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Janus Henderson Horizon Fund

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Janus Henderson Horizon Fund & ACCOUNTS For the year from 1 July 2019 to 30 June 2020 2 Rue de Bitbourg L-1273 Luxembourg (audited) Grand Duchy of Luxembourg RCS: Luxembourg B 22.847 ANNUAL REPORT ANNUAL Janus Henderson Horizon Fund Incorporated in Luxembourg as an open-ended investment company with variable capital organised as a Société d’Investissement à Capital Variable (SICAV) qualifying as a UCITS (Undertaking for Collective Investment in Transferable Securities). No subscriptions can be received solely on the basis of this report. Subscriptions are only valid if made on the basis of the current prospectus, supplemented by the latest audited annual report and the latest unaudited interim report, if published thereafter and of the relevant Key Investor Information Document. Who are Janus Henderson Investors? Janus Henderson Investors exists to help clients achieve their long-term f nancial goals. Our active management of ers clients the opportunity to outperform passive portfolios over the course of market cycles. With more than 345 investment professionals, we provide access to some of the industry’s most talented and innovative thinkers, spanning equities, f xed income, multi-asset, and alternatives, globally. Our investment teams blend insight, originality, and precision with rigorous analysis, structured processes, and robust risk management. We build client partnerships on openness and trust, channelling expertise from across the business and communicating the views of our experts in a timely and relevant way. As at 30 June 2020, we had €299.8bn assets under management, more than 2,000 employees and 27 of ces worldwide. Headquartered in London, we are an independent asset manager that is dual-listed on the New York Stock Exchange and the Australian Securities Exchange. Contents Management and Administration Page 2 Directors’ Report Page 4 Market review Page 6 Ten Year Highest and Lowest Net Asset Value Per Share Page 8 Combined Statements Page 29 Bond Funds Emerging Market Corporate Bond Fund Page 32 Euro Corporate Bond Fund Page 41 Euro High Yield Bond Fund Page 52 Global High Yield Bond Fund Page 62 Strategic Bond Fund Page 74 Total Return Bond Fund Page 85 Regional Funds Asian Dividend Income Fund Page 102 Asian Growth Fund Page 109 Euroland Fund Page 116 European Growth Fund Page 124 Japan Opportunities Fund Page 132 Pan European Dividend Income Fund Page 139 Pan European Equity Fund Page 146 US Growth Fund Page 154 Specialist Funds Asia-Pacif c Property Equities Fund Page 160 Biotechnology Fund Page 167 China Fund Page 174 Global Equity Income Fund Page 181 Global Multi-Asset Fund Page 189 Global Natural Resources Fund Page 196 Global Property Equities Fund Page 203 Global Smaller Companies Fund Page 212 Global Sustainable Equity Fund Page 220 Global Technology Fund Page 228 Japanese Smaller Companies Fund Page 236 Pan European Alpha Fund Page 244 Pan European Property Equities Fund Page 253 Pan European Smaller Companies Fund Page 260 Notes to the Financial Statements Page 269 Audit report Page 313 Appendix - additional information (unaudited) Securities f nancing transactions Page 316 Risk policies Page 325 Remuneration policy Page 334 General information Page 340 1 Management and Administration Chairman: The Company: Registered Offi ce: Les Aitkenhead* Janus Henderson Horizon Fund 2 Rue de Bitbourg Independent Non-Executive Director 2 Rue de Bitbourg L-1273 Luxembourg L-1273 Luxembourg Grand Duchy of Luxembourg Directors: Grand Duchy of Luxembourg Kevin Adams* Administrator: Independent Non-Executive Director Management Company: BNP Paribas Securities Services Henderson Management S.A. Luxembourg Branch James Bowers - Resigned 2 Rue de Bitbourg 60, Avenue John F. Kennedy 7th of May 2020 L-1273 Luxembourg L-1855 Luxembourg Grand Duchy of Luxembourg Grand Duchy of Luxembourg Mattteo Candolf ni - Appointed 10th July 2020 Investment Manager: Registrar and Transfer Agent: Head of Of ce Luxembourg Henderson Global Investors Limited RBC Investor Services Bank S.A. Henderson Management S.A. 201 Bishopsgate 14, Porte de France 2 Rue de Bitbourg London EC2M 3AE L-4360 Esch-sur-Alzette L-1273 Luxembourg United Kingdom Grand Duchy of Luxembourg Grand Duchy of Luxembourg Sub-Investment Managers: Company Secretary: Joanna Dentskevich* Janus Capital Management LLC Henderson Management S.A. Independent Non-Executive Director 151 Detroit Street 2 Rue de Bitbourg Denver, Colorado 80206 L-1273 Luxembourg Ian Dyble - Appointed United States of America Grand Duchy of Luxembourg 14th July 2020 Depositary: Head of Product Development Janus Henderson Investors (Australia) Henderson Global Investors Limited Institutional Funds Management Limited BNP Paribas Securities Services 201 Bishopsgate Level 47, Gateway Luxembourg Branch London EC2M 3AE 1 Macquarie Place 60, Avenue John F. Kennedy United Kingdom Sydney NSW 2000 L-1855 Luxembourg Australia Grand Duchy of Luxembourg Jeremy Vickerstaf - Resigned Auditor: 10th of July 2020 Janus Henderson Investors (Japan) Limited Marunouchi Kitaguchi Building 27F PricewaterhouseCoopers, Société coopérative Steven de Vries - Resigned 6-5, Marunouchi 1-chome 2, rue Gerhard Mercator 7th of May 2020 Tokyo 100-0005 Japan B.P. 1443 L-1014 Luxembourg Jean-Claude Wolter Grand Duchy of Luxembourg Independent Non-Executive Director and Janus Henderson Investors (Singapore) Limited Honorary Lawyer, Hong Kong Representative: 11B Boulevard Joseph II 138 Market Street #34-03/04 CapitaGreen RBC Investor Services Trust Hong Kong L-1840 Luxembourg Limited Grand Duchy of Luxembourg Singapore 048946 42/F One Taikoo Place Taikoo Place Domicile Agent: 979 King’s Road Henderson Management S.A. Quarry Bay 2 Rue de Bitbourg Hong Kong L-1273 Luxembourg Denmark Representative: Grand Duchy of Luxembourg Nordea Bank, Danmark A/S Principal Distributors: Strandgade 3, Christiansbro Henderson Global Investors Limited Postboks 850 201 Bishopsgate DK-0900 Copenhagen C London EC2M 3AE Denmark United Kingdom Malta Representative: Henderson Management S.A. Jesmond Mizzi Financial Advisors 2 Rue de Bitbourg 67, Level 3 L-1273 Luxembourg South Street Grand Duchy of Luxembourg Valletta Malta * c/o registered of ce. 2 Management and Administration (continued) Spain Representative: Allfunds Bank S.A. Estafeta, 6 Complejo Plaza de la Fuente, La Moraleja, Alcobendas 28109 Madrid Spain Switzerland Representative: BNP Paribas Securities Services, Paris, succursale de Zurich Selnaustrasse 16, 8002 Zürich, Switzerland Legal Advisers to the Company: In Luxembourg Linklaters LLP 35 Avenue John F. Kennedy PO Box 1107 L-1011 Luxembourg Grand Duchy of Luxembourg In England Eversheds LLP One Wood Street London EC2V 7WS United Kingdom 3 Directors’ Report Introduction Janus Henderson Horizon Fund (the ‘Company’) is an open-ended investment company organised as a société anonyme under the laws of the Grand Duchy of Luxembourg and qualif es as a société d’investissment a capital variable (SICAV). The Company was incorporated in Luxembourg on 30 May 1985 pursuant to the Luxembourg laws of 10 August 1915 on commercial companies (as amended) and is qualif ed as an undertaking for collective investment in transferable securities (UCITS) under Part 1 of the Luxembourg law of 17 December 2010 relating to undertakings for collective investment, as amended (the ‘Law’). The Company is structured as an umbrella company which has the ability to issue various classes of shares. Each fund within the umbrella is treated as an independent entity, with its own portfolio of investments, objective and investment policy. Shareholders of each fund are entitled only to the wealth and yield of the fund to which they have subscribed. Each fund bears the appropriate amount of liabilities attributable to it and the commitments entered into in the name of one fund covered solely by the assets of that fund. The Company will not be liable as a whole to third parties. Separate accounts and records are maintained for each fund. Financial Statements The Board of Directors of the Company (the ‘Board’) presents its report and the audited annual f nancial statements for the year ended 30 June 2020. A copy of the latest annual and interim reports may be obtained upon request from either the of ces of the companies registered as Distributors or from the Registered Of ce of the Company and at www.janushenderson.com. The Net Assets at 30 June 2020 amounted to USD12.43 billion. At the year end, the Company consisted of 27 active funds. Fund Changes • Details of share class launches, closures and share class name changes can be found on pages 270 and 271. • Janus Henderson Horizon Fund Global Smaller Companies Fund launched on 6 August 2019. • Janus Henderson Horizon Fund US Growth Fund closed on 12th February 2020. The Directors may from time to time close or merge funds as well as add further funds with dif erent investment objectives, subject to the approval of the Commission de Surveillance du Secteur Financier (CSSF). Notif cations will be provided to shareholders on closure and merger of funds, which are also subject to review by the CSSF. Brexit update Janus Henderson Investors established a Brexit project following the 2016 referendum to look at all possible Brexit impacts including distribution, regulatory permissions and licences, Human Resources, Information Technology and Operations. Through this project, Janus Henderson Investors sought to minimise the potential impact on investors regardless of the end outcome of Brexit. The project is actively involved in discussions with regulators, industry groups and clients to remain abreast of developments that may impact on our preparations. The project team is supported by a number of law f rms both in the UK and across multiple European countries. We have a long history in both the UK and continental Europe, and the planned build out of our existing of ce in Luxembourg was completed in 2019. We are well placed to continue to support our clients globally after Brexit. COVID-19 An outbreak of an infectious respiratory illness caused by a novel coronavirus known as COVID-19 was f rst detected in China in December 2019 and has now been declared a pandemic by the World Health Organization.
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