8.12

14.41

-9.44

4.19

4.34

14.10

-0.64

3.16

ICE BofA Euro Non-Financial High Yield Constrained

6.81

12.04

-11.72

3.31

2.69

10.76

-3.44

6.10

9.96

1.26

5.04

ICE BofA Euro Non-Financial High Yield Constrained

6.81

12.04

-11.72

3.31

2.69

10.76

-3.44

6.10

9.96

1.26

1.49

ICE BofA Euro Non-Financial High Yield Constrained USD Hgd

8.12

14.41

-9.44

4.19

4.34

14.10

-0.64

8.22

11.66

1.57

5.19

ICE BofA Euro Non-Financial High Yield Constrained

6.81

12.04

-11.72

3.31

2.69

10.76

-3.44

6.10

9.96

1.26

5.04

EUR High Yield Bond - OE

5.47

9.63

-10.44

2.54

0.90

8.82

-4.21

5.69

7.64

1.46

3.77

EUR High Yield Bond - OE

5.47

9.63

-10.44

2.54

0.90

8.82

-4.21

5.69

6.32

EUR High Yield Bond - OE

5.47

9.63

-10.44

2.54

0.90

8.82

-4.21

5.69

7.64

1.46

3.77

EUR High Yield Bond - OE

5.47

9.63

-10.44

2.54

0.90

8.82

-4.21

5.69

7.64

1.46

0.52

Asset class	Fixed Income
Product Structure	SICAV
Inception Date	Nov 19, 2012
Base Currency	EUR
Fund Assets As of 31/10/24	$350.65M
Sector	Morningstar EUR High Yield Bond
Benchmark	ICE BofA European Ccy Non-Financial High Yield Constrained Index (100% Hedged)
Year End	30-Jun
Pricing Basis	Single Priced

Horizon Euro High Yield Bond Fund

Overview

Quarterly Update

INVESTMENT OBJECTIVE

ABOUT THIS FUND

RATINGS AND AWARDS

RATINGS AND AWARDS

RATINGS AND AWARDS

RATINGS AND AWARDS

RATINGS AND AWARDS

Portfolio Management

Performance

Documents

Up in quality does not mean ignoring high yield bonds

Calm after the storm: Finding value in global investment grade credit

How are companies navigating higher debt levels: latest study

Horizon Euro High Yield Bond Fund

Overview

Quarterly Update

INVESTMENT OBJECTIVE

ABOUT THIS FUND

RATINGS AND AWARDS

RATINGS AND AWARDS

RATINGS AND AWARDS

RATINGS AND AWARDS

RATINGS AND AWARDS

Portfolio Management

Performance

Documents

Related Insights

Up in quality does not mean ignoring high yield bonds

Calm after the storm: Finding value in global investment grade credit

How are companies navigating higher debt levels: latest study