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The fund targets capital growth by investing in a fairly focused portfolio of large and mid-cap continental European equities. Manager John Bennett looks to identify sector themes, often by looking at trends in other parts of the globe, then looks for attractively valued companies that will capitalise on them. As a result the fund’s sector weightings may diverge sharply from the index. The portfolio typically has a slight bias to growth, though Henderson describes Bennett as style agnostic and his belief in mean-reversion means he can be contrarian.
|Sector||Europe Excluding UK|
|Dividends paid||Acc units only|
|Standard initial charge||0.00%|
|Initial charge via Bestinvest||0.00%|
|Additional bid/offer spread||0.00%|
|Annual management charge||0.75%|
|Ongoing charges figure||0.85%|
Before investing make sure you have understood the risks relevant to the fund by reviewing our Risk Warnings section. Further information on the risks are contained in the fund's Key Information Investor Document, which we make available to you before you make a decision to invest, alternatively it is available on request.
This fund benefits from a highly experienced manager in John Bennett - he has now spent almost 30 years working in European equities. He built up strong track records at previous employers GAM and Gartmore and moved to Henderson when it acquired Gartmore in 2011, bringing this fund with him. Historically his funds have offered a defensive performance profile, typically providing some protection from falling markets but lagging rising markets. Bennett also runs the similar Henderson European Focus IT.
|High yield bonds||0|
The process begins with the identification of stock or sector themes that would generate growing customer demand. Bennett believes that themes travel so he looks elsewhere in the world to find trends that might be mirrored in Europe. He and his analysts then look for potential winners in their business fields that have the capacity and ability to grow. A universe of some 600 companies is screened, using various valuation metrics, such as EV/Sales, EV/EBIT margin, P/E and dividend yield to find low-valued stocks. Among the latter the team looks for businesses set to or undergoing change – this could be a change in behaviour, or a turning point in a cyclical sector. 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 using a concentrated, unconstrained approach, holding up to 50 stocks. Strategic thinking is combined with tactical asset allocation, and earnings momentum also allows the manager to top or tail his holdings.
|Fund data updated on||20/09/18|
|High yield bonds||0|
As at: 31/07/2018
7.5042%Renault(Regie Nationale Des Usines)
4.455%Intesa Sanpaolo Spa
4.1934%Kosmos Energy Ltd
4.1156%Intrum Justitia Ab
3.7497%British American Tobacco
3.3261%Erste Group Bank Ag
30 to 50 stocks.
The portfolio usually has very little commonality with the benchmark and so performance can be expected to differ markedly on occasions.
|Average monthly relative returns||Bestinvest MRI|
|13/14||14/15||15/16||16/17||17/18||3 years||5 years||Career||3 years||5 years||Career|
|Performance figures are based on the average of monthly percentage returns relative to the benchmark index.|
Bennett joined Henderson in 2011 as Director of European Equities following its acquisition of Gartmore. He manages a number of Continental and Pan European funds as well as European long/short funds. He had joined Gartmore in 2010, where he was a Senior Investment Manager in the European Equity Team. Prior to that he worked at GAM from 1993, and before that he was a Senior Fund Manager at Ivory & Sime, responsible for Continental European equity portfolios. He qualified in 1986 as a Member of the Chartered Institute of Bankers in Scotland.
John Bennett has 23.1 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.05%. During the worst period of relative performance (from June 1994 - September 1999) there was a decline of 28% relative to the index. The worst absolute loss has been 46%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 92%.
|Periods of worst performance|
|Absolute||-46% (August 2000 - March 2003)|
|Relative||-28% (June 1994 - September 1999)|
Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.