Fact sheet: Henderson European Focus IT

Rated Fund Information
Rated Funds Group
?Money Observer has arranged all its Rated Funds into easy to understand Rated Fund Groups, comprising funds and investment trusts.
EUROPEAN EQUITIES
Sector
IT Europe
Fund type
Investment Trust
Primary aim
GROWTH
Why Money Observer Rates Henderson European Focus IT

Rated Fund 2015-2017. Benefiting from a move from growth to value

This fund won highly commended status in Money Observer's 2015 Trust Awards. It is managed by John Bennett, who runs a high-conviction portfolio, with 50 to 60 holdings mainly in larger companies. He likes to focus on a few big themes and has done well over the past six years from a sizeable exposure to pharmaceuticals.

Bennett also runs open-ended European funds but says that the trust's closed-ended structure allows him to invest in special situations that are too small or illiquid for inclusion in those funds but which can provide a useful boost to medium-term returns.

When deciding where to invest, Bennett looks for change or inflexion points either at a sector level or company level. He says sectors and stocks are continually going in and out of fashion and it is sometimes necessary to look beyond Europe to spot when changes are going to happen.

But he stresses that no company will get into the portfolio unless its share price is right. He likes to know that there is a margin of safety and always considers the risk of making a loss. A key ingredient in his stock-selection process is also meeting company managements.

Bennett admits that he found 2016 a very challenging year. He is more bullish about 2017. He believes that investors will move from growth to a value-based approach this year and that Europe, being more of a value market, will benefit. Consequently, he thinks one of the most important sectors will be financials.

3 Year Performance
Fund Performance78%
Average of Rated Funds Group100.1%
Sector Performance67.1%
Fund information
Fund name
Henderson European Focus Trust Ord 50P
Fund manager company
Henderson Global Investors Ltd
Fund type
Investment Trust
Fund managers
  • John Bennettsince 01/12/2010
Accolades
Highly Commended - European Trust
Fund objective
The Company seeks to maximise total return from a focused portfolio of listed stocks, mainly in Contintenal Europe.
Benchmark
  • FTSE World Europe EX UK
Investment style
No data available.
Investment method
No data available.
Quick stats
1 Year return
33.3%
1 Year rank in sector
1/8
Sector
IT Europe
Yield
2%
Ongoing charge (OCF)
?A fund’s ongoing charges figure (OCF) is similar to the old-style total expense ratio. It reflects the annual charge to investors in the fund, in percentage terms, but does not include extra performance-related fees (where these are levied) or the fund’s trading expenses on its underlying investments.
0.9%
Fund size
£303m
FE Risk score
?FE Risk Scores measure the riskiness of instruments relative to the FTSE 100 index of shares. Weekly volatility is measured over three years with recent behaviour counting more heavily than earlier behaviour. Cash-type investments will have scores close to zero. Funds will tend to have scores in the 0-150 range. The FTSE 100 is always scored at 100. There is no upper limit.
142
Mid price
1422.5
NAV
?Net asset value. The NAV per share may be higher or lower than the share price, which in turn is trading at either a discount or a premium to NAV.
1397.9
Discount/Premium
?When the market price of an investment trust’s shares is less than the net asset value (NAV) per share then it is trading at a discount to NAV. A trust’s shares are on a premium when they trade at a higher price than the NAV.
+1.76
Gearing
?Investment trusts have the ability to borrow money which they invest with the aim of generating a higher return than the cost of the loan. An ungeared trust has a figure of 100. A figure of 110 would represent a trust with 10% gearing.
108
Top in this sector
Fund name1 Year
Hndrsn Erpn Fcs Tst33.3%
The European Inv Tr31.1%
JP Morgan European IT Gth31%
JP Morgan European IT Inc30.5%
Jupiter European Opps27.1%
...more in IT Europe

Performance snapshot

Holdings snapshot

  • Germany17.5%
    France12.4%
    Others11.9%
    Netherlands10.3%
    Italy10.2%
  • Financials28.8%
    Industrials16.7%
    Consumer Goods15.3%
    Health Care13.8%
    Basic Materials8.3%
  • German Equities17.5%
    French Equities12.4%
    International Equities11.9%
    Dutch Equities10.3%
    Italian Equities10.2%

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund3.8%2%14.8%33.3%78%161.4%
Sector3.7%4.6%15.4%28.6%67.1%121%
Rank within sector5 / 87 / 86 / 81 / 82 / 81 / 8
Quartile3rd4th3rd1st1st1st
Calendar performance
 YTD - 20172016201520142013
Fund31.7%4.1%12.2%11.3%44.2%
Sector27.3%5.9%12.1%5.8%32.7%
Rank within sector1 / 87 / 86 / 81 / 81 / 8
Quartile1st4th3rd1st1st
Risk statistics
Alpha
?Alpha is a measure of a fund's over- or under-performance by comparison to its benchmark. If the Alpha is 5, the fund has outperformed its benchmark by 5%; so the greater the Alpha, the greater the outperformance.
-2.05
Beta
?Beta estimates a fund's volatility by comparison to that of its benchmark. A fund with a beta close to 1 means that the fund will move generally in line with the benchmark. Higher than 1 and the fund is more volatile than the benchmark and vice versa.
1.27
Sharpe
?This commonly-used measure calculates the level of return over and above the return of a notional risk-free investment, such as cash. The difference in returns is then divided by the fund's volatility. The resulting ratio is an indication of the amount of excess return generated per unit of risk.
0.71
Volatility
?Volatility (or standard deviation), when applied to an investment fund, expresses its risk. It shows how widely a range of returns varied from the fund's average return over a particular period. For example, if a fund had an average return of 5%, and its volatility was 15, this would mean that the range of its returns over the period had swung between +20% and -10%.
17.33
Tracking error
?This measures the standard deviation of a fund's excess returns over the returns of an index or benchmark portfolio. As such, it can be an indication of 'riskiness' in the manager's investment style. A Tracking Error below 2 suggests a passive approach. At 3 and above the the manager will be deploying a more active investment style.
8.01
Information ratio
?This is a useful risk-adjusted measure of actively managed fund performance. It is calculated by deducting the returns of the fund's benchmark from the fund's overall returns, then dividing the result by its tracking error. The higher the Information Ratio the better. It is generally considered that a figure of 0.5 reflects a good performance, 0.75 very good, and 1.00 outstanding.
0.13
R-Squared
?An indication of how closely correlated a fund is to an index or a benchmark. Values for R-Squared range between 0 and 1, with 0 indicating no correlation at all and 1 showing a perfect match. Values upwards of 0.7 suggest that the fund's behaviour is increasingly linked to its benchmark.
0.83
Price movement
52 week high1425
52 week low1010
Current bid price1420
Current offer price1425
Current mid price1422.5
Region
1Germany17.5%
2France12.4%
3Others11.9%
4Netherlands10.3%
5Italy10.2%
6Switzerland9.1%
7Sweden6.8%
8Finland6.4%
9Belgium6.3%
Industry sector
1Financials28.8%
2Industrials16.7%
3Consumer Goods15.3%
4Health Care13.8%
5Basic Materials8.3%
6Technology6.5%
7Consumer Services4%
8Oil & Gas3.7%
9Utilities1.6%
Asset type
1German Equities17.5%
2French Equities12.4%
3International Equities11.9%
4Dutch Equities10.3%
5Italian Equities10.2%
6Swiss Equities9.1%
7Swedish Equities6.8%
8Finnish Equities6.4%
9Belgian Equities6.3%
Individual holdings
1NESTLE SA3.6%
2AUTOLIV INC3%
3NOVARTIS AG3%
4BNP PARIBAS (SUISSE) SA2.9%
5UNITED INTERNET AG2.9%
6BAYER AG2.8%
7TESSENDERLO GROUP NV2.7%
8ING GROEP N.V.2.6%
9CARLSBERG2.5%
Management
Fund manager group
Janus Henderson Investors
Fund manager company
Henderson Global Investors Ltd
Fund type
Investment Trust
Fund objective
The Company seeks to maximise total return from a focused portfolio of listed stocks, mainly in Contintenal Europe.
Benchmark
  • FTSE World Europe EX UK
Investment style
No data available.
Investment method
No data available.
Fund managers
NameSinceBiography
John Bennett01/12/2010John Bennett is Head of European Equities at Janus Henderson Investors and manages the Janus Henderson Continental European and Pan European long only and long short strategies. He has held these roles since 2011 when Gartmore was acquired by Henderson. Prior to Gartmore, John served as fund manager at GAM for 17 years. During this time he managed their flagship European long only and European equity long/short hedge fund. Prior to GAM, he was a fund manager at Ivory and Sime. John qualified as a member of the Chartered Institute of Bankers in Scotland in 1980. Mr Bennett has 30 years of financial industry experience. Henderson Global Investors merged with Janus Capital Group in May 2017.
Compliance
AIC Member
Domicile
No data available.
Fund for sale in
United Kingdom
Henderson European Focus Trust NAV
Initial charge-
Annual charge-
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price821.9466
CurrencyGBX
Price updated28/03/2013
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeWN81
Henderson European Focus Trust Ord 50P
Initial charge-
Annual charge0.65%
Min single investment£0
Min regular saving£0
Available in ISAYes
Ongoing charge (OCF)0.9%
Total expense ratio (TER)1.1%
Bid price1420
Offer price1425
Mid price1422.5
CurrencyGBX
Price updated18/10/2017
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeNW58
Henderson European Focus Trust Ord 50p
Initial charge-
Annual charge-
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price1371.6
CurrencyGBX
Price updated17/10/2017
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeNJHJ
Data provided by

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