Please ensure Javascript is enabled for purposes of website accessibility Horizon Japan Opportunities Fund - Janus Henderson Investors
For individual investors in Luxembourg

Horizon Japan Opportunities Fund

A high-conviction, concentrated Japanese equity fund aiming to deliver attractive long-term returns

ISIN
LU0247699761

NAV
USD 20.97
As of 16/04/2024

1-Day Change
USD -0.63 (-2.92%)
 As of 16/04/2024

Overview

INVESTMENT OBJECTIVE

The Fund aims to provide capital growth over the long term.
Performance target: To outperform the Tokyo Stock Price Index by 2% 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) and equity-related securities of companies, of any size, in any industry, in Japan.
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 Tokyo Stock Price Index, which is broadly representative of the companies 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.

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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.

ABOUT THIS FUND

  • The team aims to uncover underpriced, cash-generative and capital-efficient businesses through rigorous, bottom-up research
  • The fund can exploit opportunities across the market-cap spectrum
  • Managed by an experienced team of investors with deep knowledge of Japanese companies
Past performance does not predict future returns. 
 

PORTFOLIO MANAGEMENT

Junichi Inoue

Junichi Inoue

Head of Japanese Equities | Portfolio Manager

Industry since 1995. Joined Firm in 2016.

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 31/03/2024
X2 USD (Net) Tokyo Stock Price Index (TOPIX) NR
  
  Cumulative Annualised
1MO YTD 1YR 3YR 5YR 10YR Since Inception
23/03/2006
X2 USD (Net) 4.05 13.63 27.32 2.86 8.31 6.91 2.95
Tokyo Stock Price Index (TOPIX) NR 3.13 9.89 23.86 3.26 7.09 6.65 3.42
 
  Annualised
3YR 5YR 10YR Since Inception
23/03/2006
X2 USD (Gross) - 11.05 9.67 5.58
Tokyo Stock Price Index (TOPIX) NR + 2.00% - 9.23 8.79 5.48
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.
Performance fees are charged separately as a way of rewarding the investment manager for superior returns or for outperforming specified targets. A Performance Fee is accrued where the NAV outperforms the relevant Hurdle NAV (subject to a High Water Mark).
Performance/performance target related data will display only when relevant to the fund/share class inception date and the annualised target time period.
Performance fees may be charged before the Fund’s outperformance target is reached.
© Morningstar 2024. 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.
The ongoing charges includes fees payable to Distributors. Where the ongoing charges exceed the target outperformance relative to the benchmark the return is likely to be below the benchmark return, even when the Fund’s outperformance target (before the deduction of charges) has been achieved.
The TOPIX Index Value and the TOPIX Marks are subject to the proprietary rights owned by JPX Market Innovation & Research, Inc. or affiliates of JPX Market Innovation & Research, Inc. (hereinafter collectively referred to as "JPX") and JPX owns all rights and know how relating to TOPIX such as calculation, publication and use of the TOPIX Index Value and relating to the TOPIX Marks. No Licensed Product in is any way sponsored, endorsed or promoted by JPX.
Calendar Year Returns (%)
As of 31/03/2024
X2 USD (Net) Tokyo Stock Price Index (TOPIX) NR
YTD 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
X2 USD (Net) 13.63 21.12 -20.74 -1.84 21.64 24.43 -17.64 19.32 8.19 12.06 -6.00
Tokyo Stock Price Index (TOPIX) NR 9.89 19.58 -15.22 0.76 12.62 18.79 -14.02 26.15 3.12 11.34 -3.72
Calendar Year Returns (%)
Year X2 USD (Net) Index
2023 21.12 19.58
2022 -20.74 -15.22
2021 -1.84 0.76
2020 21.64 12.62
2019 24.43 18.79
2018 -17.64 -14.02
2017 19.32 26.15
2016 8.19 3.12
2015 12.06 11.34
2014 -6.00 -3.72
2013 29.33 27.35
2012 1.95 8.36
2011 -10.04 -14.19
2010 16.33 15.59
2009 -0.45 6.39
2008 -24.92 -29.11
2007 -9.72 -4.14
2006 from 23/03/2006 0.00 2.83
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.
Performance fees are charged separately as a way of rewarding the investment manager for superior returns or for outperforming specified targets. A Performance Fee is accrued where the NAV outperforms the relevant Hurdle NAV (subject to a High Water Mark).
Performance/performance target related data will display only when relevant to the fund/share class inception date and the annualised target time period.
Performance fees may be charged before the Fund’s outperformance target is reached.
© Morningstar 2024. 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.
The ongoing charges includes fees payable to Distributors. Where the ongoing charges exceed the target outperformance relative to the benchmark the return is likely to be below the benchmark return, even when the Fund’s outperformance target (before the deduction of charges) has been achieved.
The TOPIX Index Value and the TOPIX Marks are subject to the proprietary rights owned by JPX Market Innovation & Research, Inc. or affiliates of JPX Market Innovation & Research, Inc. (hereinafter collectively referred to as "JPX") and JPX owns all rights and know how relating to TOPIX such as calculation, publication and use of the TOPIX Index Value and relating to the TOPIX Marks. No Licensed Product in is any way sponsored, endorsed or promoted by JPX.
FEE INFORMATION
Initial Charge 5.00%
Annual Charge 1.20%
Ongoing Charge
(As of 30/06/2023) 		2.50%
Performance Fee 10% of the 'Relevant Amount'
Hurdle Rate Tokyo Stock Price Index
For more information about charges, please see our fund charges page or the “charges” section of the fund’s prospectus.

Portfolio

Top Holdings (As of 29/02/2024)
% of Fund
Toyota Motor 9.73
Hitachi 5.93
Shin-Etsu Chemical 5.66
Daiichi Sankyo 5.34
Sony Group 4.85
Tokio Marine 4.77
Mitsubishi 4.68
Ebara 4.63
Sumitomo Mitsui Financial Group 4.61
Dai-ichi Life 4.30
References made to individual securities do not constitute a recommendation to buy, sell or hold any security, investment strategy or market sector, and should not be assumed to be profitable. Janus Henderson Investors, its affiliated advisor, or its employees, may have a position in the securities mentioned.

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  • 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.
  • 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 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.
  • 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.