Henderson European Focus Trust
Rated Fund 2015-2018. Benefits from a move from growth to value
This fund won highly commended status in Money Observer's 2015 investment trust awards. It has been managed by John Bennett since 2010. He runs a high-conviction portfolio, with 50 to 60 holdings mainly in larger companies.Bennett describes himself as a 'value investor' and points to a strong earnings trajectory during 2017, particularly in bombed-out areas such as banks. The fund's largest sector weighting at the end of 2017 was to financials at 25 per cent. He believes Europe remains a 'catch-up play' and has further to run.Bennett looks for change or inflection points either at a sector level or at a company level. He says sectors and stocks are continually going in and out of fashion and it is sometimes necessary to look beyond Europe to spot when changes are going to happen. But he stresses that no company will get into the portfolio unless its share price is right. He likes to know there is a margin of safety and always considers the risk of making a loss. A key ingredient in his stock selection process is also meeting company managements.Bennett also runs open-ended European funds. He says that the trust's closed-ended structure allows him to invest in special situations that are too small or illiquid for inclusion in those funds but that can provide a useful boost to medium-term returns. Shares in the trust went to a 15 per cent discount to net asset value in mid 2016, but traded at around par for most of 2017.
Narrative and ratings content all as of 01 January 2018.See all Money Observer rated funds
|Carlsberg A/S B||4.96 %|
|Smurfit Kappa Group PLC||4.91 %|
|Nordea Bank AB||4.75 %|
|ABN AMRO Group NV DR||4.14 %|
|Autoliv Inc DR||3.92 %|
|Galp Energia SGPS SA||3.68 %|
|Trelleborg AB B||3.49 %|
|SAP SE||3.40 %|
|Nestle SA||3.19 %|
|United Internet AG||3.07 %|
|Europe - ex Euro||30.50 %|
|Financial Services||23.18 %|
|Consumer Cyclical||15.26 %|
|Consumer Defensive||13.11 %|
|Basic materials||8.04 %|
John Bennett is Director, European Equities at Janus Henderson Investors and Fund Manager on the Janus Henderson Continental European and Pan-European long-only and long/short strategies. He has held these roles since 2011 when Gartmore was acquired by Henderson. Prior to Gartmore, John served as fund manager at Global Asset Management for 17 years. During this time he managed their flagship European long-only and European equity long/short hedge funds. Prior to Global Asset Management, he was a fund manager at Ivory & Sime. John qualified as a member of the Chartered Institute of Bankers in Scotland in 1980.
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