Henderson Horizon Global Opportunities Fund

Cumulative performance

© Morningstar 2012. All Rights Reserved. Data as at 22 May 2013

Discrete performance

© Morningstar 2012. All Rights Reserved. Annual return to 31 March 2013

Key facts

Share classes

What are the risks specific to this fund?

• Investments in emerging markets may be more volatile than investments in more developed markets. 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. Common risks associated with emerging markets include fraudulent securities, lack of liquidity, currency fluctuations, investment and remittance restrictions, different accounting, auditing and financial reporting standards.
• The value of the investments in the 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.
• OTC investment's valuation may be difficult to obtain as reliable information of the issuers and the risks associated to the issuers' 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. Investment in OTC markets carries the risk that a counterparty may default on its obligations.
• Currency markets are highly volatile by nature and are affected by various factors such as political/economic developments, changes in tax/ monetary policies of governments, balance of payments, international trade patterns and liquidity in the currency markets. Currency investments may result in the possibility of greater loss, increased transaction costs and greater volatility in the NAV of the Sub-Fund
• The Fund may use derivatives for hedging purposes to protect portfolios against currency fluctuation, market movements and interest rates risks. Derivatives involve risks different from, and in certain cases, greater than, the risk presented by more traditional investments. Where the investment policy allows, funds may engage various strategies in view of reducing certain of their risk and for attempting to enhance return. These strategies may include the use of derivative instruments such as options, warrants, swaps and/or futures.
• In certain market conditions, investments held by the Fund may not be as liquid as they would be in normal circumstances. A reasonable price may be harder to attain in such conditions and there is a risk that the price at which the investment is valued may not be realisable in the event of sale. The Fund may therefore be unable to readily sell such investment.
• Where share class hedging is undertaken, the Investment Manager may use financial swaps, futures, forward currency exchange contracts, options and other derivative transactions in order to preserve the value of the hedged share class currency against the base currency of the Sub- Fund. The effects of the hedging will be reflected in the net asset value of the hedged share class. Any expenses arising from such hedging transactions will be borne by the share class in relation to which they have been incurred and will thereby impact on the performance of that share class. Where such hedging is undertaken it may substantially protect investors against a decrease in the value of the base currency of the Sub-Fund.
• The method of calculating performance fee gives rise to the situation that a shareholder redeeming shares may still incur performance fee in respect of the shares, even though a loss in investment capital has been suffered by the redeeming shareholder.