Horizon Global Fusion Equity Fund

Active where active matters

Key investment risks

The Fund’s value of the investments may be affected by changes in economic, political, regulatory, social development or market conditions, which may result in losses in the Fund’s net asset value.
The Fund blends active and passive investment strategies and dynamically adjusts the allocation between them. The dynamic asset allocation strategy may not achieve the desired results under all circumstances and any rebalancing of the Fund’s investment may result in higher transaction costs.

The passively managed portion of the Fund is subject to passive investment, tracking error, index error and index licensing risks.
Investments in the Fund involve general investment, equity and equity-related securities, small/mid-capitalisation companies related, securities lending related, reverse repurchase transactions related, currency, liquidity, and hedging risks. In extreme market conditions, you may lose your entire investment.
The Fund may invest in financial derivative instruments to reduce risk and to manage the Fund more efficiently. This may involve counterparty, leverage, liquidity, volatility, valuation and over-the-counter transaction risks and the Fund may suffer significant losses.
Investors should not make investment decisions based on only this document alone and should read the offering documents including the risk factors for further details.

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Unlocking new opportunities in global equities

Investing today means navigating a complex universe in constant change. Markets are shifting, trends are accelerating, and leadership is expanding beyond the largest US companies.

Global equities can open the door to innovation shaping the future. With relatively attractive valuations and powerful themes, now could be the time to look beyond borders for diversification and long-term growth.

Why choose the Horizon Global Fusion Equity Fund?

Growth mindset

Targeting innovation and geographic diversification, aiming to capture the next wave of growth where it’s accelerating.

Innovative solution

A sophisticated blend of active and passive strategies designed to deliver enhanced global equity outcomes through a differentiated approach.

people icons in a circle, lines are connecting each other

Cost efficiency

An optimised structure that aims to keep pricing competitive without sacrificing performance. Active where it adds value, passive where it saves cost.

Harnessing the power of active and passive

US large cap - core growth

A passive building block aims to replicate the performance of proven US powerhouses for cost efficiency and exposure to growing secular themes.

Average annual return of best and worst 50 stocks over six years, by market cap
Market cap	Best 50 stocks avg annual return, 6Y (%)	Worst 50 stocks avg annual return, 6Y (%)
Large Cap	74	-43
Small Cap	236	-84

Innovation - US Small / Mid Cap

An active sleeve that targets under-the-radar, often mispriced companies positioned for attractive growth potential. Our deep expertise in this less researched market helps us to unearth true stock winners.

Global reach - Ex-US Equities

An active sleeve that focuses on ex-US companies embedded in global ecosystems, offering exposure to the powerful structural trends that aim to drive their earnings growth.

Domicile of top 100 performing stocks (%) - MSCI ACWI Index
Year	US (%)	International (%)
2015	8	92
2016	16	84
2017	15	85
2018	26	74
2019	7	93
2020	23	77
2021	14	86
2022	18	82
2023	30	70
2024	21	79
2025	13	87

Cog icon representing active stock selection

Global Fusion Equity aims to create a better way to win in equity investing: maintaining exposure to the US market you trust while seeking to offer the benefit of global diversification and performance enhancement potential through active stock selection.

Source: Janus Henderson Investors. 1. S&P Dow Jones Indices LLC, SPIVA® U.S. Scorecard, data as at 31 December 2025. 2. Bloomberg, MSCI World Large Cap Index & MSCI World Small Cap Index. 6 Yr average, of annual data as at November 2025. 3. Morningstar, as at 31 December 2025.
Note: The opinions are as of the date quoted, are subject to change and may not reflect the views of others in the organisation. The comments should not be construed as a recommendation of individual holdings or market sectors, but as an illustration of broader themes. Actual results may vary, and the information should not be considered or relied upon as a performance guarantee. For illustrative purposes only. Past performance is no guarantee of future results.
Note: Actual results may vary, and the information should not be considered or relied upon as a performance guarantee. For illustrative purposes only

The answer is Active AND Passive

There are multiple approaches to investing in global equities, from active strategies that employ bottom-up stock picking, to passive index trackers like exchange traded funds. All these options come with advantages and disadvantages.

Market efficiency varies significantly across regions and segments. In less efficient areas, such as small/mid-cap and ex-US equities, active management can uncover meaningful opportunities for outperformance. In contrast, highly efficient markets like US large caps are better suited to passive exposure, where cost control and benchmark alignment is desirable.

Global Fusion Equity’s dynamic, targeted approach is an adaptive portfolio that aims to deliver growth through stock selection where being active truly matters.

Global Fusion Equity Fund

This smarter solution aims to provide a portfolio with resilience today, acceleration tomorrow and access to the world’s evolving opportunities.

	PASSIVE US Large Cap	ACTIVE US Small/Mid cap & ex-US
Low cost		X
Alpha potential	X
Flexibility to market conditions	X
Exploit inefficiencies	X
Transparency		X
Broad exposure		X
Performance consistency		X

Source: Janus Henderson Investors, June 2026.
Note: Actual results may vary, and the information should not be considered or relied upon as a performance guarantee. For illustrative purposes only