The Henderson SICAV Fund Range - Henderson Global Investors

www.henderson.com
The Henderson
SICAV Fund Range

Henderson Global Investors
Founded in 1934, Henderson Global Investors is a leading international
investment management company. We manage €62.2 billion* in an
array of long-only, long-short and multi-manager strategies that
encompass equities, fixed income, property, private capital and cash.
Our headquarters are in London and we employ around 900 people in
a network of offices that spans the world’s major financial markets,
from Chicago to Tokyo.
Asset management is our only business. Our sole purpose is to deliver sustainable, long-term performance
that enables clients to achieve their investment objectives. Few asset management houses offer the sheer
range of investment approaches that clients will find at Henderson Global Investors. The strategies and
products that we provide enable our clients to:
• Implement their global asset allocation requirements across equities, bonds, property, private capital and cash
• Achieve their required risk and return profiles through diversification across a spectrum of core,
high-alpha and specialist strategies
• Access multiple sources of return throughout economic cycles
• Select the appropriate pooled or segregated investment vehicles for their needs
Freedom to perform
• We employ highly experienced fund
managers and empower them to apply
their skills with conviction.
• A significant part of our managers’
remuneration is determined by how well
their funds perform.
• The working environment is vital to success.
Our fund managers work in small, specialist
teams where ideas can be communicated
quickly and efficiently, and strong working
relationships can develop.
• Our fund managers are well supported by
a strong administrative and research
infrastructure. This enables them to focus
on what they do best – generating value
for our clients.
*Source: Henderson Global Investors at 30 June 2009

Equities
Henderson provides global expertise in a diverse range of equity
investment strategies. Our equity team comprises 90 investment
professionals †, who manage €28.2 billion* of assets in large, medium
and small capitalisation companies.
Core and specialist strategies
The strategies we offer range from core products to high alpha and absolute return funds. They give our
clients enormous choice in terms of geographical and capitalisation coverage, investment styles, emphasis on
yield or capital returns, performance targets and risk levels. Together, our equity strategies provide an asset
allocation toolset, enabling our clients to achieve their required risk and return profiles through:
• Pan-European equities
• Asia-Pacific equities
• Japanese equities
• Global, European and Asia-Pacific Property equities
• Long-short and market-neutral strategies
Active research for active management
We are active investors for whom the key to success lies in thorough and dynamic research into investment
themes and individual companies. Our equity managers are full participants in the research process, having
defined responsibilities for sector and industry coverage. This not only dramatically increases our fund
managers’ direct engagement with the companies in which they invest; it also substantially enhances the
available pool of investment ideas by stimulating debate between investment teams. The result is a nimble
approach to investment in which there are no barriers between idea originators and idea implementers.
Pan-European equity capabilities
The 11 fund managers* of the Henderson Pan-European Equities team cover all sectors of the market. Large
and medium-cap investment is overseen by Stephen Peak, Head of Pan-European Equities, while small-cap
investment is headed by Neil Hermon. All our Pan-European investment professionals are based in London,
which facilitates the exchange and sharing of information across the team.
Our Pan-European Horizon SICAV funds cover the large, medium and small-cap sectors of the markets. The
funds provide significant choice in terms of their asset and capitalisation coverage, investment styles,
emphasis on yield and capital returns, performance targets and risk levels.
Pan-Asian equity capabilities
Our Pan-Asian Equities Team provides institutional and retail investors with comprehensive access to the
equity markets of the Asia-Pacific region and Japan. The team’s 16 fund managers and analysts* are based in
London, Singapore and Tokyo. The range of investment approaches they provide spans the risk and return
spectrum, from multi-strategy enhanced indexing to absolute return strategies. The breadth of expertise in
the team enables Henderson to offer coverage of all market capitalisations, a choice of growth and incomefocused
investment styles, and coverage of emerging markets.
*Source: Henderson Global Investors at 30 June 2009
†Source: Henderson Global Investors at 31 July 2009
www.henderson.com

Fixed Income
Henderson is a highly respected manager of global fixed income
assets, with a reputation for product innovation. We manage pooled
and segregated fixed income portfolios for a variety of retail and
institutional clients. We employ 59 fixed income investment
professionals † in London who manage over €23.6 billion* in global
fixed income products.
Unconstrained thinking, focused investment
In recent years, we have seen clients’ needs move away from relative returns and towards absolute return and
liability-driven approaches that demand a greater focus on risk-adjusted returns. To meet this demand, we have
structured our fixed income teams and investment processes to identify and capture the maximum number of
uncorrelated return opportunities for our clients. We then combine our best investment ideas to provide fixed
income investment approaches that range from core products targeting alpha of 50 basis points to long-short
strategies targeting 1,000 basis points.
Alpha teams target ideas
We have drawn together expertise from our institutional, retail, structured product and hedge fund capabilities
to create six Alpha teams, who are charged with creating as many good investment ideas as possible. Each
Alpha team is required to produce alpha of 200 basis points while aiming to achieve high information ratios.
The Alpha teams cover interest rates, economics, currencies, credit, secured loans and emerging market debt.
Together, they manage long-short alpha portfolios, the performance of which drives a significant component of
the team members’ compensation.
Product teams create portfolios
Our Product teams are responsible for constructing clients’ portfolios by identifying the best way of
implementing the maximum number of Alpha team approaches permitted by our clients’ investment guidelines.
We seek to maximise portfolio returns and efficiency through the levels of risk we apply.
We use risk budgeting – applied through leading risk management systems and common sense – at the total
portfolio level and sub-portfolio levels, to determine the risk we expect each source of alpha to contribute to
the overall portfolio.
Raising the debate
Working within our fixed income structure raises the creative debate in generating uncorrelated
investment ideas that we can apply to our clients’ portfolios. However, we never lose sight of
the fact that great investment ideas are just that – ideas. Our investment processes are
designed to deliver results through transparency, accountability and clear links between
investment performance and compensation. For our clients, the
result is superior use of risk, coupled with a strong focus on
sustainability and long-term strategic thinking that will, over time,
bring a succession of new return sources to their portfolios.
*Source: Henderson Global Investors at 30 June 2009
†Source: Henderson Global Investors at 31 July 2009

Property Equities
Henderson has been managing property for more than four decades,
and has €9.2 billion* under management globally in direct property,
property securities, specialist sector funds and fund of funds
portfolios. These assets are managed in Europe, North America and
Singapore by a team of 69 property investment professionals †,
including property analysts, market forecasters and fund managers.
We also have a joint venture with MM Warburg and Co, which
specialises in the management of funds targeted at institutional
investors on the continent.
Global coverage
The Henderson Property Equities Team currently manages Pan-European, Asian and global portfolios, supported
by world-class research and Henderson’s direct property management teams.
Property equities can only be understood fully in the context of both property and equity markets. Our
position as a major investor in property and equity markets gives us the breadth of research and investment
expertise required for success in this asset class.
A local approach
The characteristics of property equity markets around the world vary significantly, and in-depth local research is
essential. There is consequently no single investment style that can be applied globally. Henderson therefore uses
investment approaches that reflect the key drivers of each of the major property equities markets of Europe,
North America and the Asia-Pacific region. The investment strategy combines top-down regional allocations
with a strong focus on stock selection.
Asset allocation
Regional allocation is determined by the Global Portfolio Manager, Patrick Sumner, in conjunction with the
regional portfolio managers. Allocations are determined in the context of Henderson’s top-down views on
global direct and listed property markets and market trends.
Stock selection has the potential to add significant value in the under-researched property equities markets.
For example, 80-90% of our Global Property Equities Fund’s performance is driven by bottom-up stock
selection, which is undertaken by property equities specialists in London, Singapore and Chicago. Our local
portfolio managers have the freedom to exercise skill and flair in researching and exploiting stock-specific
opportunities.
*Source: Henderson Global Investors at 30 June 2009
†Source: Henderson Global Investors at 31 July 2009
www.henderson.com

The Henderson SICAV fund range
The Henderson SICAV fund range provides investors with the opportunity
to gain access to specialist investment expertise and exciting investment
opportunities across the world’s markets. The Henderson Horizon Fund
is incorporated in Luxembourg as an open-ended investment company
qualifying as a UCITS (Undertaking for Collective Investment in
Transferable Securities).
Within the Henderson Horizon Fund we offer a series of sub-funds, which cover virtually all types of investments,
from blue-chip equities and government bonds, to highly specialised areas such as corporate bonds, property
equities, smaller companies and technology. Using this range of sub-funds, investors are able to select the
appropriate mix of investments for their specific needs and objectives.
The range of funds we offer provides significant choice in terms of:
• Asset classes (equities, bonds and property)
• Coverage of large, medium and smaller companies
• Investment approaches
• Emphasis on yield and capital returns
• Performance targets
• Risk levels
Together, they provide a global asset allocation toolset that investors can use to achieve the asset allocation
and risk profile that meets their particular requirements. Naturally, most investors choose a broadly based
portfolio to achieve an acceptable balance between growth and volatility. The result is outstanding diversity
and opportunity – all in one fund.
The benefits of the Henderson
SICAV fund range:
• A choice of equity and bond funds covering
the world’s major markets.
• The opportunity to begin building your
wealth with as little as US$2,500 or
currency equivalent.
• The convenience of core European funds
offering a euro currency base.
• The ability to change or rebalance your
investments cost-effectively by switching
units between sub-funds in the Horizon
range.
• The reliability and experience of a fund
established in 1985 as an investment
company under Luxembourg legal statutes,
which are recognised throughout Europe
and respected around the world.
www.henderson.com

Henderson SICAV fund range summary
Asset Type Fund Name Launch Currency Fund Benchmark
Date Manager
Property Horizon Asia-Pacific 3 October 2005 US$ Frankie Lee FTSE EPRA/NAREIT Pure Asia Total Return
Equities Property Equities Fund Net Dividend Index (Capital constrained)
Horizon Global 3 January 2005 US$ Patrick Sumner FTSE EPRA/NAREIT Global Total
Property Equities Fund Return Index
Horizon Pan European 1 July 1998 Euro Patrick Sumner FTSE EPRA/NAREIT Developed Europe
Property Equities Fund & Adrian Elwood Capped Net Total Return Index
Asian Horizon China Fund 25 January 2008 US$ Andrew Mattock MSCI Golden Dragon Index
Equities & Caroline Maurer
Horizon Japanese 1 July 1985 US$ Michael Wood-Martin MSCI Japan Index
Equity Fund
Horizon Japanese Smaller 1 August 1985 US$ Yun Young Lee & Tokyo SE Second Section Index
Companies Fund Michael Wood-Martin
Horizon Pacific Equity Fund 1 July 1985 US$ Andrew Beal MSCI AC Pacific ex Japan Free Index
Horizon Asian Dividend 23 October 2006 US$ Michael Kerley MCSI All Countries Asia Pacific ex
Income Fund Japan Index
European Horizon Continental 1 July 1984 Euro Paul Casson FTSE World Europe ex UK Index
Equities European Equity Fund
Horizon Pan European 19 November 2001 Euro Tim Stevenson FTSE World Europe Index
Equity Fund
Horizon Pan European 1 September 2004 Euro Ben Lofthouse MSCI Europe Inc UK Index
Equity Dividend Fund
Horizon Pan European 1 December 2006 Euro Paul Casson 50% MSCI Europe (Inc UK) Total Return
Alpha Fund Net Dividends Index & 50% ECB
benchmark rate
Horizon Pan European 1 August 1993 Euro Ollie Beckett HSBC James Capel Smaller Companies
Smaller Companies Fund Pan European Index
Global Horizon Global 19 November 2001 US$ Manraj Sekhon MSCI World Index
Equities Opportunities Fund
Horizon Global 16 October 1996 US$ Stuart O’Gorman MSCI All Countries World
Technology Fund Information Technology Index
Horizon Industries 30 January 2009 Euro Tim Dieppe MSCI World Index
of the Future Fund
US Horizon American 19 November 2001 US$ Antony Gifford S&P 500 Index
Equities Equity Fund & Nicholas Cowley
Fixed Horizon Absolute Return 13 September 2006 Euro Phillip Apel 3 Month Euro Libor
Income Fixed Income Fund

Our offices
For further information on the Henderson SICAV fund range please contact
your local sales office or visit our website on www.henderson.com
Europe
London
Henderson Global Investors Ltd
Tel: +44 (0)20 7818 1818
Fax: +44 (0)20 7818 1819
Email: sales.support@henderson.com
Amsterdam
Henderson Global Investors BV
Tel: +31 20 675 0146
Fax: +31 20 675 7197
Email: info.nederlands@henderson.com
Frankfurt
Henderson Global Investors Ltd
Tel: +49 69 86003 110
Fax: +49 69 86003 355
Email: info.germany@henderson.com
Asia Pacific
Hong Kong
Henderson Global Investors (Hong Kong) Ltd
Tel: +852 2905 5188
Fax: +852 2905 5138
The Henderson Horizon Fund (the “Fund”) is a Luxembourg SICAV incorporated on 30 May 1985. This document is intended solely for the use of professionals and is not for
general public distribution. Any investment application will be made solely on the basis of the information contained in the Fund’s full prospectus (including all relevant
covering documents), which will contain investment restrictions. This document is intended as a summary only and potential investors must read the Fund’s full prospectus
before investing. A copy of the Fund’s full and simplified prospectuses can be obtained from Henderson Global Investors Limited in its capacity as Investment Manager and
Distributor.
Issued in the UK by Henderson Global Investors. Henderson Global Investors is the name under which Henderson Global Investors Limited (reg. no. 906355) (incorporated
and registered in England and Wales with registered office at 201 Bishopsgate, London EC2M 3AE and authorised and regulated by the Financial Services Authority) provide
investment products and services. Telephone calls may be recorded and monitored.
Nothing in this document is intended to or should be construed as advice. This document is not a recommendation to sell or purchase any investment. It does not form part
of any contract for the sale or purchase of any investment.
[Past performance is not a guide to future performance. The performance data does not take into account the commissions and costs incurred on the issue and redemption
of units.] The value of an investment and the income from it can fall as well as rise and you may not get back the amount originally invested. Tax assumptions and reliefs
depend upon an investor’s particular circumstances and may change if those circumstances or the law change.
The Fund is a recognised collective investment scheme for the purpose of promotion into the United Kingdom. Potential investors in the United Kingdom are advised that
all, or most, of the protections afforded by the United Kingdom regulatory system will not apply to an investment in the Fund and that compensation will not be available
under the United Kingdom Financial Services Compensation Scheme.
A copy of the Fund’s full and simplified prospectuses, articles of incorporation, annual and semi-annual reports can be obtained free of cost from the Fund’s: Austrian Paying
Agent Raiffeisen Zentralbank Österreich AG, Am Stadtpark 9, A-1030 Vienna; French Paying Agent BNP Paribas Securities Services, 3, rue d’Antin, F-75002 Paris; German
Information Agent Marcard, Stein & Co, Ballindamm 36, 20095 Hamburg; Belgian Financial Service Provider Dresdner Van Moer Courtens S.A./N.V. Société de bourse, Drève
du Prieuré 19, 1160 Bruxelles; Spanish Representative Allfunds Bank S.A. Estafeta, 6 Complejo Plaza de la Fuente, La Moraleja, Alcobendas 28109 Madrid; or Swiss
Representative Fortis Foreign Fund Services AG, Rennweg 57, 8021 Zurich. Fortis Banque (Suisse) S.A., Rennweg 57, 8021 Zurich is the Paying Agent in Switzerland.
HGI41144/0809
Luxembourg
Henderson Global Investors
Tel: +352 26 15 06 1
Fax: +352 26 89 35 35
Madrid
Henderson Global Investors
Tel: +34 91 562 6245
Fax: + 34 91 564 6034
Email: info.spain@henderson.com
Milan
Henderson Global Investors
Tel: +39 02 7214 731
Fax: +39 02 7214 7350
Email: info.italy@henderson.com
Japan
Henderson Global Investors (Japan) KK
Tel: +813 5413 2130
Fax: +813 5413 2131
Paris
Henderson Global Investors
Tel: +33 1 53 05 44 80
Fax: +33 1 44 51 94 22
Email: info.france@henderson.com
Vienna
Henderson Global Investors
Tel: +43 1 319 3222 18
Fax: +43 1 319 3222 90
Email: info.austria@henderson.com
Zurich
Henderson Global Investors (Switzerland) Ltd
Tel: +41 43 888 62 62
Fax: +41 43 888 62 63
Email: info.switzerland@henderson.com
Singapore
Henderson Global Investors (Singapore) Ltd
Tel: +65 6836 3900
Fax: +65 6221 0039
Email: info.singapore@henderson.com