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For investors in Hong Kong

Horizon Japan Opportunities Fund

A high-conviction, concentrated Japanese equity fund aiming to deliver attractive long-term returns

ISIN
LU0011889929

NAV
USD 20.68
As of 2023/11/28

1-Day Change
USD -0.04 (-0.19%)
As of 2023/11/28

Morningstar Rating

As of 2023/10/31

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 Japan and may be more volatile.
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 80% of its assets in a concentrated portfolio of shares (equities) and equity-related securities of Japanese companies, of any size, in any industry.

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ABOUT THIS FUND

The team aims to uncover underpriced, cash-generative and capital-efficient businesses through rigorous, bottom-up research
The fund can exploit opportunities across the market-cap spectrum
Managed by an experienced team of investors with deep knowledge of Japanese companies

Fund Details

Asset class	Equities
Product Structure	SICAV
Inception Date	1 Jul 1985
Base Currency	JPY
Fund Assets As of 31/10/23	4.95B
Sector	Morningstar Japan Large-Cap Equity
Benchmark	Tokyo Stock Price Index (TOPIX)
Year End	30-Jun
Pricing Basis	Single Priced

The TOPIX Index Value and the TOPIX Marks are subject to the proprietary rights owned by the Tokyo Stock Exchange, Inc. and the Tokyo Stock Exchange, Inc. owns all rights and know-how relating to the TOPIX such as calculation, publication and use of the TOPIX Index Value and relating to the TOPIX Marks. No Product is in any way sponsored, endorsed or promoted by the Tokyo Stock Exchange.

Share Class Facts


Distribution Type	Accumulation Net
ISIN	LU0011889929
Sedol Code	4416982
Lipper Code	60002859
WKN Code	989227
Valoren Code	595703
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

Junichi Inoue

Head of Japanese Equities | Portfolio Manager

Industry since 1995. Joined Firm in 2016.

Cumulative Performance (%)
As of 2023/10/31

A2 USD

	Cumulative
	1MO	3MO	6MO	YTD	1YR	3YR	5YR	Since Inception 1985/07/31
A2 USD	-4.36	-8.89	-0.31	7.44	17.35	-1.09	16.78	284.48

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

Calendar Year Returns (%)
As of 2023/09/30

A2 USD

	2022	2021	2020	2019	2018
A2 USD	-20.19	-1.37	22.09	25.22	-17.18

View full calendar year performance history

Calendar Year Returns (%)

Year	A2 USD	Index
2022	-20.19	-15.22
2021	-1.37	0.76
2020	22.09	12.62
2019	25.22	18.79
2018	-17.18	-14.02
2017	19.93	26.15
2016	8.87	3.12
2015	13.20	11.34
2014	-5.42	-3.72
2013	30.13	27.35
2012	2.62	8.36
2011	-9.57	-14.19
2010	17.09	15.59
2009	0.45	6.39
2008	-24.43	-29.11
2007	-9.18	-4.14
2006	3.28	6.33
2005	22.30	25.63
2004	15.35	15.95
2003	42.64	36.15
2002	-9.08	-10.11
2001	-23.99	-29.28
2000	-31.37	-28.07
1999	102.13	61.77
1998	2.18	5.25
1997	-38.56	-23.55
1996	-16.13	-15.38
1995	-13.77	0.86
1994	25.02	21.62
1993	22.31	25.70
1992	-16.81	-21.29
1991	13.71	9.09
1990	-37.60	-36.02
1989	15.68	1.81
1988	18.80	35.53
1987	25.54	43.18
1986	58.36	99.72
1985 from 31/07/1985	18.15	25.66

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 2022/06/30)	1.89%
Performance Fee	10% of the 'Relevant Amount'
Hurdle Rate	Tokyo Stock Price 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 2023/10/31)

	% of Fund
Toyota Motor	8.34
Sony Group	6.26
Hitachi	5.54
Shin-Etsu Chemical	5.21
Dai-ichi Life	4.73
Sumitomo Mitsui Financial Group	4.72
Tokio Marine	4.58
Daiichi Sankyo	4.51
Mitsubishi	4.48
Asahi Group	4.27

Portfolio holdings are subject to change without notice.

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