(HNE) Henderson EuroTrust - Searching for mispriced quality
Henderson EuroTrust aims to achieve a superior total return from a portfolio of European (excluding the UK) investments where the quality of the business is deemed to be high or significantly improving. HNE has an all-cap mandate, but tends to have a bias towards large and medium-sized companies. Environmental, social and corporate governance (ESG) factors are embedded within the investment process.
Henderson EuroTrust (HNE) provides relatively concentrated exposure to a portfolio of continental European (ex-UK) equities. The trust has been solely managed by Jamie Ross since February 2019, although his involvement with HNE dates back to 2016, alongside former longstanding fund manager Tim Stevenson. Ross is part of a well-established, collegiate European equities desk at Janus Henderson Investors (JHI) that covers the breadth of available opportunities in the region. The investment process blends exposure to companies with traditional quality characteristics like high and sustainable returns on equity, barriers to entry and proven and effective management that are labelled ‘compounders’ with a generally smaller allocation to those that are transitioning into quality companies where the prospects for improvement are mispriced (‘improvers’).