For investors in Hong Kong

Horizon Japanese Smaller Companies Fund

Designed to capture the undervalued growth potential of Japanese smaller companies over the long term

ISIN
LU0572961604

NAV
JPY 10,230.36
As of 2024/04/18

1-Day Change
JPY 102.42 (1.01%)
As of 2024/04/18

Morningstar Rating

As of 2024/03/31

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, interest rate and small/

mid-capitalisation companies related 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 small/mid-capitalisation companies 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 two-thirds of its assets in a concentrated portfolio of shares (equities) and equity-related securities of small capitalisation companies, in any industry, in Japan or derive a significant portion of their revenues from Japan.

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ABOUT THIS FUND

Positioned to benefit from a recovery in Japan’s economy and improving corporate governance to generate long-term capital appreciation
High-conviction strategy leveraging more than 40 years’ experience in Japanese equities
Invests in the smallest 25% of listed Japanese companies by market capitalisation, which the team believes are set to benefit most from a domestic recovery

Fund Details

Asset class	Equities
Product Structure	SICAV
Inception Date	1 Aug 1985
Base Currency	JPY
Fund Assets As of 31/03/24	43.86B
Sector	Morningstar Japan Small/Mid-Cap Equity
Benchmark	Russell/Nomura Small Cap Index
Year End	30-Jun
Pricing Basis	Single Priced

Share Class Facts


Distribution Type	Accumulation Net
ISIN	LU0572961604
Sedol Code	B44WXK0
Lipper Code	68093762
WKN Code	A1JKTN
Valoren Code	13929201
Pay Dates	-
XD Dates	-
Inception Date	30 Sep 2009
Currency Code	JPY
Minimum Initial Investment	350,000.00
Minimum Top Up Amount	75,000.00

PORTFOLIO MANAGEMENT

Yunyoung Lee, CFA

Portfolio Manager

Industry since 1992. Joined Firm in 2005.

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

A2 JPY

	Cumulative
	1MO	3MO	6MO	YTD	1YR	3YR	5YR	Since Inception 2009/09/30
A2 JPY	2.82	4.01	9.08	4.01	20.46	27.48	81.98	406.54

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 JPY

	2023	2022	2021	2020	2019
A2 JPY	18.83	3.38	13.72	3.63	31.50

View full calendar year performance history

Calendar Year Returns (%)

Year	A2 JPY	Index
2023	18.83	23.30
2022	3.38	1.08
2021	13.72	8.40
2020	3.63	-0.28
2019	31.50	17.22
2018	-26.12	-20.25
2017	21.17	30.71
2016	14.34	4.46
2015	18.13	10.56
2014	18.25	25.26
2013	58.51	46.82
2012	25.90	19.94
2011	-11.17	-2.24
2010	10.70	9.12
2009 from 30/09/2009	-8.84	-7.08

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)	1.89%
Performance Fee	10% of the 'Relevant Amount'
Hurdle Rate	Russell/Nomura Small Cap 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
Aiful	4.68
JINS	4.43
Daio Paper	4.01
CyberAgent	3.76
Park24	3.74
Septeni	3.61
Harmonic Drive Systems	3.57
Nihon M&A Center	3.56
Taiyo Yuden	3.45
Sawai Group	3.43

Portfolio holdings are subject to change without notice.

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