Please ensure Javascript is enabled for purposes of website accessibility Horizon Japan Opportunities Fund - Janus Henderson Investors - Switzerland Professional Advisor (EN)
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For qualified investors in Switzerland

Horizon Japan Opportunities Fund

For investors seeking quality growth and cash-flow positive businesses with deep, local insight.

ISIN
LU0196035983

NAV
USD 30.46
As of 11/06/2025

1-Day Change
USD -0.12 (-0.39%)
 As of 11/06/2025

Morningstar Rating

As of 31/05/2025

Overview

Quarterly Update

Watch the investment team recap this quarter.

(Note: Filmed in April 2025).

INVESTMENT OBJECTIVE

Le Fonds vise à fournir une croissance du capital sur le long terme.
Objectif de performance: Surperformer par rapport à l'indice Tokyo Stock Price Index de 2% par an, avant déduction des charges, sur une période quelconque de cinq ans.

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Le Fonds investit au moins 80% de ses actifs dans un portefeuille concentré d'actions (titres de participation) et de titres assimilés de sociétés, de toutes tailles, de tous secteurs, sises au Japon.
Le Fonds peut également investir dans d'autres actifs, y compris des liquidités et des instruments du marché monétaire.
Le Gestionnaire d'Investissement peut avoir recours à des dérivés (instruments financiers complexes) pour réduire le risque ou pour gérer le Fonds plus efficacement.
Le Fonds est géré de façon active en se référant à l'indice Tokyo Stock Price Index, qui est largement représentatif des sociétés dans lesquelles celui-ci est susceptible d'investir, dans la mesure où cet indice constitue la base de l'objectif de performance du Fonds et le niveau au-dessus duquel des commissions de performance peuvent être imputées (le cas échéant). Le gestionnaire d'investissement a le pouvoir discrétionnaire de choisir des investissements pour le Fonds ayant des pondérations différentes de celles de l'indice ou n'étant pas présents dans l'indice, mais le Fonds peut occasionnellement détenir des investissements similaires à ceux de l'indice.

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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.

ABOUT THIS FUND

LOCALISED INVESTMENT APPROACH
Experienced lead manager with local expertise and a proven track record, supported by a well-resourced firm.

NOT STYLE CONSTRAINED
Built on a foundation of quality, the fund also considers mispriced quality companies on an opportunistic basis.

HIGH CONVICTION
Repeatable, fundamentals-driven process, investing in a concentrated portfolio of profitable businesses demonstrating cash-flow growth.

Past performance does not predict future returns. 
 

Portfolio Management

Junichi Inoue: Head of Japanese Equities | Portfolio Manager
Junichi Inoue

Head of Japanese Equities | Portfolio Manager

Industry since 1995. Joined Firm in 2016.

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 31/05/2025
I2 USD (Net) Tokyo Stock Price Index (TOPIX) NR Japan Large-Cap Equity - OE
  
  Cumulative Annualised
  1MO YTD 1YR 3YR 5YR 10YR Since Inception
01/07/2004
I2 USD (Net) 5.43 13.00 9.63 11.69 9.09 6.84 5.25
Tokyo Stock Price Index (TOPIX) NR 3.89 10.70 12.38 11.63 8.16 5.78 4.83
Japan Large-Cap Equity - OE 4.21 10.04 11.94 10.33 7.58 5.35 4.15
 
  Annualised
3YR 5YR 10YR Since Inception
01/07/2004
I2 USD (Gross) - 10.45 8.13 6.45
Tokyo Stock Price Index (TOPIX) NR + 2.00% - 10.32 7.89 6.93
Note that any differences among portfolio securities currencies, share class currencies and costs to be paid or represented in currencies other than your home currency will expose you to currency risk.  Costs and returns may increase or decrease as a result of currency and exchange rate fluctuations.
Performance fees are charged separately as a way of rewarding the investment manager for superior returns or for outperforming specified targets. A Performance Fee is accrued where the NAV outperforms the relevant Hurdle NAV (subject to a High Water Mark).
Performance/performance target related data will display only when relevant to the fund/share class inception date and the annualised target time period.
Performance fees may be charged before the Fund’s outperformance target is reached.
© Morningstar 2025. All rights reserved. NAV-NAV, gross income reinvested where applicable.
Fund charges will impact the value of your investment. In particular, the ongoing charges applicable to each fund will dilute investment performance, particularly over time.
Calendar year performance is available on the fund’s factsheet
The TOPIX Index Value and the TOPIX Marks are subject to the proprietary rights owned by JPX Market Innovation & Research, Inc. or affiliates of JPX Market Innovation & Research, Inc. (hereinafter collectively referred to as "JPX") and JPX owns all rights and know how relating to TOPIX such as calculation, publication and use of the TOPIX Index Value and relating to the TOPIX Marks. JPX shall not be liable for the miscalculation, incorrect publication, delayed or interrupted publication of the TOPIX Index Value.
Calendar Year Returns (%)
As of 31/03/2025
I2 USD (Net) Tokyo Stock Price Index (TOPIX) NR Japan Large-Cap Equity - OE
YTD 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
I2 USD (Net) 2.27 7.31 22.90 -19.36 -0.19 23.18 26.32 -16.43 20.68 9.85 14.07
Tokyo Stock Price Index (TOPIX) NR 1.31 7.67 19.58 -15.22 0.76 12.62 18.79 -14.02 26.15 3.12 11.34
Japan Large-Cap Equity - OE 0.83 7.24 18.53 -17.81 1.13 14.91 19.33 -15.58 27.06 3.35 9.89
Calendar Year Returns (%)
Year I2 USD (Net) Tokyo Stock Price Index (TOPIX) NR Japan Large-Cap Equity - OE
2024 7.31 7.67 7.24
2023 22.90 19.58 18.53
2022 -19.36 -15.22 -17.81
2021 -0.19 0.76 1.13
2020 23.18 12.62 14.91
2019 26.32 18.79 19.33
2018 -16.43 -14.02 -15.58
2017 20.68 26.15 27.06
2016 9.85 3.12 3.35
2015 14.07 11.34 9.89
2014 -4.53 -3.72 -4.60
2013 30.98 27.35 28.98
2012 3.77 8.36 7.37
2011 -8.78 -14.19 -13.01
2010 17.93 15.59 14.30
2009 1.19 6.39 8.67
2008 -23.66 -29.11 -30.68
2007 -8.31 -4.14 -7.03
2006 4.26 6.33 1.87
2005 22.73 25.63 26.33
2004 from 01/07/2004 -2.36 3.89 1.87
Note that any differences among portfolio securities currencies, share class currencies and costs to be paid or represented in currencies other than your home currency will expose you to currency risk.  Costs and returns may increase or decrease as a result of currency and exchange rate fluctuations.
Performance fees are charged separately as a way of rewarding the investment manager for superior returns or for outperforming specified targets. A Performance Fee is accrued where the NAV outperforms the relevant Hurdle NAV (subject to a High Water Mark).
Performance/performance target related data will display only when relevant to the fund/share class inception date and the annualised target time period.
Performance fees may be charged before the Fund’s outperformance target is reached.
© Morningstar 2025. All rights reserved. NAV-NAV, gross income reinvested where applicable.
Fund charges will impact the value of your investment. In particular, the ongoing charges applicable to each fund will dilute investment performance, particularly over time.
Please note the performance target is to be achieved over a specific annualised time period. Refer to the performance target wording within the objective.
The TOPIX Index Value and the TOPIX Marks are subject to the proprietary rights owned by JPX Market Innovation & Research, Inc. or affiliates of JPX Market Innovation & Research, Inc. (hereinafter collectively referred to as "JPX") and JPX owns all rights and know how relating to TOPIX such as calculation, publication and use of the TOPIX Index Value and relating to the TOPIX Marks. JPX shall not be liable for the miscalculation, incorrect publication, delayed or interrupted publication of the TOPIX Index Value.

Recommended holding period 5 Years

Example Investment: USD 10,000

Scenarios If you exit after 1 year If you exit after 5 years
MinimumThere is no minimum guaranteed return. You could lose some or all of your investment
StressWhat you might get back after costs1,900 USD2,160 USD
Average return each year-81.00%-26.42%
UnfavourableWhat you might get back after costs6,980 USD9,790 USD
Average return each year-30.15%-0.42%
ModerateWhat you might get back after costs11,200 USD14,450 USD
Average return each year12.00%7.64%
FavourableWhat you might get back after costs14,990 USD19,500 USD
Average return each year49.91%14.29%
This chart shows the fund’s performance as the percentage loss or gain per year over the last 10 years against its benchmark. It can help you to assess how the fund has been managed in the past and compare it to its benchmark.

As of 31/03/2025
I2 USD (Net) Tokyo Stock Price Index (TOPIX) NR Japan Large-Cap Equity - OE
Note that any differences among portfolio securities currencies, share class currencies and costs to be paid or represented in currencies other than your home currency will expose you to currency risk.  Costs and returns may increase or decrease as a result of currency and exchange rate fluctuations.
Past performance does not predict future returns. The value of an investment may go down as well as up and you may lose the amount originally invested. Markets could develop very differently in the future. It can help you to assess how the fund has been managed in the past.
© Morningstar 2025. All rights reserved. NAV-NAV, gross income reinvested where applicable.
Fund charges will impact the value of your investment. In particular, the ongoing charges applicable to each fund will dilute investment performance, particularly over time.
Fee Information
Initial Charge 0.00%
Annual Charge 1.00%
Ongoing Charge
(As of 30/06/2023) 		1.00%
Performance Fee 10% of the 'Relevant Amount'
Hurdle Rate Tokyo Stock Price Index
For more information about charges, please see our fund charges page or the “charges” section of the fund’s prospectus.

Portfolio

Top Holdings (As of 31/05/2025)
% of Fund
Sony Group 6.72
Toyota Motor 5.82
Tokio Marine 5.38
Sumitomo Mitsui Financial Group 5.31
Hitachi 5.03
Daiichi Sankyo 4.94
Dai-ichi Life 4.80
Fujitsu 4.64
Shin-Etsu Chemical 4.26
Mitsui Fudosan 4.15
TOTAL 51.05
References made to individual securities do not constitute a recommendation to buy, sell or hold any security, investment strategy or market sector, and should not be assumed to be profitable. Janus Henderson Investors, its affiliated advisor, or its employees, may have a position in the securities mentioned.

Documents

Related Insights

Our intellectual capital is readily available and central to our Knowledge Shared approach"
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  • 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.
  • Les actions/parts peuvent perdre rapidement de la valeur et impliquent généralement des niveaux de risques plus élevés que les obligations ou les instruments du marché monétaire. La valeur de votre placement peut par conséquent chuter.
  • Un Fonds fortement exposé à une région géographique ou à un pays donné implique des risques plus importants qu’un Fonds plus largement diversifié.
  • Ce Fonds peut avoir un portefeuille particulièrement concentré par rapport à son univers d’investissement ou à d’autres fonds de son secteur. Un événement défavorable, même s’il n’affecte qu’un petit nombre de holdings, peut entraîner une volatilité ou des pertes importantes pour le Fonds.
  • Le Fonds peut avoir recours à des instruments dérivés dans le but de réduire le risque ou de gérer le portefeuille plus efficacement. Toutefois, cela introduit d’autres risques, et en particulier celui qu’une contrepartie à un instrument dérivé ne respecte pas ses obligations contractuelles.
  • Si le Fonds détient des actifs dans des devises autres que la devise de référence du Fonds ou si vous investissez dans une catégorie d’actions/de parts d’une devise différente de celle du Fonds (sauf si elle est «couverte»), la valeur de votre investissement peut être soumise aux variations des taux de change.
  • Lorsque le Fonds, ou une catégorie d’actions/de parts couverte, vise à atténuer les fluctuations de change d’une devise par rapport à la devise de référence, la stratégie elle-même peut créer un impact positif ou négatif relativement à la valeur du Fonds en raison des différences de taux d’intérêt à court terme entre les devises.
  • Les titres du Fonds peuvent devenir difficiles à valoriser ou à céder au prix ou au moment désiré, surtout dans des conditions de marché extrêmes où les prix des actifs peuvent chuter, ce qui augmente le risque de pertes sur investissements.
  • Le Fonds peut perdre de l’argent si une contrepartie avec laquelle le Fonds négocie ne veut ou ne peut plus honorer ses obligations, ou en raison d’un échec ou d’un retard dans les processus opérationnels ou de la défaillance d’un fournisseur tiers.
  • 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
  • Janus Henderson Investors Europe S.A. may decide to terminate the marketing arrangements of this Collective Investment Scheme in accordance with the appropriate regulation.
  • Information on compliance with EU Sustainability 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 KID before making any final investment decisions.
  • The Legal Entity Identifier for this product is 2138002J1166S4JQFP14.

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