For investors in Hong Kong

Horizon Asian Growth Fund

An actively managed Asian equities fund, driven by fundamental research, that blends quality and growth opportunities

ISIN
LU0011890851

NAV
USD 111.20
As of 2024/04/19

1-Day Change
USD -2.04 (-1.80%)
As of 2024/04/19

Key investment risks:

The Fund's investments in equities are subject to equity securities risk due to fluctuation of securities values.
Investments in the Fund involve general investment, currency, liquidity, hedging, market, economic, political, regulatory, taxation, securities lending related, reverse repurchase transactions related, financial and interest rate risks.

In extreme market conditions, you may lose your entire investment.
The Fund may invest in financial derivatives instruments to reduce risk and to manage the Fund more efficiently. This may involve counterparty, liquidity, leverage, volatility, valuation and over-the-counter transaction risks and the Fund may suffer significant losses.
The Fund's investments are concentrated in Asia Pacific (excluding Japan) and may be more volatile.
The Fund may invest in emerging markets, China A-Shares/ China A-Share access products and may be more volatile, subject to risks of investing in China securities and the Stock Connect Programs.
The Fund may charge performance fees. An investor may be subject to such fee even if there is a loss in investment capital.
Investors should not only base on this document alone to make investment decisions and should read the offering documents including the risk factors for further details.

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Overview

INVESTMENT OBJECTIVE

The Fund aims to provide capital growth over the long term.

The Fund invests at least two-thirds of its assets in a concentrated portfolio of shares (equities) and equity-related securities of companies, of any size, in any industry, in the Asia Pacific region (including the Indian subcontinent and Australasia, but excluding Japan).

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ABOUT THIS FUND

The Asia Growth Fund seeks to identify quality and capture growth in the dynamic and fast-growing Asian region
Provides a high-conviction, active stock-picking portfolio without significant constraints at sector levels
Seeks to generate competitive returns through different market conditions with an investment process driven by fundemental stock selection

Fund Details

Asset class	Equities
Product Structure	SICAV
Inception Date	1 Jul 1985
Base Currency	USD
Fund Assets As of 31/03/24	13.58M
Sector	Morningstar Asia ex Japan Equity
Benchmark	MSCI AC Asia Pacific ex Japan Index
Year End	30-Jun
Pricing Basis	Single Priced

Share Class Facts


Distribution Type	Accumulation Net
ISIN	LU0011890851
Sedol Code	0421805
Lipper Code	60002860
WKN Code	972769
Valoren Code	595288
Pay Dates	-
XD Dates	-
Inception Date	31 Jul 1985
Currency Code	USD
Minimum Initial Investment	2,500.00
Minimum Top Up Amount	500.00

PORTFOLIO MANAGEMENT

Daniel J. Graña, CFA

Portfolio Manager

Industry since 1995. Joined Firm in 2019.

Matthew Culley

Portfolio Manager | Research Analyst

Industry since 2008. Joined Firm in 2019.

Cumulative Performance (%)
As of 2024/03/31

A2 USD

	Cumulative
	1MO	3MO	6MO	YTD	1YR	3YR	5YR	Since Inception 1985/07/31
A2 USD	2.84	2.32	9.12	2.32	1.93	-27.28	-1.67	2252.83

Source: Morningstar, Inc., NAV-NAV, gross income reinvested where applicable. Past performance cannot guarantee future results.

Calendar Year Returns (%)
As of 2024/03/31

A2 USD

	2023	2022	2021	2020	2019
A2 USD	4.66	-23.57	-10.53	25.79	20.39

View full calendar year performance history

Calendar Year Returns (%)

Year	A2 USD	Index
2023	4.66	7.36
2022	-23.57	-17.48
2021	-10.53	-2.90
2020	25.79	22.44
2019	20.39	19.16
2018	-15.18	-13.92
2017	39.22	38.15
2016	3.19	5.44
2015	-8.48	-8.95
2014	4.12	5.11
2013	8.64	3.33
2012	24.19	22.70
2011	-22.64	-17.07
2010	15.23	19.93
2009	79.89	74.92
2008	-52.91	-51.63
2007	34.38	37.19
2006	32.01	33.20
2005	20.31	21.01
2004	7.26	23.02
2003	57.58	48.66
2002	-9.05	-5.11
2001	-10.39	-2.40
2000	-16.00	-29.95
1999	69.81	49.79
1998	-3.65	-4.42
1997	-29.64	-34.20
1996	8.00	11.64
1995	-6.48	6.08
1994	-20.67	-12.28
1993	118.29	84.96
1992	30.17	9.89
1991	23.56	32.40
1990	-10.93	-11.86
1989	31.50	21.43
1988	35.92	30.46
1987	-16.25	0.00
1986	62.30	0.00
1985 from 31/07/1985	3.64	0.00

Source: Morningstar, Inc., NAV-NAV, gross income reinvested where applicable. Past performance cannot guarantee future results.

FEE INFORMATION


Initial Charge	5.00%
Annual Charge	1.20%
Ongoing Charge (As of 2023/06/30)	2.07%
Performance Fee	10% of the 'Relevant Amount'
Hurdle Rate	MSCI AC Asia Pacific ex Japan Index

The ongoing charge is calculated using the Packaged Retail Investment Product (PRIIPs) methodology. The PRIIPs methodology differs to the UCITS ongoing charge methodology, as the PRIIPS methodology captures additional recurring charges, including but not limited to: a. Interest paid on borrowing (e.g. bank interest) b. Any fees incurred in relation to stock-lending activity (i.e. the fee paid to the lending agent) c. Any costs associated with holding closed-ended vehicles.

Please refer to the offering documents for more details on the fees and expenses.

Portfolio

Top Holdings (As of 2024/03/31)

	% of Fund
Samsung Electronics	10.11
Taiwan Semiconductor Manufacturing	9.41
Santos	3.51
HDFC Bank	3.50
AIA Group	3.43
CSL	3.29
National Australia Bank	3.16
Bharti Airtel	2.74
BHP Group	2.56
Tencent	2.55

Portfolio holdings are subject to change without notice.

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Horizon Asian Growth Fund