For professional investors in Brazil

Horizon Pan European Absolute Return Fund

ISIN
LU0264597617

NAV
EUR 17.45
As of 19 Aug 2022

1-Day Change
EUR -0.07 (-0.40%)
As of 19 Aug 2022


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 Fund aims to provide a positive (absolute) return, regardless of market conditions, over any 12 month period. A positive return is not guaranteed over this or any other time period and, particularly over the shorter term, the Fund may experience periods of negative returns. Consequently, your capital is at risk.
Performance target: To outperform the Euro Short Term Rate (€STR) by at least 1% per annum, after the deduction of charges, over any 3 year period.

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The Fund invests in shares and makes extensive use of derivatives (complex financial instruments) to take both ‘long’ and ‘short’ positions in companies the investment manager believes will either rise in value (long positions) or fall in value (short positions) meaning that the Fund may benefit from either scenario.
The Fund will hold a significant proportion of its assets in cash and money market instruments as a result of holding derivatives and for when the investment manager wishes to take a defensive stance. Conversely, the Fund may also employ ‘leverage’ (so that the Fund can invest a greater amount than its actual value) when the investment manager has greater confidence in the opportunities available.
Typically, at least two-thirds of the exposure to the long and short positions (in aggregate) will be to companies of any size, in any industry, in Europe (including UK). Companies may be located or do most of their business in this region. The balance of the long and short exposure may be to companies outside this region.
The Fund may invest in other assets including bonds (including convertible bonds) and preference shares. The investment manager may also use derivatives (complex financial instruments) to reduce risk or to manage the Fund more efficiently.
The Fund is actively managed and makes reference to the Euro Short Term Rate (€STR) as this forms the basis of the Fund's performance target and the calculation of performance fees (if applicable). For currency hedged Share Classes, the rate that corresponds with the relevant Share Class currency is used as the basis of the performance comparison and for calculating performance fees. The investment manager has complete discretion to choose investments for the Fund and is not constrained by a benchmark.

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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 a Marketing Communication and does not qualify as an investment recommendation.

PORTFOLIO MANAGEMENT

Robert Schramm-Fuchs

Portfolio Manager

Industry since 2005. Joined Firm in 2014.

John Bennett

Director of European Equities | Portfolio Manager

Industry since 1987. Joined Firm in 2011.

Performance

Past performance does not predict future returns. All performance data includes both income and capital gains or losses and reflects the deduction of any ongoing charges or other fund expenses.
Cumulative & Annualised Performance (%)
As of 31 Jul 2022
A2 EUR (Net) Euro Short Term Rate
 
  Cumulative Annualised
1MO YTD 1YR 3YR 5YR 10YR Since Inception
1 Dec 2006
A2 EUR (Net) 3.69 -3.27 -4.49 4.85 2.37 3.91 3.61
Euro Short Term Rate -0.04 -0.34 -0.58 -0.21 -0.13 1.47 -1.18
Calendar Year Returns (%)
As of 31 Dec 2021
A2 EUR (Net) Euro Short Term Rate
YTD 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012
A2 EUR (Net) -6.71 6.88 5.24 9.95 -6.18 3.67 -2.66 2.05 6.42 20.27 4.61
Euro Short Term Rate -0.29 -0.29 0.00 0.00 0.00 0.00 0.01 0.05 1.80 9.97 9.09
 
YTD 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012
Euro Short Term Rate + 1.00% -0.99 -5.78 -1.84 -1.84 -1.84 -2.31 -1.84 -2.57 -0.65 6.90 6.42
Calendar Year Returns (%)
Year A2 EUR (Net) Index
2021 6.88 -0.29
2020 5.24 0.00
2019 9.95 0.00
2018 -6.18 0.00
2017 3.67 0.00
2016 -2.66 0.01
2015 2.05 0.05
2014 6.42 1.80
2013 20.27 9.97
2012 4.61 9.09
2011 1.35 -2.93
2010 5.50 6.39
2009 34.78 9.37
2008 -25.24 -43.65
2007 0.67 2.70
2006 from 2006-12-01 3.90 4.56
FEE INFORMATION
Initial Charge 5.00%
Annual Charge 1.20%
Ongoing Charge
(As of 31 Dec 2021)
1.87%
Performance Fee 20% of the 'Relevant Amount'

Portfolio

Top Holdings (As of 31 Jul 2022)
% of Fund
Severn Trent 2.52
Danone 2.26
RWE 1.82
KION Group 1.63
Shell 1.55
Nordic Semiconductor 1.54
Rheinmetall 1.54
Mercedes-Benz Group 1.50
Volvo 1.49
Hensoldt 1.47

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 does not predict future returns.
  • Third party data is believed to be reliable, but its completeness and accuracy is not guaranteed.
  • Shares/Units can lose value rapidly, and typically involve higher risks than bonds or money market instruments. The value of your investment may fall as a result.
  • If a Fund has a high exposure to a particular country or geographical region it carries a higher level of risk than a Fund which is more broadly diversified.
  • 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/unit 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 hedged share/unit class, seeks to mitigate exchange rate movements of a currency relative to the 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 involves a high level of buying and selling activity and as such will incur a higher level of transaction costs than a fund that trades less frequently. These transaction costs are in addition to the Fund's Ongoing Charges.
  • Some or all of the ongoing charges may be taken from capital, which may erode capital or reduce potential for capital growth.
  • The Fund could lose money if a counterparty with which the Fund trades becomes unwilling or unable to meet its obligations, or as a result of failure or delay in operational processes or the failure of a third party provider.
  • 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.
  • Before investing in any of our funds you should satisfy yourself as to the suitability and the risks involved.
  • Summary of Investor rights
  • Henderson Management SA may decide to terminate the marketing arrangements of this Collective Investment Scheme in accordance with the appropriate regulation.
  • Information on compliance with EU sustainable related disclosures can be found here.
  • For detailed product information including the risks associated with investing please read the relevant Prospectus or Annual Report. Please refer to the prospectus of the UCITS and to the KIID before making any final investment decisions.