Morningstar Fund Report  | 08/09/2010Print

Henderson Horizon Glbl Prpty Eqs A2

Performance History31/08/2010
Growth of 1,000 (GBP) Advanced Graph
Performance History
Fund24.8-9.5-28.430.08.4
+/-Cat2.42.4-1.69.32.3
+/-Idx2.2-2.4-0.311.90.1
 
Category: Sector Equity Real Estate Indirect
Index: MSCI World/Real Estate NR USD
Trailing Returns07/09/2010
YTD14.12
3 Years Annualised0.94
5 Years Annualised6.12
10 Years Annualised-
12 Month Yield 0.00
Tax Year Return 78.76
Benchmarks
Fund Benchmark
FTSE EPRA/NAREIT Developed PR USD
Morningstar Benchmark
MSCI World/Real Estate NR USD
Key Stats
Morningstar
Qualitative Rating™		 Not Rated
Request this fund to be rated
Morningstar Rating™ 4 star
Morningstar Category™ Sector Equity Real Estate Indirect
ISIN LU0209137388
NAV
07/09/2010		 USD 12.60
Day Change 0.38%
Fund Size (Mil)
31/08/2010		 USD 609.01
Share Class Size (Mil)
07/09/2010		 USD 429.66
Max Initial Charge 5.00%
Total Expense Ratio
30/06/2009		 2.05%
Deferred Load -
Max Exit Charge 1.00%
Inception Date 03/01/2005
Manager Name
Start Date
Patrick Sumner
01/01/2005
Guy Barnard
01/09/2009
Investment Objective: Henderson Horizon Glbl Prpty Eqs A2
The investment objective of the Global Property Equities Fund is to seek long term capital appreciation by investing in the quoted equity securities of companies or Real Estate Investment Trusts (or equivalents) listed or traded on a regulated market which derive the main part of their revenue from the ownership, management and/or development of real estate, throughout the world. The fund is denominated in US$ with GDP and EUR as additional dealing currencies.
Portfolio Profile for  Henderson Horizon Glbl Prpty Eqs A231/01/2010
Asset Allocation
  % Long% Short% Net Assets
Stock96.650.2296.43
Bond0.000.04-0.04
Property0.000.000.00
Cash2.020.111.91
Other1.700.001.70
Top 5 Regions%
United States32.96
Asia - Developed20.12
Japan12.50
Australasia11.21
United Kingdom8.70
Top 5 Sectors%
Financial Services96.10
Industrial Materials1.74
Consumer Services1.65
Telecommunications0.41
Consumer Goods0.10
Top 5 HoldingsSector%
Sun Hung Kai Properties, Ltd.Financial ServicesFinancial Services6.31
Westfield GroupFinancial ServicesFinancial Services5.90
Mitsubishi EstateFinancial ServicesFinancial Services4.51
Hongkong Land Holdings LimitedFinancial ServicesFinancial Services4.18
Health Care REIT, Inc.Financial ServicesFinancial Services2.71
Increase Decrease New since last portfolio
Growth Of 1000 (GBP) 31/08/2010
Fund:  Henderson Horizon Glbl Prpty Eqs A2
Category:  Sector Equity Real Estate Indirect
Index:  MSCI World/Real Estate NR USD
Growth of 1,000 GBP
Annual Returns31/08/2010
 200620072008200931/08
Total Return24.84-9.53-28.4429.988.41
+/- Category2.352.36-1.609.292.33
+/- Index2.17-2.37-0.3211.880.14
% Rank in Category3629561636
Trailing Returns07/09/2010
   Total Returns   +/- Category   +/- Index
1 Day0.38   0.410.47
1 Week5.26   0.410.03
1 Month5.44   0.90-0.85
3 Months7.90   -0.81-3.00
6 Months7.72   2.290.54
YTD14.12   3.120.18
1 Year27.90   3.892.61
3 Years Annualised0.94   4.231.81
5 Years Annualised6.12   2.661.82
10 Years Annualised-   --
 
Category: Sector Equity Real Estate Indirect
Index: MSCI World/Real Estate NR USD
Quarterly Returns31/08/2010
 Quarter 1Quarter 2Quarter 3Quarter 4
201010.30-5.58--
2009-19.8021.4126.805.28
2008-6.07-7.79-2.46-15.30
20075.37-6.320.62-8.92
200614.00-6.917.839.10
2005-14.517.358.38
 
 
 
Morningstar Rating™(Relative to Category)31/08/2010
 Morningstar ReturnMorningstar RiskMorningstar Rating™
3-YearAverageAbove Average3 star
5-YearAbove AverageAverage4 star
10-Year--Not Rated
OverallAbove AverageAverage4 star
 
Category :  Sector Equity Real Estate IndirectClick here to see our Methodology
Volatility Measurements31/08/2010
 
Modern Portfolio Statistics31/08/2010
 Standard IndexBest Fit Index
 MSCI World/Real Estate NR USD  FTSE EPRA/NAREIT Dvlp PR USD
3-Yr R-Squared95.7196.96
3-Yr Beta1.041.02
3-Yr Alpha3.195.82
 
Investment Style Details31/01/2010
Morningstar Style Box®
Equity Style
SizeRel to Cat
Average Mkt Cap (Mil)USD 3876-
Market Capitalisation% of Portfolio
Giant13.33
Large31.37
Medium30.59
Small15.02
Micro9.70
Valuations and Growth RatesEquity PortfolioRelative to Category
Price/Prospective Earnings20.030.94
Price/Book1.050.76
Price/Sales1.830.52
Price/Cash Flow3.930.55
Dividend-Yield Factor8.862.08
 
Long-Term Projected Earnings Growth10.120.92
Historical Earnings Growth73.83-4.33
Sales Growth-5.190.59
Cash-Flow Growth-14.763.39
Book-Value Growth-7.660.84
 
Category: Sector Equity Real Estate Indirect
Asset Allocation31/01/2010
Asset Allocation
 % Long% Short% Net Assets
Stock96.650.2296.43
Bond0.000.04-0.04
Property0.000.000.00
Cash2.020.111.91
Other1.700.001.70
World Regions31/01/2010
 % of EquityRelative to Category
United States32.960.85
Canada4.471.40
Latin America0.400.62
United Kingdom8.700.71
Eurozone4.000.46
Europe - ex Euro2.640.88
Europe - Emerging0.000.00
Africa0.000.00
Middle East0.000.00
Japan12.501.47
Australasia11.211.47
Asia - Developed20.121.38
Asia - Emerging3.021.39
 
Category: Sector Equity Real Estate Indirect
Sector Weightings31/01/2010
 % of EquityRelative to Category
InformationInformation0.413.39
SoftwareSoftware0.000.00
HardwareHardware0.000.00
MediaMedia0.000.00
TelecommunicationsTelecommunications0.416.88
ServiceService97.750.99
HealthcareHealthcare0.000.00
Consumer ServicesConsumer Services1.651.25
Business ServicesBusiness Services0.000.00
Financial ServicesFinancial Services96.100.99
ManufacturingManufacturing1.841.65
Consumer GoodsConsumer Goods0.105.22
Industrial MaterialsIndustrial Materials1.741.60
EnergyEnergy0.000.00
UtilitiesUtilities0.000.00
 
Category: Sector Equity Real Estate Indirect
Top 10 Holdings31/01/2010
 Portfolio
Total Number of Equity Holdings101
Total Number of Bond Holdings1
Assets in Top 10 Holdings33.71
NameSectorCountry% of Assets
Sun Hung Kai Properties, Ltd.Financial ServicesHong Kong6.31
Westfield GroupFinancial ServicesAustralia5.90
Mitsubishi EstateFinancial ServicesJapan4.51
Hongkong Land Holdings LimitedFinancial ServicesHong Kong4.18
Health Care REIT, Inc.Financial ServicesUnited States2.71
Nationwide Health Properties, Inc.Financial ServicesUnited States2.34
Brookfield Properties CorporationFinancial ServicesCanada1.99
Vornado Realty TrustFinancial ServicesUnited States1.93
Henderson Land Development Co. Ltd.Financial ServicesHong Kong1.93
StocklandFinancial ServicesAustralia1.92
 
Increase Decrease New since last portfolio
Category: Sector Equity Real Estate Indirect

Management
Name of CompanyHenderson Management S.A.
Phone+352 2696 2050
Websitewww.henderson.com/horizon
AddressHenderson Fund Management (Luxembourg) S.A.
 -   L-2530
 Luxembourg
DomicileLuxembourg
Legal StructureSICAV
UCITSYes
Inception Date03/01/2005
Fund Advisor(s)
Henderson Global Investors Ltd.
Fund ManagerPatrick Sumner
Manager Start Date01/01/2005
Career Start Year1980
Education
University of Oxford, M.A.
London School of Business, M.S.
 
Biography
Patrick Sumner has more than 20 years’ experience of European real estate markets, first with Hillier Parker and subsequently with quoted companies Reinhold, Arcona and Chesterfield Properties. Patrick joined Henderson Global Investors in 1997 as Manager of International Property and went on to become Head of Property Equities in 2005. He was a founding Executive Board member of EPRA, the European Public Real Estate Association, where he was responsible for the establishment of the global index. He chairs the UK REITs and Quoted Property Group and sits on the REIT Committee of the UK Property Industry Alliance.
Fund ManagerGuy Barnard
Manager Start Date01/09/2009
Career Start Year2006
Education
Loughborough U., BSc

 
Biography
Guy Barnard joined Henderson Global Investors in 2006 as an Analyst with the Property Equities Team. He began his career within the Financial Control function at UBS where he spent a period of three years. Guy has a BSc (Hons) degree in Mathematics and Management from the University of Loughborough.
Fees and Expenses
Sales Charges (Maximum) 
Max Initial Charge5.00%
Deferred Load -
Max Exit Charge1.00%
Switching Fee1.00%
Annual Charges
Management Fee (Max)1.20%
Total Expense Ratio2.05%
Purchase Details
Minimum Investments
Initial2500  USD
Additional500  USD
Savings-
Tax Free Savings Schemes
ISAYes