About the Fund
The investment objective is to seek long-term capital appreciation through investment in securities listed primarily in China, Hong Kong and Taiwan. The Investment Manager may also invest in companies incorporated elsewhere that have significant assets, business, production, trading activity or other interests in China, Hong Kong or Taiwan.
Investment Approach
A. Stock selection is based on:
Fundamental analysis
Companies with sustainable:
-
Long term cash flow
-
Earnings growth trend
-
Improvement in operating performance
Opportunistic ideas
Capture trading ideas that arise as a result of:
-
Market events
-
Mispricing due to market inefficiencies
-
Excess risk premia
-
Asset injections
B. Long/short portfolio construction process
Unlike most traditional long-only Chinese equity funds, the Fund will be using long/short strategies and instruments such as CFDs and index futures to expand the scope for outperformance.
Investors can participate in the long term economic growth of China through the Fund's focused, high conviction stocklist of attractively priced growth stocks whose current price earnings (PEs) significantly underprice long term earnings prospects.
Even in a slowing or uncertain stockmarket environment, the Fund could still continue to deliver superior performance by shorting richly valued stocks with slowing business momentum or by adjusting the equity market exposure of the Fund depending on the directional view of the fund manager.
|
Fund Details
|
|
|
Launch date
|
25 January 2008
|
|
Base currency
|
USD
|
|
Launch NAV
|
US$10.00
|
|
Initial charge
|
5%
|
|
Minimum initial investment
|
US$2,500 / S$2,500
|
|
Minimum subsequent investment
|
US$500 / S$500
|
|
Annual management fees
|
1.2%p.a
|
|
Dealing
|
Daily
|
Benefit from Henderson's capabilities in managing Asian equities
The Henderson Pan Asian Equities Team manages about US$4,859 million¹ in Asian equity assets on behalf of institutional and retail investors in a range of core and high alpha investment approaches ranging from enhanced indexing to long-short strategies. Andrew Mattock, member of the Pan Asian Equities Team, is the fund manager for the Henderson Horizon Fund – China Fund. He joined Henderson in 1999 and has been based in Singapore since 2005. Over the past eight years, Andrew has built a successful track record in implementing and managing short positions through his hedge fund expertise and just as importantly, has accumulated extensive experience in managing high conviction stock portfolios since 2005.
¹As at 31 December 2007.
Source: Henderson Global Investors
Note: The Henderson Horizon Fund – China Fund intends to use or invest in financial derivative instruments other than for purposes of efficient portfolio management and/or hedging and may make use of advanced techniques utilising derivative instruments and strategies as a means of achieving its investment objectives and policies. Depending on market conditions, such strategies may be unsuccessful and incur losses for the Fund. The rest of the range of offshore/recognised funds and some of the underlying funds of the Singapore authorised range of unit trusts may use financial derivative instruments for hedging and/or efficient portfolio management. Please refer to the relevant prospectus for more information.