For individual investors in Norway

Horizon Asian Growth Fund

An actively managed Asian equities fund, driven by fundamental research, that blends quality and growth opportunities


EUR 214.61
As of 08/12/2021

1-Day Change
EUR 0.87 (0.41%)
As of 08/12/2021

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



The Fund aims to provide capital growth over the long term.
Performance target: To outperform the MSCI AC Asia Pacific ex Japan Index by at least 2% per annum, before the deduction of charges, over any 5 year period.


The Fund invests at least two-thirds of its assets in a concentrated portfolio of shares (equities) and equity-related securities of companies, of any size, in any industry, in the Asia Pacific region (including the Indian subcontinent and Australasia, but excluding Japan). 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 20% of its assets in China A Shares.
The Fund may also invest in other assets including companies outside this region, investment grade government bonds, 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 MSCI AC Asia Pacific ex Japan 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.


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 for promotional purposes and does not qualify as an investment recommendation.


  • The Asia Growth Fund seeks to identify quality and capture growth in the dynamic and fast-growing Asian region
  • Provides a high-conviction, active stock-picking portfolio without significant constraints at sector levels
  • Seeks to generate competitive returns through different market conditions with an investment process driven by fundemental stock selection
Past performance is not a guide to future performance. 


Andrew Gillan

Head of Asia ex Japan Equities | Portfolio Manager

Industry since 2000. Joined Firm in 2014.


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 30/09/2021
A2 EUR (Net) MSCI All Countries Asia Pacific (ex Japan) NR
Sep-2020 - Sep-2021 Sep-2019 - Sep-2020 Sep-2018 - Sep-2019 Sep-2017 - Sep-2018 Sep-2016 - Sep-2017
A2 EUR (Net) 9.29 6.14 4.91 4.40 12.93
MSCI All Countries Asia Pacific (ex Japan) NR 17.98 5.60 4.66 3.76 14.00
Sep-2020 - Sep-2021 Sep-2019 - Sep-2020 Sep-2018 - Sep-2019 Sep-2017 - Sep-2018 Sep-2016 - Sep-2017
A2 EUR (Gross) 11.48 8.30 7.03 6.54 15.42
MSCI All Countries Asia Pacific (ex Japan) NR + 2.00% 20.33 7.72 6.77 5.83 16.27
Cumulative & Annualised Performance (%)
As of 30/11/2021
A2 EUR (Net) MSCI All Countries Asia Pacific (ex Japan) NR
  Cumulative Annualised
1MO YTD 1YR 3YR 5YR 10YR Since Inception
A2 EUR (Net) -1.77 -5.66 -0.79 8.49 7.60 9.16 7.23
MSCI All Countries Asia Pacific (ex Japan) NR -1.58 3.60 8.01 10.78 8.83 9.79 7.93
3YR 5YR 10YR Since Inception
A2 EUR (Gross) - 9.82 11.47 9.48
MSCI All Countries Asia Pacific (ex Japan) NR + 2.00% - 11.00 11.99 10.09
A2 EUR (Net) MSCI All Countries Asia Pacific (ex Japan) NR
2016 2017 2018 2019 2020
A2 EUR (Net) 6.45 22.69 -11.20 22.78 15.07
MSCI All Countries Asia Pacific (ex Japan) NR 8.60 21.35 -9.58 21.35 12.33
2016 2017 2018 2019 2020
A2 EUR (Gross) 8.60 25.47 -9.44 25.27 17.42
MSCI All Countries Asia Pacific (ex Japan) NR + 2.00% 10.77 23.77 -7.76 23.78 14.58
Initial Charge 5.00%
Annual Charge 1.20%
Ongoing Charge
(As of 30/06/2021)
Performance Fee 10% of the 'Relevant Amount'


Top Holdings (As of 31/10/2021)
% of Fund
Taiwan Semiconductor Manufacturing 8.78
Samsung Electronics 8.65
Tencent 6.04
AIA Group 5.01
Housing Development Finance 4.78
HDFC Bank 4.44
Alibaba Group 4.42
Sea 3.01
Bajaj & Investment 2.82
Reliance Industries 2.70


  • 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.
  • Shares 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, 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 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 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 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.
  • Information on compliance with EU sustainable related disclosures can be found here.
  • 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.
  • Summary of Investor rights