For the second part of our annual survey, we asked fund managers if they had changed their view on any stocks this year, for better or for worse, and what lay behind their decisions.As with the winners and losers survey last week, the answers were often frank and once again we would like to thank everyone who took part.Thomas Moore - Aberdeen Equity Income Trust (AEI)THE STOCK THAT I CHANGED MY MI

There were several trends in the UK stock market this year which, if you managed to identify them, served you well.Most obviously, although it may not have seemed it at the index level, large-cap stocks generally performed better than small- and mid-caps, although for the lucky few the small-cap space has been rife with takeover activity.In terms of sectors, aerospace and defence topped the FTSE 3

While many investors will talk about wanting to hold shares for the long term, it is interesting to learn why fund managers decide to make changes to their portfolio. This active management is often spurred by changes to the investment case or valuation.For example, Pershing Square Holdings' (PSH) manager Bill Ackman earlier this year held shares Netflix (NFLX:NASDAQ) for a mere three months. The

It's been a tricky 2022 for global stock markets and that's made life hard for ordinary and professional investors alike. In this feature several leading fund managers explain what worked out for them over the course of the year and what went wrong.James Harries - Securities Trust of Scotland (STS)What worked?At Troy (Securities Trust of Scotland's investment manager) we seek companies that genera

As 2022 draws to a close amid continuing market volatility Shares has canvassed leading fund managers to find out where they have been finding the best opportunities.Jamie Ross - Henderson Eurotrust (Hne)LOOKING OUT FOR BOMBED-OUT GROWTH STOCKSWe have spent the last 12 months trying to find opportunities within the growthier area of the market - our favoured part of the market and the part of the

There are some great stocks across the Atlantic but you pay an increasingly high price for them. In this article we will explain why investors on the hunt for growth could look closer to home, casting their gaze across the Channel to Europe.LITTLE MARGIN FOR ERRORUK retail investors seeking 'quality growth' stocks outside these shores have been avid buyers of US stocks for several years, and even

Investors are understandably preoccupied with the ongoing Covid-19 pandemic and what a potential second wave and lockdown return might mean for the economy and individual savings and investments.On 6 August the Bank of England said the economic shock triggered by the coronavirus crisis will be less than initially feared but the bounce-back will take longer and inflict lasting damage on jobs and gr

Longer-term earnings for select high-quality European firms have not been impaired by the COVID-19 crisis, insists Jamie Ross, manager of Henderson EuroTrust (HNE).As Shares outlined here in January, Henderson EuroTrust is a European fund with an excellent track record. Its objective is to achieve a superior total return from a portfolio of high-quality European investments (excluding the UK), whi

We think a 7.5% discount to net asset value (NAV) on Henderson EuroTrust (HNE) offers an attractive entry point for investors seeking exposure to some of the highest qualities companies in continental Europe. This market remains largely out of favour, yet offers significant re-rating opportunities.After 25 years under the stewardship of Tim Stevenson, Henderson EuroTrust is now managed by Jamie Ro

Investors looking for an opportunity to put money to work in currently unloved European markets should consider Henderson EuroTrust (HNE). This investment trust aims to deliver superior total returns from a portfolio of high quality European (ex UK) investments.Former deputy manager Jamie Ross took over as lead manager following the long-serving Tim Stevenson's retirement in February.Although the

Henderson EuroTrust (HNE) is in talks to increase its gearing facility, thereby giving it access to more cash to deploy in the market and potentially enhance investment returns.The decision to increase gearing, which represents the proportion of debt to equity, normally signals that a fund manager is very bullish about the outlook from an investment perspective.Borrowing money effectively gives an

Ignore all the buzz about US markets surging away and businesses enjoying a boost from lower tax rates. We think Continental Europe is a better opportunity and one that is still underappreciated by many investors.Why do we like Europe? Economic conditions are good, companies are finally enjoying decent earnings growth, politics aren't getting in the way and equity valuations aren't overly expensiv

According to WPP's (WPP) annual BrandZ Global Top 100 Most Valuable Brands report for 2017, the value of the Global Top 100 increased 8% year-on-year to $3.6trn despite a year of grand geopolitical surprises.WPP says the value of the BrandZ Strong Brands Portfolio, a subset of the Brandz Top 100 Most Valuable Global Brands, increased 124.9% over the 12 years between April 2006 and April 2017, outp

Eurozone consumer confidence in June reached its highest level for 16 years, suggesting growth in the economic area could be accelerating sharply.A flash reading on consumer confidence from the European Commission came in at -1.3 in June versus -3.3 for May.Unemployment is at its lowest level since 2009 and the latest German Ifo Business Climate index, which has a good track record of predicting t

Assuming 'Brexit means Brexit' and the UK leaves the European Union, these islands may be viewedas more seperate from continental Europe as an investment bloc.Most funds are pan-European and include UK stocks alongside their mainland European counterparts. Henderson EuroTrust (HNE) is one of only a handful of investment trusts which offers exposure to Europe while entirely excluding the UK.It is t

As a result of its vote in favour of leaving the EU, the UK is probably heading towards a recession'. That warning from Julius Baer's chief economist Janwillem Acket provides a good clue as to why the FTSE 250 has travelled in an opposite direction to the FTSE 100 blue chip index since the Brexit vote was cast.The FTSE 250 is down 5% since the EU referendum vote results on 24 June, versus a 3.8% g

European equity outperformance? Pigs might fly.Portugal, Italy, Ireland, Greece and Spain (the PIIGS) are confounding commentators' 2015 predictions with improving economic and stock market performance early in the year.Shares correctly called a rally on European stocks ahead of the European Central Bank's quantitative easing (QE) announcement (22 Jan, ECBonanza). European stock indices in Germany

Investors nervous about putting money to work in Europe should consider the experienced hands of Tim Stevenson who has managed Henderson EuroTrust (HNE) since 1994. Ranked among the top performing trusts in the European equities sector over the past decade, the fund has established a track record of superior and consistent performance over time.With £175 million in total assets under management a

It is particularly interesting to see fund flows into Japanese equities reach $6.8 billion in the week to last Wednesday (22 May), the highest figure since the launch of EPFR data in 2003, just before the Nikkei 225 plunged 7% (23 May) for the Tokyo market's worst day in over two years.The behavioural psychologists would love that (see Feature, Shares, 23 May) not least as it shows how these 'soft