Laura Thomas and Tom O’hara, Fund Manager of Henderson European Focus Trust, discuss the major factors currently affecting the market, changes made to the portfolio, the inflation conundrum, and the nuances between “deep value” and “quality value” stocks.

Key Takeaways

  • Inflation, monetary policy, Covid-19, protectionism and the energy transition are among the major factors affecting the market
  • The portfolio shifted from focusing on the “industrial V-shape” i.e. capex and recovery plays to “consumer re-opening plays” to take advantage of economic reopening
  • Idiosyncratic stock specific merits remain the key focus for Tom and ultimately drive the stock selection process.

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