Henderson Global Focus A

Focused portfolio of larger global stocks with no restrictions on sector or geographic allocation.

  • 0.00p
    Price (Inc)

    These are the shares in the fund that pay out an income to clients. The income is made up of the total dividends – the money a company can pay out to its investors – from the companies in the fund.

  • -
    Price (Acc)

    These are the shares in the fund that don’t pay out an income to clients. Any dividends – the money a company can pay out to its investors – are reinvested into companies in the fund. Despite no income, the shares should be worth more over time. Good incentive, eh?

  • 5.00% 0.00%

    Initial charge

    Some funds charge you when you first invest, which is aptly known as the initial charge. They’re usually between 3-5% but at Bestinvest, we usually don’t charge you a penny!

  • 1.25%
    Annual management charge

    This is how much the fund management company charges to run the fund. It’s like paying a babysitter, dog sitter or house sitter (that makes well-informed, heavily researched changes to improve your baby/dog/house when needed).

  • 1.84%
    Ongoing charges

    This stands for Ongoing Charges Figure. It’s the cost of running a fund and includes admin fees, manager fees, administration costs, etc.

  • 0.00%
    Yield

    How much the fund is currently paying out in income to investors. It’s NOT to be confused with the overall growth of a fund – a very different thing indeed. It’s also NOT a guarantee of future pay-outs, just a snapshot. This is more what it’s not than what it is…

Fund data last updated 24 November 2009

This fund targets above average capital returns from investing in a focused portfolio of equities, unrestricted by region, sector or market capitalisation. However, the fund's benchmark (MSCI Global index) gives it a natural leaning to the US and large cap stocks. The manager typically invests in faster growing companies, which are deemed good value in relation to their growth prospects. The fund has a performance related annual charge, which should align the manager's interests to those of unit holders.

Fund summary

Sector Global
Structure X-OEIC
Launched January, 2001
Size £93m
Yield 0.00%
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 1.25%
Ongoing charges figure 1.84%

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Investment process

The Fund aims to achieve a long-term return, in excess of that typically achieved from global equity markets, by investing in a concentrated portfolio. The process generally focuses on large stocks, capitalised at least US$1 billion, with earnings growth that will exceed or be sustained beyond market expectations, as well as avoiding companies whose earnings growth may disappoint. The majority of ideas are sourced from the in house Global Equity Team (c60%) Within this sphere, as well as the manager and regional team, ideas may come from from quantitative screens, broker research, the media (both financial and trade journals) and from company meetings. Companies are assessed first by undertaking industry analysis to look at the prospects for a sector, then by franchise analysis to see if they have a competitive advantage within the sector. This is supplemented by a tactical assessment of short term share price movements to optimise the timing of trades. Typically, a portfolio contains 50% strategic holdings (long term investments) and 50% tactical (shorter term) holdings.

Performance on this fund was good up until the "credit crunch" period (2007/8) but since then the fund appears to have lost its way. The fund's longstanding manager, Neil Rogan, stepped down in early 2012, with Henderson's new head of global equities Matthew Beesley taking over the mantle.

Manager research

Average monthly relative returns

  • 15/16 -0.66%
  • 16/17 -0.01%
  • 17/18 0.00%
  • 18/19 0.00%
  • 19/20 0.00%

Bestinvest MRI

  • 3 years 0.00%
  • 5 years 0.00%
  • Career -0.20%
  • 3 years 0.00%
  • 5 years 0.00%
  • Career 25.80%

Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Matthew Beesley

Beesley joined Henderson as head of global equities in 2012. He was previously a Partner and Portfolio Manager at Trinity Street Asset Management from 2008. Prior to that, he was a senior portfolio manager and vice president at JP Morgan where he was responsible for their institutional global equity mandates. An employee of JPM since 2002, he was previously a portfolio manager at Merrill Lynch Investment Managers, responsible for the Merrill Lynch Global Titans Fund and other global equity mandates. Prior to this, he was a global and emerging markets equity analyst. Beesley has a BA (Hons) in Politics and Modern History from the University of Manchester and also holds the CFA designation.

Track record

Matthew Beesley has 6.9 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been -0.2%. During the worst period of relative performance (from February 2014 - December 2016) there was a decline of 19% relative to the index. The worst absolute loss has been 12%.

Periods of worst performance

Absolute -12.00% (May 2015 - September 2015)
Relative -19.00% (February 2014 - December 2016)

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.

Allocation

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Top 10 holdings

Data accurate as at 30 August 2013

3.6% Infineon Technologies Ag
3.4% Sumitomo Mitsui Financial Group Inc
3.4% Praxair Inc
3.4% Kbc Groupe Sa
3.4% Lloyds Banking Group Plc
3.3% Bed Bath And Beyond
3.3% Pentair Ltd
3.3% Parker-hannifin Corp
3.3% National Oilwell Varco Inc
3.2% Cummins Inc
Source: Trustnet

Sector breakdown

Consumer Discretionary 28.00%
Industrials 17.00%
Information Technology 17.00%
Financials 17.00%
Consumer Staples 7.00%
Energy 6.00%
Materials 3.00%
Health Care 3.00%
Money Market 2.00%

Portfolio

The portfolio consists of 30-40 stocks.

Constraints

There are no formal country, sector or stock limits.

Key Investor Information

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