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HENDERSON EUROPEAN SELECTED OPPORTUNITIES A

HENDERSON EUROPEAN SELECTED OPPORTUNITIES A - Overview

Overview of HENDERSON EUROPEAN SELECTED OPPORTUNITIES A

The fund targets long term capital growth from predominantly large cap companies that are either based in or operate in continental Europe. The portfolio is largely shaped by sector themes, identified by the managers from their knowledge of global industries and from their macroeconomic views. However, the portfolio also includes stocks that are identified on their own merits, particularly in mid cap companies where the manager believes there is more scope to add value.

  • Standard Initial Charge 5.00%
  • Initial charge via Bestinvest 0.00%

Fund summary

Sector Europe Excluding UK
Structure OEIC
Launched August, 1984
Size £2,258m
Yield 0.8%
Charging basis Income
Dividends paid Acc units only

Charges

Standard initial charge 5.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 1.50%
Ongoing charges figure 1.71%

Risks

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 Investor Information Document, which we make available to you before you make a decision to invest, alternatively it is available on request.

Bestinvest view

John Bennett is a very experienced manager with over 20 years in European equities. Initially brought over to Gartmore in 2010 he has successfully managed the subsequent transition to Henderson. We have a high degree of confidence in Bennett and believe that he is doing something different to many other large cap European fund managers. However, we have assigned a one star switch rating to this fund as we have a preference for other funds, in particular Bennett's Henderson European Focus fund which is less benchmark constrained.

Portfolio

Allocation Proportion(%)
Equity 99
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 1
Allocation Proportion(%)
UK 8
Europe 92
North America 0
Japan 0
Pacific 0
Other Equity 0
Allocation Proportion(%)
Large Caps 97
Mid Caps 3
Small Caps 0

View all performance data for this fund

Investment process

The process begins from identifying stock or sector themes that would generate growing customer demand. Then the manager looks for potential winners in their respective business fields that have enough capacity and abilities to grow. The universe of some 600 companies is screened, using various valuation metrics, such as EV/Sales, EV/EBIT Margin, P/E and dividend yield to identify low-valued stocks. Among the latter the team looks for businesses set to or undergoing change. When a structural reason to change is identified, it becomes a catalyst for a change in valuation. 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 to hold approximately 50-60 stocks. The major themes used for this fund will be similar to those used for the Henderson European Focus fund that Bennett also runs. However, the Selected Opportunities fund is run with a greater awareness of the benchmark.

Live feed

Bid price(inc) (221.00p) 1,436.00p
Accum units 1,436.00p
Fund commentary 30/03/16
Fund data updated on 29/09/16

Asset allocation

Allocation Proportion(%)
Equity 99
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 1

Equity Geographic

Allocation Proportion(%)
UK 8
Europe 92
North America 0
Japan 0
Pacific 0
Other Equity 0

Equity Capitalisation

Allocation Propor
tion(%)
Large Caps 97
Mid Caps 3
Small Caps 0

Top 10 holdings

As at: 30/06/2016
9.17% Novartis Ag
7.91% Roche Hldg Ag
5.01% Nestle Sa
4.08% Autoliv Inc
3.77% Henkel Ag & Co Kgaa
3.11% Fresenius Se & Co Kgaa
3.11% Relx Nv
3.09% Total Sa
2.91% Koninklijke Ahold Nv
2.45% Nordea Bank Ab
Source: Trustnet

Sector breakdown

Biotechnology/Medical 24%
Banks 11%
Oil & Gas Exploration & Production 9%
Automotive 7%
Industrials 6%
Household Goods 5%
Food Producers 5%
Consumer Goods 4%
Media 4%
Healthcare & Medical Products 4%

Portfolio details

50-65 stocks with a large cap, blue chip bias.

Constraints

Max 10% in any one company. Max 30% in any sector. At least 80% in large and mega cap stocks
There are some limits placed on the portfolio but these could result in significant divergences from the Index from time to time.

Average monthly relative returns Bestinvest MRI
11/12 12/13 13/14 14/15 15/16   3 years 5 years Career 3 years 5 years Career
0.39% 0.25% 0.16%   0.01% 87.30%
Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

John Bennett

Manager. 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.

Track record

John Bennett has 19.1 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.01%. 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 87%.

Periods of worst performance
Absolute -46% (August 2000 - March 2003)
Relative -28% (June 1994 - September 1999)

Sector record since March 1993 (19 yrs)




About the MRI

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.

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