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

ISIN
LU1059379971

NAV
USD 38.38
As of 2024/04/18

1-Day Change
USD -0.03 (-0.08%)
As of 2024/04/18

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 and may suffer from Eurozone 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.

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Overview

INVESTMENT OBJECTIVE

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.

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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

Fund Details

Asset class	Property Equities
Product Structure	SICAV
SFDR Categorisation	Article 8
Inception Date	1 Jul 1998
Base Currency	EUR
Fund Assets As of 31/03/24	603.84M
Sector	Morningstar Property - Indirect Europe
Benchmark	FTSE EPRA Nareit Developed Europe Capped Index
Year End	30-Jun
Pricing Basis	Single Priced

Information on compliance with EU Sustainability related disclosures can be found here.

Share Class Facts


Distribution Type	Accumulation Gross
ISIN	LU1059379971
Sedol Code	BLRLGD7
Lipper Code	68267444
WKN Code	A112TR
Valoren Code	24312354
Pay Dates	-
XD Dates	-
Inception Date	13 Jun 2014
Currency Code	USD
Minimum Initial Investment	2,500.00
Minimum Top Up Amount	500.00

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.

Cumulative Performance (%)
As of 2024/03/31

A2 HUSD

	Cumulative
	1MO	3MO	6MO	YTD	1YR	3YR	5YR	Since Inception 2014/06/13
A2 HUSD	6.68	-1.91	20.59	-1.91	24.99	-1.72	17.37	100.80

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

Calendar Year Returns (%)
As of 2024/03/31

A2 HUSD

	2023	2022	2021	2020	2019
A2 HUSD	22.46	-35.08	28.26	-2.03	38.44

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 2023/06/30)	1.87%
Performance Fee	10% of the 'Relevant Amount'
Hurdle Rate	FTSE EPRA Nareit Developed Europe Capped 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 2024/03/31)

	% of Fund
Vonovia	9.52
Segro	8.77
LEG Immobilien	5.93
Merlin Properties Socimi	4.72
PSP Swiss Property	4.47
British Land	3.86
Unibail-Rodamco-Westfield	3.86
Castellum	3.39
Tritax Big Box REIT	3.33
UNITE Group	3.33

Portfolio holdings are subject to change without notice.

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Horizon Pan European Property Equities Fund