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Henderson global investors
Henderson global investors
Henderson global investors
Henderson global investors
Henderson global investors
Henderson global investors
Henderson global investors
Henderson global investors
Henderson global investors
Henderson global investors
Henderson global investors
Henderson global investors
Henderson global investors
Henderson global investors
Henderson global investors
Henderson global investors
Henderson global investors
Henderson global investors
Henderson global investors
Henderson global investors
Henderson global investors
Henderson global investors
Henderson global investors
Henderson global investors
Henderson global investors
Henderson global investors
Henderson global investors
Henderson global investors
Henderson global investors
Henderson global investors
Henderson global investors
Henderson global investors
Henderson global investors
Henderson global investors
Henderson global investors
Henderson global investors
Henderson global investors
Henderson global investors
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Henderson global investors

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  • 1. May 2012
  • 2. Henderson Pan European Equity team Lead manager Paul Casson Pan European Alpha team Paul Casson Fund Manager 10 years running long/short 15-years’ investment experience portfolios Joined Henderson in 2005 + 13 Large cap fund managers + 4 Small cap specialists Aided by large European Equity Over 50 years experience in long/short management team Richard Brown CFA Investment Specialist Average investment experience Source: Henderson Global Investors, as at 30 April 2012 of European portfolio managers of 17 years 1hds.intDataDistGlobBSBSTArchiveTFRich BrownHorizon Pan European Alpha Presentation - March 2012.ppt
  • 3. Objectives and key parametersA flexible Pan European fund that harnesses UCITS III capabilitiesPortfolio objectives Typical parameters Seek an absolute return of 10-12% Typical number of positions 40-60 pa over rolling three-year periods Typical position size 2-5% long 2-4% short 10% long Maximum position size Smoothed exposure to Pan 5% short European equity markets using the Net exposure -20-150% flexibility offered by UCITS III Current short-term exposure 60-90% Sector/geographical restrictions None Alpha to be generated from the long Typical turnover 30-40% for long book 90-160% for short book and short book Rigid parameters Maximum gross exposure 200% Volatility since fund manager change Risk < 2 x VaR of Benchmark of 11.8%* versus 18.5%* for the Borrowing < 10% of NAV MSCI Europe index Fund size €189mSource: Henderson Global Investors, BARRA, as at 30 April 2012Note: * Volatility is annualised 2hds.intDataDistGlobBSBSTArchiveTFRich BrownHorizon Pan European Alpha Presentation - March 2012.ppt
  • 4. Liquidity Henderson Pan European Alpha Fund 110% Longs 100% Shorts 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% < 1 day < 3 days < 5 days < 10 daysSource: Henderson Global Investors, as at 31 March 2012Note: Figures assume 30% of 3 month average volume available 3hds.intDataDistGlobBSBSTArchiveTFRich BrownHorizon Pan European Alpha Presentation - March 2012.ppt
  • 5. Historical positioning Henderson Horizon Pan European Alpha Fund % % 200 100 Short book (RHS) 180 90 Gross exposure 160 80 Net exposure 140 70 120 60 100 50 80 40 60 30 40 20 20 10 0 0 Jul-08 Jul-09 Jul-10 Jul-11 Nov-08 Nov-09 Nov-10 Nov-11 Jan-09 Jan-10 Jan-11 Jan-12 May-09 May-10 May-11 Sep-08 Sep-09 Sep-10 Sep-11 Mar-09 Mar-10 Mar-11 Mar-12Source: Henderson Global Investors, as at 30 April 2012 4hds.intDataDistGlobBSBSTArchiveTFRich BrownHorizon Pan European Alpha Presentation - March 2012.ppt
  • 6. Cumulative return Henderson Horizon Pan European Alpha Fund: performance since fund manager change (1 July 2008) % 50 Horizon Pan European Alpha Fund +41.8% 40 MSCI Europe 30 20 10 +1.0% 0 -10 -20 -30 -40 Jun-08 Jun-09 Jun-10 Jun-11 Sep-08 Dec-08 Mar-09 Sep-09 Dec-09 Mar-10 Sep-10 Dec-10 Mar-11 Sep-11 Dec-11 Mar-12Source: 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. 5hds.intDataDistGlobBSBSTArchiveTFRich BrownHorizon Pan European Alpha Presentation - March 2012.ppt
  • 7. Cumulative return versus other asset classes Henderson Horizon Pan European Alpha Fund: performance since fund manager change (1 July 2008) 180 Horizon Pan European Alpha Fund Global Property UK Equity 160 Global Bond Asia ex Japan US Equity Hang Seng MSCI World MSCI Golden Dragon MSCI EM MSCI Europe Japan equity 140 MSCI LatAm 120 100 80 60 40 Jun-08 Jun-09 Jun-10 Jun-11 Sep-08 Dec-08 Sep-09 Dec-09 Sep-10 Dec-10 Sep-11 Dec-11 Mar-09 Mar-10 Mar-11 Mar-12Source: 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 Index Past performance is not necessarily indicative to future or likely performance of the fund. 6hds.intDataDistGlobBSBSTArchiveTFRich BrownHorizon Pan European Alpha Presentation - March 2012.ppt
  • 8. Downside protection Underwater chart Largest drawdowns – MSCI Europe 100 Starting point Draw down Recovery period June ‘08 -39.4% 30 months 90 March ‘11 -19.1% Ongoing 80 70 Largest drawdowns – Horizon Pan European Alpha Fund 60 Starting point Draw down Recovery period MSCI Europe Horizon Pan Eurp Alpha Fund Sept ‘08 -9.7% 8 months 50 Jun-08 Jan-09 Aug-09 Mar-10 Oct-10 May-11 Dec-11 June ‘11 -7.5% 8 monthsSource: Henderson Global Investors, Datastream, as at 31 March 2012 Past performance is not necessarily indicative to future or likely performance of the fund.Positive returns in each of the last three calendar years 7hds.intDataDistGlobBSBSTArchiveTFRich BrownHorizon Pan European Alpha Presentation - March 2012.ppt
  • 9. Alpha: Excess return Henderson Horizon Pan European Alpha Fund bps 2500 Cumulative long alpha 2000 Cumulative short alpha 1500 1000 500 0 -500 -1000 Jul-08 Jul-09 Jul-10 Jul-11 Nov-08 Nov-09 Nov-10 Nov-11 Jan-09 May-09 Jan-10 May-10 Jan-11 May-11 Jan-12 Sep-08 Sep-09 Sep-10 Sep-11 Mar-09 Mar-10 Mar-11 Mar-12Source: Henderson Global Investors, as at 30 March 2012Note: Attribution is based on desk estimates 8hds.intDataDistGlobBSBSTArchiveTFRich BrownHorizon Pan European Alpha Presentation - March 2012.ppt
  • 10. Investment process and philosophy 9hds.intDataDistGlobBSBSTArchiveTFRich BrownHorizon Pan European Alpha Presentation - March 2012.ppt
  • 11. 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 attractiveMindset of allocating capital efficiently via stock selection 10hds.intDataDistGlobBSBSTArchiveTFRich BrownHorizon Pan European Alpha Presentation - March 2012.ppt
  • 12. Stock analysis and portfolio construction Stock analysis Portfolio Macro construction outlook Business assessment Typical number of positions = 40-60 Typical position size Cash-flow analysis = Long ~ 2-5% Stock = Short ~ 2-4% Catalyst for sharp views value changes Net exposure -20 to 150% Max gross exposure 200% Valuation analysis Borrowing < 10% of NAV Risks to analysis 11hds.intDataDistGlobBSBSTArchiveTFRich BrownHorizon Pan European Alpha Presentation - March 2012.ppt
  • 13. 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 12hds.intDataDistGlobBSBSTArchiveTFRich BrownHorizon Pan European Alpha Presentation - March 2012.ppt
  • 14. 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 Hendersons 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 13hds.intDataDistGlobBSBSTArchiveTFRich BrownHorizon Pan European Alpha Presentation - March 2012.ppt
  • 15. 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% 14hds.intDataDistGlobBSBSTArchiveTFRich BrownHorizon Pan European Alpha Presentation - March 2012.ppt
  • 16. 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 15hds.intDataDistGlobBSBSTArchiveTFRich BrownHorizon Pan European Alpha Presentation - March 2012.ppt
  • 17. 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 16hds.intDataDistGlobBSBSTArchiveTFRich BrownHorizon Pan European Alpha Presentation - March 2012.ppt
  • 18. Current fund composition 17hds.intDataDistGlobBSBSTArchiveTFRich BrownHorizon Pan European Alpha Presentation - March 2012.ppt
  • 19. Current positioning Sector Sector Portfolio weight (%) SES Consumer Discretionary 3.4 Seadrill Energy 3.3 BSkyB Consumer Discretionary 3.2 GSK Health Care 3.1 Tesco Consumer Staples 3.0 William Hill Consumer Discretionary 3.0 Imperial Tobacco Group Consumer Staples 3.0 Fresenius SE Health Care 3.0 Statoil Energy 3.0 Vodafone Group Telecommunication Services 2.9Source: Henderson Global Investors, as at 30 April 2012 18hds.intDataDistGlobBSBSTArchiveTFRich BrownHorizon Pan European Alpha Presentation - March 2012.ppt
  • 20. Fund positioning Total exposure (%) Sector Net exposure (%) Long 83.6 Consumer Discretionary 16.3 Short -13.2 Energy 16.3 Net market 70.5 Consumer Staples 13.9 Gross market 96.8 Health Care 8.8 Materials 3.1 Beta adjusted net 56.7 Telecommunication Services 5.4 Industrials 3.5 Financials 1.8 Information Technology 1.3 Utilities 0.0Source: Henderson Global Investors, as at 30 April 2012 19hds.intDataDistGlobBSBSTArchiveTFRich BrownHorizon Pan European Alpha Presentation - March 2012.ppt
  • 21. Long example: SESDescription SES total return Provider of satellite communications and 140 broadcast services 130Investment case 120 Well placed to benefit from a wide spread roll out of HD TV thanks to its bandwidth 110 monopoly 100 2012 dividend yield of 5.2% 90 Bullet proof cashflow 80 Jun-08 Jun-09 Jun-10 Jun-11 Sep-08 Dec-08 Mar-09 Sep-09 Dec-09 Mar-10 Sep-10 Dec-10 Mar-11 Sep-11 Dec-11 Source: Henderson Global Investors, Datastream, as at 19 March 2012 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. Data rebased to 100 on 30 June 2008.Toll roads in the sky 20hds.intDataDistGlobBSBSTArchiveTFRich BrownHorizon Pan European Alpha Presentation - March 2012.ppt
  • 22. Short example: Q-cellsDescription Price performance of Q-cells Develops and manufactures solar € cells made of silicon 80 Sell Short Covered 70Investment case 60 Structural cost disadvantage versus Chinese 50 competitors 40 30 Traded at 30x estimated 2010 earnings 20 10 Ongoing cuts in government subsidies 0 Jun-08 Jun-09 Jun-10 Sep-08 Dec-08 Mar-09 Sep-09 Dec-09 Mar-10 Sep-10 Dec-10 Mar-11 Lack of cash generation was early warning sign Source: Henderson Global Investors, Bloomberg as of 21 April 2011 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. 21hds.intDataDistGlobBSBSTArchiveTFRich BrownHorizon Pan European Alpha Presentation - March 2012.ppt
  • 23. Long examples: GamblingOpportunity Total return Negative sentiment toward traditional UK 240 bookmakers Paddy Power 220 William Hill 200 MSCI EuropeInvestment case 180 UK economy remains robust 160 140 Strong balance sheets – Net debt/EBITDA <2x 120 100 80 High cash flow yields 60 Nov-10 Nov-11 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Mar-10 May-10 Sep-10 Mar-11 May-11 Sep-11 Mar-12 And they are still cheap Source: Henderson Global Investors, Datastream, as at 26 April 2012 2012 Note: 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. 22hds.intDataDistGlobBSBSTArchiveTFRich BrownHorizon Pan European Alpha Presentation - March 2012.ppt
  • 24. Long example: NextDescription Next total return UK Clothes retailer 160Investment case 140 Negative sentiment toward UK retailers depressed prices 120 Strong cash generation 100 Share buybacks 80 High quality, consistent management Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Apr-10 Oct-10 Apr-11 Oct-11 Source: Henderson Global Investors, Bloomberg, as at 19 March 2012 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 Data rebased to 100 on the 4 January 2010. 23hds.intDataDistGlobBSBSTArchiveTFRich BrownHorizon Pan European Alpha Presentation - March 2012.ppt
  • 25. Short example: VestasDescription Price performance of Vestas Develops and manufactures wind DKK turbines 740 640Investment case 540 Severe deterioration in working capital 440 340 Heavy cash burn and rapidly rising net debt 240 140 New orders and pricing a source of concern 40 Jun-08 Jun-09 Jun-10 Jun-11 Sep-08 Dec-08 Mar-09 Sep-09 Dec-09 Mar-10 Sep-10 Dec-10 Mar-11 Sep-11 Dec-11 Mar-12 Growth multiple inappropriate for serial market share loser Source: Henderson Global Investors, DataStream, as at 20 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. 24hds.intDataDistGlobBSBSTArchiveTFRich BrownHorizon Pan European Alpha Presentation - March 2012.ppt
  • 26. Outlook 25hds.intDataDistGlobBSBSTArchiveTFRich BrownHorizon Pan European Alpha Presentation - March 2012.ppt
  • 27. Europe – valuation European market: trend P/E, 1980-2012 35 Trend P/E 30 Ex-bubble average 25 Ex-Bub + 1 SD Ex-Bub -1 SD 20 15 10 9.2x 5 0 Jul-81 Jul-84 Jul-87 Jul-90 Jul-93 Jul-96 Jul-99 Jul-02 Jul-05 Jul-08 Jul-11 Jan-80 Jan-83 Jan-86 Jan-89 Jan-92 Jan-95 Jan-98 Jan-01 Jan-04 Jan-07 Jan-10 UK Europe ex UK Japan US Asia Pac ex Japan Emerging Markets 12 month forward P/E 10.3 10.7 13.7 12.9 11.6 10.0Source: Mirabaud Securities LLP, Thomson, MSCI regional indices, as at 31 March 2012 26hds.intDataDistGlobBSBSTArchiveTFRich BrownHorizon Pan European Alpha Presentation - March 2012.ppt
  • 28. Earnings volatility Average = 14.1 100 13% 3% 90 80 5 year earnings volatility 70 60 50 Average = 47.9 40 30 20 10 61% 23% 0 0 5 10 15 20 25 30 35 40 Forward P/E Long book (%) Low earnings volatility, low valuation 61.3 Current holding High earnings volatility, low valuation 13.0 Low earnings volatility, high valuation 22.6 European universe High earnings volatility, high valuations 3.1Source: Henderson Global Investors, as at 31 March 2012 27hds.intDataDistGlobBSBSTArchiveTFRich BrownHorizon Pan European Alpha Presentation - March 2012.ppt
  • 29. It has paid to buy at these valuations Forward returns in trailing P/E bands 20 Average forward return since 1973 (%) Currently here 1-year 15 3-year 5-year 10 5 0 -5 -10 <8x 8x-to-12x 12x-to-16x 16x to 20x >20xSource: ASR, Henderson Global Investors, as at 20 February 2012 28hds.intDataDistGlobBSBSTArchiveTFRich BrownHorizon Pan European Alpha Presentation - March 2012.ppt
  • 30. 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 29hds.intDataDistGlobBSBSTArchiveTFRich BrownHorizon Pan European Alpha Presentation - March 2012.ppt
  • 31. 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 30hds.intDataDistGlobBSBSTArchiveTFRich BrownHorizon Pan European Alpha Presentation - March 2012.ppt
  • 32. 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 31hds.intDataDistGlobBSBSTArchiveTFRich BrownHorizon Pan European Alpha Presentation - March 2012.ppt
  • 33. Appendices 32hds.intDataDistGlobBSBSTArchiveTFRich BrownHorizon Pan European Alpha Presentation - March 2012.ppt
  • 34. OutlookIntra-Eurosystem balance of payments positions– as of Aug/Sept/Oct 2011Source: NCBs, DB ResearchRecommendation: Garber, Peter (1998). “Notes on the role of Target in a stage III crisis”, NBER Working Paper No. 6619 33hds.intDataDistGlobBSBSTArchiveTFRich BrownHorizon Pan European Alpha Presentation - March 2012.ppt
  • 35. Alpha: Excess return Quarterly Long attributable Short attributable Total attributable Alpha Long Short bps bps bps source alpha alpha Q3 2008 (874) 622 (252) Long +ve/Short +ve 106 88 Q4 2008 (1,767) 1,666 (101) Long +ve/Short +ve 407 580 Q1 2009 (451) 240 (211) Long +ve/Short -ve 519 (222) Q2 2009 1,771 (745) 1,026 Long -ve/Short -ve (101) (224) Q3 2009 2,258 (158) 2,100 Long +ve/ Short +ve 433 52 Q4 2009 537 26 563 Long +ve/ Short +ve 35 69 Q1 2010 298 31 329 Long -ve/ Short +ve (84) 109 Q2 2010 (811) 129 (682) Long -ve/ Short +ve (206) 36 Q3 2010 473 25 498 Long -ve/ Short +ve (188) 132 Q4 2010 932 (109) 823 Long +ve/ Short -ve 365 (19) Q1 2011 131 (203) (72) Long +ve/ Short -ve 64 (178) Q2 2011 144 197 341 Long +ve/ Short +ve 50 223 Q3 2011 (979) 494 (485) Long +ve/ Short +ve 543 183 Q4 2011 941 (87) 855 Long +ve/ Short +ve 194 32 Q1 2012 352 (88) 264 Long +ve/ Short -ve (278) 20 TotalsSource: Henderson Global Investors, as at 31 March 2012Note: Attribution is based on desk estimates 34hds.intDataDistGlobBSBSTArchiveTFRich BrownHorizon Pan European Alpha Presentation - March 2012.ppt
  • 36. Fund particulars ISIN codes: LU0264597450 (income) LU0264597617 (accumulation) Benchmark: 50% MSCI Europe Total Return (net) / 50% ECB Rate Base currency: Euro Management fees: 1.2% Performance fees: 20% of benchmark outperformance Minimum investment: €2,500 per sub-fund for the initial subscription and €500 per sub-fund for the subsequent subscriptions. Contact details of the BNP Paribas Securities Services/BNP Paribas Fund Services Registrar and Transfer 33 Rue de Gasperich Agent: L-5826 Hesperange Grand Duchy of Luxembourg Tel: +352 2696 2050 Fax: +352 2696 9747 Dealing: 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. Cut-off time: 1pm Luxembourg time Settlement: T+4 35hds.intDataDistGlobBSBSTArchiveTFRich BrownHorizon Pan European Alpha Presentation - March 2012.ppt
  • 37. The fund manager Paul Casson Director, Pan European Equities Career: 2008 Takes over management of Henderson Horizon Pan European Alpha Fund 2007 Director, Pan European Equities 2005 Henderson Global Investors Joined as Associate Director to manage European equity mandates initially running institutional funds in the retail space 2001 SVM Asset Management Fund Manager, Pan European Equities 1997 Martin Currie Investment Management Fund Manager European Equities 1995 KPMG Belfast Trainee accountant, Audit department Education: University of Stirling, MSc Investment Analysis Queen’s University Belfast, MSc (Distinction) Accounting BSc (Hons) First Class Accounting 36hds.intDataDistGlobBSBSTArchiveTFRich BrownHorizon Pan European Alpha Presentation - March 2012.ppt
  • 38. Henderson Global Investors 201 Bishopsgate, London EC2M 3AE Tel: 020 7818 1818 Fax: 020 7818 1819Important 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 ofprofessionals and is not for general public distribution. Any investment application will be made solely on the basis of the information contained in theFund’s full prospectus (including all relevant covering documents), which will contain investment restrictions. This document is intended as a summaryonly and potential investors must read the Fund’s full prospectus before investing. A copy of the Fund’s full and simplified prospectuses can be obtainedfrom 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 regulatedby 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 issueand 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 originallyinvested. Tax assumptions and reliefs depend upon an investor’s particular circumstances and may change if those circumstances or the law change. Ifyou 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 publicoffering 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. Itdoes 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 Kingdomare 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 thatcompensation 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 theFund’s: Austrian Paying Agent Raiffeisen Zentralbank Österreich AG, Am Stadtpark 9, A-1030 Vienna; French Paying Agent BNP Paribas SecuritiesServices, 3, rue d’Antin, F-75002 Paris; German Information Agent Marcard, Stein & Co, Ballindamm 36, 20095 Hamburg; Belgian Financial ServiceProvider 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. 37hds.intDataDistGlobBSBSTArchiveTFRich BrownHorizon Pan European Alpha Presentation - March 2012.ppt

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