3rd Apr 2014 13:57
LONDON (Alliance News) - Henderson Global Trust PLC Thursday said it underperformed against its benchmark in its last financial year.
The net asset value total return including dividends reinvested was 4.7% compared to a total return from the benchmark index, comprising 50% FTSE All-Share Index and 50% MSCI World Index ex UK (in sterling terms) to May 31, 2013 and the MSCI All Country World Index (in sterling terms, total return) thereafter, of 9.2%.
In 2013 the trust appointed a new portfolio manager and introduced a new investment policy and benchmark. Chairman Richard Stone said the low risk investment style of the trust's manager resulted in underperformance against the benchmark.
"Five years into the market recovery that started in 2009, we remain constructive on equities. Our view is supported by improving economic data, reasonable valuation levels, and the ability of central banks to continue to provide ample liquidity," Stone said in a statement.
Wouter Volckaert took over from Brian O'Neill as portfolio manager.
The trust was reporting results for the year ended January 31.
The trust's shares were Thursday quoted at 356.5 pence, up 0.7%.
By Samuel Agini; [email protected]; @samuelagini
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