For financial professionals in the UK

Kepler Research – Henderson European Focus Trust Results Analysis

John Bennett

John Bennett

Director of European Equities | Portfolio Manager

Tom O’Hara

Tom O’Hara

Portfolio Manager

12 Jun 2021

This third-party results analysis provided by Kepler Partners focuses on the recently published interim results, for the six months to 31 March 2021.

Key takeaways:

  • For that period HEFT reported a NAV total return of 13.6%, outperforming the 11.9% return of its benchmark, the FTSE World Europe ex UK Index.
  • The managers continue to actively position the trust around the varying phases of the pandemic recovery. The most recent change has been a substantial increase in its exposure to consumer discretionary stocks, in preparation for an expected recovery in consumer spending resulting from Europe’s vaccine rollout and increased consumer savings.
  • HEFT trades on an 8.9% discount as of 25 May 2021, despite generating strong long-term returns. HEFT has generated a five-year NAV total return of 90.5% to the same date, beating the 81.9% of its FTSE World Europe ex UK benchmark.

Read the full analysis on the Kepler Research website

Net asset value (NAV) – The total value of a fund’s assets less its liabilities.

Total return/Absolute return – The total return of a portfolio, as opposed to its relative return against a benchmark, is measured as a gain or loss, and stated as a percentage of a portfolio’s total value.

Discretionary stocks – A classification for goods and services that are considered non-essential by consumers, such as entertainment, leisure activities, and automobiles.

Discrete year performance % change (updated quarterly)

31/03/2020 to 31/03/2021

29/03/2019 to 31/03/2020

30/03/2018 to 29/03/2019

31/03/2017 to 30/03/2018

31/03/2016 to 31/03/2017

Share Price












All performance, cumulative growth and annual growth data is sourced from Morningstar

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. References made to individual securities do not constitute a recommendation to buy, sell or hold any security, investment strategy or market sector, and should not be assumed to be profitable. Janus Henderson Investors, its affiliated advisor, or its employees, may have a position in the securities mentioned.


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 that is diversified across more countries.
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  • Active management techniques that have worked well in normal market conditions could prove ineffective or negative for performance 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.
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