Horizon Global Natural Resources Fund

A high-conviction natural resources fund targeting high-quality global equity opportunities


EUR 92.28
As of 03/07/20

1-Day Change
EUR -1.01 (-1.08%)
As of 03/07/20

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.



The Fund aims to provide capital growth over the long term.
Performance target: To outperform the S&P Global Natural Resources Accumulation Index NR by 2.5% per annum, before the deduction of charges, over any 5 year period.


The Fund invests at least 80% of its assets in shares (equities) and equity-related securities of companies, whose revenues come mostly from the mining, energy and agriculture sectors, in any country.
The Fund may also invest in other assets including cash and money market instruments.
The investment manager may use derivatives (complex financial instruments) to reduce risk or to manage the Fund more efficiently.
The Fund is actively managed with reference to the S&P Global Natural Resources Accumulation Index NR, which is broadly representative of the companies in which it may invest, as this forms the basis of the Fund’s performance target and the level above which performance fees may be charged (if applicable). The investment manager has discretion to choose investments for the Fund with weightings different to the index or not in the index, but at times the Fund may hold investments similar to the index.


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.


  • Invests in mining, energy, and agriculture companies set to benefit from the ongoing demand for natural resources
  • Flexibility to invest across the supply chain, taking advantage of price shifts between upstream and downstream sectors and across industries
  • Highly experienced specialist team utilises expertise to identify ‘sweet spots’ ahead of stock price appreciation
Past performance is not a guide to future performance. 


Daniel Sullivan

Head of Global Natural Resources | Portfolio Manager

Industry since 1989. Joined Firm in 2013.

Darko Kuzmanovic

Portfolio Manager

Industry since 1985. Joined Firm in 2015.

Tal Lomnitzer, CFA

Senior Investment Manager

Industry since 1998. Joined Firm in 2019.


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 31/03/20
A2 Acc EUR S&P Global Natural Resources Accumulation Index
Mar-2019 - Mar-2020 Mar-2018 - Mar-2019 Mar-2017 - Mar-2018 Mar-2016 - Mar-2017 Mar-2015 - Mar-2016
-25.34% 3.99% -4.94% 28.44% -17.89%
S&P Global Natural Resources Accumulation Index -28.86% 8.77% 1.39% 31.91% -20.17%
Mar-2019 - Mar-2020 Mar-2018 - Mar-2019 Mar-2017 - Mar-2018 Mar-2016 - Mar-2017 Mar-2015 - Mar-2016
-23.87% 6.18% -2.88% 31.27% -16.18%
S&P Global Natural Resources Accumulation NR + 2.50% -27.07% 11.48% 3.91% 35.20% -18.17%
Cumulative & Annualised Performance (%)
As of 31/05/20
A2 Acc EUR (Net) S&P Global Natural Resources Accumulation Index
  Cumulative Annualised
1MO YTD 1YR 3YR 5YR 10YR Since Inception
A2 Acc EUR (Net) 0.56% -14.79% -3.66% -1.73% -2.24% - -1.73%
S&P Global Natural Resources Accumulation Index 2.00% -20.32% -10.99% -1.05% -1.39% - -0.17%
3YR 5YR 10YR Since Inception
A2 Acc EUR (Gross) - -0.18% - 0.32%
S&P Global Natural Resources Accumulation NR + 2.50% - 1.07% - 2.33%
Initial Charge 5.00%
Annual Charge 1.20%
Ongoing Charge
(As of 31/12/19)
Performance Fee 10% of the 'Relevant Amount'


Top Holdings (As of 31/05/20)
% of Fund
BHP Group 6.61
Chevron 4.55
Exxon Mobil 4.54
UPM-Kymmene 3.78
Newmont 3.31
Nutrien 3.18
Smurfit Kappa Group 3.11
Rio Tinto 2.99
Barrick Gold 2.90
Stora Enso 2.69


  • ​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.
  • ​You should note that your tax treatment in relation to any investments held outside an ISA will depend on your individual circumstances and may be subject to change in the future. Governments may change the tax rules which affect you or the Funds in which you have invested.
  • Third party data is believed to be reliable, but its completeness and accuracy is not guaranteed.
  • The Fund is focused towards particular industries or investment themes and may be heavily impacted by factors such as changes in government regulation, increased price competition, technological advancements and other adverse events.
  • The Fund may use derivatives with the aim of reducing risk or managing the portfolio more efficiently. However this introduces 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.
  • 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 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.