Henderson's Harris ramps up Mena exposure across MM funds

Henderson's Mark Harris has built a significant position in Middle East and African equities in his three multi-manager portfolios.

Harris, who introduced the Franklin MENA fund to his Henderson range last month, has continued to increase the stake in recent weeks after reducing exposure to Russia, Europe and the UK. The Franklin vehicle now accounts for 10% of the Henderson Tactical fund, 6% of £219m Henderson Active and 4% of Henderson Balanced. While Harris says Middle East and African equities are perceived to be higher risk, he believes many economies in the regions have stronger fundamentals than developed nations. “These regions sound risky, but if you exclude Dubai they have very little debt,” he says. ...