Horizon Global Property Equities Fund

Actively managed, high-conviction fund focused on the managers’ best ideas in listed property stocks and REITs, and aiming to deliver long-term capital appreciation

ISIN
LU0264738294

NAV
EUR 20.32
As of 2020/10/20

1-Day Change
EUR -0.09 (-0.44%)
As of 2020/10/20

Morningstar Rating

Key investment risks:
• The Fund invests at least 80% in equity or equity-related instruments of companies or Real Estate Investment Trusts (“REITs”) (or their equivalents) listed or traded on a regulated market, which derive the main part of their revenue from engaging in real estate businesses.
• Investments involve varying degree of investment risks (e.g.

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liquidity, market, economic, political, regulatory, taxation, financial, interest rate, hedging and currency risks). In extreme market conditions, you may lose your entire investment.
• Investments in financial derivatives instruments (“FDIs”) (such as futures, options, forwards and warrants) involve specific risks (e.g. counterparty, liquidity, leverage, volatility, valuation and over-the-counter transaction risk). The Fund may use FDIs to reduce risk and to manage the Fund more efficiently.
• The Fund's investments are concentrated in property sector and may subject to higher concentration risk.
• The Fund may invest in Eurozone (in particular Portugal, Italy, Ireland, Greece and Spain) securities and may suffer from European sovereign debt crisis risk.
• In respect of distribution shares classes of the Fund, the directors may at its discretion (i) pay distributions out of gross income and net realised/ unrealised capital gains while charging/ paying all or part of the fees and expenses to the capital, resulting in an increase in distributable income for the payment of distributions and therefore, the Fund may effectively pay distributions out of capital; and (ii) additionally for sub-class 4 of the Fund, out of original capital invested. This amounts to a return or withdrawal of part of an investor's original investment or from any capital gains attributable to that original investment, and may result in an immediate reduction of the Fund’s net asset value per share.
• The investment decision is yours. If you are in any doubt about the contents of this document, you should seek independent professional financial advice.
• 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.

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The Fund invests at least 80% of its assets in a concentrated portfolio of shares (equities) and equity-related securities of real estate investment trusts (REITs) and companies of any size, in any country which will derive the main part of their revenue from owning, developing and managing real estate.

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ABOUT THIS FUND

  • A broad investable universe and selective approach enables the team to identify stocks with attractive dividend yield and growth characteristics
  • Managed by a global team of experts based in Singapore, the UK, and the US with more than 90 years’ collective investment experience
  • Offers a liquid means of diversifying into global real estate and benefitting from powerful secular themes influencing the asset class
Notes:
The inclusion of real estate will typically enhance  the risk/return characteristics in a balanced portfolio – Source: Janus Henderson Investors as at June 2019. Based on analysis of asset class weights and risk/return characteristics in an optimal portfolio (maximum Sharpe ratio) when the FTSE EPRA Nareit Developed Index is included/excluded from the baseline balanced market portfolio. Past performance is not a guide to future performance.
Over the long term, returns from listed real estate have exceeded those from direct (physical) real estate – Source: European Public Real Estate Association (EPRA). Global listed real estate 9.5% vs global physical real estate 7.4%, 15 years annualised total returns to 30 June 2018.
Unless otherwise indicated, the source for all data is Janus Henderson Investors as of the publishing date of this video (12/07/2017).

PORTFOLIO MANAGEMENT

Guy Barnard, CFA

Co-Head of Global Property Equities | Portfolio Manager

Industry since 2003. Joined Firm in 2006.

Tim Gibson

Co-Head of Global Property Equities | Portfolio Manager

Industry since 2001. Joined Firm in 2011.

Greg Kuhl, CFA

Portfolio Manager

Industry since 2005. Joined Firm in 2015.

Performance

Discrete Performance (%)
As of 2020/09/30
A2 EUR
 
Quarter End
As of 2020/09/30
Sep-2019 - Sep-2020 Sep-2018 - Sep-2019 Sep-2017 - Sep-2018 Sep-2016 - Sep-2017 Sep-2015 - Sep-2016
-11.94% 24.68% 8.64% -3.57% 14.84%
Cumulative Performance (%)
As of 2020/09/30
A2 EUR (Net)
 
  Cumulative
  1MO 3MO 6MO YTD 1YR 3YR 5YR Since Inception
2006/01/03
A2 EUR -1.02% 0.90% 11.36% -12.16% -11.94% 19.28% 32.10% 103.51%
ANNUAL FEES & EXPENSES (As of Fiscal Year End, 2019/12/31)
Initial Charge 5.00%
Annual Charge 1.20%
Ongoing Charge
(As of 2019/12/31)
1.89%
Performance Fee 10% of the 'Relevant Amount'

Portfolio

Top Holdings (As of 2020/09/30)
% of Fund
Prologis 6.84
VICI Properties 3.76
Sun Communities 3.26
Deutsche Wohnen 3.19
Invitation Homes 3.18
Alexandria Real Estate Equities 2.94
Rexford Industrial Realty 2.81
Duke Realty 2.77
Healthpeak Properties 2.61
Sun Hung Kai Properties 2.43

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