Please ensure Javascript is enabled for purposes of website accessibility Horizon Pan European Property Equities Fund - Janus Henderson Investors
For individual investors in Ireland

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 50.79
As of 17/07/2024

1-Day Change
EUR -0.55 (-1.07%)
As of 17/07/2024

Morningstar Rating

As of 30/06/2024

Morningstar Medalist Rating ™

 Morningstar Analyst Rating
As of 31/05/2024



The Fund aims to provide capital growth over the long term.
Performance target: To outperform the FTSE EPRA Nareit Developed Europe Capped Index, after the deduction of charges, over any 5 year period.


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 of any size, which invest in property, in the EEA or the UK if not part of the EEA. Securities will derive the main part of their revenue from owning, developing and managing real estate in Europe.
The Fund may also invest in other assets including cash and money market instruments.
The Investment Manager may use derivatives (complex financial instruments) to reduce risk or to manage the Fund more efficiently.
The Fund is actively managed with reference to the FTSE EPRA Nareit Developed Europe Capped Index, which is broadly representative of the securities in which it may invest, as this forms the basis of the Fund's performance target and the level above which performance fees may be charged (if applicable). 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.


The value of an investment and the income from it can fall as well as rise as a result of 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 a Marketing Communication and does not qualify as an investment recommendation.

Investment into the fund will acquire units / shares of the fund itself and not the underlying assets owned by the 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
Past performance does not predict future returns. 


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.


Past performance does not predict future returns. All performance data includes both income and capital gains or losses and reflects the deduction of any ongoing charges or other fund expenses.
Cumulative & Annualised Performance (%)
As of 30/06/2024
H2 EUR (Net) FTSE EPRA Nareit Developed Europe Capped NR
  Cumulative Annualised
1MO YTD 1YR 3YR 5YR 10YR Since Inception
H2 EUR (Net) -2.49 0.17 28.24 -5.36 2.75 6.54 6.84
FTSE EPRA Nareit Developed Europe Capped NR -3.42 -2.99 22.83 -8.19 -2.19 2.08 6.12
Calendar Year Returns (%)
As of 30/06/2024
H2 EUR (Net) FTSE EPRA Nareit Developed Europe Capped NR
YTD 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
H2 EUR (Net) 0.17 20.39 -36.84 28.23 -2.76 36.19 -5.18 19.74 -7.17 22.48 30.09
FTSE EPRA Nareit Developed Europe Capped NR -2.99 16.34 -36.57 18.49 -10.74 28.52 -8.40 12.55 -5.29 18.14 25.35
Calendar Year Returns (%)
Year H2 EUR (Net) Index
2023 20.39 16.34
2022 -36.84 -36.57
2021 28.23 18.49
2020 -2.76 -10.74
2019 36.19 28.52
2018 -5.18 -8.40
2017 19.74 12.55
2016 -7.17 -5.29
2015 22.48 18.14
2014 30.09 25.35
2013 15.61 10.79
2012 28.64 27.08
2011 -9.73 -10.42
2010 11.67 16.29
2009 35.12 35.93
2008 -53.94 -46.42
2007 -34.21 -29.07
2006 50.95 48.84
2005 36.82 27.44
2004 41.95 41.88
2003 20.92 20.53
2002 5.46 6.79
2001 -6.35 0.46
2000 14.98 13.02
1999 19.21 16.34
1998 from 01/07/1998 -12.66 -3.92
Initial Charge 5.00%
Annual Charge 0.60%
Ongoing Charge
(As of 30/06/2023)
Performance Fee 10% of the 'Relevant Amount'
Hurdle Rate FTSE EPRA Nareit Developed Europe Capped Index


Top Holdings (As of 30/06/2024)
% of Fund
Vonovia 9.28
Segro 8.72
LEG Immobilien 5.49
PSP Swiss Property 4.28
Merlin Properties Socimi 4.23
British Land 4.22
Tritax Big Box REIT 4.19
Unibail-Rodamco-Westfield 4.10
Hammerson 3.32
Fastighets AB Balder 3.29


  • 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 does not predict future returns.
  • Third party data is believed to be reliable, but its completeness and accuracy is not guaranteed.
  • Shares/Units can lose value rapidly, and typically involve higher risks than bonds or money market instruments. The value of your investment may fall as a result.
  • Shares of small and mid-size companies can be more volatile than shares of larger companies, and at times it may be difficult to value or to sell shares at desired times and prices, increasing the risk of losses.
  • 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.
  • The Fund is focused towards particular industries or investment themes and may be heavily impacted by factors such as changes in government regulation, increased price competition, technological advancements and other adverse events.
  • 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 invests in real estate investment trusts (REITs) and other companies or funds engaged in property investment, which involve risks above those associated with investing directly in property. In particular, REITs may be subject to less strict regulation than the Fund itself and may experience greater volatility than their underlying assets.
  • The Fund may use derivatives with the aim of reducing risk or managing the portfolio more efficiently. However this introduces 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/unit class of a different currency to the Fund (unless hedged, i.e. mitigated by taking an offsetting position in a related security), the value of your investment may be impacted by changes in exchange rates.
  • When the Fund, or a share/unit class, seeks to mitigate exchange rate movements of a currency relative to the base currency (hedge), the hedging strategy itself may positively or negatively impact the value of the Fund due to differences in short-term interest rates between the currencies.
  • 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.
  • Some or all of the ongoing charges may be taken from capital, which may erode capital or reduce potential for capital growth.
  • The Fund could lose money if a counterparty with which the Fund trades becomes unwilling or unable to meet its obligations, or as a result of failure or delay in operational processes or the failure of a third party provider.
  • 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.
  • 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.
  • Summary of Investor rights
  • Janus Henderson Investors Europe S.A. may decide to terminate the marketing arrangements of this Collective Investment Scheme in accordance with the appropriate regulation.
  • Information on compliance with EU Sustainability related disclosures can be found here.
  • For detailed product information including the risks associated with investing please read the relevant Prospectus or Annual Report. Please refer to the prospectus of the UCITS and to the KID before making any final investment decisions.