Horizon Global Fusion Equity Fund

The Fund pursues its objective by blending Active and Passive Strategies. The allocation to each strategy is dynamically adjusted within a set range, based on the Investment Manager’s assessment of market conditions. Typically, in normal market conditions, the Fund will allocate between 35% and 65% of its net asset value to the Passive Strategy, and between 35% and 65% of its net asset value to the Active Strategy. If market conditions are unfavourable or in other exceptional situations, the Fund may adjust its allocations to each Strategy to range between 30% to 70% of the Fund’s net asset value. The Fund may also invest in investment grade government bonds and associated derivative instruments, 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 Active Strategy may invest in shares of companies (also known as equities) of any size, in any country and in any industry. Equities may include China A-Shares, directly through the Stock Connect Programs and other eligible exchanges or indirectly through derivative instruments.
The Passive Strategy sleeve of the Fund aims to track the performance of the Solactive United States 200 Index (ISIN:DE000SL0GKV6) (the “Passive Index”). The Passive Index intends to track the performance of the largest 200 companies from the US stock market. The Passive Strategy aims to achieve a level of tracking error versus the Passive Index that will not exceed 4%. The Passive Index is a price return index which reflects the market price movements of the components of the index, disregarding any payments made in respect of the components. More information about the composition of the Passive Index and its operating rules are available at https://www.solactive.com/indices/. The Passive Strategy will apply a physical replication methodology and may, at times, use a synthetic replication to get exposure to the Passive Index.
The Fund is managed using a combination of active and passive strategies, with overall reference to the MSCI ACWI Index. This index is broadly representative of the types of companies in which the Fund may invest and serves as the basis for the Fund’s performance target. The passively managed portion of the Fund seeks to replicate the performance of the Passive Index, while the actively managed portion allows the Investment Manager discretion to select investments without reference to a specific index. The Investment Manager has discretion to choose investments for the Fund, and in the case of the Active Strategy with weightings different to the index or not in the index, but at times the Fund may hold investments similar to the index.