Please ensure Javascript is enabled for purposes of website accessibility Horizon Global Smaller Companies Fund - Janus Henderson Investors - South Africa PA
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For financial professionals in South Africa

Horizon Global Smaller Companies Fund

Invests in small companies listed globally, seeking long-term capital growth by identifying good quality but potentially undervalued stocks.

ISIN
LU1983261865

NAV
USD 57.73
As of 11/09/2026

1-Day Change
USD 0.44 (0.77%)
 As of 11/09/2026

Morningstar Rating

As of 31/08/2026

Morningstar Medalist Rating ™

Morningstar Analyst Rating
As of 31/07/2026

Overview

INVESTMENT OBJECTIVE

The Fund aims to provide capital growth over the long term.
Performance target: To outperform the MSCI World Small Cap Index, after the deduction of charges, over any 5 year period.

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The Fund invests at least 80% of its assets in shares (equities) and equity-related securities of smaller companies, in any industry, in any country.
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 MSCI World Small Cap 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.

ABOUT THIS FUND

The fund aims to deliver long-term capital growth by investing in small companies listed globally, seeking good quality, but potentially undervalued stocks, driven by the belief that the level of real returns delivered depends on the initial price paid and the company’s operational performance.

Past performance does not predict future returns. 
 

Why invest in this fund

Global approach, localised team

Experienced lead manager working alongside regional specialists, with local expertise and critical insights across the US, Europe, Japan and Asia.

Stock selection

Dispassionate screening approach to stock selection combined with qualitative fundamental research to identify the most attractive opportunities.

Balanced style & regional exposure

Reduces factor risk, allowing the strategy the potential to outperform in a variety of market conditions.

Portfolio Management

Nick Sheridan

Portfolio Manager

Industry since 1986. Joined Firm in 2009.

Jonathan Coleman, CFA

Portfolio Manager

Industry since 1994. Joined Firm in 1994.

Aaron Schaechterle

Portfolio Manager | Research Analyst

Industry since 2007. Joined Firm in 2022.

Ollie Beckett

Portfolio Manager

Industry since 1995. Joined Firm in 2005.

Yunyoung Lee, CFA

Portfolio Manager

Industry since 1992. Joined Firm in 2005.

Sat Duhra

Portfolio Manager

Industry since 2000. Joined Firm in 2011.

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.
Discrete Performance (%)
As of 30/06/2026
H2 USD (Net) MSCI World Small Cap NR Global Small/Mid-Cap Equity - OE
 
As of 30/06/2026 2025/2026 2024/2025 2023/2024 2022/2023 2021/2022
H2 USD (Net) 25.00 21.72 19.82 25.40 -21.50
MSCI World Small Cap NR 30.15 14.47 9.14 12.94 -21.97
Global Small/Mid-Cap Equity - OE 17.61 13.77 8.11 12.91 -24.70
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 has been calculated using NAV to NAV numbers with income reinvested. The performance for each period shown reflects the return for investors who have been fully invested for that period. Individual investor performance may differ as a result of initial fees, the actual investment date, the date of reinvestments and dividend withholding tax. Full performance calculations are available from the manager on request.Annualised performance shows longer term performance rescaled to a 1-year period. Annualised performance is the average return per year over the period. Actual annual figures are available to the investor on request. Highest and lowest is returns for any 1 year over the period since inception have been shown. NAV is the net asset value represents the assets of a Fund less its liabilities.
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.
Please note the performance target is to be achieved over a specific annualised time period. Refer to the performance target wording within the objective.
© Morningstar 2026. 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.
Performance fees may be charged before the Fund’s outperformance target is reached.
Cumulative & Annualised Performance (%)
As of 31/08/2026
H2 USD (Net) MSCI World Small Cap NR Global Small/Mid-Cap Equity - OE
 
  Cumulative Annualised
  1MO YTD 1YR 3YR 5YR 10YR Since Inception
06/08/2019
H2 USD (Net) 0.89 11.41 16.20 21.72 11.52 - 16.44
MSCI World Small Cap NR 2.91 17.16 22.86 17.41 7.19 - 11.51
Global Small/Mid-Cap Equity - OE 2.75 12.85 15.54 13.72 4.18 - 9.71
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 has been calculated using NAV to NAV numbers with income reinvested. The performance for each period shown reflects the return for investors who have been fully invested for that period. Individual investor performance may differ as a result of initial fees, the actual investment date, the date of reinvestments and dividend withholding tax. Full performance calculations are available from the manager on request.Annualised performance shows longer term performance rescaled to a 1-year period. Annualised performance is the average return per year over the period. Actual annual figures are available to the investor on request. Highest and lowest is returns for any 1 year over the period since inception have been shown. NAV is the net asset value represents the assets of a Fund less its liabilities.
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.
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.
© Morningstar 2026. All rights reserved. NAV-NAV, gross income reinvested where applicable.
Performance fees may be charged before the Fund’s outperformance target is reached.
Calendar Year Returns (%)
As of 30/06/2026
H2 USD (Net) MSCI World Small Cap NR Global Small/Mid-Cap Equity - OE
YTD 2025 2024 2023 2022 2021 2020 Performance Inception
H2 USD (Net) 11.09 25.95 19.53 26.97 -19.11 23.00 21.02 14.40
MSCI World Small Cap NR 16.63 19.88 8.15 15.76 -18.76 15.75 15.96 12.61
Global Small/Mid-Cap Equity - OE 10.55 17.52 4.84 15.73 -22.44 14.72 19.65 12.37
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 has been calculated using NAV to NAV numbers with income reinvested. The performance for each period shown reflects the return for investors who have been fully invested for that period. Individual investor performance may differ as a result of initial fees, the actual investment date, the date of reinvestments and dividend withholding tax. Full performance calculations are available from the manager on request.Annualised performance shows longer term performance rescaled to a 1-year period. Annualised performance is the average return per year over the period. Actual annual figures are available to the investor on request. Highest and lowest is returns for any 1 year over the period since inception have been shown. NAV is the net asset value represents the assets of a Fund less its liabilities.
Please note the performance target is to be achieved over a specific annualised time period. Refer to the performance target wording within the objective.
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.
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.
Performance fees may be charged before the Fund’s outperformance target is reached.
© Morningstar 2026. All rights reserved. NAV-NAV, gross income reinvested where applicable.

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 costs3,530 USD2,990 USD
Average return each year-64.70%-21.44%
UnfavourableWhat you might get back after costs7,040 USD11,800 USD
Average return each year-29.56%3.37%
ModerateWhat you might get back after costs11,090 USD17,650 USD
Average return each year10.86%12.03%
FavourableWhat you might get back after costs18,100 USD23,590 USD
Average return each year80.97%18.72%
This chart shows the fund’s performance as the percentage loss or gain per year over the last 7 years against its benchmark. It can help you to assess how the fund has been managed in the past and compare it to its benchmark.

As of 30/06/2026
H2 USD (Net) MSCI World Small Cap NR Global Small/Mid-Cap Equity - OE
Past performance does not predict future returns. The value of an investment may go down as well as up and you may lose the amount originally invested. Markets could develop very differently in the future. It can help you to assess how the fund has been managed in the past.
Performance has been calculated using NAV to NAV numbers with income reinvested. The performance for each period shown reflects the return for investors who have been fully invested for that period. Individual investor performance may differ as a result of initial fees, the actual investment date, the date of reinvestments and dividend withholding tax. Full performance calculations are available from the manager on request.Annualised performance shows longer term performance rescaled to a 1-year period. Annualised performance is the average return per year over the period. Actual annual figures are available to the investor on request. Highest and lowest is returns for any 1 year over the period since inception have been shown. NAV is the net asset value represents the assets of a Fund less its liabilities.
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.
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.
© Morningstar 2026. All rights reserved. NAV-NAV, gross income reinvested where applicable.
Fee Information
Initial Charge 5.00%
Annual Charge 0.60%
Ongoing Charge
(As of 30/06/2025) 		1.09%
Performance Fee 10% of the 'Relevant Amount'
Hurdle Rate MSCI World Small Cap Index
The ongoing charge is calculated using the PRIIPs methodology. The PRIIPs methodology differs to the UCITS ongoing charge methodology, as the PRIIPS methodology captures additional recurring charges, including but not limited to: a. Interest paid on borrowing (e.g. bank interest) b. Any fees incurred in relation to stock-lending activity (i.e. the fee paid to the lending agent) c. Any costs associated with holding closed-ended vehicles.
For more information about charges, please see our fund charges page or the “charges” section of the fund’s prospectus.

Portfolio

Sector Allocation % of Fund % of Index % of Fund % of Index As of 31/07/2026
Market Capitalization Range of Equity Holdings % of Fund % of Index % of Fund % of Index As of 31/07/2026
Country/Geographic Exposures % of Fund % of Index % of Fund % of Index As of 31/07/2026
Regional Allocation % of Fund % of Index % of Fund % of Index As of 31/07/2026
Top Holdings (As of 31/07/2026)
Holding % of Fund
Sterling Infrastructure 2.77
Comfort Systems USA 2.67
Bel Fuse 2.36
Frontdoor 2.28
Mueller Industries 2.24
DPM Metals 1.98
Blue Bird 1.95
Collegium Pharmaceutical 1.93
SPS Commerce 1.79
Lantheus 1.74
TOTAL 21.70
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 Insights

Differentiated insights are central to our investment approach.

Small caps and the power of compounding against a changing macro backdrop
16 Jul 2026
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Small caps and the power of compounding against a changing macro backdrop

Global small caps may deserve a closer look in today’s changing market environment.

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Chart to Watch: Will stronger global small cap earnings forecasts be the catalyst for a valuation reset?
2 Jul 2026
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Chart to Watch: Will stronger global small cap earnings forecasts be the catalyst for a valuation reset?

Stronger earnings forecasts are challenging the valuation discount between global small caps and large caps.

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Global smaller companies: When everyone owns the same names, what next?
22 May 2026
Timely & Topical

Global smaller companies: When everyone owns the same names, what next?

As geopolitical uncertainty continues, smaller companies are responding faster, signalling a change in where returns are generated.

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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 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.
  • Shares of small and mid-size companies can be more volatile than shares of larger companies, and at times it may be difficult to value or to sell shares at desired times and prices, increasing the risk of losses.
  • Derivatives may be used 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. seeks to mitigate exchange rate movements between the share/unit class currency and the base currency of the Fund), 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 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.
  • Losses could be incurred if a counterparty became 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.
  • Collective Investment Schemes in Securities (CIS) should be considered as medium to long-term investments. The value may go up as well as down and past performance is not necessarily a guide to future performance. CIS’s are traded at the ruling price and can engage in scrip lending and borrowing. A schedule of fees, charges and maximum commissions is available on request from the Manager. There is no guarantee in respect of capital or returns in a portfolio. A CIS may be closed to new investors in order for it to be managed more efficiently in accordance with its mandate. Performance has been calculated using net NAV to NAV numbers with income reinvested.
  • 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.
  • The Legal Entity Identifier for this product is 213800I63HI1UKL7JT09.

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