Henderson Horizon Japanese Equity - Neutral

FUND RESEARCH UPDATE: Fund Rating downgraded to Neutral

Jeremy Beckwith 5 March, 2015 | 6:30AM
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Following the Morningstar Analyst Ratings Meeting on 13th February 2014, we have moved the Henderson Horizon Japanese Equity fund to a Morningstar Analyst Rating™of Neutral. The fund was previously Under Review due to a change in the lead portfolio manager. The fund was solely managed by Michael Wood-Martin, who took over in 2005. However, in October 2014 Henderson decided to adopt a team-based approach. It is now run by the Japanese Equities team consisting of four investment professionals – William Garnett, Michael Wood-Martin, Jeremy Hall, and Yun-Young Lee. Going forward, the portfolio will be constructed from the best ideas of the team. Given this change to the investment process, we have less clarity around the likely shape of the portfolio and little evidence that the strategy can be implemented effectively. We believe a Neutral rating is appropriate at the current time.

See the latest Morningstar OBSR fund rating news here.

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Jeremy Beckwith  is Director of Manager Research for Morningstar UK