Horizon Japanese Smaller Companies Fund

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


JPY 6,158.60
As of 2020/05/26

1-Day Change
JPY 113.31 (1.87%)
As of 2020/05/26

Key investment risks:
• The Fund invests at least two-thirds in smaller companies in Japan that generally fall within the bottom 25% of their relevant market by way of market capitalization.
• Investments involve varying degree of investment risks (e.g. 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, swaps, options, forward rate notes, and forward foreign exchange contracts) involve specific risks (e.g. counterparty, liquidity, leverage, volatility, valuation and over-the-counter transaction risk). The Fund may use FDIs for hedging and/or efficient portfolio management purposes.
• The Fund's investments are concentrated in Japan and may subject to higher concentration risk.
• 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.




The investment objective of the Japanese Smaller Companies Fund is to seek long-term capital appreciation by investing at least two-thirds of its total assets in smaller Japanese companies. For this purpose, companies falling within the bottom 25% of their relevant market by way of market capitalisation are considered to be smaller companies. The Fund may invest in OTC markets. Such markets are geographically de-centralised and may be operated and regulated differently from other markets and accordingly may be subject to slightly more risks.


  • 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


Yunyoung Lee, CFA

Portfolio Manager

Industry since 1992. Joined Firm in 2005.


Discrete Performance (%)
As of 2020/03/31
Quarter End
As of 2020/03/31
Mar-2019 - Mar-2020 Mar-2018 - Mar-2019 Mar-2017 - Mar-2018 Mar-2016 - Mar-2017 Mar-2015 - Mar-2016
-4.08% -12.86% 9.58% 21.03% 5.02%
Cumulative Performance (%)
As of 2020/04/30
As of 2020/04/30 1MO 3MO YTD 1YR 3YR 5YR 10YR
A2 4.93% -14.83% -16.71% -4.71% -3.56% 16.62% 153.00%
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)
Performance Fee 10% of the 'Relevant Amount'


Top Holdings (As of 2020/04/30)
% of Fund
Nippon Soda 6.94
Toppan Forms 5.87
Aiful 4.22
Nichicon 4.22
Central Glass 3.95
GMO Financial 3.79
Isetan Mitsukoshi 3.48
Nippon Electric Glass 3.21
Kura Sushi 3.08
Sakata INX 2.79