Henderson European Focus

Gazzard-Steve-IFP-2013

Bestinvest’s Jason Hollands: Henderson European Focus

“This is a small fund at £92m, with a concentrated portfolio of 40 stocks, representing the manager’s best ideas. The approach is focused on large caps, so the strategy can easily be scaled up in our view. The style is value-focused, in market we think has re-rating potential as stocks are trading at quite discounted multiples relative to their US peers. John Bennett is prepared to be bold in his views. In particular, the fund has a punchy 29% position in healthcare stocks at the moment, with top ten holdings including the likes of Novartis, Roche, Sanofi, AstraZeneca and Bayer. He believes healthcare stocks are cheap and is attractive by their strong cashflow generation.”

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