Articles

Quick view: Election relief masks reform impetus

by Tom Ross

1 week ago

​Tom Ross, Credit Portfolio Manager, comments on the outcome of the Dutch election, noting that while the result has stemmed the tide of populism for now, reform is still on the agenda.

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Quick view: Fed hike with dovish undertones

by Mitul Patel

1 week ago

As expected the US Federal Reserve (Fed) delivered a 25 basis point rate increase (to a target range of 0.75-1.0%) at the 15 March meeting of the Federal Open Market Committee (FOMC), the rate setting body of the Fed. Henderson’s Mitul Patel, Head of Interest Rates, shares his views on the hike — the third since December 2015 — and the outcome of the subsequent press conference with the Fed Chair Yellen.

 
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Quick view: Fed hike reaction - US economy “doing well”

The Henderson Geneva US Equity Growth Team responds to the US Federal Reserve (Fed)’s decision to increase interest rates at its latest meeting.

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Property equities: profiting from pockets of growth

by Guy Barnard

1 week ago
Guy Barnard, Manager of the Pan European Property Equities Strategy and Co-Head of Global Property Equities, comments on how the sector has been affected by the market rotation from growth to value stocks. He also discusses how the strategy is benefiting from this shift as the team is discovering more mispricing opportunities and continuing to target countries, cities and sectors that offer attractive growth potential.
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Emerging Market Corporate Credit: evolution and opportunities

by Steve Drew

2 weeks ago
Emerging market (EM) corporate credit grew out of the sovereign bond market over a decade ago and has since grown significantly to reflect a greater diversity of countries, sectors and issuers. Outstanding volumes of hard currency EM corporate debt now surpass those issued by EM sovereigns. Additionally, the EM corporate bond market has evolved into an asset class that is more similar to that of developed market corporate bonds.

Steve Drew, Head of Emerging Market Credit at Henderson, explains how the EM corporate bond asset class has evolved over the years. Discussing past trends and sharing his views on future trends, Steve lays down the arguments for a strategic allocation to the asset class.
 
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‘Cheesegrater’ sale highlights UK property market divergence

by Guy Barnard

3 weeks ago
​Guy Barnard, Co-head of Global Property Equities, comments on the recent sale of The Leadenhall building, the largest ever property transaction in the UK. While uncertainty about the outlook for UK property has increased following the Brexit vote, the deal highlights the divergence between the direct and listed property markets with continued foreign interest in key London assets.
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China investment themes: the internet

by Charlie Awdry, May Ling Wee

3 weeks ago
In the second instalment in a series of articles on key Chinese investment themes, Charlie Awdry and May Ling Wee, China equity portfolio managers, discuss how the rapid adoption rate of the internet, supportive demographics and embracing of social media are leading to attractive investment opportunities in internet stocks, particularly in social media advertising and mobile gaming.
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The case for active managers in a post-QE world

​Nick Watson, Fund Manager within Henderson’s Multi-Asset Team, explores the strengthening case for allocating to actively managed strategies. While the team is able to allocate to passive and active vehicles, Nick explains that market drivers currently support the case for the latter.

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Inflation is back – what are the implications?

by Luke Newman, Simon Ward

3 weeks ago

Inflation is back. The fall in the value of sterling since the Brexit vote has continued. What does this mean for investors with exposure to the UK?

Henderson, in conjunction with Citywire and the UK’s Sunday Times newspaper, asked three experts to give their perspectives on the effects of rising inflation and the main issues for the UK economy and investors.

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The Philippines — a structural growth story

by Steve Drew

1 month ago

​The Philippines has one of the fastest growing economies in Asia, thanks in part to its favourable demographics and its sound fiscal fundamentals. In this report, we explore why the country’s healthy macroeconomic environment makes for a compelling investment opportunity in its hard currency bonds.

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EM Credit Insight: why Emerging Market corporate bonds?

by Steve Drew

1 month ago

The Emerging Market (EM) corporate debt market is a large and diverse stand-alone asset class. Since its formal introduction in 2002, the EM corporate bond universe has grown exponentially but despite its scale and breadth, many investors are unaware of its merits, as it is usually not a main part of investors’ core fixed income allocation. In this report we seek to highlight the attributes of EM corporate debt, and compare it with its sovereign debt counterpart.

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Reflation: more losers than winners?

by Luke Newman

1 month ago

​Luke Newman, co-manager of the Henderson UK Absolute Return strategy, discusses the likely winners and losers of the 'reflation trade' and why increased stock dispersion gives a long/short strategy the ability to profit from both.

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Europe: Buy value and hold tight

by John Bennett

1 month ago

​John Bennett, Head of European Equities, explains why he believes European equities are set to outperform in 2017. Last year saw a change in leadership from a ‘growth’ to ‘value’ environment, which should favour Europe, however, investors should be prepared for a volatile journey.

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Europe in a world of “alternative facts”

by Tim Stevenson

1 month ago

​European equities manager Tim Stevenson discusses the uncertain political backdrop in Europe, and why ‘boring but reliable’ economic progress may spell good news for banks and recovery names in the region.

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​Q&A: unlocking value in Japanese smaller companies

by Yunyoung Lee

1 month ago

​In this Q&A, Yunyoung Lee, Manager of the Henderson Japanese Smaller Companies Strategy, covers:

  • Overview of the strategy
  • Expectations for Japanese smaller companies’ performance
  • Key drivers of the Japanese equities market
  • Current investment themes
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China investment themes - travel and leisure

by Charlie Awdry, May Ling Wee

1 month ago
In the first in a series of articles on key Chinese investment themes, Charlie Awdry and May Ling Wee, China equity portfolio managers, discuss the consumption story, which remains steadfast as economic growth stabilises. The managers explain why they think investors with a selective approach can capitalise on this long-term progressive trend and share some of their stock picks for the sector.
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Quick view: the Old Lady takes a neutral policy stance

by Mitul Patel

2 months ago

Financial markets were watching London’s Threadneedle Street today for the Bank of England’s Super Thursday, which delivers the latest interest rate decision, a quarterly inflation report and minutes of the Monetary Policy Committee meeting, followed by a press conference.

Henderson’s Mitul Patel, Head of Interest Rates, shares his views on the bank’s latest policy stance and forecasts for growth and inflation.

 
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What are the key factors shaping global equity income investing?

by Ben Lofthouse

2 months ago
In this video update, Ben Lofthouse, Global Equity Income portfolio manager, explains the recent market rotation from defensive to cyclical stocks, examines key risks and opportunities for global equity income investors and discusses the impact of corporate earnings trends and potential US rate rises.
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John Bennett: European banks and value opportunities

by John Bennett

2 months ago

​John Bennett, Head of European Equities, looks at the shift from ‘growth’ to ‘value’ in global markets, and assesses what this means for Europe. He discusses his tactical moves prior to the shift gathering momentum, and what he sees as the key catalysts for improvements for European banks.

John covers the following subjects:

  • Growth to value – a meaningful reversion
  • ‘Tilting’ the strategy
  • Prospects for European banks
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Credit round-up: which factors will have the biggest impact on markets this year?

by Stephen Thariyan

2 months ago
What are the key factors affecting the outlook for European and sterling corporate bond markets in 2017? Stephen Thariyan, Global Head of Credit, examines the many factors with the potential to alter the path of markets this year, including  the durability of the Trump rally, inflation expectations, improvements for banks, issuance and Brexit developments.
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