8th Dec 2015 14:43
LONDON (Alliance News) - Henderson European Focus Trust PLC said Tuesday that it outperformed its benchmark in the year to end-September.
The trust saw a total return on net asset value, including dividends reinvested, of 5.2%, compared to a negative total return of 1.2% from its benchmark, the FTSE World Europe ex UK Index.
Henderson European Focus proposed a final dividend of 17.65 pence per share, taking its total for the year to 24.65p, up from 23.45p a year before.
"Equities are not particularly cheap and our sense is that the tailwinds of the past five years are most unlikely to be enjoyed in the year ahead. This view is reflected in the portfolio, with gearing reduced substantially to stand at a modest 6.4% at the time of writing and in the fact that the list of names in the portfolio has been reduced to 53 since the year end," said Chairman Rodney Dennis in a statement.
"It may be an overused cliché in the world of equity investment, but for the year ahead, stock-picking will as always be crucial," Dennis added.
Shares in Henderson European Focus were down 0.9% at 1,035.16p Tuesday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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