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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
LU2253109396

NAV
JPY 10,891.44
As of 2025/05/08

1-Day Change
JPY -17.66 (-0.16%)
 As of 2025/05/08

Morningstar Medalist Rating ™

Morningstar Analyst Rating
As of 2024/11/22

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 2025/04/30
Russell/Nomura Small Cap Japan Small/Mid-Cap Equity - OE GU2 JPY (Net)
 
  Cumulative Annualised
1MO 3MO 6MO YTD 1YR 3YR 5YR 10YR Since Inception
2020/12/01
Russell/Nomura Small Cap 0.18 -0.57 3.08 -0.15 4.25 14.95 - - 11.01
Japan Small/Mid-Cap Equity - OE 0.39 -2.34 1.46 -2.56 0.81 9.82 - - 6.95
GU2 JPY (Net) 1.24 1.08 4.59 2.12 3.29 11.50 - - 10.55
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.

Recommended holding period 5 Years

Example Investment: JPY 1,000,000

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 costs154,520 JPY155,240 JPY
Average return each year-84.55%-31.10%
UnfavourableWhat you might get back after costs699,700 JPY954,560 JPY
Average return each year-30.03%-0.93%
ModerateWhat you might get back after costs1,041,490 JPY1,366,870 JPY
Average return each year4.15%6.45%
FavourableWhat you might get back after costs1,421,810 JPY1,866,050 JPY
Average return each year42.18%13.29%
There is currently insufficient data to provide a useful indication of past performance to investors.
Fee Information
Initial Charge 5.00%
Annual Charge 0.75%
Ongoing Charge
(As of 2023/06/30) 		0.84%
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

Related Insight

Japanese smaller companies: An active approach key to identify growth catalysts
Sep 13, 2024
Timely & Topical

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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