Henderson’s Neil Hermon, manager of the Henderson UK Smaller Companies fund, moves up one notch in the ratings and as a result receives his very first AAA rating for his three-year risk adjusted performance. At the end of December his top holdings were Spectris (3.4%), a supplier of precision instrumentation and controls, and Informa (3.0%) a publishing and conference company.
The positive performance within the fund came from the conference and exhibition organiser, ITE, which rose by a healthy 26.1% on the back of strong full results being reported and a positive outlook for future earnings. The commercial vehicle rental company, Northgate, also rose 21% as the company reported good interim results and made reference to re-financing its debt structure which could boost profitability.
However, the main detractors came from the Hyder Consulting, an advisory and design consultancy company, which fell as profits were taken by investors after a good run.
A new position was taken in the mobile telecommunications company, Monitise.