Henderson European Trust | Winterflood Research

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Merger Creates Best Ideas Portfolio

Background: Henderson European Trust* (HET) aims to maximise total return from a portfolio of stocks predominantly listed in Europe ex UK, with the focus being on Europe’s ‘global champions’. The fund is the result of the merger between Henderson European Focus Trust (HEFT) and Henderson EuroTrust (HNE). It is co-managed by Tom O’Hara and Jamie Ross, previously co-lead and lead portfolio managers of HEFT and HNE respectively, supported by Janus Henderson’s 11-strong European equities team, which oversees €15bn AUM.

Portfolio: The portfolio typically contains 35-45 holdings, with the top 10 accounting for 38% of portfolio value as at 31 October. There is diversification across geographies (largest allocations France, 21% and Germany, 20%) and sector (largest allocations Industrials, 27% and Health Care, 17%). There is a bias to large-cap stocks and the style is expected to shift more towards growth or value depending on the market environment, but remaining within the ‘blend’ category.

Performance: Over the last ten years, HET (or previously HEFT) has generated a NAV total return of +163% (+10.1% p.a.) and a share price total return of 130% (+8.7% p.a.), compared with +135% (+8.9% p.a.) for the FTSE World Europe ex UK Index and +204% (+11.7% p.a.) for the Europe peer group. The fund has also outperformed the benchmark in NAV total return terms over the last three and five years. Since the merger completed in July 2024, the fund’s NAV total return of

-4.9% has underperformed the benchmark return of +1.8%.

*Denotes a corporate broking client of Winterflood Securities

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