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Henderson European Focus

Elite Rated by FundCalibre

This fund is a more concentrated version of the Elite Rated Henderson European Selected Opportunities fund, with 30-40 holdings, which are weighted by conviction. The manager uses a combination of sector analysis and stock selection in his process, which produces a ‘best ideas’ portfolio with the flexibility to invest across all industries in the European equity market.

Company Description

Henderson Global Investors was founded in 1934. The company has grown over the past few years through the acquisition of New Star and Gartmore. Consequently, funds are managed by autonomous teams with distinct investment strategies.

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Fund Manager

Asim Rahman joined Henderson in 2011 as a fund manager. He previously worked with John Bennett at Gartmore and GAM, where he was an investment analyst from 2003. Prior to joining GAM, Asim was a financial analyst in Goldman Sachs’ investment banking division. Asim holds an MA in economics from Cambridge University and is a CFA charterholder.

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Our process is governed by early identification of industry or sector themes that will still be around a decade from now. This allows us to ignore the macro-driven fear and optimism that fills newspapers, and focus on what matters – real or ‘absolute’ value.

John Bennett - Fund Manager

The Investment Process

The fundamental research process leads to a portfolio blend of sector themes and stock-specific ideas. John looks at companies with a good track record and the potential to surprise in the future. Turnover is generally low.

The portfolio has more exposure to medium-sized companies than his European Selected Opportunities fund.

Risk

Although the portfolio is concentrated, the managers can, and do, deviate from the benchmark in their stock selection. During John’s tenure, the fund has actually been less volatile than the sector. Investors should also be aware of the currency risk.

Our Opinion

John’s pragmatic approach means he considers the overall macroeconomic environment and sector trends as well as the criteria of individual companies, a style that has led to outstanding performance since his tenure began. His experience as a European equities manager is evident.

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