May 2012
May 2012
1\\hds.int\Data\Dist\Glob\BS\BST\Archive\TF\Rich Brown\Horizon Pan European Alpha Presentation - March 2012.ppt
Henderson Pan European Equity team
Lead manager Paul Casson
10 years running long/short portfolios
Aided by large European Equity team
Average investment experience of European portfolio managers of 17 years
Source: Henderson Global Investors, as at 30 April 2012
Paul CassonFund Manager15-years’ investment experienceJoined Henderson in 2005
Pan European Alpha team
+ 13 Large cap fund managers+ 4 Small cap specialists
Over 50 years experience in long/short management
Richard Brown CFAInvestment Specialist
2\\hds.int\Data\Dist\Glob\BS\BST\Archive\TF\Rich Brown\Horizon Pan European Alpha Presentation - March 2012.ppt
Objectives and key parameters
Portfolio objectives Seek an absolute return of 10-12%
pa over rolling three-year periods
Smoothed exposure to Pan European equity markets using the flexibility offered by UCITS III
Alpha to be generated from the long and short book
Volatility since fund manager change of 11.8%* versus 18.5%* for the MSCI Europe index
A flexible Pan European fund that harnesses UCITS III capabilities
-20-150%Net exposure
60-90%Current short-term exposure
10% long5% shortMaximum position size
30-40% for long book90-160% for short bookTypical turnover
NoneSector/geographical restrictions
2-5% long2-4% shortTypical position size
40-60Typical number of positions
Typical parameters
200%Maximum gross exposure
< 2 x VaR of BenchmarkRisk
< 10% of NAVBorrowing
Rigid parameters
Source: Henderson Global Investors, BARRA, as at 30 April 2012Note: * Volatility is annualised
€189mFund size
3\\hds.int\Data\Dist\Glob\BS\BST\Archive\TF\Rich Brown\Horizon Pan European Alpha Presentation - March 2012.ppt
Source: Henderson Global Investors, as at 31 March 2012Note: Figures assume 30% of 3 month average volume available
Liquidity
Henderson Pan European Alpha Fund
0%10%
20%30%40%50%
60%70%80%90%
100%110%
< 1 day < 3 days < 5 days < 10 days
LongsShorts
4\\hds.int\Data\Dist\Glob\BS\BST\Archive\TF\Rich Brown\Horizon Pan European Alpha Presentation - March 2012.ppt
020406080
100120140160180200
Jul-0
8
Sep
-08
Nov
-08
Jan-
09
Mar
-09
May
-09
Jul-0
9
Sep
-09
Nov
-09
Jan-
10
Mar
-10
May
-10
Jul-1
0
Sep
-10
Nov
-10
Jan-
11
Mar
-11
May
-11
Jul-1
1
Sep
-11
Nov
-11
Jan-
12
Mar
-12
0102030405060708090100
Short book (RHS)Gross exposureNet exposure
Henderson Horizon Pan European Alpha Fund
Historical positioning
Source: Henderson Global Investors, as at 30 April 2012
% %
5\\hds.int\Data\Dist\Glob\BS\BST\Archive\TF\Rich Brown\Horizon Pan European Alpha Presentation - March 2012.ppt
Cumulative return
-40-30
-20-10
0
102030
4050
Jun-
08
Sep
-08
Dec
-08
Mar
-09
Jun-
09
Sep
-09
Dec
-09
Mar
-10
Jun-
10
Sep
-10
Dec
-10
Mar
-11
Jun-
11
Sep
-11
Dec
-11
Mar
-12
Horizon Pan European Alpha FundMSCI Europe
Henderson Horizon Pan European Alpha Fund: performance since fund manager change (1 July 2008)
%
Source: Henderson Global investors, as at 30 April 2012Note: Performance is based on midday prices, retail share class, gross income reinvested and net of fees in euro.
Past performance is not necessarily indicative to future or likely performance of the fund.
+41.8%
+1.0%
6\\hds.int\Data\Dist\Glob\BS\BST\Archive\TF\Rich Brown\Horizon Pan European Alpha Presentation - March 2012.ppt
40
60
80
100
120
140
160
180
Jun-
08
Sep
-08
Dec
-08
Mar
-09
Jun-
09
Sep
-09
Dec
-09
Mar
-10
Jun-
10
Sep
-10
Dec
-10
Mar
-11
Jun-
11
Sep
-11
Dec
-11
Mar
-12
Horizon Pan European Alpha Fund Global Property UK EquityGlobal Bond Asia ex Japan US EquityHang Seng MSCI World MSCI Golden DragonMSCI EM MSCI Europe Japan equityMSCI LatAm
Henderson Horizon Pan European Alpha Fund: performance since fund manager change (1 July 2008)
Cumulative return versus other asset classes
Source: Henderson Global investors, as at 30 April 2012Note: Performance is based on midday prices, retail share class, gross income reinvested and net of fees in euro
Returns are in local currency, total return: FTSE All Share, FTSE EPRA/NAREIT Dvlp, JPM GBI Global Traded, MSCI Asia Ex Japan, S&P 500 and Topix IndexPast performance is not necessarily indicative to future or likely performance of the fund.
7\\hds.int\Data\Dist\Glob\BS\BST\Archive\TF\Rich Brown\Horizon Pan European Alpha Presentation - March 2012.ppt
Downside protection
Source: Henderson Global Investors, Datastream, as at 31 March 2012Past performance is not necessarily indicative to future or likely performance of the fund.
Underwater chart
50
60
70
80
90
100
Jun-08 Jan-09 Aug-09 Mar-10 Oct-10 May-11 Dec-11
MSCI EuropeHorizon Pan Eurp Alpha Fund
Largest drawdowns – MSCI Europe
March ‘11
June ‘08
Starting point
Ongoing
30 months
Recovery period
-19.1%
-39.4%
Draw down
Largest drawdowns – Horizon Pan European Alpha Fund
June ‘11
Sept ‘08
Starting point
8 months
8 months
Recovery period
-7.5%
-9.7%
Draw down
Positive returns in each of the last three calendar years
8\\hds.int\Data\Dist\Glob\BS\BST\Archive\TF\Rich Brown\Horizon Pan European Alpha Presentation - March 2012.ppt
Henderson Horizon Pan European Alpha Fund
Alpha: Excess return
Source: Henderson Global Investors, as at 30 March 2012Note: Attribution is based on desk estimates
-1000
-500
0
500
1000
1500
2000
2500
Jul-0
8
Sep
-08
Nov
-08
Jan-
09
Mar
-09
May
-09
Jul-0
9
Sep
-09
Nov
-09
Jan-
10
Mar
-10
May
-10
Jul-1
0
Sep
-10
Nov
-10
Jan-
11
Mar
-11
May
-11
Jul-1
1
Sep
-11
Nov
-11
Jan-
12
Mar
-12
Cumulative long alphaCumulative short alpha
bps
9\\hds.int\Data\Dist\Glob\BS\BST\Archive\TF\Rich Brown\Horizon Pan European Alpha Presentation - March 2012.ppt
Investment process and philosophy
10\\hds.int\Data\Dist\Glob\BS\BST\Archive\TF\Rich Brown\Horizon Pan European Alpha Presentation - March 2012.ppt
Investment philosophy
Active fund managers, focused on fundamental analysis Fundamental analysis can lead to decisions that are against the common
market opinion/trend
Bottom-up approach to stock selection
Cash-flow growth at a reasonable price Look for companies that can deliver good sustainable growth in cash flows
and where valuation is attractive
Mindset of allocating capital efficiently via stock selection
11\\hds.int\Data\Dist\Glob\BS\BST\Archive\TF\Rich Brown\Horizon Pan European Alpha Presentation - March 2012.ppt
Stockviews
Stock analysis
Business assessment
Cash-flow analysis
Catalyst for sharp value changes
Valuation analysis
Macro outlook
Risks to analysis
Portfolio construction
Typical number of positions
= 40-60
Typical position size
= Long ~ 2-5%
= Short ~ 2-4%
Net exposure -20 to 150%
Max gross exposure 200%
Borrowing < 10% of NAV
Stock analysis and portfolio construction
12\\hds.int\Data\Dist\Glob\BS\BST\Archive\TF\Rich Brown\Horizon Pan European Alpha Presentation - March 2012.ppt
Stock analysis
Business assessment Long-term prospects for the business Is the company’s competitive position strong enough to sustain cash returns
on investment above the cost of capital? Risks to analysis Meeting with company management gives important insights
Cash-flow analysis Drivers of cash flow How operating profit is converted to cash flow How cash flow is being deployed How this ties in with the balance sheet – capital efficiency
13\\hds.int\Data\Dist\Glob\BS\BST\Archive\TF\Rich Brown\Horizon Pan European Alpha Presentation - March 2012.ppt
Short book - additional considerations
Selecting short positions is a very different discipline to long only management Paul Casson is experienced in managing short book portfolios, having assisted Stephen Peak with
Henderson's European Absolute Return Fund since he arrived in 2005 and previously assisting with hedge funds at SVM since 2001
The fund manager uses a pragmatic approach to allow for the additional risks Unlimited downside risk – losing shorts get larger M&A activity Cost
The fund manager looks for events/catalysts that will cause a significant drop in share price (eg, profit warnings) The short book will on average have a higher turnover than the long book. Short positions tend to be
initiated to benefit from a negative event anticipated to occur in the near future
The fund manager is constantly self critical and will cut the position if the investment case no longer stands
14\\hds.int\Data\Dist\Glob\BS\BST\Archive\TF\Rich Brown\Horizon Pan European Alpha Presentation - March 2012.ppt
Portfolio construction
Stock selection drives portfolio orientation Index is something to benchmark returns against, not a guide to investment Country and sector weights arise from stock selection Market cap exposure also arises from stock selection May have a zero weighting to any country/sector that makes up a position of
the index
Typically 40-60 stocks and size of each stock position reflects: Relative attractiveness of the stock Conviction we have in our view Likely liquidity available in the stock on entry and any exit Typical position size is 2-5% long and 2-4% short Positions not usually over 5% and usually avoid positions below 2%
15\\hds.int\Data\Dist\Glob\BS\BST\Archive\TF\Rich Brown\Horizon Pan European Alpha Presentation - March 2012.ppt
Position closing decisions
When do we close positions? See limited upside/downside to price across a range of potential scenarios Acknowledge a mistake or that the investment case has broken down Begin to reduce a successful holding before there is limited remaining upside
as the return/risk ratio becomes less attractive Require the release of money to build on other holdings with greater upside
potential A short position becomes involved in M&A speculation
Avoid explicit price targets Danger of becoming ‘anchored’ as conditions change
16\\hds.int\Data\Dist\Glob\BS\BST\Archive\TF\Rich Brown\Horizon Pan European Alpha Presentation - March 2012.ppt
Risk management
Effective risk management starts with thorough stock analysis
Monitor predicted volatility using BARRA
Take care not to create unintended aggregate exposures
Monthly compliance sign off and pre-trade monitoring through Charles River
17\\hds.int\Data\Dist\Glob\BS\BST\Archive\TF\Rich Brown\Horizon Pan European Alpha Presentation - March 2012.ppt
Current fund composition
18\\hds.int\Data\Dist\Glob\BS\BST\Archive\TF\Rich Brown\Horizon Pan European Alpha Presentation - March 2012.ppt
Current positioning
2.9
3.0
3.0
3.0
3.0
3.0
3.1
3.2
3.3
3.4
Portfolio weight (%)
Consumer StaplesImperial Tobacco Group
Consumer StaplesTesco
Consumer DiscretionarySES
Health CareFresenius SE
Consumer DiscretionaryBSkyB
EnergySeadrill
EnergyStatoil
Health CareGSK
Telecommunication ServicesVodafone Group
Consumer DiscretionaryWilliam Hill
SectorSector
Source: Henderson Global Investors, as at 30 April 2012
19\\hds.int\Data\Dist\Glob\BS\BST\Archive\TF\Rich Brown\Horizon Pan European Alpha Presentation - March 2012.ppt
3.5Industrials
0.0Utilities
1.3Information Technology
1.8Financials
13.9Consumer Staples
3.1Materials
8.8Health Care
16.3Energy
16.3Consumer Discretionary
5.4Telecommunication Services
Net exposure (%)Sector
96.8Gross market
70.5Net market
56.7Beta adjusted net
Total exposure (%)
-13.2
83.6
Short
Long
Fund positioning
Source: Henderson Global Investors, as at 30 April 2012
20\\hds.int\Data\Dist\Glob\BS\BST\Archive\TF\Rich Brown\Horizon Pan European Alpha Presentation - March 2012.ppt
Long example: SES
Description Provider of satellite communications and
broadcast services
Investment case Well placed to benefit from a wide spread
roll out of HD TV thanks to its bandwidth monopoly
2012 dividend yield of 5.2%
Bullet proof cashflow
Source: Henderson Global Investors, Datastream, as at 19 March 2012Note: The above example is intended for illustrative purposes only and is not indicative of the historical or future
performance of the strategy or the chances of success of any particular strategy. Henderson Global Investors, one of its affiliated advisors, or its employees, may have a position mentioned in the securities mentioned in the report. References made to individual securities should not constitute or form part of any offer or solicitation to issue, sell, subscribe or purchase the security.Data rebased to 100 on 30 June 2008.
SES total return
80
90
100
110
120
130
140
Jun-
08
Sep
-08
Dec
-08
Mar
-09
Jun-
09
Sep
-09
Dec
-09
Mar
-10
Jun-
10
Sep
-10
Dec
-10
Mar
-11
Jun-
11
Sep
-11
Dec
-11
Toll roads in the sky
21\\hds.int\Data\Dist\Glob\BS\BST\Archive\TF\Rich Brown\Horizon Pan European Alpha Presentation - March 2012.ppt
0
10
20
30
40
50
60
70
80
Jun-
08
Sep
-08
Dec
-08
Mar
-09
Jun-
09
Sep
-09
Dec
-09
Mar
-10
Jun-
10
Sep
-10
Dec
-10
Mar
-11
Short example: Q-cells
Description Develops and manufactures solar
cells made of silicon
Investment case Structural cost disadvantage versus Chinese
competitors
Traded at 30x estimated 2010 earnings
Ongoing cuts in government subsidies
Lack of cash generation was early warning sign
Source: Henderson Global Investors, Bloomberg as of 21 April 2011Note: The above example is intended for illustrative purposes only and is not indicative of the historical or
future performance of the strategy or the chances of success of any particular strategy. Henderson Global Investors, one of its affiliated advisors, or its employees, may have a position mentioned in the securities mentioned in the report. References made to individual securities should not constitute or form part of any offer or solicitation to issue, sell, subscribe or purchase the security.
€
Sell Short Covered
Price performance of Q-cells
22\\hds.int\Data\Dist\Glob\BS\BST\Archive\TF\Rich Brown\Horizon Pan European Alpha Presentation - March 2012.ppt
Long examples: Gambling
Opportunity Negative sentiment toward traditional UK
bookmakers
Investment case UK economy remains robust
Strong balance sheets – Net debt/EBITDA <2x
High cash flow yields
And they are still cheap
Source: Henderson Global Investors, Datastream, as at 26 April 2012 2012Note: References made to individual companies or stocks should not
constitute or form part of any offer or solicitation to issue, sell, subscribe or purchase in the Company.
Total return
60
80
100
120
140
160
180
200
220
240
Jan-
10
Mar
-10
May
-10
Jul-1
0
Sep
-10
Nov
-10
Jan-
11
Mar
-11
May
-11
Jul-1
1
Sep
-11
Nov
-11
Jan-
12
Mar
-12
Paddy Power
William Hill
MSCI Europe
23\\hds.int\Data\Dist\Glob\BS\BST\Archive\TF\Rich Brown\Horizon Pan European Alpha Presentation - March 2012.ppt
Long example: Next
Description UK Clothes retailer
Investment case Negative sentiment toward UK retailers
depressed prices
Strong cash generation
Share buybacks
High quality, consistent management
Source: Henderson Global Investors, Bloomberg, as at 19 March 2012Note: The above example is intended for illustrative purposes only and is not indicative of the historical or
future performance of the strategy or the chances of success of any particular strategy. Henderson Global Investors, one of its affiliated advisors, or its employees, may have a position mentioned in the securities mentioned in the report. References made to individual securities should not constitute or form part of any offer or solicitation to issue, sell, subscribe or purchase the securityData rebased to 100 on the 4 January 2010.
Next total return
80
100
120
140
160
Jan-
10
Apr
-10
Jul-1
0
Oct
-10
Jan-
11
Apr
-11
Jul-1
1
Oct
-11
Jan-
12
24\\hds.int\Data\Dist\Glob\BS\BST\Archive\TF\Rich Brown\Horizon Pan European Alpha Presentation - March 2012.ppt
Short example: Vestas
Description Develops and manufactures wind
turbines
Investment case Severe deterioration in working
capital
Heavy cash burn and rapidly rising net debt
New orders and pricing a source of concern
Growth multiple inappropriate for serial market share loser
Price performance of Vestas
DKK
40
140
240
340
440
540
640
740
Jun-
08
Sep
-08
Dec
-08
Mar
-09
Jun-
09
Sep
-09
Dec
-09
Mar
-10
Jun-
10
Sep
-10
Dec
-10
Mar
-11
Jun-
11
Sep
-11
Dec
-11
Mar
-12
Note: The above example is intended for illustrative purposes only and is not indicative of the historical or future performance of the strategy or the chances of success of any particular strategy. Henderson Global Investors, one of its affiliated advisors, or its employees, may have a position mentioned in the securities mentioned in the report. References made to individual securities should not constitute or form part of any offer or solicitation to issue, sell, subscribe or purchase the security.
Source: Henderson Global Investors, DataStream, as at 20 March 2012
25\\hds.int\Data\Dist\Glob\BS\BST\Archive\TF\Rich Brown\Horizon Pan European Alpha Presentation - March 2012.ppt
Outlook
26\\hds.int\Data\Dist\Glob\BS\BST\Archive\TF\Rich Brown\Horizon Pan European Alpha Presentation - March 2012.ppt
Europe – valuation
Source: Mirabaud Securities LLP, Thomson, MSCI regional indices, as at 31 March 2012
European market: trend P/E, 1980-2012
0
5
10
15
20
25
30
35
Jan-
80
Jul-8
1
Jan-
83
Jul-8
4
Jan-
86
Jul-8
7
Jan-
89
Jul-9
0
Jan-
92
Jul-9
3
Jan-
95
Jul-9
6
Jan-
98
Jul-9
9
Jan-
01
Jul-0
2
Jan-
04
Jul-0
5
Jan-
07
Jul-0
8
Jan-
10
Jul-1
1
Trend P/EEx-bubble averageEx-Bub + 1 SDEx-Bub -1 SD
9.2x
10.3
UK
10.7
Europe ex UK
10.011.612.913.712 month forward P/E
Emerging MarketsAsia Pac ex JapanUSJapan
27\\hds.int\Data\Dist\Glob\BS\BST\Archive\TF\Rich Brown\Horizon Pan European Alpha Presentation - March 2012.ppt
0
10
20
30
40
50
60
70
80
90
100
0 5 10 15 20 25 30 35 40
Earnings volatility
5 ye
ar e
arni
ngs
vola
tility
Forward P/E
13%
61%
3%
23%A
vera
ge =
14.
1
Average = 47.9
3.1High earnings volatility, high valuations22.6Low earnings volatility, high valuation
Long book (%)
13.061.3
High earnings volatility, low valuationLow earnings volatility, low valuation Current holding
European universe
Source: Henderson Global Investors, as at 31 March 2012
28\\hds.int\Data\Dist\Glob\BS\BST\Archive\TF\Rich Brown\Horizon Pan European Alpha Presentation - March 2012.ppt
It has paid to buy at these valuations
Source: ASR, Henderson Global Investors, as at 20 February 2012
-10
-5
0
5
10
15
20
<8x 8x-to-12x 12x-to-16x 16x to 20x >20x
Ave
rage
forw
ard
retu
rn s
ince
197
3 (%
)
1-year3-year5-year
Forward returns in trailing P/E bands
Currently here
29\\hds.int\Data\Dist\Glob\BS\BST\Archive\TF\Rich Brown\Horizon Pan European Alpha Presentation - March 2012.ppt
Market outlook
Uncertainties remain French and Greek elections Bank capital
The long term need to reduce debt is the priority Corporate balance sheets - Strong Consumer balance sheets - Stable Government balance sheets - Poor
LTRO very important – key liquidity risk removed
Equities look attractive – favourable risk/reward, investors very under-exposed
30\\hds.int\Data\Dist\Glob\BS\BST\Archive\TF\Rich Brown\Horizon Pan European Alpha Presentation - March 2012.ppt
Summary
We have achieved our return objectives over 3.5 years In some of the worst market conditions for 20 years
The fund is not reliant on a strong European market to make good returns
It can be accessed through a client friendly,daily dealing fund
31\\hds.int\Data\Dist\Glob\BS\BST\Archive\TF\Rich Brown\Horizon Pan European Alpha Presentation - March 2012.ppt
Summary
Making full use of UCITS III powers
Flexible approach driven by bottom-up stock picking
Superior risk/return profile, daily liquidity
Transparency and alignment of interests with investors
Absolute return investment approach
32\\hds.int\Data\Dist\Glob\BS\BST\Archive\TF\Rich Brown\Horizon Pan European Alpha Presentation - March 2012.ppt
Appendices
33\\hds.int\Data\Dist\Glob\BS\BST\Archive\TF\Rich Brown\Horizon Pan European Alpha Presentation - March 2012.ppt
Outlook
Source: NCBs, DB ResearchRecommendation: Garber, Peter (1998). “Notes on the role of Target in a stage III crisis”, NBER Working Paper No. 6619
Intra-Eurosystem balance of payments positions– as of Aug/Sept/Oct 2011
34\\hds.int\Data\Dist\Glob\BS\BST\Archive\TF\Rich Brown\Horizon Pan European Alpha Presentation - March 2012.ppt
Alpha: Excess return
Source: Henderson Global Investors, as at 31 March 2012Note: Attribution is based on desk estimates
20(278)Long +ve/ Short -ve264(88)352Q1 2012
183543Long +ve/ Short +ve(485)494(979)Q3 2011
22350Long +ve/ Short +ve341197144Q2 2011
(178)64Long +ve/ Short -ve(72)(203)131Q1 2011
88106Long +ve/Short +ve(252)622(874)Q3 2008
580407Long +ve/Short +ve(101)1,666(1,767)Q4 2008
(222)519Long +ve/Short -ve(211)240(451)Q1 2009
(224)(101)Long -ve/Short -ve1,026(745)1,771Q2 2009
52433Long +ve/ Short +ve2,100(158)2,258Q3 2009
6935Long +ve/ Short +ve56326537Q4 2009
109(84)Long -ve/ Short +ve32931298Q1 2010
36(206)Long -ve/ Short +ve(682)129(811)Q2 2010
132(188)Long -ve/ Short +ve49825473Q3 2010
(19)365Long +ve/ Short -ve823(109)932Q4 2010
32194Long +ve/ Short +ve855(87)941Q4 2011
Short alpha
Alphasource
Long attributable bps
Short attributablebps
Totals
Long alpha
Total attributablebps
Quarterly
35\\hds.int\Data\Dist\Glob\BS\BST\Archive\TF\Rich Brown\Horizon Pan European Alpha Presentation - March 2012.ppt
Fund particulars
1.2%Management fees:
20% of benchmark outperformancePerformance fees:
T+4Settlement:
1pm Luxembourg timeCut-off time:
The completed application form and documents must be sent to the Registrar and Transfer Agent for the first subscription. Orders may be sent by fax or post.
Dealing:
BNP Paribas Securities Services/BNP Paribas Fund Services33 Rue de GasperichL-5826 HesperangeGrand Duchy of LuxembourgTel: +352 2696 2050 Fax: +352 2696 9747
Contact details of the Registrar and Transfer Agent:
€2,500 per sub-fund for the initial subscription and €500 per sub-fund for the subsequent subscriptions.
Minimum investment:
EuroBase currency:
50% MSCI Europe Total Return (net) / 50% ECB RateBenchmark:
LU0264597450 (income)LU0264597617 (accumulation)
ISIN codes:
36\\hds.int\Data\Dist\Glob\BS\BST\Archive\TF\Rich Brown\Horizon Pan European Alpha Presentation - March 2012.ppt
The fund manager
Paul CassonDirector, Pan European Equities
Career: 2008 Takes over management of
Henderson Horizon Pan European Alpha Fund
2007 Director, Pan European Equities
2005 Henderson Global InvestorsJoined as Associate Director to manage European equity mandates initially running institutional funds in the retail space
2001 SVM Asset ManagementFund Manager, Pan European Equities
1997 Martin Currie Investment ManagementFund Manager European Equities
1995 KPMG BelfastTrainee accountant, Audit department
Education: University of Stirling,MSc Investment Analysis
Queen’s University Belfast,MSc (Distinction) AccountingBSc (Hons) First Class Accounting
37\\hds.int\Data\Dist\Glob\BS\BST\Archive\TF\Rich Brown\Horizon Pan European Alpha Presentation - March 2012.ppt
Henderson Global Investors201 Bishopsgate, London EC2M 3AETel: 020 7818 1818 Fax: 020 7818 1819
Henderson Global Investors201 Bishopsgate, London EC2M 3AETel: 020 7818 1818 Fax: 020 7818 1819
Important InformationThis document is solely for the use of professionals and is not for general public distribution. The Henderson Horizon Fund (the “Fund”) is a Luxembourg SICAV incorporated on 30 May 1985. This document is intended solely for the use of professionals and is not for general public distribution. Any investment application will be made solely on the basis of the information contained in the Fund’s full prospectus (including all relevant covering documents), which will contain investment restrictions. This document is intended as a summary only and potential investors must read the Fund’s full prospectus before investing. A copy of the Fund’s full and simplified prospectuses can be obtained from Henderson Global Investors Limited in its capacity as Investment Manager and Distributor.
Issued in the UK by Henderson Global Investors. Henderson Global Investors is the name under which Henderson Global Investors Limited (reg. no. 906355) (incorporated and registered in England and Wales with registered office at 201 Bishopsgate, London EC2M 3AE and authorised and regulated by the Financial Services Authority) provide investment products and services. Telephone calls may be recorded and monitored.
Past performance is not a guide to future performance. The performance data does not take into account the commissions and costs incurred on the issue and redemption of units. The value of an investment and the income from it can fall as well as rise and you may not get back the amount originally invested. Tax assumptions and reliefs depend upon an investor’s particular circumstances and may change if those circumstances or the law change. If you invest through a third party provider you are advised to consult them directly as charges, performance and terms and conditions may differ materially.
The securities included in this document are not registered in the Foreign Securities Registry of the Superintendencia de Valores y Seguros for public offering and, therefore, the use of this document is only for general information purposes.
Nothing in this document is intended to or should be construed as advice. This document is not a recommendation to sell or purchase any investment. It does not form part of any contract for the sale or purchase of any investment.
The Fund is a recognised collective investment scheme for the purpose of promotion into the United Kingdom. Potential investors in the United Kingdom are advised that all, or most, of the protections afforded by the United Kingdom regulatory system will not apply to an investment in the Fund and that compensation will not be available under the United Kingdom Financial Services Compensation Scheme.
A copy of the Fund’s full and simplified prospectuses, articles of incorporation, annual and semi-annual reports can be obtained free of cost from the Fund’s: Austrian Paying Agent Raiffeisen Zentralbank Österreich AG, Am Stadtpark 9, A-1030 Vienna; French Paying Agent BNP Paribas Securities Services, 3, rue d’Antin, F-75002 Paris; German Information Agent Marcard, Stein & Co, Ballindamm 36, 20095 Hamburg; Belgian Financial Service Provider Dresdner Van Moer Courtens S.A./N.V. Société de bourse, Drève du Prieuré 19, 1160 Bruxelles; Spanish Representative Allfunds Bank S.A. Estafeta, 6 Complejo Plaza de la Fuente, La Moraleja, Alcobendas 28109 Madrid; or Swiss Representative BNP Paribas Securities Services, Paris, succursale de Zurich, Selnaustrasse 16, 8002 Zurich who are also the Swiss Paying Agent.