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Henderson cuts two Euro holdings

Henderson Global Investors’ multi-manager team has sold out of the Schroder European alpha plus fund and reduced its weighting in Gartmore’s European focus fun as part of a review of its Continental holdings.

The Schroders fund was sold partly because its def- ensive, deep-value investment style is at odds with Henderson’s prediction that growth stocks will perform well over the coming months.

Another factor in the decision to sell was that the fund manager Adriaan de mol van Otterloo is leaving at the end of the year.

Exposure to the Gartmore fund has also been halved in response to Gary Clarke’s departure as lead fund manager in May, plus other changes within the management team.

Despite this, Clarke’s replacement, Tim Callaghan, is regarded by Henderson as a capable manager with an encouraging institutional track record.

Artemis European growth and UBS European equity have been added to the Henderson independent income and independent growth portfolios as both reflect Henderson’s views on the direction of European markets.

Henderson head of multi-manager Bill McQuaker says: “The Schroders fund had a high cash weighting and a deep value style, which we are not convinced is the right approach in the current environment. Growth is becoming more important but straightforward valuation is becoming less pertinent. Both the Artemis and UBS funds play to this theme as they have a combination of growth and value.”

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