Horizon Pan European Property Equities Fund

Actively managed fund focused on the managers’ best ideas in European listed property stocks and REITs to deliver long-term capital appreciation

ISIN
LU0088927925

NAV
EUR 51.01
As of 2020/10/21

1-Day Change
EUR -0.55 (-1.07%)
As of 2020/10/21

Morningstar Rating

Key investment risks:
• The Fund invests at least 75% in equities or equity-related instruments of real estate companies or REITs (or their equivalents) having their registered office in the European Economic Area (“EEA”) or United Kingdom if not part of the EEA and listed or traded on a regulated market, which derive the main part of their revenue from engaging in

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real estate businesses in Europe.
• 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, options, forwards and warrants) involve specific risks (e.g. counterparty, liquidity, leverage, volatility, valuation and over-the-counter transaction risk). The Fund may use FDIs to reduce risk and to manage the Fund more efficiently.
• The Fund’s investments are concentrated in European property sector and may subject to higher concentration risk.
• The Fund may invest in Eurozone (in particular Portugal, Italy, Ireland, Greece and Spain) securities and may suffer from European sovereign debt crisis risk.
• In respect of distribution shares classes of the Fund, the directors may at its discretion pay distributions out of gross income and net realised/ unrealised capital gains while charging/ paying all or part of the fees and expenses to the capital, resulting in an increase in distributable income for the payment of distributions and therefore, the Fund may effectively pay distributions out of capital. This amounts to a return or withdrawal of part of an investor's original investment or from any capital gains attributable to that original investment, and may result in an immediate reduction of the Fund’s net asset value per share.
• 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 Fund aims to provide capital growth over the long term.

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The Fund invests at least 75% of its assets in a concentrated portfolio of shares (equities) and equity-related securities of real estate investment trusts (REITs) and companies, which have their registered offices in the EEA or the UK if not part of the EEA which will derive the main part of their revenue from owning, developing and managing real estate in Europe.

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ABOUT THIS FUND

  • A broad investable universe and selective approach enables the team to identify stocks with attractive dividend yield and growth characteristics
  • Managed by a specialist team based in the UK and supported by the wider global property equities teams in the US and Singapore
  • Offers a liquid means of diversifying into real estate and benefitting from powerful secular themes influencing the asset class

PORTFOLIO MANAGEMENT

Guy Barnard, CFA

Co-Head of Global Property Equities | Portfolio Manager

Industry since 2003. Joined Firm in 2006.

Nicolas Scherf

Portfolio Manager

Industry since 2007. Joined Firm in 2014.

Performance

Discrete Performance (%)
As of 2020/09/30
A2 EUR
 
Quarter End
As of 2020/09/30
Sep-2019 - Sep-2020 Sep-2018 - Sep-2019 Sep-2017 - Sep-2018 Sep-2016 - Sep-2017 Sep-2015 - Sep-2016
-4.68% 10.85% 12.07% 8.18% 0.28%
Cumulative Performance (%)
As of 2020/09/30
A2 EUR (Net)
 
  Cumulative
  1MO 3MO 6MO YTD 1YR 3YR 5YR Since Inception
1998/07/01
A2 EUR -1.88% 2.88% 13.82% -13.34% -4.68% 18.42% 28.46% 400.65%
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 2020/09/30)
% of Fund
Vonovia 9.44
Deutsche Wohnen 9.21
Segro 7.47
LEG Immobilien 6.54
Fastighets AB Balder 5.59
Gecina 4.74
Wihlborgs Fastigheter 4.21
UNITE Group 3.97
VGP 3.84
Instone Real Estate Group 3.24

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