For financial professionals in the UK

Fund Manager September 2021 Commentary – Henderson Opportunities Trust

Laura Foll, CFA

Laura Foll, CFA

Portfolio Manager

James Henderson

James Henderson

Director of UK Investment Trusts | Portfolio Manager

12 Oct 2021
4 minute read

Laura Foll, Co-Portfolio Manager of Henderson Opportunities Trust, delivers an update on the Trust highlighting the key drivers of performance over the period and recent portfolio activity.

September was a volatile month, in which a relatively subdued -1.0% return in the FTSE All-Share Index (on a total return basis) masked some large underlying moves in share prices, driven by rising energy prices and rising bond yields. The rise in the oil price, as demand recovers and inventories are gradually drawn down following the pandemic, led to energy companies held in the portfolio such as Jersey Oil & Gas performing well. An even larger move upwards in the UK gas price meant that Serica Energy, a North Sea oil & gas producer (exposed primarily to gas), was the largest individual contributor to performance in the portfolio.

At the aggregate level, the portfolio holds an approximately equal amount to the FTSE All-Share benchmark in oil & gas companies. However, the makeup of the holdings is very different. For example, the portfolio would hold neither Royal Dutch Shell nor BP, as we have preferred to hold smaller companies, that in our view, should add more value over time.

One new position was established during the month in Oxford Nanopore. We saw Nanopore as an opportunity to gain exposure to what could be one of the market leaders in a potentially very large future end market. However, the route to scaling up sales from current modest levels is unlikely to be linear.



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.


Marketing Communication.






Important information

Please read the following important information regarding funds related to this article.

Before investing in an investment trust referred to in this document, you should satisfy yourself as to its suitability and the risks involved, you may wish to consult a financial adviser. This is a marketing communication. Please refer to the AIFMD Disclosure document and Annual Report of the AIF before making any final investment decisions.
    Specific risks
  • If a Company's portfolio is concentrated towards a particular country or geographical region, the investment carries greater risk than a portfolio diversified across more countries.
  • Some of the investments in this portfolio are in smaller companies shares. They may be more difficult to buy and sell and their share price may fluctuate more than that of larger companies.
  • This Company is suitable to be used as one component in several in a diversified investment portfolio. Investors should consider carefully the proportion of their portfolio invested into this Company.
  • Active management techniques that have worked well in normal market conditions could prove ineffective or detrimental at other times.
  • The Company could lose money if a counterparty with which it trades becomes unwilling or unable to meet its obligations to the Company.
  • Shares can lose value rapidly, and typically involve higher risks than bonds or money market instruments. The value of your investment may fall as a result.
  • The return on your investment is directly related to the prevailing market price of the Company's shares, which will trade at a varying discount (or premium) relative to the value of the underlying assets of the Company. As a result losses (or gains) may be higher or lower than those of the Company's assets.
  • The Company may use gearing as part of its investment strategy. If the Company utilises its ability to gear, the profits and losses incured by the Company can be greater than those of a Company that does not use gearing.