Alex Crooke joined Henderson Global Investors in 1994, having spent four years as an investment analyst specialising in US equities.

Alex first started his investment career in 1990, after leaving Manchester University with a degree in Astrophysics. His first role was as an investment analyst covering US companies before moving to join Henderson in 1994. At Henderson, he initially focused on UK stocks and managed a number of income-based unit trust and investment trust portfolios. Since 1997, he has developed a value-based investment style. Alex has managed The Bankers Investment Trust PLC since 2003. He has also managed Henderson High Income Trust plc since 1997. 

 

Fund Manager's Commentary - April 2012

Equity markets around the world slid backwards during April, as confidence in the economic recovery was knocked back not only by confirmation of poor first quarter gross domestic product (GDP) numbers in Europe, but also on concerns about China's fading growth. The UK was comparatively resilient, benefiting from its defensive sectors and renewed strength in Sterling – although this will not help exports in the shorter term. Despite anxieties over China, the broader Asian region attracted interest, with some markets rising over the month. This partly reflected a rally from a seemingly oversold position, but also that valuations have fallen to attractive levels in the region.

Bankers slowly built new positions in Brazil and Mexico throughout April. The allocation is based on low valuations, good prospects for growth in both economies, and weak currencies giving a good entry point. It is our intention to add exposure to financials, domestic consumer and service-orientated companies over the coming months. We made sales in the UK to fund new holdings, rather than increase gearing, as sentiment in major markets remains poor and there may be better opportunities later in the year to raise gearing.

There remains a large question mark over the ability of many countries to maintain their austerity measures, especially as elections across the world may favour parties promising to make life ‘easier’ for the voters. More growth-biased economic policies could favour equities; however, the funding for such action looks elusive. The outlook for the second half of the year probably holds ‘much of same’ – in terms of very limited growth and low interest rates. We believe stock-picking and avoiding companies that warn on profits will be the key to generating decent returns.