Henderson Opportunities Trust plc aims for a higher than average rate of capital growth over the medium to long term, from a portfolio of recovery and ‘special opportunities’ stocks predominantly in the UK.

Key Facts Experience counts James Henderson has managed the Trust since January 2007. James joined Henderson in 1984 and has been involved with investment trusts throughout his career. Open to opportunityThe fund manager is free to seek out the best prospects with no restraint on sector or size of company, and is benchmarked against the FTSE All-Share Index. An individual approach The fund manager uses a contrarian investment style, seeking recovery and turnaround opportunities in out-of-favour companies. Actively seeking growthDividend growth is not a priority, the trust makes active use of gearing to capitalise on good opportunities. Wide exposureThe trust invests in both the main stock market and AIM (Alternative Investment Market) stocks.

Reasons to Invest Dynamic potentialThe fund manager is unconstrained by market size and has the freedom to invest from start ups to FTSE 100s, with AIM expertise within the fund management. Signs of recovery After a poor 2007/8, the portfolio is positioned for recovery. Stock picking skills James Henderson has an exceptional long-term track record on other funds, including the Lowland Investment Company. Motivated to achieve A performance fee closely aligns the interest of the manager with those of the shareholders.

Price

	Price	Discount	NAV* (11/03/2010)	Div Yield (Net)
Ordinary	363.0	-	457.9	2.9
Subscription	3.4	-	-	-
Package Discount**	-	-20.83	-	-

• Full performance, price and dividend data

As at 12/03/2010
Source: Financial Express

** Package Discount - calculated on the 'package' of five ordinary shares and one subscription share.

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Fund Manager - James Henderson

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Fund Manager's Commentary - November 2009

Overview

The year closed with the FTSE 100 index in the UK hitting a new high for 2009. Indeed, if one looked purely at the annual return of 22.07% as measured by the FTSE 100 index (capital only) for 2009 as a whole, one could be forgiven for forgetting that we had just passed through the most traumatic financial storm since the time of the Great Depression in the 1920s and 1930s. The stock market fell to a low point on the FTSE 100 index of 3152.09 on 3 March 2009 and subsequently rose by 54.10% by the year end. The FTSE Small Cap index fared even better, rising by 52.70% for the year or 73.90% from its low point.

December carried on the recent trend of large companies outperforming smaller ones. There appears to be a market view forming that small companies’ share prices have had a good year and that with an election looming, safety in large companies would be wise – this view is indiscriminate and fails to give due account of the overseas prospects of many smaller companies.

Investment activity

This month we supported e2v Technologies (electronic components) and Avanti Communications (satellite broadband) in fund raisings to support the balance sheet and aid growth. We also started new positions in Patsystems (derivative trading systems) and Delta (steel products). To part fund these acquisitions, we sold Royal Bank of Scotland and Datong (surveillance equipment) as we concluded that we could earn better and more certain returns elsewhere.