For financial professionals in Belgium

Horizon Total Return Bond Fund

A 'go-anywhere' bond fund for a changing world


EUR 118.98
As of 15/01/2021

1-Day Change
EUR 0.06 (0.05%)
As of 15/01/2021

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



The investment objective of the Total Return Bond Fund is to target a positive total return, in excess of cash over a rolling three year period, through income and capital gains by investing in a broad range of global fixed income asset classes and associated derivative instruments.


The Fund may make use of a variety of instruments / strategies in order to achieve the Fund’s objective including, but not limited to, floating rate notes, forward foreign exchange contracts (including non-deliverable forwards), interest rate futures, bond futures and OTC swaps (such as interest rate swaps, credit default swaps, credit default swaps on indices and total return swaps), and options.

The Fund may invest up to 10% of its net assets in loans qualifying as money market instruments in accordance with the Section ‘Investment Restrictions’ of this Prospectus. The Fund may invest up to 30% of the Fund’s total net asset value in asset-backed securities (“ABS”) and mortgage-backed securities (“MBS”), including up to 10% of its net assets in non-investment grade ABS and/or MBS. ABS/MBS include, but are not limited to, residential mortgage-backed securities, commercial mortgage-backed securities, and collateralised loan obligations. The ABS and MBS may be leveraged.

The Fund may invest up to 20% of its net assets in contingent convertible bonds.

The Fund may invest up to 50% of its net assets in total return swaps. The total return swaps are unfunded. The underlyings to such total return swaps consist of a range of securities or indices that the Fund may invest in according to the Fund’s investment objective and policy, including but not limited to, government bonds, corporate bonds and secured debt. Total return swaps are used to achieve the investment objective of the Fund.


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.


  • A benchmark-agnostic bond fund targeting positive total returns through a risk-managed approach
  • A disciplined risk-budgeting approach to deliver returns from diversified sources while maintaining moderate volatility
  • Invests in a broad range of fixed income and derivative instruments, including government and corporate bonds, secured debt, and asset-backed securities
Past performance is not a guide to future performance. 


Andrew Mulliner, CFA

Head of Global Aggregate Strategies | Portfolio Manager

Industry since 2006. Joined Firm in 2007.


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 31/12/2020
A2 EUR (Net) Euro Short-Term Rate
Dec-2019 - Dec-2020 Dec-2018 - Dec-2019 Dec-2017 - Dec-2018 Dec-2016 - Dec-2017 Dec-2015 - Dec-2016
A2 EUR (Net) 6.94% 4.76% -4.72% 2.82% 2.15%
Euro Short-Term Rate -0.38% -0.40% -0.35% -0.34% -0.31%
Dec-2019 - Dec-2020 Dec-2018 - Dec-2019 Dec-2017 - Dec-2018 Dec-2016 - Dec-2017 Dec-2015 - Dec-2016
A2 EUR (Gross) 8.20% 5.98% -3.61% 4.03% 3.36%
Euro Short-Term Rate + 2.50% 2.11% 2.08% 2.15% 2.14% 2.18%
Cumulative & Annualised Performance (%)
As of 31/12/2020
A2 EUR (Net) Euro Short-Term Rate
  Cumulative Annualised
1MO YTD 1YR 3YR 5YR 10YR Since Inception
A2 EUR (Net) 0.75% 6.94% 6.94% 2.20% 2.31% - 2.05%
Euro Short-Term Rate -0.01% -0.38% -0.38% -0.38% -0.36% - -0.19%
3YR 5YR 10YR Since Inception
A2 EUR (Gross) - 3.51% - 3.34%
Euro Short-Term Rate + 2.50% - 2.13% - 2.31%
A2 EUR (Net) Euro Short-Term Rate
2016 2017 2018 2019 2020
A2 EUR (Net) 2.15 2.82 -4.72 4.76 6.94
Euro Short-Term Rate -0.31 -0.34 -0.35 -0.40 -0.38
2016 2017 2018 2019 2020
A2 EUR (Gross) 3.36 4.03 -3.61 5.98 8.20
Euro Short-Term Rate + 2.50% 2.18 2.14 2.15 2.08 2.11

Index Description




  • 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 invest in onshore bonds via Bond Connect. This may introduce additional risks including operational, regulatory, liquidity and settlement risks.
  • The Fund may use derivatives towards the aim of achieving its investment objective. This can result in 'leverage', which can magnify an investment outcome and gains or losses to the Fund may be greater than the cost of the derivative. Derivatives also introduce 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 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.