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For investors in Singapore

Horizon Japanese Smaller Companies Fund

Designed to capture the undervalued growth potential of Japanese smaller companies over the long term

ISIN
LU0976556935

NAV
USD 78.54
As of 2025/05/08

1-Day Change
USD -0.12 (-0.15%)
 As of 2025/05/08

Overview

INVESTMENT OBJECTIVE

The Fund aims to provide capital growth over the long term.

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The Fund invests at least two-thirds of its assets in a concentrated portfolio of shares (equities) and equity-related securities of small capitalisation companies, in any industry, in Japan or derive a significant portion of their revenues from Japan.

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Note: You should not make investment decisions based solely on marketing materials. You should read the Prospectus and the Product Highlights Sheet of the Fund for more details of the investment risks and seek independent professional advice where appropriate.

ABOUT THIS FUND

  • Positioned to benefit from a recovery in Japan’s economy and improving corporate governance to generate long-term capital appreciation
  • High-conviction strategy leveraging more than 40 years’ experience in Japanese equities
  • Invests in the smallest 25% of listed Japanese companies by market capitalisation, which the team believes are set to benefit most from a domestic recovery

Portfolio Management

Yunyoung Lee, CFA: Portfolio Manager
Yunyoung Lee, CFA

Portfolio Manager

Industry since 1992. Joined Firm in 2005.

Performance

Cumulative & Annualised Performance (%)
As of 2025/03/31
A2 HUSD (With Sales Charge)* Russell/Nomura Small Cap A2 HUSD (Net)
 
  Cumulative Annualised
1MO 3MO 6MO YTD 1YR 3YR 5YR 10YR Since Inception
2015/03/13
A2 HUSD (With Sales Charge)* -3.11 -3.39 -1.21 -3.39 -1.59 11.68 15.20 9.44 9.31
Russell/Nomura Small Cap 3.01 4.74 -1.29 4.74 4.42 6.48 7.35 5.07 5.42
A2 HUSD (Net) 1.99 1.70 3.98 1.70 3.59 13.60 16.39 10.00 9.87
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.
*Performance with sales charge assume 5.00% initial sales charge/front-end load (FEL) applied.
© Morningstar 2025. All rights reserved. NAV-NAV, gross income reinvested where applicable.
The share class currency is different to the base currency of the Fund and its chosen benchmark. Past performance for this share class includes currency hedging which is not reflected in the performance of the benchmark.

Recommended holding period 5 Years

Example Investment: USD 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 costs1,480 USD1,430 USD
Average return each year-85.22%-32.19%
UnfavourableWhat you might get back after costs7,170 USD9,910 USD
Average return each year-28.30%-0.17%
ModerateWhat you might get back after costs10,610 USD14,450 USD
Average return each year6.10%7.64%
FavourableWhat you might get back after costs14,140 USD19,800 USD
Average return each year41.36%14.64%
There is currently insufficient data to provide a useful indication of past performance to investors.
Fee Information
Initial Charge 5.00%
Annual Charge 1.20%
Ongoing Charge
(As of 2023/06/30) 		1.89%
Performance Fee 10% of the 'Relevant Amount'
Hurdle Rate Russell/Nomura Small Cap Index

Portfolio

Top Holdings (As of 2025/03/31)
% of Fund
Park24 4.65
Fujitsu General 3.83
Penta-Ocean Construction 3.72
Septeni 3.67
CyberAgent 3.63
Nichicon 3.57
Goldwin 3.52
Aiful 3.39
Central Security Patrols 2.82
Harmonic Drive Systems 2.79
TOTAL 35.59

Documents

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Japanese smaller companies: An active approach key to identify growth catalysts
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Japanese smaller companies: An active approach key to identify growth catalysts

Strong performance from Japanese larger companies is setting the scene for small and mid-cap stocks to shine given their potential for relatively higher growth.

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