Fund Research

Henderson Opportunities Trust

Last update 13 February 2019

Material produced by Kepler Trust Intelligence should be considered as factual information only and not an indication as to the desirability or appropriateness of investing in the security discussed.

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Investment objective

To achieve capital growth in excess of the FTSE All Share from a portfolio of companies.

As at:

08/02/2019

Group/Investment

Henderson Opportunities Ord

Ticker

HOT

Management Company

Janus Henderson Investors Ltd

Manager Name

James Henderson; Laura Foll

Association of Investment Companies (AIC) Sector

UK All Companies

12 Mo Yield

1.8%

Dividend Distribution Frequency

Semi-Annually

Latest Market Capitalisation

£77,747,690

Latest Net Gearing (Cum Fair)

13%

Latest Ongoing Charge Ex Perf Fee

0.79%

Turnover Ratio

30.4%

Shares Outstanding

 7,901,188

(Discount)/ Premium (Cum Fair)

-16.0%

Daily Closing Price

979p

Henderson Opportunities Trust (HOT) aims to outperform the FTSE All Share by investing across the market cap spectrum. The portfolio of c.90 stocks is dominated by smaller companies, and over 60% is currently invested in AIM.

Managers James Henderson and Laura Foll aim to hold stocks for three to five years on average, and lean strongly on company meetings to understand management teams and the potential of their businesses. James and Laura are also a keen supporter of IPOs, looking to back high-growth companies at very early stages.

The trust has a strong track record of doing well in rising markets, and is heavily invested in high-growth technology stocks as well as industrials and consumer discretionary companies. It is consistently geared, although with the ability to reduce the gearing at short notice, which in our view means that it is a higher-risk play.

The relatively small size of the portfolio is also of benefit in the smaller companies space, we think, as it means the managers can continue to invest in the smaller end of the market without having to own large percentages of the companies, which would then be hard to sell.

The discount ballooned out beyond 20% following the EU referendum’s Brexit result of 2016, and is currently trading at around the 16% level, making it cheaper than all but one of its AIC UK Equity peers and cheaper than all but two AIC UK smaller company trusts.

Thomas McMahon

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Fund History: Henderson Opportunities Trust

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