Henderson EuroTrust (HNE) aims to deliver superior total returns from a portfolio of high-quality European (ex-UK) companies. After Tim Stevenson announced his retirement in 2018, Jamie Ross took over control and was named lead manager of the trust. He had been previously appointed deputy fund manager of HNE in March 2017 and then co-manager at the start of October 2018.
Jamie looks for high-quality, reliable companies, with the end goal of delivering consistent returns to investors. This involves looking for companies with strong market positions, sturdy balance sheets, consistent growth and quality management.
Jamie took over the portfolio in an unarguably challenging environment, with political and macroeconomic uncertainty swirling around Europe. However, so far in 2019 (to 31 October) the trust has outperformed, generating 20.16% NAV total returns relative to FTSE World ex-UK total returns of 17.5%. HNE has also outperformed both the AIC peer group average (by 2.3%) and the IA peer group average (by 4.3%) over the same period.
Due to this, Jamie looks as though he is on course to continue HNE’s impressive track record, which has now outperformed the benchmark in nine out of the last ten years. This impressive feat isn’t always recognised in the discount, which has been quite volatile over the past few years, ranging from a premium to a double-digit discount. The current discount sits at 9.2%, which is towards the bottom end of HNE’s historical range.