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 - December 2011

The final month of the year ended positively for most markets as the continuing resilience of the US economy was illustrated by positive consumer retail sales and upgrades to fourth quarter GDP numbers. European markets fell again, although the summit of European leaders provided a little confidence allowing markets to rally from a low point earlier in the month. Asian markets were mixed, ending a very poor year for equity returns despite decent economic growth.

Over the month we reduced exposure to Europe and increased investment in the US, where we see continuing strength in the domestic economy providing the backdrop for better earnings growth. The key to a more positive view in the Euro region is intervention by the European Central Bank and recapitalising of the banking sector. Simple austerity and tax increases are unlikely to help growth and will ultimately lead to popular unrest. Overall there are low expectations for equity returns in 2012 but, when combined with low valuations, there is scope to absorb further bad news, leaving the prospect for share price appreciation if the low expectations are beaten.