Please ensure Javascript is enabled for purposes of website accessibility Horizon Euro High Yield Bond Fund - Janus Henderson Investors - Europe PA Italy (EN)
{{banner.link_text}}
For financial professionals in Italy

Horizon Euro High Yield Bond Fund

For investors seeking the potential for high overall yield and capital growth in European fixed income

ISIN
LU0828818087

NAV
EUR 187.75
As of 11/05/2026

1-Day Change
EUR -0.07 (-0.04%)
 As of 11/05/2026

Overview

INVESTMENT OBJECTIVE

Il Fondo si prefigge di generare nel lungo termine un rendimento dalla combinazione tra reddito e crescita del capitale.
Rendimento target: Sovraperformare l’ICE BofA European Currency Non-Financial High Yield Constrained Index (100% Hedged) dell’1,75% l’anno, al lordo delle spese, in qualsiasi periodo di 5 anni.

More

Il Fondo investe almeno il 70% del patrimonio in obbligazioni ad alto rendimento (non-investment grade, ossia con rating equivalente o inferiore a BB+) denominate in euro o sterline. Il Fondo può investire fino al 20% del patrimonio netto in total return swap e può investire in obbligazioni convertibili contingenti (CoCo) e/o titoli garantiti da attività e da ipoteche.
Il Fondo può inoltre investire in altre attività, tra cui obbligazioni di altro tipo di qualsiasi emittente (incluse obbligazioni perpetue), liquidità e strumenti del mercato monetario.
Il Gestore degli investimenti può usare derivati (strumenti finanziari complessi), compresi swap di rendimento totale, c.d. total return swap, per ridurre il rischio o gestire il Fondo in modo più efficiente, allo scopo di conseguire guadagni d’investimento in linea con l’obiettivo del Fondo.
Il Fondo è gestito attivamente con riferimento all’ICE BofA European Currency Non-Financial High Yield Constrained Index (100% Hedged), il quale rappresenta largamente obbligazioni in cui può investire, dato che esso costituisce la base del rendimento target del Fondo. Il Gestore degli investimenti vanta la discrezionalità di scegliere gli investimenti del Fondo avvalendosi di ponderazioni diverse da quelle dell’indice ovvero assenti dall’indice, ma il Fondo può a volte detenere investimenti simili a quelli dell’indice.

Less

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.

ABOUT THIS FUND

  • Access the total return potential of European high-yield bonds through a portfolio diversified by issuers, sectors, and geography
  • High-conviction portfolio with the ability to access smaller, less-liquid issuers, all actively managed to reflect market changes
  • Security selection drives returns; focuses on company metrics, corporate strategy, and bond covenants in context of credit cycle and market conditions
Past performance does not predict future returns. 
 

Portfolio Management

Tom Ross, CFA: Head of High Yield | Portfolio Manager
Tom Ross, CFA

Head of High Yield | Portfolio Manager

Industry since 2002. Joined Firm in 2002.

Agnieszka Konwent-Morawski, CFA: Portfolio Manager
Agnieszka Konwent-Morawski, CFA

Portfolio Manager

Industry since 2009. Joined Firm in 2014.

Performance

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 30/04/2026
I2 EUR (Net) ICE BofA Euro Non-Financial High Yield Constrained EUR High Yield Bond - OE
  
  Cumulative Annualised
  1MO YTD 1YR 3YR 5YR 10YR Since Inception
19/11/2012
I2 EUR (Net) 2.42 0.06 4.46 7.45 1.89 3.56 4.76
ICE BofA Euro Non-Financial High Yield Constrained 1.94 0.24 4.58 7.53 2.79 3.76 4.46
EUR High Yield Bond - OE 1.61 0.06 3.91 6.38 2.09 2.77 3.43
 
  Annualised
3YR 5YR 10YR Since Inception
19/11/2012
I2 EUR (Gross) - 2.66 4.36 5.61
ICE BofA Euro Non-Financial High Yield Constrained + 1.75% - 4.59 5.58 6.29
Performance/performance target related data will display only when relevant to the fund/share class inception date and the annualised target time period.
Note that any differences among portfolio securities currencies, share class currencies and costs to be paid or represented in currencies other than your home currency will expose you to currency risk.  Costs and returns may increase or decrease as a result of currency and exchange rate fluctuations.
© Morningstar 2026. All rights reserved. NAV-NAV, gross income reinvested where applicable.
Fund charges will impact the value of your investment. In particular, the ongoing charges applicable to each fund will dilute investment performance, particularly over time.
Calendar Year Returns (%)
As of 31/03/2026
I2 EUR (Net) ICE BofA Euro Non-Financial High Yield Constrained EUR High Yield Bond - OE
YTD 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
I2 EUR (Net) -2.30 4.71 9.45 10.82 -14.03 2.49 2.90 12.04 -1.94 5.56 9.71
ICE BofA Euro Non-Financial High Yield Constrained -1.68 5.35 8.60 12.04 -11.72 3.31 2.69 10.76 -3.44 6.10 9.96
EUR High Yield Bond - OE -1.52 4.37 7.20 9.63 -10.44 2.54 0.90 8.82 -4.21 5.69 7.64
Calendar Year Returns (%)
Year I2 EUR (Net) ICE BofA Euro Non-Financial High Yield Constrained EUR High Yield Bond - OE
2025 4.71 5.35 4.37
2024 9.45 8.60 7.20
2023 10.82 12.04 9.63
2022 -14.03 -11.72 -10.44
2021 2.49 3.31 2.54
2020 2.90 2.69 0.90
2019 12.04 10.76 8.82
2018 -1.94 -3.44 -4.21
2017 5.56 6.10 5.69
2016 9.71 9.96 7.64
2015 5.16 1.26 1.46
2014 4.18 5.04 3.77
2013 12.16 9.05 7.42
2012 from 19/11/2012 3.72 3.27 3.12
Performance/performance target related data will display only when relevant to the fund/share class inception date and the annualised target time period.
Please note the performance target is to be achieved over a specific annualised time period. Refer to the performance target wording within the objective.
Note that any differences among portfolio securities currencies, share class currencies and costs to be paid or represented in currencies other than your home currency will expose you to currency risk.  Costs and returns may increase or decrease as a result of currency and exchange rate fluctuations.
Fund charges will impact the value of your investment. In particular, the ongoing charges applicable to each fund will dilute investment performance, particularly over time.
© Morningstar 2026. All rights reserved. NAV-NAV, gross income reinvested where applicable.

Recommended holding period 5 Years

Example Investment: EUR 10,000

Scenarios If you exit after 1 year If you exit after 5 years
MinimumThere is no minimum guaranteed return. You could lose some or all of your investment
StressWhat you might get back after costs7,820 EUR7,590 EUR
Average return each year-21.85%-5.36%
UnfavourableWhat you might get back after costs8,330 EUR9,730 EUR
Average return each year-16.67%-0.54%
ModerateWhat you might get back after costs10,560 EUR11,080 EUR
Average return each year5.56%2.07%
FavourableWhat you might get back after costs12,210 EUR13,530 EUR
Average return each year22.11%6.23%
This chart shows the fund’s performance as the percentage loss or gain per year over the last 10 years against its benchmark. It can help you to assess how the fund has been managed in the past and compare it to its benchmark.

As of 31/03/2026
I2 EUR (Net) ICE BofA Euro Non-Financial High Yield Constrained EUR High Yield Bond - OE
Past performance does not predict future returns. The value of an investment may go down as well as up and you may lose the amount originally invested. Markets could develop very differently in the future. It can help you to assess how the fund has been managed in the past.
Note that any differences among portfolio securities currencies, share class currencies and costs to be paid or represented in currencies other than your home currency will expose you to currency risk.  Costs and returns may increase or decrease as a result of currency and exchange rate fluctuations.
Fund charges will impact the value of your investment. In particular, the ongoing charges applicable to each fund will dilute investment performance, particularly over time.
© Morningstar 2026. All rights reserved. NAV-NAV, gross income reinvested where applicable.
Fee Information
Initial Charge 0.00%
Annual Charge 0.75%
Ongoing Charge
(As of 30/06/2025) 		0.75%
For more information about charges, please see our fund charges page or the “charges” section of the fund’s prospectus.

Portfolio

Industry allocation (%) % of Fund % of Index % of Fund % of Index As of 31/03/2026
Maturity Breakdown of Fixed Income Holdings % of Fund % of Index % of Fund % of Index As of 31/03/2026
Credit Quality of Fixed Income Holdings % of Fund % of Index % of Fund % of Index As of 31/03/2026
Country/Geographic Exposures % of Fund % of Index % of Fund % of Index As of 31/03/2026
Regional Allocation % of Fund % of Index % of Fund % of Index As of 31/03/2026

Documents

Related Insights

Differentiated insights are central to our investment approach.

Unravelling the forces driving corporate credit’s resilience
19 Mar 2026
Timely & Topical

Unravelling the forces driving corporate credit’s resilience

Corporate credit has stayed firm amid the volatility related to the Middle East conflict. We explore why volatility has stayed contained and what this means for investors.

Read More

CEO Sessions: Understanding individual credits is key to navigating the higher cost of capital environment
5 Feb 2026
Timely & Topical

CEO Sessions: Understanding individual credits is key to navigating the higher cost of capital environment

Discussion on value opportunities in credit, collateralised loan obligations and mortgages, and why really understanding each credit will be pivotal in 2026.

Read More

Navigating supply surges: How AI is reshaping global investment grade credit
15 Dec 2025
Features & Outlooks

Navigating supply surges: How AI is reshaping global investment grade credit

Surging supply from AI-driven tech giants is reshaping investment grade credit. Explore what this means for spreads, sector shifts, and investor strategies in 2026.

Read More

  • 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.
  • Gli emittenti di obbligazioni (o di strumenti del mercato monetario) potrebbero non essere più in grado di pagare gli interessi o rimborsare il capitale, ovvero potrebbero non intendere più farlo. In tal caso, o qualora il mercato ritenga che ciò sia possibile, il valore dell’obbligazione scenderebbe.
  • L’aumento (o la diminuzione) dei tassi d’interesse può influire in modo diverso su titoli diversi. Nello specifico, i valori delle obbligazioni si riducono di norma con l'aumentare dei tassi d'interesse. Questo rischio risulta di norma più significativo quando la scadenza di un investimento obbligazionario è a più lungo termine.
  • Pur offrendo tassi di interesse generalmente più elevati rispetto alle obbligazioni investment grade, le obbligazioni ad alto rendimento (non-investment grade) sono più speculative e più sensibili a variazioni sfavorevoli delle condizioni di mercato.
  • Alcune obbligazioni (obbligazioni callable) consentono ai loro emittenti il diritto di rimborsare anticipatamente il capitale o di estendere la scadenza. Gli emittenti possono esercitare tali diritti laddove li ritengano vantaggiosi e, di conseguenza, il valore del Fondo può esserne influenzato.
  • I CoCo (Obbligazioni contingent convertible) possono subire brusche riduzioni di valore in caso d’indebolimento della solidità finanziaria di un emittente e qualora un evento trigger prefissato comporti la conversione delle obbligazioni in azioni dell’emittente o il loro storno parziale o totale.
  • Un’esposizione elevata a un determinato paese o a una specifica regione geografica comporta un livello di rischio più elevato rispetto a un Fondo più ampiamente diversificato.
  • Qualora il Fondo detenga attività in valute diverse da quella di base del Fondo, o l’investitore detenga azioni/quote di una valuta diversa da quella del Fondo (a meno che non sia coperta, ovvero cerchi di mitigare i movimenti del tasso di cambio tra la valuta della classe di azioni/quote e la valuta di base del Fondo), il valore dell’investimento potrebbe subire le oscillazioni del tasso di cambio.
  • I derivati possono essere utilizzati per aiutare a raggiungere l’obiettivo di investimento. Ciò potrebbe determinare una “leva” (livelli più elevati di debito), che potrebbe amplificare i risultati dell’investimento Le perdite o i guadagni potrebbero superare il costo del derivato. I derivati comportano rischi aggiuntivi, in particolare il rischio che la controparte del derivato non adempia ai suoi obblighi contrattuali.
  • Se il Fondo, o una sua classe di azioni con copertura, intende attenuare le fluttuazioni del tasso di cambio tra una valuta e la valuta di base, la stessa strategia di copertura potrebbe generare un effetto positivo o negativo sul valore del Fondo, a causa delle differenze di tasso d’interesse a breve termine tra le due valute.
  • I titoli potrebbero diventare difficili da valutare o da vendere nel momento e al prezzo desiderati, specialmente in condizioni di mercato estreme caratterizzate da una discesa dei prezzi delle attività, con conseguente incremento del rischio di perdite sull’investimento.
  • Il prelievo dal capitale di tutte le spese correnti, o di una parte di esse, e di altri costi del Fondo può erodere il capitale o ridurre il suo potenziale di crescita.
  • Potrebbero verificarsi perdite qualora una controparte non intendesse più o non fosse più in grado di adempiere ai propri obblighi, o a causa di un errore o di un ritardo nei processi operativi o di una negligenza di un fornitore terzo.
  • 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.
  • 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.
  • The Legal Entity Identifier for this product is 549300QIE6B65XGIOV46.

Choose region

Country

Language

What type of investor are you?