Navigating pandora’s box
Tom O’Hara, Portfolio Manager of Henderson European Focus Trust 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.
Related insights
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.
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Specific risks