Henderson Value Share Discussion Threads

[jonwig] 21/2/2015 11:41

LSE: OIG
[This looks an interesting investment in itself! NAV disc 15%.]

LSE: PCFT
[Not a very inspiring performer. NAV disc 12%.]


[Russian private equity!}


[Development capital. Was delisted in 2012 - EVT.]


[LSE: WKOF. Trades roughly at par to NAV.]


[OEIC, long-short; performance mediocre.

[jonwig] 21/2/2015 09:54

Top portfolio holdings at end-Jan:

Value Partners China Greenchip Ltd .. 5.8%
BlackRock European Hedge Fund Ltd ... 5.4
Edison Property ..................... 4.6
Oryx Int'l Growth Fund Ltd .......... 4.2
Polar Capital Global Fin Tst ........ 4.1
Baring Vostok Inv Ltd core .......... 3.7
Eurovestech PLC ..................... 3.6
NB Distressed Debt Inv. Ltd ......... 3.5
Weiss Korea Opp. Fund ............... 3.5
SW Mitchell Small Cap European ...... 3.5

[jonwig] 21/2/2015 09:33

NAV of 281.6p at end-Jan vs. share price of 225p (spread roughly 222.5 - 225.5). many investments are illiquid.

Faced a continuation vote last Dec, which was passed, but attention caught by this article:

Henderson’s Ian Barrass has gone on the offensive ahead of a shareholder vote to potentially shut his Value Trust, saying his turnaround job is only half done.

Henderson gained control of the trust from rival fund management group SVM Asset Management in February last year, but has so far failed to turn around a dismal track record.

“The key message is we are really halfway through the portfolio restructuring; we need until about April 2016,” said Mr Barrass.



A wind-up should release funds over time, and the alternative is to give Henderson a year and a bit to show his abilities. Continuation votes are every three years, so the next one (Dec 2017) should be decisive, one way or another.

Meanwhile it seems capable of paying an annual dividend of 3p.