Horizon Pan European Property Equities Fund HEPZPP SICAV (US Offshore)

Quarterly Update

Watch the investment team recap this quarter.

Note: Filmed in July 2022

INVESTMENT OBJECTIVE

The investment objective of the Pan European Property Equities Fund is to seek long-term capital appreciation by investing at least 75% of its total assets in quoted equity securities of companies or Real Estate Investment Trusts (or their equivalents) having their registered offices in the EEA or United Kingdom if not part of the EEA and listed or traded on a regulated market, which derive the main part of their revenue from the ownership, management and/or development of real estate in Europe.

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 specialist team based in the UK and supported by the wider global property equities teams in the US and Singapore
Offers a liquid means of diversifying into real estate and benefitting from powerful secular themes influencing the asset class

	Cumulative	Annualised
A2 EUR (Net)	-8.11	1.47	29.72	-7.90	-0.24	5.81	6.59
A2 HUSD (Net)	-7.99	2.99	32.26	-5.51	1.88	7.43	7.45
A2 HUSD (Net)	-7.99	2.99	32.26	-5.51	1.88	7.43	7.45
A2 EUR (Net)	-8.11	1.47	29.72	-7.90	-0.24	5.81	6.59
FTSE EPRA Nareit Developed Europe Capped NR	-10.73	-1.60	29.46	-10.83	-4.28	0.59	0.17
FTSE EPRA Nareit Developed Europe Capped NR	-8.23	0.12	26.04	-8.91	-3.76	2.04	6.17
FTSE EPRA Nareit Developed Europe Capped NR	-8.23	0.12	26.04	-8.91	-3.76	2.04	6.17
FTSE EPRA Nareit Developed Europe Capped NR	-10.73	-1.60	29.46	-10.83	-4.28	0.59	0.17
Property - Indirect Europe - OE	-7.41	0.77	24.96	-8.11	-2.98	2.86	5.57
Property - Indirect Europe - OE	-7.41	0.77	24.96	-8.11	-2.98	2.86	5.57

Cumulative

Annualised

1MO

YTD

1YR

3YR

5YR

10YR

Since Inception
13/06/2014

A2 EUR (Net)

-8.11

1.47

29.72

-7.90

-0.24

5.81

6.59

A2 HUSD (Net)

-7.99

2.99

32.26

-5.51

1.88

7.43

7.45

A2 HUSD (Net)

-7.99

2.99

32.26

-5.51

1.88

7.43

7.45

A2 EUR (Net)

-8.11

1.47

29.72

-7.90

-0.24

5.81

6.59

FTSE EPRA Nareit Developed Europe Capped NR

-10.73

-1.60

29.46

-10.83

-4.28

0.59

0.17

FTSE EPRA Nareit Developed Europe Capped NR

-8.23

0.12

26.04

-8.91

-3.76

2.04

6.17

FTSE EPRA Nareit Developed Europe Capped NR

-8.23

0.12

26.04

-8.91

-3.76

2.04

6.17

FTSE EPRA Nareit Developed Europe Capped NR

-10.73

-1.60

29.46

-10.83

-4.28

0.59

0.17

Property - Indirect Europe - OE

-7.41

0.77

24.96

-8.11

-2.98

2.86

5.57

Property - Indirect Europe - OE

-7.41

0.77

24.96

-8.11

-2.98

2.86

5.57

	YTD	2023	2022	2021	2020	2019	2018	2017	2016	2015	Performance Inception 01/01/1970
A2 HUSD (Net)	11.92	22.46	-35.08	28.26	-2.03	38.44	-3.50	20.95	-6.68	20.60	12.68
A2 EUR (Net)	10.43	19.43	-37.37	27.38	-3.93	35.60	-5.62	19.77	-7.86	22.13	30.09
A2 HUSD (Net)	11.92	22.46	-35.08	28.26	-2.03	38.44	-3.50	20.95	-6.68	20.60	12.68
A2 EUR (Net)	10.43	19.43	-37.37	27.38	-3.93	35.60	-5.62	19.77	-7.86	22.13	30.09
FTSE EPRA Nareit Developed Europe Capped NR	9.10	16.34	-36.57	18.49	-10.74	28.52	-8.40	12.55	-5.29	18.14	25.35
FTSE EPRA Nareit Developed Europe Capped NR	9.10	16.34	-36.57	18.49	-10.74	28.52	-8.40	12.55	-5.29	18.14	25.35
FTSE EPRA Nareit Developed Europe Capped NR	10.23	20.42	-40.47	10.13	-2.70	26.19	-12.80	28.14	-8.04	6.06	-2.08
FTSE EPRA Nareit Developed Europe Capped NR	10.23	20.42	-40.47	10.13	-2.70	26.19	-12.80	28.14	-8.04	6.06	-2.08
Property - Indirect Europe - OE	8.84	15.19	-34.25	18.54	-9.60	28.51	-7.60	13.42	-4.37	18.95	23.62
Property - Indirect Europe - OE	8.84	15.19	-34.25	18.54	-9.60	28.51	-7.60	13.42	-4.37	18.95	23.62

YTD

2023

2022

2021

2020

2019

2018

2017

2016

2015

Performance Inception
01/01/1970

A2 HUSD (Net)

11.92

22.46

-35.08

28.26

-2.03

38.44

-3.50

20.95

-6.68

20.60

12.68

A2 EUR (Net)

10.43

19.43

-37.37

27.38

-3.93

35.60

-5.62

19.77

-7.86

22.13

30.09

A2 HUSD (Net)

11.92

22.46

-35.08

28.26

-2.03

38.44

-3.50

20.95

-6.68

20.60

12.68

A2 EUR (Net)

10.43

19.43

-37.37

27.38

-3.93

35.60

-5.62

19.77

-7.86

22.13

30.09

FTSE EPRA Nareit Developed Europe Capped NR

9.10

16.34

-36.57

18.49

-10.74

28.52

-8.40

12.55

-5.29

18.14

25.35

FTSE EPRA Nareit Developed Europe Capped NR

9.10

16.34

-36.57

18.49

-10.74

28.52

-8.40

12.55

-5.29

18.14

25.35

FTSE EPRA Nareit Developed Europe Capped NR

10.23

20.42

-40.47

10.13

-2.70

26.19

-12.80

28.14

-8.04

6.06

-2.08

FTSE EPRA Nareit Developed Europe Capped NR

10.23

20.42

-40.47

10.13

-2.70

26.19

-12.80

28.14

-8.04

6.06

-2.08

Property - Indirect Europe - OE

8.84

15.19

-34.25

18.54

-9.60

28.51

-7.60

13.42

-4.37

18.95

23.62

Property - Indirect Europe - OE

8.84

15.19

-34.25

18.54

-9.60

28.51

-7.60

13.42

-4.37

18.95

23.62

Asset class	Property Equities
Product Structure	SICAV
Inception Date	Jul 1, 1998
Base Currency	EUR
Fund Assets As of 31/10/24	$636.21M
Sector	Morningstar Property - Indirect Europe
Benchmark	FTSE EPRA Nareit Developed Europe Capped Index
Year End	30-Jun
Pricing Basis	Single Priced

Horizon Pan European Property Equities Fund

Overview

Quarterly Update

INVESTMENT OBJECTIVE

ABOUT THIS FUND

Portfolio Management

Performance

Portfolio

Documents

Calling the bottom in European real estate

Europäische Immobilienaktien: Positive Signale durch steigende Transaktionsaktivität

Listed real estate: Weaker shelter inflation the additional signal needed for Fed rate cuts?

Horizon Pan European Property Equities Fund

Overview

Quarterly Update

INVESTMENT OBJECTIVE

ABOUT THIS FUND

Portfolio Management

Performance

Portfolio

Documents

Related Insights

Calling the bottom in European real estate

Europäische Immobilienaktien: Positive Signale durch steigende Transaktionsaktivität

Listed real estate: Weaker shelter inflation the additional signal needed for Fed rate cuts?