Horizon China Opportunities Fund

An actively managed equity fund seeking to deliver long-term capital growth from the dynamic and evolving Chinese economy

ISIN
LU0327786827

NAV
USD 25.52
As of 23/10/2020

1-Day Change
USD -0.19 (-0.74%)
As of 23/10/2020


Morningstar ratings are based on the representative share class of this fund and are dated to the last month-end upon availability from Morningstar.

Overview

INVESTMENT OBJECTIVE

The Fund aims to provide capital growth over the long term.
Performance target: To outperform the MSCI Zhong Hua 10/40 Index by 2.5% per annum, before the deduction of charges, over any 5 year period.

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The Fund invests at least 80% of its assets in a concentrated portfolio of shares (equities) of companies, of any size, in any industry, in China or Hong Kong. Companies will have their registered office in or do most of their business (directly or through subsidiaries) in this region. The Fund may invest up to 50% of its assets in China A Shares.
The investment manager may use derivatives (complex financial instruments) to reduce risk or to manage the Fund more efficiently.
The Fund may also invest in other assets including companies outside this region, investment grade bonds (including convertible bonds), cash and money market instruments.
The Fund is actively managed with reference to the MSCI Zhong Hua 10/40 Index, which is broadly representative of the companies in which it may invest, as this forms the basis of the Fund's performance target. The investment manager has discretion to choose investments for the Fund with weightings different to the index or not in the index, but at times the Fund may hold investments similar to the index.

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The value of an investment and the income from it can fall as well as rise as a result of taxation arrangements or market and currency fluctuations and you may not get back the amount originally invested.
Potential investors must read the prospectus, and where relevant, the key investor information document before investing.
This website is for promotional purposes and does not qualify as an investment recommendation.

ABOUT THIS FUND

  • A combination of long – and to a lesser extent, short – positioning provides diversified exposure to Hong Kong and Chinese shares
  • Fundamental research is channelled through a robust, proven investment process focused on stock-specific analysis
  • Political, economic, social, and technological forces are opening up new investment opportunities as China matures and, with combined experience of more than 30 years, the team is well placed to exploit them
Past performance is not a guide to future performance. 
 

PORTFOLIO MANAGEMENT

May Ling Wee, CFA

Portfolio Manager

Industry since 1997. Joined Firm in 2015.

Performance

Past performance is not a guide to future performance. All performance data includes both income and capital gains or losses and reflects the deduction of any ongoing charges or other fund expenses.
Discrete Performance (%)
As of 30/09/2020
A1 USD MSCI Zhong Hua 10/40 Index
  
Sep-2019 - Sep-2020 Sep-2018 - Sep-2019 Sep-2017 - Sep-2018 Sep-2016 - Sep-2017 Sep-2015 - Sep-2016
28.25% -7.92% 1.17% 26.11% 21.92%
MSCI Zhong Hua 10/40 Index 29.65% -3.93% -2.20% 33.04% 12.95%
 
Sep-2019 - Sep-2020 Sep-2018 - Sep-2019 Sep-2017 - Sep-2018 Sep-2016 - Sep-2017 Sep-2015 - Sep-2016
30.73% -6.15% 3.08% 28.54% 24.28%
MSCI Zhong Hua 10/40 NR + 2.50% 30.46% -3.93% -2.20% 33.04% 12.95%
Cumulative & Annualised Performance (%)
As of 30/09/2020
A1 USD (Net) MSCI Zhong Hua 10/40 Index
  
  Cumulative Annualised
1MO YTD 1YR 3YR 5YR 10YR Since Inception
25/01/2008
A1 USD (Net) -3.43% 14.03% 28.25% 6.11% 12.93% 6.30% 7.37%
MSCI Zhong Hua 10/40 Index -3.66% 13.02% 29.65% 6.80% 12.85% 6.91% 5.55%
 
  Annualised
3YR 5YR 10YR Since Inception
25/01/2008
A1 USD (Gross) - 15.10% 8.36% 9.44%
MSCI Zhong Hua 10/40 NR + 2.50% - 12.99% 6.98% 5.60%
FEE INFORMATION
Initial Charge 5.00%
Annual Charge 1.20%
Ongoing Charge
(As of 31/12/2019)
1.92%

Portfolio

Top Holdings (As of 30/09/2020)
% of Fund
Alibaba Group 10.38
Tencent 9.40
AIA Group 5.64
Ping An Insurance Group Co of China 4.19
Hong Kong Exchanges & Clearing 3.76
JD.com 3.67
Midea Group 3.67
Meituan Dianping 3.62
LONGi Green Energy Technology 3.31
Longfor Group 3.15

Documents

  • The value of the Funds and the income from them is not guaranteed and may fall as well as rise. You may get back less than you originally invested.
  • Past performance is not a guide to future performance.
  • Third party data is believed to be reliable, but its completeness and accuracy is not guaranteed.
  • Emerging markets expose the Fund to higher volatility and greater risk of loss than developed markets; they are susceptible to adverse political and economic events, and may be less well regulated with less robust custody and settlement procedures.
  • The Fund may invest in China A shares via a Stock Connect programme. This may introduce additional risks including operational, regulatory, liquidy and settlement risks.
  • If a Fund has a high exposure to a particular country or geographical region it carries a higher level of risk than a Fund which is more broadly diversified.
  • This Fund may have a particularly concentrated portfolio relative to its investment universe or other funds in its sector. An adverse event impacting even a small number of holdings could create significant volatility or losses for the Fund.
  • The Fund may use derivatives towards the aim of achieving its investment objective. This can result in 'leverage', which can magnify an investment outcome and gains or losses to the Fund may be greater than the cost of the derivative. Derivatives also introduce other risks, in particular, that a derivative counterparty may not meet its contractual obligations.
  • If the Fund holds assets in currencies other than the base currency of the Fund or you invest in a share class of a different currency to the Fund (unless 'hedged'), the value of your investment may be impacted by changes in exchange rates.
  • Securities within the Fund could become hard to value or to sell at a desired time and price, especially in extreme market conditions when asset prices may be falling, increasing the risk of investment losses.
  • The Fund may incur a higher level of transaction costs as a result of investing in less actively traded or less developed markets compared to a fund that invests in more active/developed markets. These transaction costs are in addition to the Fund's Ongoing Charges.
  • The Fund could lose money if a counterparty with which it trades becomes unwilling or unable to meet its obligations to the Fund.
  • Funds incur costs as a necessary part of buying and selling the underlying investments, these are otherwise known as portfolio transaction costs, and include charges such as broker commission and Stamp Duty.
  • For detailed product information including the risks associated with investing please read the relevant Prospectus or Annual Report.
  • Before investing in any of our funds you should satisfy yourself as to the suitability and the risks involved, you may wish to consult a financial adviser.
  • If you invest through a third party provider you are advised to consult them directly as charges, performance and terms and conditions may differ materially.
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