London, UK, 27 July 2023
Henderson EuroTrust (HNE): Performance is getting back on track.
Henderson EuroTrust's (HNE's) performance is getting back on track as investors have become more focused on company fundamentals rather than macroeconomic factors, and investors' strong preference for value stocks (translating into style headwinds for HNE between Q121 and Q222) has waned recently. The manager (Jamie Ross) is building on HNE's NAV 10-year record of outperformance versus the Europe ex-UK market (10.5% pa versus 9.1% pa respectively), based on a concentrated portfolio of high-quality growth stocks. European equities are very attractively valued and, coupled with the trust's double-digit discount, this should make HNE worthy of consideration.
There is scope for the trust to be afforded a higher valuation now its performance is improving, or if investors become less risk-averse. HNE has one of the widest discounts in its sector despite its performance being above average over the last one, five and 10 years.
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