Morningstar gives Henderson property fund ‘Neutral’ tag

Morningtar has adjusted its rating on the $500m Henderson Horizon Global Property Equities fund from ‘Under Review’ to ‘Neutral.

The change comes after the funds data and analysis provider performed an Analyst Rating meeting, said Muna Abu-Habsa, senior manager research analyst.

“Prior to being placed Under Review, the fund held a Bronze rating. The fund’s lead manager, Patrick Sumner, stepped down in July 2014 and was replaced by existing team members Guy Barnard and Tim Gibson who also became joint team heads. Barnard has been co-managing the fund since 2009 and heads the European equity desk within the property team, with Gibson being responsible for the Asian equity component. A further change has occurred on the US equity component of the portfolio, which is sub-advised to Harrison Street Associates, as Henderson have decided to bring the management of the US component in-house from September 2015. Although we are encouraged by some of the changes that Barnard and Gibson have implemented, we would prefer to monitor the fund from the sidelines as we assess the impact of those changes.”

According to the most recently available fund factsheet published by Henderson, with data to 31 July, the top 10 holdings in the portfolio were:

Holding %
Simon Property Group 7.4
Mitsui Fudosan 4.7
British Land
Sun Hung Kai Properties
Health Care REIT
Cheung Kong Property
Boston Properties
Essex Property Trust
SL Green Realty  2.7

Since inception, the fund’s dollar denominated A2 shares have returned 79.4%, against the benchmark return of 92.2% for the FTSE Epra/Nareit Developed index, according to the factsheet.

Jonathan Boyd
Editorial Director of Open Door Media Publishing Ltd, and Editor of InvestmentEurope.

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