HENDERSON EUROPEAN SELECTED OPPORTUNITIES A
  

HENDERSON EUROPEAN SELECTED OPPORTUNITIES A - Overview

Overview of HENDERSON EUROPEAN SELECTED OPPORTUNITIES A

The fund targets long term capital growth from predominantly large cap companies that are either based in or operate in continental Europe. The portfolio is largely shaped by sector themes on a value basis, i.e where the manager finds established companies trading at a discount to fair value. The mandate for this fund is benchmark aware and consequently we prefer the Henderson European Focus fund which is a purer expression of the manager's conviction.

  • Standard Initial Charge 5.00%
  • Initial charge via Bestinvest 0.00%
  • Select annual loyalty bonus n/a
  • Custody charge n/a

Fund summary

Sector  Europe Excluding UK
Structure  OEIC
Launched  August, 1984
Size  £2,227m
Yield 0.6%
Charging basis  Income
Dividends paid  Acc units only

Charges

Standard initial charge 5.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 1.50%
Ongoing charges figure 1.71%
Reduction in yield (10yr) 1.71%

Bestinvest view

John Bennett is a very experienced manager with over 20 years in European equities. Initially brought over to Gartmore in 2010 he has successfully managed the subsequent transition to Henderson. For example the European Focus fund was a perennial poor performer and frequently featured in our dog list, however, since Bennett took over performance has improved dramatically. We have a high degree of confidence in Bennett and believe that he is doing something different to many other large cap European fund managers. However, we have a preference for Bennett's Henderson European Focus fund as we believe that over the long term it should produce better returns to investors.

Portfolio

AllocationProportion
Equity 96%
High Yield Bonds 0%
Quality Bonds 0%
Property 0%
Commodities 0%
Hedge 0%
Fund Cash 4%
AllocationProportion
UK 3%
Europe 97%
North America 0%
Japan 0%
Pacific 0%
Emerging Markets 0%
AllocationProportion
Large Caps 94%
Mid Caps 6%
Small Caps 0%
View all performance data for this fund

Investment process

The process begins from identifying stock or sector themes that would generate growing customer demand. Then the manager looks for potential winners in their respective business fields that have enough capacity and abilities to grow. The universe of some 600 companies is screened, using various valuation metrics, such as EV/Sales, EV/EBIT Margin, P/E and dividend yield to identifie low-valued stocks. Among the latter the team looks for businesses set to or undergoing change. When a structural reason to change is identified, it becomes a catalyst for a change in valuation. Regular company meetings are an essential part of the investment process, allowing Bennett to gain insights into the businesses he invests in. These meetings serve either to validate or change Bennett's investment thesis on a company. The manager constructs the fund to hold approximately 50-60 stocks. The major themes used for this fund will be similar to those used for the Henderson European Focus fund that Bennett also runs. However, the Selected Opportunities fund is run with a greater awareness of the benchmark.

Live feed

Bid price 1,255.00p 40.00p
Fund commentary: 03/03/14
Fund data updated on: 28/08/15

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