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Henderson European Selected Opportunities

Elite Rated by FundCalibre

Experienced European equity manager John Bennett uses sector analysis in his process, focusing on under-researched opportunities. The resulting high-conviction portfolio of 50-65 mega and large-cap stocks has neither a growth nor a value bias.

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.

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Fund Manager

With nearly 30 years’ experience managing European equities, John Bennett joined Henderson in 2011 as part of the company’s Gartmore acquisition. Prior to that, he was a fund manager at GAM for 17 years. As director of European equities, John manages a number of Henderson’s continental and pan-European funds. Asim Rahman also joined Henderson in 2011 and has worked with John for several years, both at Gartmore and at GAM as an investment analyst. Before GAM, Asim was a financial analyst in Goldman Sachs’ investment banking division.

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Our job is to put bread on the table. What is the bread? Market beating returns.

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.

With this fund, John focuses on companies worth more than €1bn, which rules out smaller companies and many medium-sized companies, leaving him a bias towards large and mega-cap stocks.

Risk

Given the size of the fund, it is relatively concentrated in around 50-65 stocks. Risk is controlled by limiting a stock’s weighting to 3% above or below the benchmark weighting. Investors should also be aware of the currency risk.

Our Opinion

We like John’s pragmatic approach and the fact that he takes the macroeconomic environment and sector trends into consideration, as well as looking at individual companies. If you’re looking for a European equity fund investing in larger companies, this is worth consideration.

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