“ We work closely with our investors to understand their needs.” “We offer personalised services delivered with commitment and drive.”
“ Dedicated specialist teams who offer their own experience and expertise.” “We have consistently shown innovation in investment ideas.”
“ Unlocking future value today.” “We act with conviction.” “ Research is at the heart of our investment.”
“We strive to look after the best long term interest of our investors.”
Hair is Silver. Experience is Gold.
Delivering 10 years of the Henderson Difference
The other special manager
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Contents View from the top
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Message from Andrew Formica, Chief Executive Message from Alex Henderson, Managing Director of Asia
At a glance
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Spotlight 6 Henderson Horizon China Fund Henderson Horizon Global Technology Fund Henderson Horizon Asian Dividend Income Fund Henderson Horizon Asia Pacific Property Equities Fund Henderson Horizon Global Property Equities Fund Henderson Horizon Pan European Property Equities Fund
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View from the top “Given Henderson’s product diversity, strong investment performance and client focus, we are well positioned for the future.”
Andrew Formica, Chief Executive
The increasing influence of political events on capital market behaviour has generated further volatility and uncertainty, most notably in the eurozone. These political ramifications have a disproportionate influence over the investment universe, making the challenge for investment managers even greater. At Henderson, we capitalise on opportunities presented by a volatile market environment, whether that be at a corporate level for example the combination with Gartmore in April 2011, or by developing products that suit our clients needs, such as global income product – Henderson Horizon Global Total Return Fund. The main focus of our strategy and business model is our clients and we have undertaken a number of initiatives this year, whilst requiring some investment, year, will lay the foundation for making this an even better business in future years. By staying close to our clients and partners and delivering strong investment returns and excellent service, we believe we are in good shape. Therefore despite this ongoing market volatility, I remain confident about the outlook for Henderson and our ability to serve our clients’ needs.
Andrew Formica Chief Executive
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“Clearly, the centre of gravity for both private wealth and institutional fund management is shifting towards Asia. We as fund managers need to recognise our clients’ needs and redefine our approach to Asian markets, in both products and distribution.”
Alex Henderson, Managing Director of Asia
Asia now has four of the top ten private wealth markets globally with Hong Kong and Singapore emerging as the largest private wealth management centres in Asia. In the institutional space, the Asia-based sovereign wealth funds, pension funds, and insurance companies have also become increasingly visible and active. This clearly represents a significant opportunity for wealth managers in Asia. Since setting foot in Asia 17 years ago, Henderson has grown steadily over time with offices across Singapore, Hong Kong, Japan, China, India and Australia managing a total of US$5.4 billion assets under management. Singapore and Hong Kong serve as the key anchors of our Asia retail market with our distribution strategy focusing on building strategic partnerships with our partners across the private banking, premier banking, insurance and IFA channels. While we have long been known in Asia as a sector specialist for our technology and property capabilities, we have in recent years also gained recognition – through the China and European equity long/short funds – as a provider of UCITS capabilities. Looking ahead, we intend to build on our existing success by introducing more products that are truly relevant to the Asian investor.
Alexander Henderson Managing Director of Asia
How is Andrew Formica, CEO of Henderson Global Investors, shaping the company into a client led organisation? What does Alex Henderson, MD of Asia at Henderson Global Investors, consider as some of the most defining moments since setting up business in Asia in 1995? To find out their answer and more, scan the QR code with your smartphone.
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At a glance Henderson Global Investors We are a dedicated, independent, diversified asset manager, with the client at the centre of everything we do. Originally established in 1934, we now manage US$99.9bn of assets on behalf of our clients and employ over 1,000 staff across Europe, the US and the Asia-Pacific region1. As a pure asset management house, we know what investors want from us: to help them achieve their investment objectives by delivering performance that meets their expectations. We work with institutional, retail and high net worth clients to help them achieve their investment objectives. We provide high quality investment products across a diverse range of asset classes, including equities, fixed income, private equity and property. We have developed proven investment expertise across every asset class. Globally, we employ more than 287 investment professionals with an average of 14 years’ experience. Every investment decision we take has a direct impact on our clients. We have structured ourselves in a way that puts decision-making at the heart of our business. Our fund managers are organised into compact, nimble teams of experts, empowered to make the most of any opportunity without the hindrance of a ‘house style’. With a history spanning more than 75 years, Henderson carries a heritage, values and corporate strength that our clients find reassuring. Founded in the midst of the 1930s financial crisis, Henderson has weathered every financial storm since. Today, Henderson is a lean, collaborative company with a global reach focused on delivering performance for our clients. Over the years, we have recognised that the only way to retain the trust of our clients is through the quality of our investment decisions. This insight underpins the risk-aware decisiveness that has become the Henderson hallmark. In April 2011, we completed our acquisition of Gartmore Group Limited. The combination of these two businesses improved our offering to clients by expanding our product range and making us one of the largest retail fund managers in the UK, as well as a key player in the absolute return market. 1
Source: Henderson Global Investors, as at 31 December 2011
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Key facts • More than US$99.9 billion of assets under management1 on behalf of individuals, private banks, third party distributors, insurance companies, pension funds, government bodies, investment trusts, charities and corporate entities
Assets under management by asset class* Private Equity 2% Property 19%
• Clients throughout Europe, Asia-Pacific and North America • Henderson employs around 1,000 staff across 19 countries, of which 299 are investment professionals1
Fixed Income 24%
Equities 54%
• Headquartered in London, with offices in Amsterdam, Edinburgh, Frankfurt, Luxembourg, Madrid, Milan, Paris, Vienna and Zurich, Chicago and Hartford in the USA as well as Singapore, Hong Kong, Tokyo, Beijing and New Delhi. • Wholly owned by Henderson Group plc, which is dual listed on the London Stock Exchange and the Australian Securities Exchange, and is a constituent of the FTSE 250 and S&P/ASX 200 indices
Hartford Chicago
Edinburgh Amsterdam Dublin Luxembourg Frankfurt London Vienna Paris Zurich Madrid Milan
Beijing
New Delhi
Hong Kong
Tokyo
Singapore
Sydney
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Spotlight Henderson Horizon China Fund
Investment expertise
Standard & Poor’s – Silver2 Unique long/ short strategy Andrew Mattock
Key differentiating factors Fund managers with
considerable experience in managing both long-only and long/short portfolios
Fund Manager
Bottom up stock picking approach3
Understanding the fund The Henderson Horizon China Fund aims to offer a different investment strategy compared to the peer group of China equity funds. The managers make full use of the fund’s UCITS III sophisticated powers to try to enhance alpha generation. They do so by taking long and short positions in what they believe to be undervalued and overvalued securities.
2. Source: Standard & Poor’s, as at 30 April 2012 3. Total: 83 stocks (Long 58/Short 25), as at 30 April 2012. Source: Henderson Global Investors.
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Caroline Maurer Fund Manager
The Henderson Horizon China Fund is comanaged by Andrew Mattock and Caroline Maurer. Andrew joined Henderson in 1999 and has been based in Singapore since 2005. He has extensive hedge fund experience through managing Henderson hedge funds and has a successful track record of implementing and managing short positions. Caroline Maurer joined the company in January 2007. Originally based in London, Caroline relocated to Singapore in 2011 to join her co-manager Andrew Mattock. She worked in the Chinese auto manufacturing and information technology sectors for a number of years before joining Henderson.
Henderson Horizon Global Technology Fund
US$3.6 billion4 Total AUM by the Henderson Global Technology Team, one of the largest specialist technology fund managers in Europe
Key differentiating factors 1983
The year Henderson started managing technology assets
Investment expertise
Top quartile5 Long history of top-quartile performance over a multi-year period
Stuart O’Gorman Director of Technology Investments
Standard & Poor’s – Gold6 Ian Warmerdam Director of Technology Investments
Understanding the fund The managers of the Horizon Global Technology Fund focus on the value proposition that a company offers to their customers and on the barriers to entry that a company possesses to enable them to protect their profit margins and market share. The managers also attempt to identify cross sub-sector trends in technology, and use any thematic implications to identify potential investments.
Stuart O’Gorman is the lead manager of the Henderson Horizon Global Technology Fund and has been with Henderson since 2001. Stuart is supported by Ian Warmerdam and a team of 3. Both Stuart and Ian have been covering global technology markets for more than 16 years. Each member of the team specialises in several global technology sub-sectors, allowing them to gain the in-depth knowledge required to analyse the complex and constantly changing products and themes in each sub-sector, while retaining a broad view of the market.
4. Source: Henderson Global Investors, as at 31 March 2012 5. Source: Morningstar’s Workstation v4.0, Bid to Bid, Gross income reinvested, Net of fees, USD, as at 31 March 2012. Peer Group: GIF oS Sector Equity Technology. Period = 1, 2, 3, 4, 5, 7, 10 years. Top-quartile performance does not imply positive return on your investment. Past performance is not indicative of future performance. 6. Source: Standard & Poor’s, as at 30 April 2012
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Spotlight
continued
Henderson Horizon Asian Dividend Income Fund
Investment expertise
Standard & Poor’s – Silver8 7.5%7
Dividend yield in 2011 Mike Kerley
Key differentiating factors Total return Investment strategy is to provide an attractive, stable dividend yield, without giving up the potential for long-term capital growth
Director of Pan Asian Equities
Quarterly dividend payout9
Understanding the fund The majority of the holdings in the Henderson Horizon Asian Dividend Income Fund consist of quality, high-yielding companies with sustainable earnings and cashflows. The remainder of the portfolio consists of companies with the potential to grow dividends over time. Such a strategy is likely to suit investors who believe in the long-term structural growth story of Asia, but at the same time are wary of short-term market volatility.
7. Source: Henderson Global Investors, data as at the end of Jan 2012. Historical annual dividend yield is estimated for reference only and is not guaranteed. Positive distribution yield does not imply positive return. *Annual Dividend Yield = the sum of dividend per share in the last 4 quarters/ Reinvestment Price of the relevant quarter. Reinvestment Price is the NAV on the next business day after the dividend record date. 8. Source: Standard & Poor’s, as at 30 April 2012. 9. Dividend cut off date is the end of Mar, Jun, Sep and Dec for every calendar year. Please refer to “Dividend Policy” in Prospectus of the Fund for more information.
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The Henderson Horizon Asian Dividend Income Fund is managed by Mike Kerley. Mike has 15 years’ investment experience of managing money within Asia-Pacific markets. Mike joined Henderson in 2004 to manage Asia-Pacific portfolios and also manages the Henderson Far East Income Limited Investment Trust (since 2007) and the Henderson Asian Dividend Income Unit Trust (since 2009).
Henderson Horizon Asia Pacific Property Equities Fund Henderson Horizon Global Property Equities Fund Henderson Horizon Pan European Property Equities Fund Awarded Best fund over 5 years for Equity Sector Global Real Estate Holdings at the Hong Kong Lipper Fund Awards 201212
US$1.6bn10
Total assets under management by Henderson’s specialist property equity team
Key differentiating factors More than 20 years
Investment expertise
Patrick Sumner Head of Property Equities
Guy Barnard
Standard & Poor’s – Gold
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Fund Manager, Property Equities
A long-standing property investment track record
Understanding the funds The suite of property equities funds are to seek long-term capital appreciation by investing in the quoted equity securities of companies or Real Estate Investment Trusts (or their equivalents) listed or traded on a regulated market, which derive the main part of their revenue from the ownership, management and/or development of real estate, throughout the world.
10. Source: Henderson Global Investors, as at 31 January 2012 11. Henderson Horizon Global Property Equities Fund. Source: Standard & Poor’s, as at 30 April 2012 12. The award is for Henderson Horizon Global Property Equities Fund based on performance as of December 31, 2011.
Tim Gibson Fund Manager, Property Equities
The Property Equities Team is led by Patrick Sumner, who joined Henderson in 1997 and has more than 25 years’ investment experience of real estate markets. Patrick is supported by co-manager Guy Barnard who joined Henderson in 2006. They manage the Global and PanEuropean funds. The Asia-Pacific Property Equities team is led by Tim Gibson. The team is based in Singapore, providing them with excellent access to the region’s markets. Tim joined Henderson in March 2011 and has more than 10 years’ experience in the listed real estate sector.
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Key risks consideration: • Henderson Horizon Fund, as an umbrella fund, has within it different sub-funds investing primarily in equities or debt securities, each with different risk profiles. • Some sub-funds have the ability to use financial derivatives instruments (“FDIs”) extensively for investment purposes with a view to enhancing their performance. Such investments are subject to significant risk including liquidity risk and counter-party default risk. Together with the leverage effect embedded in FDIs you may lose your entire investment in such sub-funds. • Some sub-funds may invest in a single market / sector (e.g. smaller companies) and may subject the sub-fund to higher concentration risk than sub-funds following a more diversified policy. • Some sub-funds may invest in emerging markets which may be subject to higher risk of economic, political and regulatory changes. These investments may be less liquid and more volatile than investments in developed markets. • Some sub-funds may take short positions through the use of FDIs in some securities. Should the value of such securities increase, it will have a negative effect in the sub-fund’s value. You may lose your entire investment in such sub-funds. Note: Investment involves risks, including the possible loss of the principal amount invested. The value of the units and the income from the sub-fund may fall as well as rise. Past performance is not indicative of future performance. You should not only base on marketing material alone to make investment decisions. You should read the Prospectus, Offering Documents and Key Facts Statements of the sub-funds for further details. If you are in any doubt, you should seek independent advice and consult your stockbroker, bank manager, solicitor, accountant or other financial adviser.
Important Information The information contained in the document has not been reviewed or endorsed by the SFC and is prepared strictly for information purposes only without consideration to the specific investment objective, financial situation and particular needs of any specific person and should not be construed as an offer or solicitation to deal in the Fund. You should read the Prospectus, Offering Documents and Key Facts Statement of the Fund, and consider the risks and suitability of the Fund for your own financial needs or seek independent advice from a financial adviser before deciding whether to invest in the Fund. Investments in the Fund are subject to investment risks, including the possible loss of the principal amount invested. Past performance of any fund, a security, an investment or manager and any forecast made are not necessarily indicative of the future or likely performance of the fund, the security, investment or manager. The value of the units and the income from the Fund may fall as well as rise. Investments in the Fund are not obligations of, deposits in, or guaranteed by Henderson Global Investors (Hong Kong) Limited or any of its affiliates or distributors. No representation or warranty, express or implied, is made or given by or on behalf of Henderson Global Investors or its employees as to the accuracy, validity or completeness of the information or opinions contained in this document. Unless otherwise stated, the source is from Henderson Global Investors.
Issued by: Henderson Global Investors (Hong Kong) Limited, Tel: +852 2905 5108 Date: May 2012
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