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Henderson expands remit of UK absolute return pair

Henderson expands remit of UK absolute return pair

Citywire A-rated pair Ben Wallace and Luke Newman will be able to invest up to 40% of their blockbuster UK equity absolute return fund in non-domestic stocks from November 1.

Henderson Global Investors announced the change to the UK Absolute Return Strategy, which has £5.5 billion (€6.1 billion) in assets, as part of plans to expand the fund’s scope.

The pair, who have co-run the UK- and Luxembourg-domiciled versions of the fund since 2009, had previously been limited to one-fifth exposure to non-UK stocks.

Commenting on the change, a spokesperson said: ‘The scope to find opportunities outside of the UK has proven positive in generating returns for the fund(s), particularly during periods of stock market and currency volatility.’

This change has received regulatory approval and Henderson said it will not result in any material change to the overall risk profile of the fund.

Speaking to Citywire Selector early last year, Newman highlighted how, despite the UK focus of the fund, a 75% of revenues in the fund were generated internationally. He said the duo had, therefore, been able to play the US recovery and also the massive changes in continental Europe.

The Henderson Gartmore UK Absolute Return fund, which is the Luxembourg-domiciled version, returned 16.3% in euro terms over the three years to the end of September 2016. This compares to a 6.6% return by the average manager in the Alt Ucits – Long/Short Equity sector over the same period.

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