Twitter icon Email alerts icon Latest News RSS icon Magazine icon Stay connected:

View the article online at http://citywire.co.uk/wealth-manager/article/a749838

Performance review: Henderson Rowe optimistic on finding value in a binary world

by Elsa Buchanan on May 14, 2014 at 15:16

‘In a downturn, you want to be holding the companies that are building their market share, beating up the competition and grabbing parts of the market.’

With that in mind, he is backing French retailer Groupe Casino, which he said has come through tough trading conditions, rising 18% this year.

In fixed interest, where he has 28% in direct positions, he is favouring shorter duration sterling corporate bonds, but said he would reduce this on signs of sterling weakness.

His international bonds exposure, at 14%, includes a position in the iShares Euro High Yield Corporates Bond ETF.

Buy: Boskalis

‘A very focused business that has been able to grow internationally and win decent contracts. They also have decent cash flow yield of 6% and their civil engineering skills are in huge demand in new areas, such as coastal erosion and defences, and by the government.’

Hold: Casino

‘On the back of the European recovery and because it has had a lot of self-help. They have been remodelling their corporate structure, selling the less well performing property division and consolidating their online strategy.’

Sell: Rexam

‘The consumer packaging company fell out of our valuation range, with valuations tailing quite sharply over the last six months on the back of a currency issue. But it’s a great business and I’ll probably buy in again.’

Sign in / register to view full article on one page

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

Sponsored Video: Bringing it all back home


As the UK coalition government strives to rebalance the national economy, so called 'reshoring' looks set to play an increasingly important role in economic recovery.

Today's top headlines

Sponsored Video: Barings on investing in Frontier Markets


From Nigeria to Pakistan and from Kenya to Kuwait, frontier markets are catching investors' attention as never before.

More about this:

Look up the shares

  • Pennon Group PLC
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • Ricardo PLC
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • Abcam PLC
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • Shire PLC
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them

Archive

On the road

Click here to find out more from the Audience Development team.

Sorry, this link is not
quite ready yet