Horizon Global High Yield Bond Fund HHFGHY SICAV

Quarterly Update

Watch the investment team recap this quarter.

(Note: Filmed in October 2024).

INVESTMENT OBJECTIVE

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

The Fund will invest at least 80% of its net assets in sub investment grade corporate debt securities of issuers with a credit rating equivalent to BB+ or lower. 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 also 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, exchange traded derivatives, OTC swaps (such as interest rate swaps, credit default swaps, credit default swaps on indices and total return swaps), forward foreign exchange contracts and preferred stocks.

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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

RATINGS AND AWARDS

RATINGS AND AWARDS

RATINGS AND AWARDS

RATINGS AND AWARDS

RATINGS AND AWARDS

RATINGS AND AWARDS

RATINGS AND AWARDS

	Cumulative	Annualised
H2 USD (Net)	0.94	9.97	13.95	2.21	2.86	4.92	5.11
X3q USD (Net)	0.87	9.26	13.14	1.48	-	-	5.51
X2 USD (Net)	0.87	9.26	13.14	1.48	2.13	-	3.37
A3q USD (Net)	0.89	9.60	13.52	1.82	2.48	-	4.93
A2 USD (Net)	0.90	9.60	13.52	1.83	2.48	4.65	4.87
X3q USD (Net)	0.87	9.26	13.14	1.48	-	-	5.51
A2 HEUR (Net)	0.81	8.05	11.71	-0.14	0.72	2.82	3.19
H2 USD (Net)	0.94	9.97	13.95	2.21	2.86	4.92	5.11
A3q HEUR (Net)	0.79	7.97	11.64	-0.15	0.71	2.82	2.96
ICE BofA Global High Yield Constrained EUR Hgd	0.82	7.80	11.32	1.34	2.20	3.04	3.13
ICE BofA Global High Yield Constrained EUR Hgd	0.82	7.80	11.32	1.34	2.20	3.04	3.23
ICE BofA Global High Yield Constrained USD Hdg	0.95	9.43	13.23	3.58	-	-	7.37
ICE BofA Global High Yield Constrained USD Hdg	0.95	9.43	13.23	3.58	4.12	5.02	5.04
ICE BofA Global High Yield Constrained USD Hdg	0.95	9.43	13.23	3.58	4.12	-	4.46
ICE BofA Global High Yield Constrained USD Hdg	0.95	9.43	13.23	3.58	4.12	5.02	5.04
ICE BofA Global High Yield Constrained USD Hdg	0.95	9.43	13.23	3.58	4.12	-	5.55
ICE BofA Global High Yield Constrained USD Hdg	0.95	9.43	13.23	3.58	-	-	7.37
ICE BofA Global High Yield Constrained USD Hdg	0.95	9.43	13.23	3.58	4.12	5.02	5.04
Global High Yield Bond - EUR Hedged - OE	0.82	6.71	9.84	1.30	1.80	2.02	2.16
Global High Yield Bond - OE	0.59	7.06	10.67	2.38	3.03	3.22	3.14
Global High Yield Bond - OE	0.59	7.06	10.67	2.38	3.03	3.22	3.14
Global High Yield Bond - OE	0.59	7.06	10.67	2.38	3.03	-	3.94
Global High Yield Bond - OE	0.59	7.06	10.67	2.38	3.03	3.22	3.14
Global High Yield Bond - OE	0.59	7.06	10.67	2.38	3.03	-	3.18
Global High Yield Bond - OE	0.59	7.06	10.67	2.38	-	-	6.42
Global High Yield Bond - OE	0.59	7.06	10.67	2.38	-	-	6.42
Global High Yield Bond - EUR Hedged - OE	0.82	6.71	9.84	1.30	1.80	2.02	2.05

H2 USD (Gross)	-	3.70	5.93	6.16
A2 HEUR (Gross)	-	1.91	4.05	4.44
X2 USD (Gross)	-	3.69	-	4.97
H2 USD (Gross)	-	3.70	5.93	6.16
A3q USD (Gross)	-	3.69	-	6.18
A2 USD (Gross)	-	3.70	5.93	6.15
A3q HEUR (Gross)	-	1.89	4.06	4.21
ICE BofA Global High Yield Constrained USD Hdg + 1.75%	-	5.94	-	7.40
ICE BofA Global High Yield Constrained USD Hdg + 1.75%	-	5.94	6.85	6.87
ICE BofA Global High Yield Constrained USD Hdg + 1.75%	-	5.94	6.85	6.87
ICE BofA Global High Yield Constrained USD Hdg + 1.75%	-	5.94	-	6.29
ICE BofA Global High Yield Constrained EUR Hgd + 1.75%	-	3.99	4.85	4.93
ICE BofA Global High Yield Constrained USD Hdg + 1.75%	-	5.94	6.85	6.87
ICE BofA Global High Yield Constrained EUR Hgd + 1.75%	-	3.99	4.85	5.03

Cumulative

Annualised

1MO

YTD

1YR

3YR

5YR

10YR

Since Inception
24/01/2014

H2 USD (Net)

0.94

9.97

13.95

2.21

2.86

4.92

5.11

X3q USD (Net)

0.87

9.26

13.14

1.48

5.51

X2 USD (Net)

0.87

9.26

13.14

1.48

2.13

3.37

A3q USD (Net)

0.89

9.60

13.52

1.82

2.48

4.93

A2 USD (Net)

0.90

9.60

13.52

1.83

2.48

4.65

4.87

X3q USD (Net)

0.87

9.26

13.14

1.48

5.51

A2 HEUR (Net)

0.81

8.05

11.71

-0.14

0.72

2.82

3.19

H2 USD (Net)

0.94

9.97

13.95

2.21

2.86

4.92

5.11

A3q HEUR (Net)

0.79

7.97

11.64

-0.15

0.71

2.82

2.96

ICE BofA Global High Yield Constrained EUR Hgd

0.82

7.80

11.32

1.34

2.20

3.04

3.13

ICE BofA Global High Yield Constrained EUR Hgd

0.82

7.80

11.32

1.34

2.20

3.04

3.23

ICE BofA Global High Yield Constrained USD Hdg

0.95

9.43

13.23

3.58

7.37

ICE BofA Global High Yield Constrained USD Hdg

0.95

9.43

13.23

3.58

4.12

5.02

5.04

ICE BofA Global High Yield Constrained USD Hdg

0.95

9.43

13.23

3.58

4.12

4.46

ICE BofA Global High Yield Constrained USD Hdg

0.95

9.43

13.23

3.58

4.12

5.02

5.04

ICE BofA Global High Yield Constrained USD Hdg

0.95

9.43

13.23

3.58

4.12

5.55

ICE BofA Global High Yield Constrained USD Hdg

0.95

9.43

13.23

3.58

7.37

ICE BofA Global High Yield Constrained USD Hdg

0.95

9.43

13.23

3.58

4.12

5.02

5.04

Global High Yield Bond - EUR Hedged - OE

0.82

6.71

9.84

1.30

1.80

2.02

2.16

Global High Yield Bond - OE

0.59

7.06

10.67

2.38

3.03

3.22

3.14

Global High Yield Bond - OE

0.59

7.06

10.67

2.38

3.03

3.22

3.14

Global High Yield Bond - OE

0.59

7.06

10.67

2.38

3.03

3.94

Global High Yield Bond - OE

0.59

7.06

10.67

2.38

3.03

3.22

3.14

Global High Yield Bond - OE

0.59

7.06

10.67

2.38

3.03

3.18

Global High Yield Bond - OE

0.59

7.06

10.67

2.38

6.42

Global High Yield Bond - OE

0.59

7.06

10.67

2.38

6.42

Global High Yield Bond - EUR Hedged - OE

0.82

6.71

9.84

1.30

1.80

2.02

2.05

Annualised

3YR

5YR

10YR

Since Inception
24/01/2014

H2 USD (Gross)

3.70

5.93

6.16

A2 HEUR (Gross)

1.91

4.05

4.44

X2 USD (Gross)

3.69

4.97

H2 USD (Gross)

3.70

5.93

6.16

A3q USD (Gross)

3.69

6.18

A2 USD (Gross)

3.70

5.93

6.15

A3q HEUR (Gross)

1.89

4.06

4.21

ICE BofA Global High Yield Constrained USD Hdg + 1.75%

5.94

7.40

ICE BofA Global High Yield Constrained USD Hdg + 1.75%

5.94

6.85

6.87

ICE BofA Global High Yield Constrained USD Hdg + 1.75%

5.94

6.85

6.87

ICE BofA Global High Yield Constrained USD Hdg + 1.75%

5.94

6.29

ICE BofA Global High Yield Constrained EUR Hgd + 1.75%

3.99

4.85

4.93

ICE BofA Global High Yield Constrained USD Hdg + 1.75%

5.94

6.85

6.87

ICE BofA Global High Yield Constrained EUR Hgd + 1.75%

3.99

4.85

5.03

	YTD	2023	2022	2021	2020	2019	2018	Performance Inception 01/01/1970
A2 USD (Net)	8.82	11.13	-14.61	0.41	6.17	17.96	-2.24	8.46	14.40	1.00	3.75
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
A3q HEUR (Net)	7.50	8.80	-16.39	-0.50	4.26	14.58	-4.88	6.35	12.86	0.77	2.18
A3q USD (Net)	8.84	11.12	-14.61	0.42	6.17	18.02	-2.21	8.42	14.40	-2.30
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
X3q USD (Net)	8.55	10.75	-14.89	0.07	24.50
X3q USD (Net)	8.55	10.75	-14.89	0.07	24.50
A2 HEUR (Net)	7.51	8.74	-16.39	-0.49	4.28	14.64	-4.88	6.38	12.88	0.56	3.60
X2 USD (Net)	8.56	10.74	-14.90	0.06	5.81	17.58	-2.57	2.65
ICE BofA Global High Yield Constrained EUR Hgd	7.33	10.39	-13.65	2.12	4.66	11.14	-4.67	5.86	14.42	-2.50	2.30
ICE BofA Global High Yield Constrained EUR Hgd	7.33	10.39	-13.65	2.12	4.66	11.14	-4.67	5.86	14.42	-2.50	1.60
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
ICE BofA Global High Yield Constrained USD Hdg	8.66	12.97	-11.38	3.04	23.31
ICE BofA Global High Yield Constrained USD Hdg	8.66	12.97	-11.38	3.04	23.31
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
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
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	-3.50
ICE BofA Global High Yield Constrained USD Hdg	8.66	12.97	-11.38	3.04	6.48	14.54	-1.90	2.68
Global High Yield Bond - OE	7.04	11.68	-11.67	2.43	5.33	12.41	-3.72	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
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
Global High Yield Bond - EUR Hedged - OE	6.10	9.18	-11.90	2.63	2.48	9.42	-5.23	4.56	9.94	-3.40	0.93
Global High Yield Bond - OE	7.04	11.68	-11.67	2.43	23.44
Global High Yield Bond - EUR Hedged - OE	6.10	9.18	-11.90	2.63	2.48	9.42	-5.23	4.56	9.94	-3.40	0.26
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
Global High Yield Bond - OE	7.04	11.68	-11.67	2.43	5.33	12.41	-3.72	8.14	10.87	-3.82
Global High Yield Bond - OE	7.04	11.68	-11.67	2.43	23.44

YTD

2023

2022

2021

2020

2019

2018

Performance Inception
01/01/1970

A2 USD (Net)

8.82

11.13

-14.61

0.41

6.17

17.96

-2.24

8.46

14.40

1.00

3.75

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

A3q HEUR (Net)

7.50

8.80

-16.39

-0.50

4.26

14.58

-4.88

6.35

12.86

0.77

2.18

A3q USD (Net)

8.84

11.12

-14.61

0.42

6.17

18.02

-2.21

8.42

14.40

-2.30

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

X3q USD (Net)

8.55

10.75

-14.89

0.07

24.50

X3q USD (Net)

8.55

10.75

-14.89

0.07

24.50

A2 HEUR (Net)

7.51

8.74

-16.39

-0.49

4.28

14.64

-4.88

6.38

12.88

0.56

3.60

X2 USD (Net)

8.56

10.74

-14.90

0.06

5.81

17.58

-2.57

2.65

ICE BofA Global High Yield Constrained EUR Hgd

7.33

10.39

-13.65

2.12

4.66

11.14

-4.67

5.86

14.42

-2.50

2.30

ICE BofA Global High Yield Constrained EUR Hgd

7.33

10.39

-13.65

2.12

4.66

11.14

-4.67

5.86

14.42

-2.50

1.60

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

ICE BofA Global High Yield Constrained USD Hdg

8.66

12.97

-11.38

3.04

23.31

ICE BofA Global High Yield Constrained USD Hdg

8.66

12.97

-11.38

3.04

23.31

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

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

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

-3.50

ICE BofA Global High Yield Constrained USD Hdg

8.66

12.97

-11.38

3.04

6.48

14.54

-1.90

2.68

Global High Yield Bond - OE

7.04

11.68

-11.67

2.43

5.33

12.41

-3.72

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

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

Global High Yield Bond - EUR Hedged - OE

6.10

9.18

-11.90

2.63

2.48

9.42

-5.23

4.56

9.94

-3.40

0.93

Global High Yield Bond - OE

7.04

11.68

-11.67

2.43

23.44

Global High Yield Bond - EUR Hedged - OE

6.10

9.18

-11.90

2.63

2.48

9.42

-5.23

4.56

9.94

-3.40

0.26

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

Global High Yield Bond - OE

7.04

11.68

-11.67

2.43

5.33

12.41

-3.72

8.14

10.87

-3.82

Global High Yield Bond - OE

7.04

11.68

-11.67

2.43

23.44

Asset class	Fixed Income
Product Structure	SICAV
Inception Date	Nov 19, 2013
Base Currency	USD
Fund Assets As of 30/11/24	$884.56M
Sector	Morningstar Global High Yield Bond
Benchmark	ICE BofA Global High Yield Constrained Index (100% Hedged)
Year End	30-Jun
Pricing Basis	Single Priced

Horizon Global 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

RATINGS AND AWARDS

RATINGS AND AWARDS

Portfolio Management

Performance

Documents

Divergence creates opportunities in global investment grade in 2025

High yield bonds outlook: Taking the scenic route in 2025

Up in quality does not mean ignoring high yield bonds

Horizon Global 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

RATINGS AND AWARDS

RATINGS AND AWARDS

Portfolio Management

Performance

Documents

Related Insights

Divergence creates opportunities in global investment grade in 2025

High yield bonds outlook: Taking the scenic route in 2025

Up in quality does not mean ignoring high yield bonds