Horizon Global High Yield Bond Fund

A fund that accesses the total return potential of high-yield bonds through a portfolio diversified by issuers, sectors, and geography

ISIN
LU0978624277

NAV
EUR 134.18
As of 25/09/2020

1-Day Change
EUR -0.73 (-0.54%)
As of 25/09/2020

Morningstar Rating


Morningstar ratings are based on the representative share class of this fund and are dated to the last month-end upon availability from Morningstar.

Overview

INVESTMENT OBJECTIVE

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

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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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The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested.
Potential investors must read the prospectus, and where relevant, the key investor information document before investing.
This website is for promotional purposes and does not qualify as an investment recommendation.

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
Past performance is not a guide to future performance. 
 

PORTFOLIO MANAGEMENT

Seth Meyer, CFA

Portfolio Manager

Industry since 1998. Joined Firm in 2004.

Tom Ross, CFA

Portfolio Manager

Industry since 2002. Joined Firm in 2002.

Performance

Past performance is not a guide to future performance. All performance data includes both income and capital gains or losses and reflects the deduction of any ongoing charges or other fund expenses.
Discrete Performance (%)
As of 30/06/2020
A2 Acc HEUR ICE BofAML Global High Yield Constrained Index (100% Hedged)
  
Jun-2019 - Jun-2020 Jun-2018 - Jun-2019 Jun-2017 - Jun-2018 Jun-2016 - Jun-2017 Jun-2015 - Jun-2016
-2.15% 6.32% 0.26% 12.28% 0.31%
ICE BofAML Global High Yield Constrained Index (100% Hedged) -2.29% 5.33% -0.36% 10.43% 2.02%
 
Jun-2019 - Jun-2020 Jun-2018 - Jun-2019 Jun-2017 - Jun-2018 Jun-2016 - Jun-2017 Jun-2015 - Jun-2016
-0.98% 7.57% 1.43% 13.64% 1.61%
ICE BofAML Global High Yield Constrained EUR Hgd + 1.75% -0.53% 7.16% 1.34% 12.36% 3.81%
Cumulative & Annualised Performance (%)
As of 31/08/2020
A2 Acc HEUR (Net) ICE BofAML Global High Yield Constrained Index (100% Hedged)
  
  Cumulative Annualised
1MO YTD 1YR 3YR 5YR 10YR Since Inception
19/11/2013
A2 Acc HEUR (Net) 1.74% -1.34% 2.36% 2.92% 4.64% - 4.73%
ICE BofAML Global High Yield Constrained Index (100% Hedged) 1.22% -0.31% 2.11% 2.09% 4.32% - 3.81%
 
  Annualised
3YR 5YR 10YR Since Inception
19/11/2013
A2 Acc HEUR (Gross) - 5.90% - 6.02%
ICE BofAML Global High Yield Constrained EUR Hgd + 1.75% - 6.14% - 5.63%

Portfolio

Documents

  • The value of the Funds and the income from them is not guaranteed and may fall as well as rise. You may get back less than you originally invested.
  • Past performance is not a guide to future performance.
  • Third party data is believed to be reliable, but its completeness and accuracy is not guaranteed.
  • An issuer of a bond (or money market instrument) may become unable or unwilling to pay interest or repay capital to the Fund. If this happens or the market perceives this may happen, the value of the bond will fall.
  • When interest rates rise (or fall), the prices of different securities will be affected differently. In particular, bond values generally fall when interest rates rise. This risk is generally greater the longer the maturity of a bond investment.
  • The Fund invests in high yield (non-investment grade) bonds and while these generally offer higher rates of interest than investment grade bonds, they are more speculative and more sensitive to adverse changes in market conditions.
  • Callable debt securities, such as some asset-backed or mortgage-backed securities (ABS/MBS), give issuers the right to repay capital before the maturity date or to extend the maturity. Issuers may exercise these rights when favourable to them and as a result the value of the fund may be impacted.
  • The Fund may use derivatives with the aim of reducing risk or managing the portfolio more efficiently. However this introduces other risks, in particular, that a derivative counterparty may not meet its contractual obligations.
  • If the Fund holds assets in currencies other than the base currency of the Fund or you invest in a share class of a different currency to the Fund (unless 'hedged'), the value of your investment may be impacted by changes in exchange rates.
  • When the Fund, or a currency hedged share class of the Fund (with ‘Hedged’ in its name), seeks to mitigate (hedge) exchange rate movements of a currency relative to the Fund’s base currency, the hedging strategy itself may create a positive or negative impact to the value of the Fund due to differences in short-term interest rates between the currencies.
  • Securities within the Fund could become hard to value or to sell at a desired time and price, especially in extreme market conditions when asset prices may be falling, increasing the risk of investment losses.
  • The Fund may incur a higher level of transaction costs as a result of investing in less actively traded or less developed markets compared to a fund that invests in more active/developed markets. These transaction costs are in addition to the Fund's Ongoing Charges.
  • The Fund may invest in contingent convertible bonds (CoCos), which can fall sharply in value if the financial strength of an issuer weakens and a predetermined trigger event causes the bonds to be converted into shares of the issuer or to be partly or wholly written off.
  • The Fund could lose money if a counterparty with which it trades becomes unwilling or unable to meet its obligations to the Fund.
  • Funds incur costs as a necessary part of buying and selling the underlying investments, these are otherwise known as portfolio transaction costs, and include charges such as broker commission and Stamp Duty.
  • For detailed product information including the risks associated with investing please read the relevant Prospectus or Annual Report.
  • Before investing in any of our funds you should satisfy yourself as to the suitability and the risks involved.
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