Henderson Horizon China Fund A2 Acc USD

亨德森遠見中國躍升基金 A2類 Acc 美元

LU0327786744

Risk Rating: Level 5

iFund risk rating methodology is a qualitative and quantitative assessment of a single fund’s geographic and asset class focus, investment style and any potential risk factors, as measured from one (1) (lowest risk) to six (6) (highest risk). For the funds with risk rating five (5) or six (6), these are mainly aimed at providing capital appreciation to investors by investing primarily in single market equities, single industry equities or derivatives etc. For more details, please refer to the Due Diligence section under the Procedures page.

Non-dealing Hours

Dealing Information

Secure Transaction

Derivatives knowledge required

HKD25,000.00Min. Subscription

1.20%

HKD5,000.00Min. Subscription

HKD / JPY / EUR / GBP / USD

HKD25,000.00Min. Subscription

HKD25,000.00

HKD25,000.00

Daily

16:00

2019-11-27

*Not include dividends (If applicable)

Fund Performances (including dividend, if any)

1 mth
+1.62%
3 mth
+5.78%
6 mth
+3.44%
1 yr
+9.76%
3 yr
+29.37%
5 yr
+47.47%

Analytical Figures (3 years)

Annualized Return
+8.96%
Annualized Volatility
+20.06%
Sharpe Ratio
+0.38

Fund Information

Fund Houses
Janus Henderson Horizon Fund
Launch Date
2008-01-24
Fund Manager
Charlie Awdry
May Wee Ling
Manager Start Date
2015-02-26
2015-02-26
Geographical Focus
Greater China
Asset Class/ Sector
Equity - All cap
Risk Rating
Risk Level 5

iFund risk rating methodology is a qualitative and quantitative assessment of a single fund’s geographic and asset class focus, investment style and any potential risk factors, as measured from one (1) (lowest risk) to six (6) (highest risk). For the funds with risk rating five (5) or six (6), these are mainly aimed at providing capital appreciation to investors by investing primarily in single market equities, single industry equities or derivatives etc. For more details, please refer to the Due Diligence section under the Procedures page.

Fund AUM(As of 2019-10-30)
USD 143,893,982.61
Management Fee
1.20%
Latest Dividend
N.A.

Sector Leaders

    No Funds

Dealing Information

Secure Transaction

Derivatives knowledge required

HKD25,000.00Min. Subscription

1.20%

HKD5,000.00Min. Subscription

HKD / JPY / EUR / GBP / USD

HKD25,000.00Min. Subscription

HKD25,000.00

HKD25,000.00

Daily

16:00

2019-11-27

Dividend Records

No Dividends

Investment Objective

The Sub-Fund aims to provide capital growth.

Nature and Extent of Risks

Investment involves risks. Please refer to the Prospectus and Hong Kong Covering Document for details including the risk factors.
Equity and equity-related securities risk
The value of equity and equity-related securities may be affected by various economic, political, market and issuer-specific factors and changes in investment sentiment. As a result, the value of such securities may be volatile and decline in value over short or even extended periods of time as well as rise. A fall in the value of equity and equity related securities may adversely affect the NAV of the Sub-Fund.
Risks relating to securities lending
Investors should note that if the borrower of securities lent by the Sub-Fund becomes insolvent or refuses to honour its obligations to return the relevant securities in a timely manner, the Sub-Fund would experience delays in recovering its securities and may possibly incur a capital loss which may adversely impact investors. The collateral received may realise at a value less than the value of the securities lent out, whether due to inaccurate pricing, adverse market movements, a deterioration in the credit rating of the issuers of the collateral, or the illiquidity of the market in which the collateral is traded. Further, delays in the return of securities on loan may restrict the ability of the Sub-Fund to meet delivery obligations under security sales or payment obligations arising from realisation requests.
Currency risk
Assets of a Sub-Fund may be denominated in a currency other than the base currency (i.e. US Dollar) of the Sub-Fund. Also, a Share Class may be designated in a currency other than the base currency of the Sub-Fund. Changes in exchange rate control and changes in the exchange rate between the base currency and these currencies may affect the value of the Sub-Fund’s assets as expressed in the base currency. Adverse fluctuations in currency exchange rates can result in a decrease in return and in a loss of capital which may have an adverse impact on the Sub-Fund.
Derivatives risk
The use of FDIs can involve a higher level of risk, in adverse situations, the Sub-Fund’s use of FDIs may become ineffective in hedging and/or EPM and the Sub-Fund may suffer significant losses. The leverage element/ component of an FDI can result in a loss significantly greater than the amount invested in the FDI by the Sub-Fund.The use of FDIs also exposes the Sub-Fund to associated risks including counterparty risk, leverage risk, liquidity risk, volatility risk and valuation risk as follows:
Counterparty risk - Counterparty risk refers to the counterparty of the FDI transaction failing to meet its obligation. This may result in losses to the Sub-Fund where value of investments may decline and/or gains on investment may not be realisable.
High leverage risk - Leverage risk arises as the use of FDIs may magnify the losses of the Sub-Fund, where the NAV of the Sub-Fund may decrease more rapidly, during unfavourable market conditions. In adverse situation, the use of FDIs may result in total or substantial loss to the Sub-Fund.
Liquidity risk - Please see risk factor headed “Liquidity risk” below.
Volatility risk - Volatility risk refers to the risk of having potential losses to the Sub-Fund, where the value of FDIs could decline, due to price fluctuation of FDI’s underlying asset.
Valuation risk - Valuation risk refers to the risk of obtaining inaccurate values of the FDIs in certain market conditions. Inaccurate valuations can result in increased cash payment requirements to counterparties or a loss of value to the Sub-Fund.
Over-the-counter (“OTC”) market risk
Investment in OTC markets is speculative, relatively illiquid and hence subject to high volatility. OTC investment’s valuation may be difficult to obtain as reliable information of the issuers and the risks associated to the issuer’s business is not publicly available. OTC derivatives have the risk of incorrectly valuing or pricing and they may not fully correlate with the underlying assets. Inappropriate valuations may have an adverse impact on the Sub-Fund. Investment in OTC markets carries the risk that a counterparty may default on its obligations which could result in the decline of the value of such investment and the Sub-Fund may incur significant losses.
Performance fee risk
Performance fees may encourage the IM to make riskier investment decisions than in the absence of performance-based incentive systems. The increase in NAV which is used as a basis for the calculation of performance fees, may comprise of both realised gains and unrealised gains as at the end of the calculation period, and as a result, performance fees may be paid on unrealised gains which may subsequently never be realised by the Sub-Fund.
The Sub-Fund does not apply any equalisation in the calculation of performance fee, therefore there may be circumstances where an investor may either be advantaged or disadvantaged as a result of the performance fee calculation methodology. Specifically, in the event of the Sub-Fund’s outperformance, an investor may be subject to a performance fee regardless of whether a loss in investment capital has been suffered by the investor.
Market risk
The value of the investments in the Sub-Fund may go up or down due to changing economic, political, regulatory, social development or market conditions that impact the share price of the companies that the Sub-Fund invests in. A fall in the value of the Sub-Fund’s investment may cause a fall in the NAV of the Sub-Fund. There is no guarantee of the repayment of principal.
Emerging market risk
Investments in emerging markets may involve increased risks and special considerations not typically associated with investments in more developed markets, such as liquidity risks, currency risks/ control, political and economic uncertainties, legal and taxation risks, settlement risks, custody risks and the likelihood of a high degree of volatility. Some of these markets may have relatively unstable governments, economies based on only a few industries and securities markets that trade only a limited number of securities. Many emerging markets do not have well-developed regulatory systems and disclosure standards may be less stringent than those of developed markets. Such risks could adversely affect the value of the Sub-Fund’s investments and the NAV of the Sub-Fund.
Risk of investing in China securities
The Sub-Fund’s investment in China securities, i.e. China A-Shares and China A-Shares access products, may subject it to the following risks: Currency risk - The Renminbi is subject to foreign exchange controls and restrictions and is not a freely convertible currency. Such control of currency conversion and movements in the Renminbi exchange rates may adversely affect the operations and financial results
of companies in the PRC. Insofar as the Sub-Fund’s assets are invested in the PRC, it will be subject to the risk of the PRC
government’s imposition of restrictions on the repatriation of funds or other assets out of the country, limiting the ability of the Sub-Fund to satisfy payments to investors which may have an adverse impact on investors.
Further, there can be no assurance that the Renminbi will not be subject to devaluation. If Renminbi depreciates against the Sub- Fund’s base currency (i.e. US Dollar) and/or against the investors’ base currencies (for example HK Dollar), the Sub-Fund’s investments may be worth less when it exchanges Renminbi back to US Dollar and/or the investors’ base currencies. This may adversely affect the NAV of the Sub-Fund and/or the value of investor’s investment in the Sub-Fund.
Although offshore Renminbi (“CNH”) and onshore Renminbi (“CNY”) are the same currency, they trade at different rates. Any divergence between CNH and CNY may adversely impact investors.
Under exceptional circumstances, payment of redemptions and/or dividend payment in Renminbi may be delayed due to the exchange controls and restrictions applicable to Renminbi.
Political risk - Any significant change in People’s Republic of China (the “PRC”) political, social or economic policies may have a negative impact on investments in China securities and may adversely impact the value of the Sub-Fund.
Taxation risk - The tax laws and regulations in the PRC in respect of capital gains realised via Shanghai-Hong Kong Stock Connect or access products on the Sub-Fund’s investments in the PRC, are uncertain and may be expected to change and develop as PRC’s economy changes and develops. The application and enforcement of PRC tax laws and regulations may have retrospective effect and could have a significant adverse effect on the Sub-Fund and its investors, particularly in relation to
capital gains withholding tax imposed upon foreign investors. Any increased tax liabilities on the Sub-Fund may adversely affect the Sub- Fund’s value. Based on professional and independent tax advice, the Sub-Fund does not currently intend to make any accounting provisions for these tax uncertainties because China A-Shares traded by the Funds are temporarily exempt from
PRC corporate income tax. So for as long the temporary exemption is in force there are no grounds for making any tax provisions. It is possible that any new PRC tax laws and regulations may be applied and the Company reserves the right to provide for withholding tax on dividends and capital gains tax in the future if it deems appropriate. Any new tax laws and regulations and any new interpretations may be applied retroactively.
Market risk - Chinese accounting standards and practices may deviate significantly from international accounting standards. The settlement and clearing systems of the Chinese securities markets may not be well tested and may be subject to increased risks of error or inefficiency. The China A-Share market may be more volatile and unstable (for example, due to the risk of suspension of a particular stock or government intervention). It is possible that the PRC government, relevant PRC stock exchanges and/or relevant regulatory authorities may from time to time introduce new measures to control the risk of substantial fluctuations in the China A-Share market, such as a circuit breaker mechanism whereby the trading on the stock exchanges in China may be suspended if the trading limit of the relevant benchmark index reaches a specified threshold value under the circuit breaker mechanism. Market volatility and settlement difficulties in the China A-Share markets may also result in significant fluctuations in the prices of the securities traded on such markets and thereby may affect the value of the Sub-Fund.
Risks associated with the Stock Connect Programs
Regulatory risk - The relevant regulations are untested and subject to change which may have potential retrospective effect. There is no certainty as to how they will be applied.
Quota limitations - The Stock Connect Programs are subject to a daily quota which does not belong to the Sub-Fund and can only be utilised on a first-come-first-served basis. This may restrict the Sub-Fund’s ability to invest in China A-Shares through the program on a timely basis.
Suspension risk - Where a suspension in the trading through the Stock Connect Programs is effected, the Sub-Fund’s ability to access the PRC market will be adversely affected. In such event, the Sub-Fund’s ability to achieve its investment objective could be negatively affected.
Shenzhen Stock Exchange - When investing in eligible China A-Shares through the Shenzhen Stock Connect, the Sub-Fund will also be subject to the risks associated with investment in shares listed on the ChiNext Board and/or the Small and Medium Enterprise Board of the Shenzhen Stock Exchange.
Concentration risk
The Sub-Fund’s instruments are concentrated in China and Hong Kong. The Sub-Fund will be more susceptible to and may be adversely affected by any single economic market, political, policy, foreign exchange, liquidity, tax, legal or regulatory occurrence affecting China and Hong Kong markets and the value of the Sub-Fund will be more volatile than a sub-fund that has a more diverse portfolio of investments.
Liquidity risk
Any security could become hard to value or to sell at a desired time and price, increasing the risk of investment losses.
Hedging risk
Any attempts to reduce certain risks may not work as intended. Any measures that the Sub-Fund takes that are designed to offset specific risks may work imperfectly, may not be feasible at times, or may fail completely. To the extent that no hedge exists, the Sub-Fund or share class will be exposed to all risks that the hedge would have protected against.

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