About us
- - - About Janus Henderson Investors
  - - Our people
  - - Environmental, Social and Governance (ESG)
  - - Diversity, Equity and Inclusion
- - - We provide access to some of the industry’s most talented and innovative thinkers.
      Meet our teams
  - - Find out how environmental, social and governance (ESG) considerations are embedded within our organization and investment principles.
      Learn more
  - - See how diversity, equity & inclusion are valued and supported at Janus Henderson.
      
      Learn more
- - - Environmental, social and governance (ESG)
Products
- - - Filter by asset class
    - Equities
    - Fixed income
    - Multi-Asset
    - View all products
Insights
- - - Explore insights
- - - View all insights
  - - Market GPS
      
      2023 Investment Outlook:
      Finding the silver lining
      
      Explore
- - - Market GPS
      
      2023 Investment Outlook:
      Finding the silver lining
      
      Explore
    - Analysis & studies
    - Features & outlooks
    - Timely & topical
    - View all insights
Documents
Invest

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
LU0976556935

NAV
USD 57.34
As of 2023/03/24

1-Day Change
USD -0.06 (-0.10%)
As of 2023/03/24

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.

Less

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.

Less

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 28/02/23	$45.07B
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	LU0976556935
Sedol Code	BSL71S0
Lipper Code	68307765
WKN Code	A12FZ3
Valoren Code	26217027
Pay Dates	-
XD Dates	-
Inception Date	13 Mar 2015
Currency Code	USD
Minimum Initial Investment	2,500.00
Minimum Top Up Amount	500.00

PORTFOLIO MANAGEMENT

Yunyoung Lee, CFA

Portfolio Manager

Industry since 1992. Joined Firm in 2005.

Performance

Discrete Performance (%)
As of 2022/12/31

A2 HUSD

Quarter End As of 2022/12/31	Dec-2021 - Dec-2022	Dec-2020 - Dec-2021	Dec-2019 - Dec-2020	Dec-2018 - Dec-2019	Dec-2017 - Dec-2018
A2 HUSD	5.23	13.80	4.26	34.01	-24.53

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

Cumulative Performance (%)
As of 2023/02/28

A2 HUSD

	Cumulative
	1MO	3MO	6MO	YTD	1YR	3YR	5YR	Since Inception 2015/03/13
A2 HUSD	0.98	1.24	2.47	4.31	12.79	52.05	36.76	96.70

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

Calendar Year Returns (%)
As of 2022/12/31

A2 HUSD

Index Description

N/A

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	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 2023/02/28)

	% of Fund
Hikari Tsushin	4.28
Harmonic Drive Systems	3.79
Asahi Intecc	3.58
Tsuruha	3.54
Ibiden	3.29
SG	2.95
Noritake	2.93
Benefit One	2.93
Demae-Can	2.83
Aiful	2.63

Portfolio holdings are subject to change without notice.

About Janus Henderson Investors

Our people

Environmental, Social and Governance (ESG)

Diversity, Equity and Inclusion

Filter by asset class

Learn more

Explore insights

Market GPS

Market GPS

Horizon Japanese Smaller Companies Fund

Overview

INVESTMENT OBJECTIVE

ABOUT THIS FUND

PORTFOLIO MANAGEMENT

Yunyoung Lee, CFA

Performance

Portfolio

Documents