For individual investors in Denmark

Horizon Total Return Bond Fund

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

ISIN
LU0756065164

NAV
EUR 118.25
As of 26/11/2020

1-Day Change
EUR 0.01 (0.01%)
As of 26/11/2020

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 Fund aims to provide a return, from a combination of income and capital growth over the long term.
Performance target: To outperform the Euro Short-Term Rate by at least 2.5% per annum, before the deduction of charges, over any 5 year period.

More

The Fund invests in bonds of any quality, including high yield (non-investment grade) bonds and distressed debt, of governments, companies or any other type of issuer in any country. The Fund may invest up to 30% of its assets in asset-backed and mortgage-backed securities (ABS/MBS), including up to 10% of which may be high yield (non-investment grade, equivalent to BB+ rated or lower). The Fund may invest up to 20% of its assets in China onshore bonds traded through Bond Connect.
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.
The Fund makes extensive use of derivatives (complex financial instruments), including total return swaps, with the aim of making investment gains in line with the Fund's objective, to reduce risk or to manage the Fund more efficiently.
The Fund may also invest in other assets including contingent convertible bonds (CoCos), loans, cash and money market instruments.
The Fund is actively managed with reference to the Euro Short-Term Rate, as this forms the basis of the Fund's performance target. The investment manager has complete discretion to choose investments for the Fund and is not constrained by a benchmark.

Less

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

  • 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. 
 

PORTFOLIO MANAGEMENT

Andrew Mulliner, CFA

Head of Global Aggregate Strategies | Portfolio Manager

Industry since 2006. Joined Firm in 2007.

Helen Anthony, CFA

Portfolio Manager

Industry since 2010. Joined Firm in 2010.

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 30/09/2020
A2 EUR (Net) Euro Short-Term Rate
  
Sep-2019 - Sep-2020 Sep-2018 - Sep-2019 Sep-2017 - Sep-2018 Sep-2016 - Sep-2017 Sep-2015 - Sep-2016
A2 EUR (Net) 3.20% 4.33% -3.18% 1.16% 4.33%
Euro Short-Term Rate -0.45% -0.36% -0.35% -0.34% -0.27%
 
Sep-2019 - Sep-2020 Sep-2018 - Sep-2019 Sep-2017 - Sep-2018 Sep-2016 - Sep-2017 Sep-2015 - Sep-2016
A2 EUR (Gross) 4.41% 5.55% -2.05% 2.36% 5.56%
Euro Short-Term Rate + 2.50% 2.05% 2.14% 2.14% 2.14% 2.23%
Cumulative & Annualised Performance (%)
As of 31/10/2020
A2 EUR (Net) Euro Short-Term Rate
  
  Cumulative Annualised
1MO YTD 1YR 3YR 5YR 10YR Since Inception
09/05/2012
A2 EUR (Net) 0.20% 4.29% 3.91% 1.36% 1.74% - 1.79%
Euro Short-Term Rate -0.03% -0.35% -0.43% -0.39% -0.36% - -0.19%
 
  Annualised
3YR 5YR 10YR Since Inception
09/05/2012
A2 EUR (Gross) - 2.93% - 3.08%
Euro Short-Term Rate + 2.50% - 2.13% - 2.31%
FEE INFORMATION
Initial Charge 5.00%
Annual Charge 0.75%
Ongoing Charge
(As of 30/06/2020)
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 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.
  • 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, you may wish to consult a financial adviser.
  • If you invest through a third party provider you are advised to consult them directly as charges, performance and terms and conditions may differ materially.
TOP