Please ensure Javascript is enabled for purposes of website accessibility Horizon Emerging Markets Debt Hard Currency Fund - Janus Henderson Investors
For individual investors in Denmark

Horizon Emerging Markets Debt Hard Currency Fund

Seeking to capture market inefficiencies within emerging market debt to generate alpha over the long-term.

ISIN
LU2548014708

NAV
USD 112.46
As of 17/06/2024

1-Day Change
USD -0.29 (-0.26%)
As of 17/06/2024

Overview

INVESTMENT OBJECTIVE

The Fund aims to provide a return, from a combination of income and capital growth over the long term. Performance target: To outperform the JP Morgan EMBI Global Diversified Index by 1.25% per annum, before the deduction of charges, over any 5-year period.

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The Fund invests at least 70% of its assets in bonds, including high yield (non-investment grade) bonds in emerging markets and other debt securities denominated in hard currencies (e.g. USD, EUR, GBP). The Fund may invest up to 30% in emerging market corporate bonds; 10% in distressed debt, 10% in contingent convertible bonds (CoCos), 10% in asset-backed and mortgage-backed securities and 10% in unrated securities.
Where investments are made in assets in currencies other than the base currency of the Fund, the Fund will seek to hedge those assets back to the base currency to remove the risk of currency exchange rate movements, although it may also be exposed through investments or cash to other currencies. The Fund may invest in other assets including bonds of other types (including perpetual bonds), cash and money market instruments. The Investment Manager may use derivatives (complex financial instruments) including interest rate futures, bond futures, options, swaps (including total return swaps (up to 20%), interest rate swaps, credit default swaps) and forwards, with the aim of making investment gains or to manage the Fund more efficiently.
The Fund is actively managed with reference to the JP Morgan EMBI Global Diversified Index, which is broadly representative of the bonds in which it may invest, as this forms the basis of the Fund’s performance target. The Investment Manager has discretion to choose investments for the Fund with weightings different to the index or not in the index, however the geographical scope of the Fund may have the effect of limiting the extent to which the Fund will deviate from the index.

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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.

Investment into the fund will acquire units / shares of the fund itself and not the underlying assets owned by the fund.

ABOUT THIS FUND

  • An established and unique investment approach with a single strategy focus on Emerging Market hard currency bonds that has remained unchanged since August 2013.
  • Our proprietary forward-looking country ratings model and valuation framework provide a quantitative and qualitative foundation to allocate risk across countries, and implemented through bottom-up security selection.
  • The focus of our sovereign risk analysis framework is to estimate sovereign credit risk in an unbiased and disciplined way, and to identify the direction of travel to guide us in determining relative investment opportunities.
Past performance does not predict future returns. 
 

PORTFOLIO MANAGEMENT

Bent Lystbaek

Portfolio Manager

Industry since 1986. Joined Firm in 2022.

Jacob Nielsen

Portfolio Manager

Industry since 2002. Joined Firm in 2022.

Thomas Haugaard

Portfolio Manager

Industry since 2004. Joined Firm in 2022.

Sorin Pirau

Portfolio Manager

Industry since 2012. Joined Firm in 2022.

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 31/05/2024
A2 USD (Net) JPM EMBI Global Diversified TR
 
  Cumulative Annualised
1MO YTD 1YR 3YR 5YR 10YR Since Inception
19/12/2022
A2 USD (Net) 1.44 1.99 11.01 - - - 7.84
JPM EMBI Global Diversified TR 1.80 1.72 10.98 - - - 8.23
Calendar Year Returns (%)
As of 31/03/2024
A2 USD (Net) JPM EMBI Global Diversified TR
YTD 2023 PERFORMANCE INCEPTION
19/12/2022
A2 USD (Net) 2.50 10.37 -0.91
JPM EMBI Global Diversified TR 2.04 11.09 -0.77
FEE INFORMATION
Initial Charge 5.00%
Annual Charge 0.75%
Ongoing Charge
(As of 30/06/2023)
1.22%

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 does not predict future returns.
  • 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. High yielding (non-investment grade) bonds are more speculative and more sensitive to adverse changes in market conditions.
  • 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 (or are expected to rise). This risk is typically greater the longer the maturity of a bond investment.
  • Some bonds (callable bonds) allow their issuers the right to repay capital early 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.
  • Emerging markets expose the Fund to higher volatility and greater risk of loss than developed markets; they are susceptible to adverse political and economic events, and may be less well regulated with less robust custody and settlement procedures.
  • The Fund may use derivatives to help achieve its investment objective. This can result in leverage (higher levels of debt), which can magnify an investment outcome. Gains or losses to the Fund may therefore 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.
  • When the Fund, or a share/unit class, seeks to mitigate exchange rate movements of a currency relative to the base currency (hedge), the hedging strategy itself may positively or negatively impact 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.
  • Some or all of the ongoing charges may be taken from capital, which may erode capital or reduce potential for capital growth.
  • CoCos 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/units of the issuer or to be partly or wholly written off.
  • 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.
  • 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.