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31 Jan 2022

Henderson European Focus Trust

Company Notes

Managers' strong views reflected in portfolio positioning

Henderson European Focus Trust* seeks to maximise a total return from a portfolio of stocks listed in Europe. It is managed by John Bennett and Tom O’Hara of Janus Henderson Investors, who describe their investment approach as style agnostic. While they practice strong price discipline, they are not deep value investors, with Morningstar classifying the style as ‘core’, reflecting a blend of value and growth. The portfolio is concentrated, with 45 holdings at 31 December and the top ten accounting for 38% of the fund. At the end of last year the fund was ungeared; however, last week it announced that it had agreed to issue €35m of fixed-rate privately placed notes, which represents approximately 8% of net assets. The proceeds of the notes will be invested as and when attractive opportunities arise.

Over the last five years, the fund has delivered a NAV total return of +54.7%, outperforming the +50.3% return of its benchmark, the FTSE World Europe ex UK Index, but underperforming the +78.6% return of the Europe peer group. The fund has also outperformed the benchmark over the last three years (+50.5% vs +40.8%) and the last 12 months (+11.8% vs +10.2%).

*Denotes a corporate broking client of Winterflood Securities