James Henderson, co-fund manager for Henderson Opportunity Trust, discusses the Trust’s latest portfolio activity; specifically why James and the team have been buying smaller companies they believe to be “unfairly valued”. James also discusses the benefits of a closed-end structure, particularly in light of the recent liquidity issues within open-ended funds.


Liquidity: The ability to buy or sell a particular security or asset in the market. Assets that can be easily traded in the market (without causing a major price move) are referred to as ‘liquid’.

Gross domestic product (GDP): the total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period.

Purchasing Managers' Index (PMI): an index of the prevailing direction of economic trends in the manufacturing and service sectors.