•  Macro conditions are favourable for a tech turnaround in 2010. Attractive valuations nearing all time lows, strong balance sheets and cash flows, pent-up IT demand and the lack of over-capacity provides a positive backdrop for a tech turnaround.
  
  
• Clearly a case of "survival of the fittest". Technology companies of today are a lot more resilient than a decade ago as weaker business models were weeded out during the Internet bubble. The technology sector, on average, has healthy balance sheets, typically with high cash balances and little debt, which can potentially give substantial protection on the downside.
  
  
• Attractive valuations. Technology potentially looks attractive relative to the rest of the market. The relative forward P/E of the Technology sector is near all-time lows, despite strong demand trends, cash flows and balance sheets. In addition we continue to believe that technology earnings estimates are too low, barring a major reversal in the macroeconomic environment.
  
  
• Technology sector is poised for sustained growth. Robust end-user demand growth in emerging markets, new innovative products and potentially higher IT spending from companies underpins this long-term growth trend.
  
  

• The Fund primarily invests in equity securities and equity instruments of technology related companies globally.
• Investments in the Fund are exposed to technology sector-specific risks and varying degree of risks to economic, political, regulatory and social development changes globally.
• The Fund may invest substantial sum of its assets in companies located in a single country (including emerging market, eg. China) and may involve a higher concentration of risk and market volatility, including liquidity risks for investments in emerging markets, than funds investing in developed markets and following a more diversified policy.
• Investments in the Fund involve varying degree of investment risks (eg. market, legal, financial, interest rate, currency, etc). In extreme market conditions, you may lose your entire investment in the Fund.
• The Fund may not be suitable for all investors. You should not invest unless the intermediary who sells it to you has advised you that the product is suitable for you and explained how it is consistent with your investment objectives.

• Exposure to attractive global technology themes. Internet (e-commerce, online advertising), broadband, PC replacement and enterprise infrastructure cycle in both the established and emerging markets. Companies with strong barriers to entry will benefit from strong demand trends and sustained revenue growth.
  
  
• An unrestricted global mandate. Allows us to identify and exploit under-appreciated long-term growth niches within the Technology sector in both the established and emerging markets.
  
  
• Managed by Technology Experts. Henderson is one of the largest specialist technology fund managers in Europe managing over US$2.7billion in AUM as at May 2010. The Henderson Technology Team specialises in several global technology sub-sectors, allowing them to gain the in-depth knowledge required to analyse the complex and constantly changing products and themes in each sub-sector.
  
  

        (Source: Thomson Reuters, as at 31 March 2010)

• Office market is showing positive signs of a recovery. Rents and asset values in both Hong Kong and Singapore's commercial markets have yet to experience the acceleration in growth that is typically associated with a steady growth in the economy and a vibrant job market.
• Potential rerating of the property sector in emerging countries. Economic growth and demographics could play a core role in the rerating of the property sector in countries such as Indonesia. Excellent structural growth drivers and a self-reliant nature should also keep these economies relatively immune to global shocks.
• Asian property markets may outperform over the next 6-12 months. Property markets in Asia have generally underperformed the US and European property markets over the last 10 months due to the roll-out of real estate tightening measures, growth concerns in the Chinese economy and continuing rate hikes. We think that the bad news is already reflected in the price and valuations currently trading at a range of 10-35% discount to NAV*, look attractive.
• Property including property equities is an effective inflation-hedge. Commercial property is less sensitive to rate hikes than residential property as the value of commercial property is driven by business volume growth rather than leveraging and affordability.

*Source: Henderson Global Investors, as at 31 May 2010

• Diversification: With the Fund, investors will gain extensive diversification across offices, retail shopping centres, industrial properties and residential market through investments in listed property developers and Real Estate Investment Trusts (REITs) in the growth markets of Asia and the more established markets of Australia and Japan.
  
  
• Flexible Investment Style: It is our experience that different styles will be successful at different times. A focus on higher dividend yield may well give better returns in weak property markets but a preference for growth stocks will be more rewarding in rising property markets.
  
  
• Total Return Approach: Managed by our Asian property equities team based in Singapore, the Fund will appeal to investors with a TOTAL RETURN requirement, rather than those just needing regular and predictable income.

• Over the past year, we have seen the positive effects of the stimulus on China’s economy i.e. robust growth in Fixed Asset Investment (property), strong rebound in corporate Purchasing Manager’s Index and a strong market rally.
• Even as China continues to promote economic growth through industrial reforms and boosting consumption, pre-emptive measures are at the same time being taken to contain inflation and cool the property market.
• Market is trading at an attractive 13x 2010 consensus earnings* - below historical average – and with the potential for upside earnings growth. The key focus is on selecting the right stocks.
• When the export environment stabilises, the RMB will likely resume its appreciation. Hong Kong listed companies with exposure to China will be the greatest beneficiaries.

• A greater China Fund with Long/Short Strategy (under UCITS III)
  Unlike typical long-only Chinese equity funds (indicated in blue), the Henderson Horizon China Fund has a unique long/short portfolio construction (indicated in red) to potentially enhance excess return (alpha) by increasing long positions in our overweight stocks or increasing short positions in our underweight ones.
  
  
  
  Source: Henderson Global Investors
  

• Bottom-Up Stock Picking Approach
  A concentrated portfolio of high quality stocks are selected based on companies’ management quality, attractiveness of valuations and growth prospects.
  
  
• Flexibility in Investment Style
  The Fund is an all cap fund and not style specific. Style rotation, depending on our point in the investment cycle, provides greater flexibility for the Fund to potentially outperform the competition.
  
  
• Standard & Poor’s AA-rating (as at 31 December 2009)
  
  

Note: The Fund is a long/short fund that invests on a “relative return” basis with the aim of outperforming the benchmark. Its performance will move in line with the general market trend. The Fund is not an absolute return fund whose investment objective is to deliver positive return regardless of the market cycle.

Past performance is not necessarily indicative of the future or likely performance of the Fund.