7 Dec 2018 10:53
London, UK, 7 December 2018
Edison issues review on Henderson Alternative Strategies Trust (HAST)
Henderson Alternative Strategies Trust (HAST) aims to provide a 'one-stop shop' for investors seeking to allocate to specialist and alternative assets. Following the retirement of co-manager Ian Barrass in June, HAST is now co-managed by James de Bunsen and Peter Webster. The trust's focus on areas such as property and hedge funds, alongside specialist credit, private equity and emerging markets, among others, means it should be well placed to act as a source of less-correlated returns in times of mainstream equity market volatility. HAST's NAV held up well in the market wobbles of Q118 and its move to more defensive positioning through the summer has so far stood it in good stead during the current sell-off in equity markets. Meanwhile, recent 'buying on the dips' in favoured holdings such as Worldwide Healthcare Trust and Polar Capital Global Financials will allow HAST to take full advantage of any recovery in sentiment.
At 5 December 2018, HAST's shares traded at a discount of 19.3% to the 30 November NAV (NAVs are released weekly for the previous Friday). The discount has widened as the NAV has outperformed the share price in this year's equity market volatility, and is currently above the averages over one, three, five and 10 years, which range from 16.6% to 17.2%. The trust also trades at a significant discount to the 1.1% average premium of its close peers; HAST's managers say there is a perception that it invests in more illiquid assets than is actually the case.
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