John Bennett, manager of the £280m Henderson European Focus trust, has explained why he continues to adopt an increasingly value-biased style, despite this approach "not being a good idea over the last 18 months".
The manager has returned 12% over the year to 14 February in share price terms, but this remains in line with its FTSE Europe ex UK benchmark and behind its AIC Europe sector average of 19%, according to FE. Bennett said this is due to markets over the past decade favouring growth stocks, and in particular he pointed out investors would have fared better investing in small-cap growth stocks since mid-2016, rather than a large-cap value strategy. "Why would you want to be a value investor now? I have - you may say somewhat recklessly - tilted my fund towards value in the last 18 months...
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