DIY Investor Magazine
/
2015 Issue
19
John Pattullo, Henderson Diversified Income Ltd
It is our belief that the structural theme will continue to
play out over the next few years. Political support for
such is evidently growing. German chancellor Angela
Merkel recently talked of the need for balance between
market power and competition so that European
businesses “can score internationally”.
The European Commission echoed the sentiment, citing
the need to encourage digital investment to keep up
with Technology in China and the US. As long as the
deal-makers can keep on the right side of the EU’s
competition commission, broadly conciliatory attitudes
towards antitrust should pave the way for further
consolidation to come.
As for the company we have positioned Henderson
Diversified Income to benefit from ‘4-to-3’ in markets
such as Italy, Poland and France, and although we
remain confident in the credit worthiness of these high
yield issuers irrespective of intra-market consolidation,
M&A offers the potential for an additional capital uplift.
In the meantime, our investors should benefit from the
solid income return these bonds provide.The value of
an investment and the income from it can fall as well
as rise and you may not get back the amount originally
invested. Nothing in this document is intended to or
should be construed as advice.
This document is not a recommendation to sell or purchase
any investment.
It does not form part of any contract for the sale or purchase
of any investment.
Issued in the UK by Henderson Global Investors. Henderson
Global Investors is the name under which Henderson Global
Investors Limited (reg. no. 906355), Henderson Fund
Management Limited (reg. no. 2607112), Henderson Investment
Funds Limited (reg. no. 2678531), Henderson Investment
Management Limited (reg. no. 1795354), Henderson
Alternative Investment Advisor Limited (reg. no. 962757),
Henderson Equity Partners Limited (reg. no.2606646),
Gartmore Investment Limited (reg. no. 1508030), (each
incorporated and registered in England and Wales with
registered office at 201 Bishopsgate, London EC2M 3AE) are
authorised and regulated by the Financial Conduct Authority
to provide investment products and services.
Henderson Diversified Income Limited is a Jersey fund,
registered at Liberté, 19-23 La Motte Street, St Helier, Jersey
JE2 4SY and is regulated by the Jersey Financial Services
Commission.
KNOWLEDGE. SHARED
