It is too early to be overly confident, but we are gradually building confidence in the outlook for the market, writes Jamie Ross of Henderson EuroTrust.
COVID-19: our performance, positioning and trading activity
read more
Janus Henderson
Investment TrustsAbout Us
Janus Henderson Investors is a leading global active asset manager, helping clients achieve their long-term financial goals.
Janus Henderson look after 13 different investment trusts and investment companies with assets valued at £7.9bn (Source: AIC as at 30th November 2019). We invest in a wide range of countries, sectors and assets to provide investors with choice, diversity and opportunity.
3 simple steps to owning an investment trust:
Trusts and Managers
Henderson Alternative Strategies Trust plc
Manager(s): Alex Barr | James de Bunsen, CFA | Peter Webster, CFA
Henderson EuroTrust plc
Manager(s): Jamie Ross, CFA
Henderson Far East Income Limited
Manager(s): Mike Kerley | Sat Duhra
Henderson High Income Trust plc
Manager(s): David Smith, CFA
Henderson International Income Trust plc
Manager(s): Ben Lofthouse, CFA
Henderson Opportunities Trust plc
Manager(s): James Henderson | Laura Foll, CFA
Lowland Investment Company plc
Manager(s): James Henderson | Laura Foll, CFA
The Bankers Investment Trust PLC
Manager(s): Alex Crooke
The City of London Investment Trust plc
Manager(s): Job Curtis
Henderson European Focus Trust plc
Manager(s): John Bennett | Tom O’Hara
The Henderson Smaller Companies Investment Trust plc
Manager(s): Neil Hermon
TR European Growth Trust PLC
Manager(s): Ollie Beckett
Henderson Diversified Income Trust plc
Manager(s): Jenna Barnard, CFA | John Pattullo
Understanding investment trusts: gearing
Understanding investment trusts: premiums vs discounts
These are the views of the author at the time of publication and may differ from the views of other individuals/teams at Janus Henderson Investors. Any securities, funds, sectors and indices mentioned within this article do not constitute or form part of any offer or solicitation to buy or sell them.
Past performance is not a guide to future performance. The value of an investment and the income from it can fall as well as rise and you may not get back the amount originally invested.
The information in this article does not qualify as an investment recommendation.
For promotional purposes
Videos
Watch our latest videos and our Trust TV webinar series to get to know more about our investment trusts and fund managers.
What would you ask a professional investor?
With so many question marks hanging over markets, including Brexit, trade wars, disruption and persistently low interest rates; Trust TV gives you an exclusive opportunity to quiz the pro’s from the comfort of your own home or office.
Trust TV is an exclusive webinar series that gives you the chance to quiz fund managers live and glean insights about their investment process and their thoughts on today’s investment landscape.
https://www.janushenderson.com/en-gb/investor/trust-tv-registration
Trust TV: Exclusive access to investment trust managers
Trust TV: Maintaining stability in turbulent times
Date: 19/3/2020
In this latest episode of Trust TV Mike Kerley, Fund Manager of Henderson Far East Income, discusses the impact of COVID-19 on the Trust and the Asian markets in general. Mike also discusses his plans for the Trust over the next 10 years and how he and the team incorporate ESG to their investment strategy.
Trust TV: Where can active managers beat tracker funds?
Date: 11/03/2020
In which markets do active fund managers have an edge over passive strategies? Ben Lofthouse, fund manager of Henderson International Income Trust, explains in the latest episode of Trust TV.
Trust TV: Can active fund managers beat the index?
Date: 28/01/2020
Watch Job Curtis, Fund Manager of The City of London Investment Trust, field questions from an online audience of private investors in the latest episode of Trust TV.
Trust TV: European Equities, with John Bennett and Jamie Ross
Date: 13/06/2019
Watch the full episode of Trust TV: European Equities, featuring John Bennett fund manager of Henderson European Focus Trust followed by Jamie Ross fund manager of Henderson European Trust.
Trust TV: UK Focus, with Neil Hermon, Indri Van Hien and Laura Foll webinar
Date: 03/04/19
Watch the full episode of Trust TV: UK Focus, featuring fund managers Neil Hermon and Indri van Hien of Henderson Smaller Companies Investment Trust; followed by Laura Foll of Lowland Investment Company.
Latest videos
European stocks deliver against negative narrative
Date: 3/2/2020
UK-based investors would have enjoyed a good decade had they ignored the negative commentary around European stock markets and bought some exposure to the continent, says John Bennett, Fund Manager of Henderson European Focus Trust. John also explains his thoughts on the year ahead and his activity on the Trust’s portfolio.
Where are the best investment prospects in 2020?
Date: 3/2/2020
Where in the world does The Bankers Investment Trust Fund Manager, Alex Crooke, see the greatest investment opportunities in 2020? Alex also explains why the closed-ended investment trust structure can be a big help to a portfolio manager.
What’s in store for bond investors in 2020?
Date: 27/01/2020
Jenna Barnard and John Pattullo, Co-Fund Managers of Henderson Diversified Income Trust, explain why the performance of the US dollar will be an important component in the economic outlook for 2020.
How to protect your portfolio from disruption
Date: 27/01/2020
David Smith, fund manager of Henderson High Income Trust, discusses the Trusts recent performance, having ended the year by outperforming the benchmark. David also discusses the latest portfolio activity and how he and his team protect the portfolio from disruption.
Has 5G been overlooked by markets?
Date: 27/01/2020
With the next generation of mobile networks on the horizon, some investors may have overlooked the technology’s potential to influence other areas of business and technology, says Mike Kerley, Co-Manager of Henderson Far East Income Limited. Mike also discusses the year ahead for Asian equities and the Company’s performance in 2019.
Which sector is Lowland eyeing after the UK election?
Date: 27/01/2020
Laura Foll, fund manager for Lowland Investment Company, discusses the Trust’s latest performance and explains why she is hopeful sentiment towards UK companies will improve following the UK general election. Laura also discusses the latest portfolio activity and explains why the team have chosen to increase its position in UK smaller companies.
Will political clarity pull UK equities up?
Date: 27/01/2020
Clarity on the UK’s political future may see UK equity valuation rise in 2020, says Job Curtis, Fund Manager of The City of London Investment Trust. Job also explains his recent portfolio activity and the current shape of the portfolio.
Why liquidity doesn’t trouble Investment Trusts
Date: 13/01/2020
James Henderson, co-fund manager for Henderson Opportunity Trust, discusses the Trust’s latest portfolio activity and the discusses the benefits of a closed-end structure.
Optimistic outlook for the UK economy
Date: 13/01/2020
Neil Hermon, fund manager for Henderson Smaller Companies Trust, discusses the Trust’s “excellent” performance in 2019.
Is 2020 the year for European small cap?
Date: 13/01/2020
Ollie Beckett, fund manager for TR European Growth Trust, explains why he believes European smaller companies are performing well.
European equities offer investors fair value
Date: 13/01/2020
The European equity market is often overlooked by investors, but valuations are reasonable and economic data is improving, says Jamie Ross, fund manager of Henderson EuroTrust.
Podcast
JH have teamed up with James Faulkner, editor-in-chief at Master Investor Magazine, to present some interesting and insightful podcasts and exclusive interviews with top fund managers.
European Focus with John Bennett and Tom O’Hara
James Faulkner is joined by the managers of Henderson European Focus Trust. We discuss why Europe is a stock picker’s market, and why the continent is poised to become a world leader in what looks set to become one of the biggest markets on the planet.
For UK investors. Capital at risk. For a full glossary of terms mentioned within this episode please visit www.janushenderson.com/ukpi/content/glossary.
Looking overseas for income with Ben Lofthouse
Today’s guest is Ben Lofthouse of Henderson International Income Trust. We’ll be talking about why investors should look further afield than the UK in their search for income, and we’ll also be taking a closer look at some of the investment themes that drive Ben’s approach to income investing.
For UK investors. Capital at risk. For a full glossary of terms mentioned within this episode please visit www.janushenderson.com/ukpi/content/glossary.
Taking the multi-cap approach with Laura Foll of Lowland Investment Company
James Faulkner is joined by Laura Foll, co-manager of the Lowland Investment Company. Laura explains how she’s finding value across the market cap spectrum in the UK, with a more detailed look at some of the portfolio constituents.
Glossary
Gearing: A measure of a company’s leverage that shows how far its operations are funded by lenders versus shareholders. It is a measure of the debt level of a company. Within investment trusts it refers to how much money the trust borrows for investment purposes.
53 years of dividend growth with Job Curtis
In this episode we’re joined by Job Curtis, the manager of City of London Investment Trust. We’re going to be talking about the outlook for UK dividends, and there’s probably nobody better placed to talk about this than Job, as City of London is one of the AIC’s dividend heroes, with 53 consecutive years of dividend growth under its belt.
For UK investors. Capital at risk. For a full glossary of terms mentioned within this episode please visit www.janushenderson.com/ukpi/content/glossary.
How to diversify and de-risk through alternative assets
Alex Barr of Henderson Alternative Strategies Trust invests in a range of alternative assets, many of which wouldn’t normally be readily accessible to retail investors. We’ll be talking about why alternative assets are such a useful diversifier, especially in a bull market that’s looking pretty late cycle after ten years of rising share prices and we’ll also be taking a closer look at some of the portfolio constituents.
For UK investors. Capital at risk. For a full glossary of terms mentioned within this episode please visit www.janushenderson.com/ukpi/content/glossary.
Uncovering the best European stocks with Jamie Ross
James Faulkner, editor of Master Investor Magazine, is joined by Jamie Ross, manager of Henderson EuroTrust to talk about why Europe is such an unloved destination for investors right now and why that’s throwing up some very interesting opportunities.
For UK investors. Capital at risk. For a full glossary of terms mentioned within this episode please visit www.janushenderson.com/ukpi/content/glossary.
Hunting for opportunities with James Henderson
James Faulkner speaks with James Henderson of Janus Henderson Investors about his long and distinguished career in fund management and how he spots investment opportunities for Henderson Opportunities Trust, one of three trusts that James manages.
For UK investors. Capital at risk. For a full glossary of terms mentioned within this episode please visit www.janushenderson.com/ukpi/content/glossary.
Looking East for income
James Faulkner talks to Mike Kerley, manager of Henderson Far East Income Limited, about investing for income in Asia and the Far East. The conversation covers the ongoing trade war between the US and China, along with the particular attractions of Asian stocks for income investors, and a breakdown of Mike’s portfolio in terms of geography, sector and individual stocks.
For UK investors. Capital at risk. For a full glossary of terms mentioned within this episode please visit www.janushenderson.com/ukpi/content/glossary.
UK stocks: Unloved and undervalued
James Faulkner talks to David Smith, manager of Henderson High Income Trust, about the prospects for UK stocks against the backdrop of Brexit turmoil. The conversation covers valuations, the risks stemming from Brexit, the hunt for income, and how David is navigating the markets with his own holdings within the trust.
For UK investors. Capital at risk. For a full glossary of terms mentioned within this episode please visit www.janushenderson.com/ukpi/content/glossary.
Thought Leadership articles
Read the latest thought leadership articles written by Janus Henderson fund mnagers for the Master Investor Magazine.
COVID-19: outlook for dividends in 2020
Ben Lofthouse, Head of Global Equity Income, and Jane Shoemake, Investment Director, assess the outlook for global dividends in the wake of the COVID-19 pandemic.
Why income investors shouldn’t panic
Laura Foll, Co-Fund Manager for Lowland Investment Company, delivers an outlook on the state of UK dividends in consideration of COVID-19.
Manager update on TR European Growth Trust
TR European Growth Trust Manager Ollie Beckett talks about how he is positioning the trust’s portfolio for the economic recovery from COVID-19.
A time to remain cautious but look for long-term opportunities
PARTNER CONTENT David Smith, Fund Manager for Henderson High Income Trust, provides an update on portfolio activity and discusses the impact of the coronavirus pandemic. We are currently in unprecedented times. A global pandemic has led to a bear market in equities...
Manager update on Henderson Smaller Companies
Neil Hermon, Fund Manager of Henderson Smaller Companies, delivers an update on how the trust has fared in the opening months of the year.
European equities: uncharted waters
Equity markets are scrambling to price in a recession. In so doing they are already at the stage of trying to determine whether this is a ‘normal’ recession or something altogether deeper.
COVID-19: cautiously optimistic on Asian equities from an income perspective
Mike Kerley, Fund Manager for Henderson Far East Income Trust, shares his views on the latest developments in Asia and discusses the investment implications from an income point of view.
UK equities: diversification is paramount in uncertain times
Laura Foll, UK equities portfolio manager, provides an update on the market amid the coronavirus outbreak and oil supply price war, as well as what may be instore for UK income investors.
Is there a liquidity problem in the UK small-cap sector?
James Henderson, co-fund manager of Henderson Opportunities Trust, explains why liquidity concerns around UK smaller companies may be exaggerated; and why a rally could be around the corner.
Is the UK doomed without big tech players?
James Henderson challenges the consensus that the UK is destined to lag behind the US, owing to the absence of large-cap tech companies.
Why caution on Hong Kong is paying dividends
Prudent investors will have been cautious on Hong Kong for some time, says Henderson Far East Income Fund Manager Mike Kerley.
Why cash flow keeps you on the straight and narrow
Job Curtis, Fund Manager of the City of London Investment Trust, explains why cash flow is so important when investing in equities for the purpose of income, using two stock case studies.
How the regulators can make or break an investment
Regulations can often be positive for industry incumbents, but investors need to be wary of regulator change, explains Ben Lofthouse of Henderson International Income Trust.
Novo Nordisk – the anatomy of a good company
Jamie Ross, fund manager of Henderson EuroTrust, explains the rationale behind the inclusion of the Danish pharmaceutical company Novo Nordisk in his portfolio.
Having bond exposure in a world of uncertainty
For an investor looking for income, the ability to invest in both equities and bonds can be beneficial, particularly in the current investment climate, says David Smith, Fund Manager of Henderson High Income Trust.
How we achieved 52 years of dividend growth
City of London Investment Trust manager Job Curtis explains how he uses revenue reserves to smooth dividend payments over time.