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Navigating pandora’s box

Tom O’Hara, Portfolio Manager of Henderson European Focus Trust (HEFT) provides an update on the Trust, highlighting the key drivers of performance year-to-date, the challenges businesses and consumers are facing, and outlines the risks to watch as the year progresses.

Key takeaways:

Despite a challenging market environment, the Henderson European Focus Trust has held up relatively well, benefitting from its exposure to the energy sector. The Trust’s style-agnostic approach also proved beneficial.

After buying into the consumer V-shape recovery in 2021, we have refined our consumer exposure in 2022 as the cost-of-living crisis intensifies. We have reduced our mass market exposure and are focusing on areas such as travel and leisure.

The market outlook remains uncertain with risks stemming from China’s zero-Covid policy and its implications on supply chains, the pace of central bank interest rate hikes, and the impact of the cost-of-living crisis on consumers.

These are the views of the author at the time of publication and may differ from the views of other individuals/teams at Janus Henderson Investors. Any securities, funds, sectors and indices mentioned within this article do not constitute or form part of any offer or solicitation to buy or sell them.

Past performance does not predict future returns. The value of an investment and the income from it can fall as well as rise and you may not get back the amount originally invested.

The information in this article does not qualify as an investment recommendation.

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Janus Henderson have been managing investment trusts since 1934 – over 80 years. Janus Henderson are one largest managers of investment trusts in the UK, managing a well-established range of 13 investment trusts covering different geographies and asset classes.

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