For investors in Hong Kong

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


EUR 29.97
As of 2023/03/24

1-Day Change
EUR -0.47 (-1.54%)
As of 2023/03/24

Morningstar Rating
As of 2023/02/28

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 European property sector (may include small/ mid capitalization companies). It may be more volatile and subject to property securities related risk.
  • The Fund may invest in Eurozone/PIIGS and may suffer from European sovereign debt crisis risk.
  • The directors may at its discretion pay distributions out of gross investment income and net realised/ unrealised capital gains while charging 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 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.




The Fund aims to provide capital growth over the long term.


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.



  • 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


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.


Discrete Performance (%)
As of 2022/12/31
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
A3 EUR -37.51 28.15 -3.40 35.60 -5.61
Cumulative Performance (%)
As of 2023/02/28
  1MO 3MO 6MO YTD 1YR 3YR 5YR Since Inception
A3 EUR -1.80 6.02 -8.16 7.35 -26.84 -14.88 12.06 135.71
Calendar Year Returns (%)
As of 2022/12/31
2022 2021 2020 2019 2018
A3 EUR -37.51 28.15 -3.40 35.60 -5.61
Calendar Year Returns (%)
Year A3 EUR Index
2022 -37.51 -36.57
2021 28.15 18.49
2020 -3.40 -10.74
2019 35.60 28.52
2018 -5.61 -8.40
2017 19.77 12.55
2016 -7.85 -5.29
2015 21.98 18.14
2014 30.07 25.35
2013 15.69 10.79
2012 28.70 27.08
2011 -9.74 -10.42
2010 11.39 16.29
2009 35.12 35.93
2008 -53.90 -46.42
2007 -34.21 -29.07
2006 50.94 48.84
2005 from 03/01/2005 36.76 27.00
Initial Charge 5.00%
Annual Charge 1.20%
Ongoing Charge
(As of 2022/06/30)
Performance Fee 10% of the 'Relevant Amount'
Hurdle Rate FTSE EPRA Nareit Developed Europe Capped Index


Top Holdings (As of 2023/02/28)
% of Fund
Vonovia 8.43
Segro 7.04
Land Securities Group 5.27
LEG Immobilien 5.18
Gecina 5.15
PSP Swiss Property 4.66
Merlin Properties Socimi 4.54
Safestore 4.49
UNITE Group 3.66
Mercialys 3.40