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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

Janus Henderson is the product of a merger between Henderson Group and Janus Capital Group. Trading on the New York and Australian stock exchanges, the group was formed in May 2017 to form a greater collective and benefit from expanded product ranges and a larger pool of talent employed.

Factsheet_janus_henderson_logo

Fund Manager

Co-managers John Bennett and Asim Rahman joined Henderson in 2011 after previous employer Gartmore was acquired by the company. The pair also co-manage Henderson European Selected Opportunities. Asim, previously a finance analyst at Goldman Sachs, also worked with John while employed at Gartmore as well as at GAM. John is director of European equities at Henderson and has been a Member of the Chartered Institute of Bankers in Scotland since 1987.

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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.

Asim Rahman - 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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