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Henderson UK Property

Elite Rated by FundCalibre

Providing core exposure to the UK commercial property market, the fund invests in physical property, but with an allocation to cash for liquidity purposes. The fund managers’ primary concern is to provide an attractive and stable income, which sets it apart from some of its peers.

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.

Factsheet_henderson_global_investors_logo

Fund Manager

This fund has been jointly managed by Ainslie McLennan and Marcus Langlands Pearse since mid-2009. Marcus has been in the industry since 1991 and Ainslie joined Henderson in 2002, having gained extensive experience running commercial property funds, investing both directly and indirectly in the UK and European markets.

Factsheet_mclennan

With volatility likely to remain in other asset classes, commercial property remains attractive for income and diversification purposes.

Ainslie McLennan - Fund Manager

The Investment Process

With the emphasis on providing a high and stable yield, the managers focus on finding high quality tenants and securing long leases. These tenants tend to be firms with stable or growing businesses, where the medium to long-term prospects for the industry are good. The fund typicaly has a south-east bias.

Risk

Due to the nature of the underlying assets, the fund tends to be less volatile than the UK stock market. It is well diversified across different regions and sectors, and a significant portion of the fund’s leases are linked to inflation, which will offer some protection from inflationary risk. As the fund does invest in physical property, the performance of the fund may suffer if there are large redemptions, as was the case after the Brexit vote in 2016.

Our Opinion

Put into practice, the managers’ strategy has resulted in the fund having one of the highest occupancy rates in the sector. As a consequence, the fund has a yield that is consistently near the top of its peer group. This fund may be appropriate for investors wanting core UK property exposure, with an attractive and sustainable yield.

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