Henderson Global Trust
Proposed rollover with choice of strategies
31 March 2016
On 1 February 2016 the directors of Henderson Global Trust (HGL) announced that they had agreed in principle to combine the trust with stablemate Henderson International Income Trust (HINT), with an option for shareholders in HGL to roll their investment over into the Henderson-managed Bankers Investment Trust (BNKR) if they wished to continue to follow a global growth strategy. HGL had a market capitalisation of £138.9m at 23 March and had traded at an average discount of c 10% over one, three and five years in spite of an active share buyback programme. HINT has traded at an average premium of 1.1% since launch in 2011, and it was felt that combining to create a bigger trust under the HINT strategy would be in the interests of current and future shareholders. In this note we explain the rollover options for HGL investors and outline the timescale for action. MORE »
Global player seeks out hidden gems
5 May 2015
Henderson Global Trust (HGL) is a long-established investment trust that has undergone a transformation in the past two years, from a 50/50 UK/overseas fund to a more global portfolio with an MSCI All Country World index benchmark. Manager Wouter Volckaert has been in charge since 1 February 2014 and has reduced the UK weighting and shortened the stock list to c 70 holdings, with the potential to concentrate the portfolio further. Although the trust’s primary objective is to achieve long-term capital growth, it also has one of the highest dividend yields in the AIC Global sector (2.5% at 28 April). MORE »
Continuity of style, modest changes in emphasis
10 March 2014
After 32 years as lead manager of Henderson Global Trust (HGL), Brian O'Neill passed responsibility to Wouter Volckaert at the beginning of February. The new manager (previously a global equities manager at Morgan Stanley and ABN Amro) shares a bottom-up, long-term, relatively concentrated approach with a focus on identifying under-appreciated change in companies or industries. There will also be differences in emphasis, with a further reduction in the UK overweight, the adoption of a more balanced market cap exposure and a stronger focus on process. MORE »
Quarterly dividends, fully global benchmark
25 October 2013
Henderson Global Trust (HGL) is a global equities investment trust. Its broadly defensive positioning served it well through the onset of the financial crisis, contributing to strong performance over five and 10 years. More recently some of that outperformance has been surrendered while the manager retains a relatively defensive position given his view of the significant macro risks global markets face. A quarterly dividend policy was adopted in 2012 and from 1 June 2013, HGL's benchmark changed to the MSCI All Country World Index. This has seen an ongoing reduction in the UK allocation, primarily in favour of US and emerging market stocks. MORE »
Now with quarterly dividends
19 November 2012
Henderson Global Trust’s (HGL) strong long-term performance record has been earned in a variety of market conditions. It is actively managed and was positioned defensively during the financial crisis, producing strong performance. It has remained defensively positioned since, reflecting the various uncertainties financial markets still face and, as a result, has given back some relative performance during the last 18 months. A new dividend policy has been adopted, whereby HGL will pay quarterly dividends of similar amounts, with a starting level of 2.5p for the quarterly dividend, suggesting a 3.1% yield. MORE »
Global trust with strong dividend growth
2 April 2012
Recognising the importance of dividend income in the current market environment, Henderson Global Trust Plc (HGL) has grown its total dividend by 20% for the year ended 31 January 2012. Tactically, the portfolio has been relatively defensively positioned, and while HGL’s performance was ahead of its benchmark at the interim stage, the defensive stance saw HGL lag the market during the rally at the end of 2011. As a result, for the year ended 31 January, HGL has, in total return terms, reported an NAV fall of 2.5% vs a benchmark fall of 0.7%. MORE »
Management team intact
14 October 2011
The move to Henderson Global Investors is now complete and Brian O’Neill remains the manager of Henderson Global Trust (HGL) and the global investment team, from Gartmore, is intact. Formerly Gartmore Global Trust, the name was recently changed to reflect the move to Henderson. During the past 12 months, HGL has underperformed its composite benchmark index by 1.2% in terms of NAV total return. However, the share price has underperformed the composite benchmark index by 9.3%. During the transition process HGL was not actively marketed and the discount has widened, with the shares now trading at a 9% discount vs a mild premium 12 months ago. However, the cloud of uncertainty has now lifted and HGL should benefit from the additional marketing and investment resources that Henderson brings. MORE »
