14th Nov 2013 17:53
LONDON (Alliance News) - Henderson Eurotrust PLC Thursday said it marginally lagged against its benchmark in the first quarter of the financial year, citing its relative lack of exposure to "recovery stories" favoured by the market.
Henderson Eurotrust said its total return on net asset value was 4.6% in the three months to October 31, lagging the FTSE World Europe (ex UK) Index's 4.9% rise.
"We have marginally reduced the weight in financials compared with three months ago, and we also have a steady exposure to more economically sensitive names. With markets trading at what in our view appears to be rather elevated levels in the short term due more to very strong inflows to European funds rather than a dramatic improvement in earnings and economies, we have decided to be ungeared for the time being," Henderson Eurotrust said in a statement.
Henderson Eurotrust, which counts Deutsche Post, UBS and Sodexo amongst its top ten investments, said its net asset value was 801.5 pence on October 31.
Henderson Eurotrust shares Thursday closed at 787.20 pence, up 1.3%.
By Samuel Agini; [email protected]; @samuelagini
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