Henderson Gartmore European Equity Long-Short Fund

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Fund managers

John Bennett

John Bennett

John Bennett has a 25-year track record of managing European equities. He joined Henderson as a Director of European Equities in April 2011, as part of the Gartmore acquisition. John manages Capella and a number of Continental and Pan European funds as well as European long/short funds. John joined Gartmore in 2010 from GAM where he spent 17 years as a fund manager during which time he managed their flagship long only and equity L/S hedge fund which was launched in June 1998. Prior to GAM, John was a fund manager at Ivory and Sime and has been a Member of the Chartered Institute of Bankers in Scotland since 1987.

Fund manager ratings


31 March 2013
Leopold Arminjon

Leopold Arminjon

Léopold joined the firm in 2007 to work alongside Roger Guy on Tucana, Capella and other European mandates. Since September 2010 Leopold has been lead PM on Tucana. Gartmore was acquired by Henderson in 2011.. Before joining Gartmore in 2007, he was at Cheuvreux (2005 - 2007) where he was a research analyst focusing on the Telecom and Media sectors. Prior to this he held a number of research roles, including Head of Telecom Research at Kepler Equities from October 2001 to December 2004. Léopold graduated from HEC (ecole des Hautes Etudes Commerciales) in 1997.

Investment objective

The Fund aims to achieve long-term capital appreciation by taking high conviction long and short positions in equities or equity related derivative contracts of: - companies having their registered office in Europe (including the United Kingdom); and - companies that do not have their registered office in Europe (including the United Kingdom) but either (i) carry out a predominant proportion of their business activity in these markets, or (ii) are holding companies which predominantly own companies with registered offices in Europe (including the United Kingdom), although all or a substantial proportion of the assets of the Fund may at any time consist of cash, near cash, deposits and/or money market instruments. The Fund will invest in companies of any market capitalisation. Long positions may be held through a combination of direct investment and/or derivative instruments, and short positions will be held through derivative positions, primarily swaps and futures. The use of derivatives forms an important part of the investment strategy. The Fund may also invest at the Investment Manager’s discretion in other transferable securities, derivative instruments and collective investment schemes.
Fund performance

Cumulative performance

Share classLast MonthYTD1 Year3 YearsSince Inception
R€ Acc3.42%10.22%16.18%17.59%29.40%

© Morningstar 2012. All Rights Reserved. Data as at 16 May 2013


Discrete performance

Share classMar 2012 -
Mar 2013		Mar 2011 -
Mar 2012		Mar 2010 -
Mar 2011		Mar 2009 -
Mar 2010		Mar 2008 -
Mar 2009
R€ Acc11.7%2.5%-0.7%9.1%-

© Morningstar 2012. All Rights Reserved. Annual return to 31 March 2013

Fund facts

Key facts

Asset classEquities
StructureSICAV
Launch date27 February 2009
Base CurrencyEUR
BenchmarkNo Benchmark
Year End30-Sep
Valuation point23:59
Capacity Limit95 million shares
Pricing basisSingle Priced

Share classes

Henderson Gartmore European Equity Long-Short Fund R€ Acc
Distribution type Accumulation Net
ISIN code LU0389390849
Lipper code 65144954
Initial charge 5.00
Annual charges 1.50
Minimum lump sum investment €2500
Additional lump sum investment €500
XD dates 01-Oct
Performance fee 20% (with high water mark)
Fund status Open for new investment
Capacity Limit 95,000,000 Limited Issues Shares in issue
Fund risks

What are the risks specific to this fund?

  • The is exposed to changes in exchange rates which may cause the value of investments to fall or rise independently of the underlying holdings.
  • This Fund invests in shares and derivative instruments which may be more volatile than other investments such as cash or bonds. You should bear in mind that the value of all investments can go down as well as up. In aiming to achieve the investment objective and policy, the Fund may invest in derivatives for efficient portfolio management and investment purposes.
  • The use of derivatives as part of the current investment strategy may result in large cash balances, which will be invested in deposits and/or money market instruments. This may result in substantial counterparty exposure.
  • The Fund may invest in derivatives providing both long and short positions, principally through the use of equity swaps, which are also known as contracts for difference, and futures. As a result, as well as holding assets that may rise or fall with market values, it will also hold positions that may rise as the market value falls and fall as the market value rises.
  • The Fund may employ leverage as part of its investment strategy when using derivatives. Derivatives may contain a leverage component and consequently any adverse changes in the value or level of the underlying asset, rate or index can result in a loss greater than the amount invested in the derivative itself.
  • The Fund may trade instruments, the performance of which depends on the continued solvency of the counterparties to the trade.
  • The investment approach for this Fund may involve a high level of investment activity and turnover of investments which may generate substantial transaction costs which will be borne by the Fund.
  • The Fund will hedge on a best efforts basis, a significant proportion of this currency risk through forward foreign exchange contracts and other methods but this will not entirely eliminate the Fund’s currency risk. Also while the Fund or its authorised agent may attempt to hedge currency risks in a Hedged Share Class, there can be no guarantee that currency risk will be eliminated. The costs and gains or losses associated with any hedging transactions for Hedged Share Classes will accrue solely to the Hedged Share Class to which it relates.
  • The Fund may be subject to a Performance Fee which may influence the Investment Manager to change the risk profile of the Fund
  • The Fund will hedge on a best efforts basis, a significant proportion of this currency risk through forward foreign exchange contracts and other methods but this will not entirely eliminate the Fund’s currency risk.
 

General information

Funds incur costs as a necessary part of buying and selling the underlying investments, these are otherwise known as portfolio transaction costs, and include charges such as broker commission and Stamp Duty Reserve tax (SDRT). View the portfolio transaction costs across the Henderson UK Fund range.

If there are any terms on this page you do not understand please refer to the glossary.

The IMA is the Investment Management Association who divide up the authorised funds universe into groups of funds, or IMA sectors, to permit like-for-like comparisons to be made.

Unless otherwise indicated all figures sourced from Morningstar, Financial Express, Datastream, BNP Paribas and Henderson Global Investors. Third party data is believed to be reliable, but its completeness and accuracy is not guaranteed.

Where stated, fund size at 12pm on last business day of the month.

If you invest through a third party provider you are advised to consult them directly as charges, performance and terms and conditions may differ materially.

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Understanding investment risk

The value of an investment and the income from it can fall as well as rise and you may not get back the amount originally invested. Past performance is not a guide to future performance. For details on the risks associated with this investment product, please see the factsheet available above.

 

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Fund contacts

  • Gartmore SICAV
    c/o RBC Investor Services
    14, rue Porte de France
    L-4360 Esch-sur-Alzette
    Grand-Duché de Luxembourg