Portfolio Adviser fund AwArds 2008 CAtegory winner
Fund Awards 2008
WINNER
Henderson Horizon Glbl Property Fund
Henderson’s Patrick Sumner
“
The fund offers
investors one of the
more diversified
mandates in the
sector and has produced
consistent returns over
the period
”
David Coombs, PA Fund
Awards judge
Property
Henderson Horizon Global
Property Fund managers
Patrick Sumner and Sara
Bellenda run this global Sicav
fund with a heavy emphasis
(47.2%) on US property.
In addition, a further third
of the fund is held in Asia,
with 10.6% in Japan, 10.1% in
Hong Kong, 7.1% in Australia
and 2% in Singapore. Just
over 5% of the fund is held
in cash.
Sumner and Bellenda intend
to retain the overweight position
in the US despite reducing
it slightly towards during
the middle of Q3 to add to its
Asia Pacific holdings.
In the Asia Pacific region,
the fund has been tweaked
towards higher beta stocks
from defensive holdings, the
opposite of what it has done
Henderson Horizon glbl Property eq vs index
% 30
60
50
40
20
10
0
Jul ’05 Jan ’06
Source: Morningstar
fund facts
Jul
Fund name: Henderson Horizon Global Property Equity Managers: Sara
Bellenda, Patrick Sumner Launch date: 3 Jan ’05 Fund size: £139.57m
Init charge: 5% Ann charge: 1.2% Min init inv: £2,500 M’star rating: HHH
Property Shares and
Real Estate Global
18 Portfolio ADViSEr SuPPlEmEnt [www.portfolio-adviser.com] DEcEmbEr 2008
Annual discrete performance
%
Jan ’07
30
20
10
-10
-20
0
-30
Henderson HF Glbl Property Eq
Source: Morningstar
Quartile performance: 1 Jul ’05 – 1 Jul ’08
1st q’tile
2nd q’tile
3rd q’tile
4th q’tile
Q3
’05
in Europe where the fund
remains underweight.
Henderson HF Glbl Property Eq
Jul
Q4
’05
Source: Morningstar
Q1
’06
Jan ’08
Q2
’06
Q3
’06
Jul
Q4
’06
Year ending Jun ’06
Year ending Jun ’07
Year ending Jun ’08
Property shares and real estate glbl
Q1
’07
Q2
’07
Q3
’07
In the UK, it has reduced
its position in Land Securities
and in Africa it has sold out
of South African Property
Opportunities.
In a sector that has been
beaten up badly in the past
12 months, there may, according
to the two managers, be
some light at the end of the
tunnel with the Troubled Asset
Relief Program passing in to
law in the US. They describe
this as a move that “may signal
the beginning of the end of
the credit crunch”, although
it is likely to take time before
any impact on global economies
comes through.
The Horizon fund is essentially
a global equity fund and
has been adversely affected
by the property and equity
slowdowns.
Q4
’07
Q1
’08
Q2
’08
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