Horizon Total Return Bond Fund

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

ISIN
LU0756065164

NAV
EUR 108.95
As of 27/03/2020

1-Day Change
EUR 0.75 (0.69%)
As of 27/03/2020

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 Base Rate by at least 2% per annum, before the deduction of charges, over any 5 year period.

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The Fund invests in bonds of any quality, including high yield (non-investment grade) bonds, 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 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 Base 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.

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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 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

Portfolio Manager

Industry since 2006. Joined Firm in 2007.

Chris Diaz, CFA

Co-Head of Global Bonds | Portfolio Manager

Industry since 1997. Joined Firm in 2011.

Performance

Performance returns related to this share class are currently being prepared for our website.  Please select a different share class at the top of the page.
FEE INFORMATION
Initial Charge 5.00%
Annual Charge 0.75%
Ongoing Charge
(As of 30/06/2019)
1.17%

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.
  • ​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.
  • ​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.
  • 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.
  • The Fund invests in high yield (non-investment grade) bonds and while these generally offer higher rates of interest than investment grade bonds, they are more speculative and more sensitive to adverse changes in market conditions.
  • Callable debt securities (securities whose issuers have the right to pay off the security’s principal before the maturity date), such as ABS or MBS, can be impacted from prepayment or extension of maturity. The value of your investment may fall as a result.
  • 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. View the portfolio transaction costs across the Henderson UK Fund range.
  • 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.

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