I don’t normally watch fund manager interviews but………Henderson’s candid John Bennett


#1

John Bennett is one of the top performing European fund managers of his generation, whose refreshingly candid Glaswegian charm, mask his sharp probing
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#2

“too many Hedge funds……wittingly or unwittingly morph in to momentum funds”

I’ve never heard this explanation before but I was completely caught up with the shares I owned because it just changed so much so fast.

His explanation makes sense.

I liked his comment on investing in banks - they are okay to rent but not to own - meaning you might invest in them for a short time but not for the long term.


#3

He share’s Neil Woodford’s love of pharma, With all the M&A hysteria in the sector valuations have rocketed so it’s interesting to hear his view that there’s still some way to go.

I’ve never heard anyone argue that science was cyclical but he’s right, I remember analysts and the press a few years ago talking about the patent cliff at Astra and others, and now as we just witnessed in the Pfizer bid for Astra the strong drug pipeline they’ve got was one of their strongest arguments against the bid.


#4

No I’ve never heard of science being cyclical either but it does make sense and I remember the scenario you describe too @ColinWeasel.

As a new user of this site I think you could do more videos like this and on other subjects and topics.


#5

His performance is very good, see the image I attached (if I did it right), it’s the performance table from the AIC.

Bloody good no?

Even before he because manager performance is good it’s done 423% over ten years against his rivals average of 350%.


#6

Oops I did that wrong……


#7

Cool @Bluesky I didn’t realise you could attach files on here.

Henderson European Focus has really suffered from a low profile, at least from my perspective because it really wan’t on my radar though I kind of think that it should have been.

The performance is good and, although it admittedly shouldn’t count for much (but I think it does), John Bennett comes across really well.

He is cheeky, and he’s confident but I found myself agreeing with just about everything he said. And absolutely as others have pointed out here some of his suggestions were a little new to me.


#8

I agree with you @Bluesky more folk should ken about this than they do.

One think he didn’t expand upon on the video was QE. He did refer to it but not as much as I would have liked.

I’d love to know what he expects the effect of QE might have on shares.

It’s not that common to find fund managers who are also macro guys and even less common to find macro guys (economists) who are good at what they do so as this guy seems to ken his stuff I’d like to know a wee bit more about his views on QE.


#9

I know a few Scots @Clydebuilt so I get your language, not sure if everyone will, ken like!

Interestingly Henderson have two similar European investment trusts, both good performers though Bennett’s trust is in front in terms of performance.

There other one Henderson EuroTrust here’s its stats:
http://www.theaic.co.uk/companydata/BXN69/performance


#10

He speaks in English which is unusual for a financier, and makes more sense of the financial troubles in Europe and i the UK than the BBC does.


#11

There are so many good managers in the European investment trust category it seems unfair to other sectors.

John Bennett is just one of those very good managers.


#12

What he said about hedge funds explains perhaps why there has been such a violent swing from growth shares to more value orientated 2 months ago, which caught me out coz it was so fast.

I’d like to get a response to some of this from hedge fund managers to see how they would defend themselves against this.