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'Unhappy' O’Gorman apologises for Henderson Tech performance

by Chris Sloley on Feb 14, 2014 at 13:11

Portfolio positioning

O’Gorman said he has made no major changes to the portfolio but has marginally upped exposure to semiconductors by 1.4%, while also cutting communications holdings by 2%.

Looking ahead, O’Gorman expects emerging markets to continue to suffer, which he believes would hurt his large-cap holdings in the short-term while opening up buying opportunities in the near future.

‘Large cap is cheap but it is very exposed to the emerging markets, so it is going to suffer some difficult situations for the next six months.’

‘In order to take advantage of these very low multiples you are probably going to have to wait a bit, maybe not six months, but wait for these numbers to reset a bit,’ he said.

Adding resources

Elsewhere on the call, O’Gorman hinted at an expansion of the Henderson technology team, with one person likely to join over the course of the year.

This coincides with the group slightly altering the remit of the team from purely the Henderson Global Technology team to the Henderson Global Technology & Growth team.

‘We have a global growth franchise with about half a billion dollars which is doing pretty well so far, so, going forward, you can expect the numbers to go up from here on the tech side,’ he said.

The Henderson HF Global Technology A2 USD fund has returned 37.1% over the three years to the end of December 2013. This compares to a rise of 41.09% by its index over the same period.

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