European equities: time for the US to take a back seat?

by Nick Sheridan

1 month ago

​Investors have continued to favour US equities throughout much of the current long bull market, leaving Europe very much the unloved cousin for global investors. In this article, Portfolio Manager Nick Sheridan considers the value opportunity in European equities as we move further into 2019, against a contrasting backdrop of rising global trade tensions and further measures to stimulate European economies.

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​The Italian job – fixed income view on appointment fallout

​In appointing a prime minister that was not of the majority populist parties’ choosing, President Mattarella of Italy reignited political strife in Italy and sent shudders through asset markets. Portfolio managers Andrew Mulliner and Tim Winstone consider the implications for fixed income.

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Value perspective: what do investors get when they buy Europe?

by Nick Sheridan

1 year ago
In this video update, European equities manager Nick Sheridan gives his thoughts on what investors should be looking at when considering an investment in European equities, and why he believes that higher volatility provides an opportunity for value-focused investors.
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Brexit update: the end of the beginning

by Paul O'Connor

1 year ago

Paul O'Connor, Head of Janus Henderson's UK-based Multi-Asset Team, gives an update on Brexit negotiations between the UK and the European Union.

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Can European margin recovery drive equities higher?

​James Ross, co-manager of the Henderson Pan European Equity strategy alongside Tim Stevenson, discusses under-earnings in Europe compared to the US. James also explains in which areas in European markets he sees the strongest potential for margin improvement.

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2018 outlook for European investment grade credit: policy matters

by Tim Winstone, CFA

1 year ago

​Tim Winstone, Co-Manager of the Euro Corporate Bond strategy, notes that monetary policy will have a critical role in shaping returns for European investment grade credit in 2018, with financials likely to perform better than most non-financials.

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2018 outlook for European high yield bonds: scarcity value or value scarcity?

by Thomas Hanson, CFA

1 year ago

​Thomas Hanson, Co-Manager of the Euro High Yield Bond strategy, recognises that yields on European high yield bonds are near historical lows but believes that ongoing demand coupled with limited supply and a low default rate should maintain support for the asset class.

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Euroland equities: beneficiaries of Brexit uncertainty?

by Nick Sheridan

1 year ago

​In this video, European equities manager Nick Sheridan discusses his thoughts on value in European markets, addressing the growth versus value debate, and why he thinks Brexit uncertainty represents an opportunity over the shorter term for Euroland-focused value managers.

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The case for Europe: economic stability?

by Nick Sheridan

1 year ago

Europe now looks to have achieved some level of economic stability after almost a decade of uncertainty, but this does not yet seem to have been reflected in the price of shares for companies in the region. This article, the first of three, addresses some of the major questions that investors may have, providing some thoughts about the improving state of the region’s economy and why Europe may continue to offer attractive value.

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German election: Merkel seeks new allies for her fourth term

by Tim Stevenson

1 year ago

​The German Federal election on 24 September saw Chancellor Merkel elected for her fourth term as leader of Europe’s economic powerhouse. But the vote was not without its dramas. In this article, European equities manager Tim Stevenson gives his views on what the election result means, both for Germany, and the wider EU project.

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Macron’s victory relieves markets, but obstacles remain

by Jamie Ross, CFA

2 years ago

​European equities manager James Ross, who co-manages the Henderson Horizon Pan European Equity Fund with Tim Stevenson, gives his thoughts on the outcome of the French election, which saw political newcomer Emmanuel Macron win a decisive victory over far-right rival Marine Le Pen.

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John Bennett: is the tide turning for Europe?

by John Bennett

2 years ago

​​John Bennett, Head of European Equities, gives his thoughts on what he sees as very strong prospects for European equities for the remainder of 2017. He explains why he believes many asset allocators are behind the curve and face missing the boat on Europe, and why investors should ignore the political noise when looking at equities in the region.

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Essentials: European value strategy in three minutes

by Nick Sheridan

3 years ago

​In this ‘Essentials’ video, Nick Sheridan outlines his value-focused European equities strategy, designed to identify larger European companies listed in, or operating in, core European markets. His differentiated process focuses on businesses with stable margins and high barriers to entry, and which he believes have been fundamentally mis-priced by the market. Nick covers:

  • Value investing – the power of compounding
  • Core Europe – uncovering opportunities in the region
  • Quality stocks on a discount to book price
  • Value in prospective growth
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No helicopter money from the ECB

by Simon Ward

3 years ago

​Chief economist Simon Ward comments on the ECB's latest meeting, with President Mario Draghi issuing a more neutral message, following March's easing measures.

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Brexit: the European equities view

​​​Three of Henderson’s European equities fund managers give their views on the implications of the UK potentially leaving the European Union. The Henderson European equities team share resource and ideas but are free to implement their views within their individual portfolios as they see fit.

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European equities: the value of growth

by Nick Sheridan

3 years ago

European equities fund manager Nick Sheridan utilises an analytical screening tool to identify stocks that are being incorrectly priced and offer value in the market. This is a model that he has been developing since he first started running money in the late 1980s. The model is based around four key metrics: Dividends; Earnings; Net Asset Value; and Value of Growth, with the portfolio constructed from those stocks that offer the most overall value. In this article, Nick looks at the ‘Value of Growth’ pillar in more detail.

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European equities: fresh opportunities emerging?

by John Bennett

3 years ago

John Bennett, Head of European Equities, provides a video update outlining his thoughts on where next for European markets. He also explains where he sees two areas of potential opportunity for longer-term investors and how he has built positions accordingly.

John covers: 

  • Market moves
  • Cable telecoms’ strength*

 

*Holdings discussed are at a strategy level. The size and variety of exposure to each sector may vary between funds.

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European equities: positioning for challenges ahead

by John Bennett

3 years ago

​John Bennett, Head of European Equities, explains why his outlook is the most cautious it has been in six years and what this means from a portfolio positioning standpoint.

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The game is changing

by John Bennett

3 years ago

John Bennett reviews the backdrop for European equities at the start of 2016 and outlines and why he believes that we are near the beginning of multi-year, if not multi-decade, boom in innovation.

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Net Asset Value – a tangible measure of corporate health

by Nick Sheridan

3 years ago

European equities fund manager Nick Sheridan utilises a proprietary analytical screening tool to identify stocks that are being incorrectly priced and offer value in the market. This is a model that he has been developing since he first started running money in the late 1980s. The model is based around four key metrics: ‘Dividends; Earnings; Net Asset Value; and Value of Growth’, with the portfolio constructed from those stocks that offer the most overall value. This, the third in a series, looks at the ‘Net Asset Value’ pillar in more detail.

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