Initiation – the search for an incorrectly assessed quality


EQS-News: / Keyword(s): Research Update/Study UpdateHenderson EuroTrust (HNE): Initiation – Finding Underrated Quality The issuer is solely responsible for the content of this announcement.

London, UK, January 26, 2023


Henderson EuroTrust (HNE): Initiation – Seeking quality at an inflated price

Henderson EuroTrust (HNE) provides relatively concentrated exposure to the Continental European (formerly UK) equity portfolio. Since February 2019, the trust has been managed exclusively by Jamie Ross, although his involvement with HNE dates back to 2016 along with former longtime fund manager Tim Stevenson. Ross is part of Janus Henderson Investors (JHI)’s well-established peer-to-peer European equity team, which covers the wide range of opportunities available in the region. The investment process combines participation in companies with traditional quality characteristics, such as high and stable returns on capital, barriers to entry, and proven and efficient management, which are labeled as “compounders”, with a generally smaller stake in those moving into quality companies where the prospects for improvement are not properly assessed (“improvers”).

HNE has historically traded at a high to low double digit discount, which we believe is not justified. In our view, this can be explained by a number of factors such as the size of the trust compared to some peers, which may deter quasi-institutional buyers such as asset managers, and the relatively low profile of HNE in the investment community. We believe the market is overlooking the differentiated and efficient investment approach that the two fund managers have consistently employed to good effect, along with fees that are below the average for the AIC category.

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26.01.2023 CET/CEST Distribution of corporate news broadcast by EQS News, a service of the EQS Group AG. The issuer is solely responsible for the content of this announcement.

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