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It is important that you read the following page before proceeding, as it explains certain legal and regulatory restrictions applicable to the distribution of this information. By accessing any page of this website, you agree to be bound by the conditions. If you do not agree to the conditions, please exit the website. Neither Horizon Capital Management S.A. nor Horizon Growth Fund, Horizon Japan Small Cap Value Fund, Horizon Global Micro Cap Fund (the “Funds”) will be responsible for any misrepresentations you may make in gaining unauthorized access. It is your responsibility to inform yourself of and to observe all applicable laws and regulations of the relevant jurisdiction.

The information contained in this website (including research and newsletter) does not constitute a distribution, an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction in which such offer or invitation is not authorized and/or would be contrary to local law or regulation. This website is not intended for any “U.S. Person” as defined in the Prospectus. For more information write us at

Applications to invest in any product referred to on this site must only be made on the basis of the offer document relating to the specific investment.

The information contained on this site is believed to be accurate at the date of publication but no warranty of accuracy is given and the information is subject to change without notice. Any opinions or estimates included herein constitute a judgment as of this date and are subject to change without notice. If you are in any doubt about the information contained herein please consult your stockbroker, solicitor, accountant, bank manager or other professional adviser.

This information is being made available free of charge. By proceeding you agree to the exclusion of any liability in respect of any errors or omissions contained in it. No liability is accepted by any person within Horizon Capital Management S.A. or the Funds for any losses or damage arising from the use or reliance on the information contained herein including, without limitation, any loss of profit, or any other damage direct or consequential.

Investment in emerging market involves risk factors and special considerations which may not be typically associated with investing in more developed markets. Political or economic change and instability may be more likely to occur and have a greater effect on the economies and markets of emerging countries. Adverse government policies, taxation, restrictions on foreign investment and on currency convertibility and repatriation, currency fluctuations and other developments in the laws and regulations of emerging countries in which investment may be made, including expropriation, nationalization or other confiscation could result in loss to the Funds.

The risk factors referred to above are not an exhaustive list and reference should be made to the relevant Prospectus. The value of investments and the income from them may go down as well as up and you may not get back your original investment. The Funds are intended for sophisticated investors who can accept the risks associated with such an investment including a substantial or complete loss of their investment. Past performance is not necessarily a guide to future performance.

The Net Asset Value (NAV) of the Horizon Growth Fund common shares (the “Shares”) was published until January 31, 2017. From February 28, 2017 onward we have been publishing the NAV of the lead series, following the introduction of the series accounting method. Depending on the timing of a specific investment, net performance for an individual investor may vary from the net performance as stated herein and an individual investor’s performance will be distributed by the administrator. The performance and statistic calculations for the Horizon Growth Fund presented in this website are calculated from monthly net returns for the lead series since February 28, 2017.

A person within Horizon Capital Management S.A., its affiliates, their directors and the investment funds/accounts it manages may or may not have a position in or with respect to any securities mentioned herein.

For investors in Chile: Fecha de inicio de la oferta: 1 de marzo de 2016. i) La presente oferta se acoge a la Norma de Carácter General N° 336 de la Superintendencia de Valores y Seguros de Chile (SVS). ii) La presente oferta versa sobre valores no inscritos en el Registro de Valores o en el Registro de Valores Extranjeros que lleva la SVS, por lo que los valores sobre los cuales ésta versa, no están sujetos a su fiscalización. iii) Por tratarse de valores no inscritos, no existe la obligación por parte del emisor de entregar en Chile información pública respecto de estos valores. iv) Estos valores no podrán ser objeto de oferta pública mientras no sean inscritos en el Registro de Valores correspondiente.

For investors in Japan: No information, disclosures or other filings concerning the Shares of the Funds have been submitted to the Commissioner of the Financial Services Agency of Japan and/or the Director of the Local Kanto Finance Bureau and the Shares of the Fund are not offered in Japan whether through a public offering or on a private placement basis.

For investors in Mexico: The Shares of the Funds have not and will not be registered in the National Registry of Securities (hereinafter “RNV”) maintained by the National Banking and Securities Commission, and may not be publicly offered in Mexico. The Shares of the Funds may, however, be offered as part of a private offer in accordance with the exception permitted by the Mexican Securities Market Law.

For investors in Peru: The placement of Shares of the Funds have not been registered nor authorized by the Peruvian Superintendence of Securities Market and no public offering is being made in Peru. Accordingly, the Shares offered hereunder may not be marketed and offered for sale in Peru, other than under circumstances which are deemed not to be a public offer in accordance with the Peruvian legislation. This document may not be available nor may the Shares otherwise be offered or sold in Peru other than to investors who: (i) qualify as Institutional Investors according to the Peruvian Institutional Investors Market Regulation enacted by Resolution SMV N° 021-2013-SMV/01, and (ii) have provided written confirmation of such qualification to Horizon. This document is for the recipient only and may not in any way be forwarded to any other person or entity in Peru.

For investors in Singapore: Neither the Shares of the Company nor the Prospectus have been registered with the Monetary Authority of Singapore, and the offer of the Shares of the Company is made in reliance on the institutional investor exemption under Section 304 of the Securities and Futures Act, Chapter 289 of Singapore (“SFA”). Accordingly, this Presentation and any other document or material in connection with the offer or sale of the Fund may not be circulated or distributed, nor may the Shares be offered or sold, whether directly or indirectly, to any person in Singapore other than (i) to an institutional investor (as defined in Section 4A of the SFA) pursuant to Section 304 of the SFA or (ii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA. First sales of the Shares acquired pursuant to Section 304 of the SFA are subject to the requirements under Section 304A of the SFA.

For investors in Switzerland: The representative of the Horizon Growth Fund in Switzerland is Hugo Fund Services SA, 6 Cours de Rive, 1204 Geneva. The distribution of Shares in Switzerland must exclusively be made to qualified investors. The place of performance for Shares in the Horizon Growth Fund distributed in Switzerland is at the registered office of the Representative.

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