Every month in IPE we analyse the portfolio style of a fund using the return-based Portfolio Analyser developed by London-based firm Style Research.
For this issue we have selected the Henderson Horizon European fund, managed by Henderson Global Investors.
This Luxembourg-based SICAV was launched in 1984 and invests in both large and small companies in continental Europe and aims to achieve long term capital appreciation.
The graph reflects the changes that the fund’s portfolio has undergone during a 12 month period starting in May 2000, based on the fund’s monthly historical data for the last two years, provided by Standard & Poor’s Micropal.
In May 2000, and according to our analysis, the fund had around 40% of its assets invested in small growth stocks, some 55% in large growth investments and under 5% in large value shares in Continental Europe.
Our analysis shows how the percentage of large growth assets in the fund’s portfolio gradually increased during the year, representing nearly 70% of total assets in November and around 77% at the end of this year’s first quarter.
The fund’s small growth holdings decreased significantly during the summer of last year, representing 12% of total assets in September. This trend continued through the following two quarters, and small growth stocks only accounted for 5% of the fund’s portfolio at the end of March this year.
Large value shares, that at the beginning of the period of this analysis were only around 4% of the total portfolio’s assets, grew in proportion and at the end of November represented 18% of the fund’s total investments.
The Henderson Horizon European fund had assets of e948m at the end of May with 28% of its portfolio invested in French companies. Around 20% of its assets were dedicated to investments in the Netherlands and 15% in Germany.
The fund has a five-star rating from Standard & Poor’s and has a three-year performance of 36.03% with a three year volatility of 6.92.