The Fund seeks to achieve long-term capital appreciation primarily through investment in equities of non-US companies. Fund performance will be primarily derived from stock selection. A strategic asset allocation process will be a secondary contributor to the investment process. The Fund is managed by a team of Portfolio Managers. The Asset Allocation Strategists, Iain Clark and Bill McQuaker, oversee the management of the Fund and the allocation of the Fund’s assets among countries, regions and sectors. Individual members of the team manage the Fund’s investment in specific countries, regions and sectors.
Why invest in this fund?
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A multi-manager approach, with five portfolio management teams focused on specific areas of sector or geographical expertise
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Exposure to attractive international investment opportunities, with active selection of a small number of securities representing each management team’s “best ideas”
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Bottom-up stock selection, with asset allocation decisions driven by the stock selection process
Fund facts (as of 12/31/11)
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Inception date:
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8/31/01
|
|
Minimum initial investment:
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$500
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Benchmark:
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MSCI EAFE Index
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|
Median market cap ($billions):
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15.7
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|
Total number of holdings:
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56
|
|
Forward 12-month P/E ratio:
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9.8
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|
P/B ratio:
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1.4
|
|
Beta:
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1.0
|
|
% of holdings in top 10:
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29.3
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|
Class A expense ratio1:
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1.48
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Morningstar rating (as of 12/31/11)2
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|
1This ratio is not a guaranteed number and may fluctuate. The class A expense ratio is presented as a percentage of average net assets. The expense ratio is unaudited and is based on annualized fiscal year-to-date results from 8/01/11 to 11/30/11. The ratio may differ from that presented in the Fund’s prospectus that is based on the Fund’s then most recent previous fiscal year.
2 Morningstar category: Foreign Large Blend, Number of funds in category: 737. The overall Morningstar Rating for the Fund is derived from a weighted average of the risk-adjusted performance figure associated with its 3-, 5- and 10- year Morningstar Rating metrics.
Portfolio management
Asset Allocation Strategists
Iain Clark
Bill McQuaker
Europe - 1
Stephen Peak
Europe -2
Tim Stevenson
Global Technology
Ian Warmerdam
Stuart O'Gorman
Japan
Michael Wood-Martin
Asia Pacific
John Crawford
Andrew Mattock
Top ten holdings %
(as of 12/31/11)
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Deutsche Post (Germany)
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3.2
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Tesco (UK)
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3.2
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Vivendi (France)
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3.1
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BP (UK)
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3.1
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BAE (UK)
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3.0
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Sodexho (France)
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2.9
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Roche Holdings (Switzerland)
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2.8
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Yamada Denki (Japan)
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2.7
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Fresenius SE (Germany)
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2.6
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Essilor (France)
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2.6
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A company's country classification is based on multiple factors including legal domicile and underlying exposure of its business.
Performance
Filter by...
| ID | ISINCodeIDs | ISINCodeTitles | Ticker | ShareClassTypeID | Share class | [##TimePeriodID] | [##TimePeriodTitle] | [##WithSalesChargeID] | [##WithSalesChargeTitle] | NAV ($) | NAV change ($) | Price date | YTD (%) | 1Y (%) | 5Y (%) |
Since inception (%)
| As of date |
Gross
expense
ratio (%)
|
Net
expense
ratio (%)
| Keywords |
|---|
| 762 | - | - | HFOAX | 1 | A | Quarterly | Quarterly | 0 | Without sales charge | | 0.09 | 2/9/12 | -14.85 | -14.72 | -3.20 | 8.25 | 12/30/11 | 1.49 | 1.49 | , |
| 762 | - | - | HFOAX | 1 | A | Quarterly | Quarterly | 1 | With sales charge | | 0.09 | 2/9/12 | -19.75 | -19.61 | -4.34 | 7.63 | 12/30/11 | 1.49 | 1.49 | , |
| 762 | - | - | HFOAX | 1 | A | Daily | Daily | 1 | With sales charge | | 0.09 | 2/9/12 | 5.07 | -13.59 | -2.55 | 8.67 | 2/9/12 | 1.49 | 1.49 | , |
| 762 | - | - | HFOAX | 1 | A | Daily | Daily | 0 | Without sales charge | | 0.09 | 2/9/12 | 11.48 | -8.33 | -1.39 | 9.29 | 2/9/12 | 1.49 | 1.49 | , |
| 762 | - | - | HFOAX | 1 | A | Monthly | Monthly | 0 | Without sales charge | | 0.09 | 2/9/12 | 6.83 | -10.47 | -1.99 | 8.87 | 1/31/12 | 1.49 | 1.49 | , |
| 762 | - | - | HFOAX | 1 | A | Monthly | Monthly | 1 | With sales charge | | 0.09 | 2/9/12 | 0.69 | -15.63 | -3.14 | 8.25 | 1/31/12 | 1.49 | 1.49 | , |
| 777 | - | - | HFOBX | 4 | B | Quarterly | Quarterly | 1 | With sales charge | | 0.08 | 2/9/12 | -19.48 | -19.36 | -4.17 | 7.64 | 12/30/11 | 2.24 | 2.30 | , |
| 777 | - | - | HFOBX | 4 | B | Quarterly | Quarterly | 0 | Without sales charge | | 0.08 | 2/9/12 | -15.48 | -15.36 | -3.93 | 7.64 | 12/30/11 | 2.24 | 2.30 | , |
| 777 | - | - | HFOBX | 4 | B | Daily | Daily | 0 | Without sales charge | | 0.08 | 2/9/12 | 11.35 | -9.07 | -2.13 | 8.68 | 2/9/12 | 2.24 | 2.30 | , |
| 777 | - | - | HFOBX | 4 | B | Monthly | Monthly | 0 | Without sales charge | | 0.08 | 2/9/12 | 6.74 | -11.17 | -2.72 | 8.26 | 1/31/12 | 2.24 | 2.30 | , |
| 777 | - | - | HFOBX | 4 | B | Daily | Daily | 1 | With sales charge | | 0.08 | 2/9/12 | 6.35 | -13.07 | -2.35 | 8.68 | 2/9/12 | 2.24 | 2.30 | , |
| 777 | - | - | HFOBX | 4 | B | Monthly | Monthly | 1 | With sales charge | | 0.08 | 2/9/12 | 1.74 | -15.17 | -2.95 | 8.26 | 1/31/12 | 2.24 | 2.30 | , |
| 786 | - | - | HFOCX | 5 | C | Quarterly | Quarterly | 0 | Without sales charge | | 0.08 | 2/9/12 | -15.49 | -15.37 | -3.92 | 7.46 | 12/30/11 | 2.24 | 2.26 | , |
| 786 | - | - | HFOCX | 5 | C | Quarterly | Quarterly | 1 | With sales charge | | 0.08 | 2/9/12 | -15.49 | -15.37 | -3.92 | 7.46 | 12/30/11 | 2.24 | 2.26 | , |
| 786 | - | - | HFOCX | 5 | C | Daily | Daily | 1 | With sales charge | | 0.08 | 2/9/12 | 10.35 | -9.08 | -2.13 | 8.48 | 2/9/12 | 2.24 | 2.26 | , |
| 786 | - | - | HFOCX | 5 | C | Daily | Daily | 0 | Without sales charge | | 0.08 | 2/9/12 | 11.35 | -9.08 | -2.13 | 8.48 | 2/9/12 | 2.24 | 2.26 | , |
| 786 | - | - | HFOCX | 5 | C | Monthly | Monthly | 0 | Without sales charge | | 0.08 | 2/9/12 | 6.74 | -11.13 | -2.72 | 8.06 | 1/31/12 | 2.24 | 2.26 | , |
| 786 | - | - | HFOCX | 5 | C | Monthly | Monthly | 1 | With sales charge | | 0.08 | 2/9/12 | 5.74 | -11.13 | -2.72 | 8.06 | 1/31/12 | 2.24 | 2.26 | , |
| 797 | - | - | HFOIX | 8 | I | Quarterly | Quarterly | 0 | Without sales charge | | 0.08 | 2/9/12 | -14.63 | -14.47 | -3.05 | 8.33 | 12/30/11 | 1.24 | 1.25 | , |
| 797 | - | - | HFOIX | 8 | I | Daily | Daily | 0 | Without sales charge | | 0.08 | 2/9/12 | 11.48 | -8.14 | -1.24 | 9.37 | 2/9/12 | 1.24 | 1.25 | , |
| 797 | - | - | HFOIX | 8 | I | Monthly | Monthly | 0 | Without sales charge | | 0.08 | 2/9/12 | 6.83 | -10.24 | -1.84 | 8.95 | 1/31/12 | 1.24 | 1.25 | , |
| 797 | - | - | HFOIX | 8 | I | Monthly | Monthly | 0 | Without sales charge | | 0.08 | 2/9/12 | 6.83 | -10.24 | -1.84 | 8.95 | 1/31/12 | 1.24 | 1.25 | , |
| 835 | - | - | HFORX | 12 | R | Quarterly | Quarterly | 0 | Without sales charge | | 0.08 | 2/9/12 | -15.15 | -14.98 | -3.45 | 7.98 | 12/30/11 | 1.74 | 2.02 | , |
| 835 | - | - | HFORX | 12 | R | Daily | Daily | 0 | Without sales charge | | 0.08 | 2/9/12 | 11.40 | -8.71 | -1.64 | 9.01 | 2/9/12 | 1.74 | 2.02 | , |
| 835 | - | - | HFORX | 12 | R | Monthly | Monthly | 0 | Without sales charge | | 0.08 | 2/9/12 | 6.81 | -10.74 | -2.23 | 8.60 | 1/31/12 | 1.74 | 2.02 | , |
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Relative performance as of 12/31/11
|
|
YTD
|
1 year
|
5 years
|
10 years
|
Since inception
|
|
International Opportunities Fund Class A at NAV
|
-14.85%
|
-14.85%
|
-3.20%
|
6.90%
|
8.25%
|
|
International Opportunities Fund Class A w/ sales charge
|
-19.75%
|
-19.75%
|
-4.34%
|
6.27%
|
7.63%
|
|
MSCI EAFE Index
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-11.73%
|
-11.73%
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-4.26%
|
5.12%
|
4.55%
|
|
Lipper International Multi-Cap Growth Funds average
|
-13.94%
|
-13.94%
|
-3.67%
|
5.05%
|
4.93%
|
|
Lipper International Multi-Cap Growth Funds ranking
|
-
|
132/201
|
32/93
|
11/54
|
2/54
|
Inception date 8/31/01, inception of Class R shares 9/30/05, inception of Class I shares 3/31/09.
Lipper rankings are based on total return and do not reflect a sales charge. Rankings are for Class A shares only. other share classes may vary.
Expense ratios are not guaranteed numbers and may fluctuate. Gross and net expense ratios are presented as a percentage of average net assets. The gross expense ratio is stated in the current prospectus and is based on the Fund's then most recent previous fiscal year. The net expense ratio is unaudited and is based on annualized fiscal year-to-date results from 8/01/11 to 11/30/11. This ratio may differ from that presented in the Fund's prospectus.
Effective 11/30/10, the International Opportunities Fund will not accept new or additional investments in Class B shares (HFOBX).
Class I shares were formerly known as Class W shares.
For periods prior to inception, rate of return are based on Class A NAVs adjusted for the higher expenses associated with Class R shares.
The performance for Class I shares for the period prior to 3/31/09 is based on the performance of Class A shares. Performance for Class I shares would be similar because the shares are invested in the same portfolio of securities and have the same portfolio management. Class I shares are not subject to a front-end sales charge or a distribution fee.
Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Performance results with sales charges reflect the deduction of the maximum front end sales charge and/or the deduction of the applicable contingent deferred sales charge (CDSC). Class A shares are subject to a maximum front end sales charge of 5.75%. Class B shares are subject to a CDSC, which declines from 5% the first year to 0% at the beginning of the seventh year. Class C shares may be subject to a CDSC of up to 1% on certain redemptions made within 12 months of purchase. Performance presented at NAV which does not include these sales charges would be lower if these charges were reflected. The Fund’s annual operating expenses will likely vary from year to year. It is important for you to understand that a decline in the Fund’s average net assets during the current fiscal year due to recent market volatility or other factors could cause the Fund’s expense ratios for the Fund’s current fiscal year to be higher than the expense information presented. Returns greater than one year are annualized. Index returns provided by Lipper, Inc. Net Asset Value (NAV) is the value of one share of the Fund excluding any sales charge.
The recent growth rate in the stock market has helped to produce short term returns for some asset classes that are not typical and may not continue in the future. Because of ongoing market volatility, Fund performance may be subject to substantial short term changes.
Returns included the reinvestment of dividends and capital gains. Performance results reflect expense subsidies and waivers in effect during the periods shown. Absent these waivers, results would have been less favorable for certain periods.
Forward 12-month P/E ratio is calculated using the closing price of portfolio holdings divided by the sum of the 12-month forward earnings per share. P/B ratio is calculated using the closing price of portfolio holdings divided by the most recent fiscal year end book value. Both calculations take into account the respective weightings of portfolio holdings. Beta is a quantitative measure of the volatility of a given stock, mutual fund, or portfolio, relative to the overall market. The MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the US and Canada. The Fund may invest in emerging markets while the index only consists of companies in developed markets. It is not possible to invest directly in any index or average.
Fund overview
This Fund seeks to achieve long-term capital appreciation primarily through investment in equities of non-US companies. Fund performance will be primarily derived from stock selection. A strategic asset allocation process will be a secondary contributor to the investment process. The Fund is managed by a team of portfolio managers. The Asset Allocation Strategists, Iain Clark and Bill McQuaker, oversee the management of the Fund and the allocation of the Fund’s assets among countries, regions and sectors. Individual members of the team manage the Fund’s investment in specific countries, regions and sectors.
Quarterly update
Equity markets continued to be volatile in the last quarter of 2011, ultimately rising by 3.4% (MSCI EAFE). Strong gains were made in October largely on a recovery following the very weak 3rd quarter. However some of this was given up in both November and December mainly due to ongoing fears surrounding the European debt crisis. Despite the best efforts of politicians no final policies were deemed sufficient to resolve the crisis. All told the MSCI EAFE Index lost just over 11% during 2011.
Fund performance
Over the period the Fund underperformed the MSCI EAFE Index. In Europe two stocks in particular were very weak namely Alcatel Lucent and Essar Energy. The Fund continues to hold these names as we believe the long term outlook is still reasonable and valuations are cheap, however it may take tome for these to be reflected in rising share prices. In addition in Japan the holding of Daiwa Securities was particularly weak. Again the Fund continues to own Daiwa as we believe the shares has been oversold
Strong performance came from a number of holdings including BP, Deutsche Post and Google.
Investment activity
The Asia Pacific sub-portfolio reallocated some country specific risk by reducing the overweight to China for the benefit of a greater spread among regional countries such as Korea. We are optimistic about Koreas as the currency (won) has been weak which has been supportive of exporters. Korea also has been experiencing a growing domestic consumer base, and the sub-portfolio reflects our bias to the domestic Korean consumer. New holdings include: Samsung Electronics, Shinhan Financial, Hyundai Department Stores and Korean Reinsurance.
Outlook
On balance, we have a moderately positive view on risk assets, in particular equities in the US and Asia. The inflation rate in China is now falling decisively and this is allowing policymakers to ease monetary policy. The US economy and stock market has also shown resilience relative to other developed markets. That said the stomach-churning volatility that left investors shaken in 2011 is expected to continue while European politicians sort out the debt crisis. Interest rates should remain very low in the developed world and we believe valuations should remain reasonable.
The Fund is managed by a team of Portfolio Managers. The Asset Allocation Strategists, Iain Clark (see description below), and Bill McQuaker (see description below) oversee the management of the Fund and the allocation of the Fund's assets among countries, regions and sectors. Individual members of the team manage the Fund's investment in specific countries, regions and sectors.
Asset Allocation Strategist - Iain Clark
Chief Investment Officer, International
Joined Henderson in 1985
Over 38 years of investment management experience
Asset Allocation Strategist - Bill McQuaker
Head of Multi-Asset
Joined Henderson in 2005
Over 25 years of investment management experience
Europe 1 - Stephen Peak
Head of Pan European Equities
Joined Henderson in 1986 via Touche Remnant
Over 36 years of investment management experience
Europe 2 - Tim Stevenson
Director of Pan European Equities
Joined Henderson in 1986
Over 25 years of investment management experience
Global Technology - Ian Warmerdam
Director of Technology Investments
Joined Henderson in 2001
Over 15 years of investment management experience
Global Technology - Stuart O'Gorman
Director of Technology Investments
Joined Henderson in 2001
Over 15 years of investment management experience
Japan - Michael Wood-Martin
Fund Manager, Japanese Equities
Joined Henderson in 1987
Over 24 years of investment management experience
Asia Pacific - John Crawford
Director of Pacific Asian Equities
Joined Henderson in 1996
Over 22 years of investment management experience
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Click here to view full biography
Asia Pacific - Andrew Mattock
Fund Manager, Pan Asian Equities
Joined Henderson in 1999
Over 16 years of investment management experience