Horizon Japanese Smaller Companies Fund

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

ISIN
LU0572961604

NAV
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

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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.

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Overview

INVESTMENT OBJECTIVE

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.

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

PORTFOLIO MANAGEMENT

Yunyoung Lee, CFA

Portfolio Manager

Industry since 1992. Joined Firm in 2005.

Performance

Discrete Performance (%)
As of 2020/03/31
A2
 
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
A2
 
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)
1.88%
Performance Fee 10% of the 'Relevant Amount'

Portfolio

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

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