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Horizon China Opportunities Fund

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

ISIN
LU0327787049

NAV
USD 15.52
As of 19/04/2024

1-Day Change
USD -0.16 (-1.02%)
 As of 19/04/2024

Morningstar Rating

As of 31/03/2024

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 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

  • A diversified portfolio designed to capture investment opportunities as political, economic, social, and technological forces drive the maturation of the Chinese economy
  • Fundamental research is channelled through a robust, proven investment process focused on company-specific analysis
  • With combined investment experience of more than 30 years, the team’s deep knowledge of Chinese equities enables them to identify mispriced opportunities
Past performance does not predict future returns. 
 

PORTFOLIO MANAGEMENT

Victoria Mio

Victoria Mio

Head of Greater China Equities & Portfolio Manager

Industry since 1998.

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
I2 USD (Net) MSCI Zhong Hua 10/40 NR
  
  Cumulative Annualised
1MO YTD 1YR 3YR 5YR 10YR Since Inception
25/01/2008
I2 USD (Net) 0.19 -2.67 -18.27 -20.13 -6.98 1.42 2.81
MSCI Zhong Hua 10/40 NR -0.51 -3.92 -17.82 -17.68 -5.13 1.89 1.56
 
  Annualised
3YR 5YR 10YR Since Inception
25/01/2008
I2 USD (Gross) - -6.05 2.46 3.86
MSCI Zhong Hua 10/40 NR + 2.50% - -3.36 2.83 2.14
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.
From 1 July 2020, the Fund's investment policy, reference benchmark and performance target changed. Past performance shown before 1 July 2020 was achieved under circumstances that no longer apply.
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.
Calendar Year Returns (%)
As of 31/03/2024
I2 USD (Net) MSCI Zhong Hua 10/40 NR
YTD 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
I2 USD (Net) -2.67 -15.89 -25.04 -18.67 30.53 27.06 -24.29 53.41 1.37 0.94 9.49
MSCI Zhong Hua 10/40 NR -3.92 -11.87 -19.04 -18.19 30.62 23.46 -18.88 54.07 0.90 -7.82 7.96
Calendar Year Returns (%)
Year I2 USD (Net) Index
2023 -15.89 -11.87
2022 -25.04 -19.04
2021 -18.67 -18.19
2020 30.53 30.62
2019 27.06 23.46
2018 -24.29 -18.88
2017 53.41 54.07
2016 1.37 0.90
2015 0.94 -7.82
2014 9.49 7.96
2013 17.07 3.64
2012 27.12 23.84
2011 -31.29 -18.36
2010 2.08 13.60
2009 126.87 67.12
2008 from 25/01/2008 -38.60 -43.09
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.
From 1 July 2020, the Fund's investment policy, reference benchmark and performance target changed. Past performance shown before 1 July 2020 was achieved under circumstances that no longer apply.
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.
FEE INFORMATION
Initial Charge 5.00%
Annual Charge 1.00%
Ongoing Charge
(As of 30/06/2023) 		1.00%
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 31/03/2024)
% of Fund
Tencent 9.52
AIA Group 5.29
Alibaba Group 5.24
Taiwan Semiconductor Manufacturing 4.74
Trip.com Group 4.12
Techtronic Industries 3.75
New Oriental Education & Technology Group 3.73
PDD 3.73
NetEase 3.53
MediaTek 3.06
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.

Documents

Related Insight

Reading the tea leaves ‒ what’s in store for China in 2020?
12 Dec 2019

Reading the tea leaves ‒ what’s in store for China in 2020?

In this Q&A, China portfolio managers Charlie Awdry and May Ling Wee share their thoughts on the key challenges and opportunities that investors in China may face in the year ahead and how 2019 has influenced their outlook for the asset class.

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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.
  • 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, liquidity 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 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.
  • 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.
  • 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.
  • The Fund follows a growth investment style that creates a bias towards certain types of companies. This may result in the Fund significantly underperforming or outperforming the wider market.
  • 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.