The financial year to the end of September 2013 was transformative for Henderson Value Trust as, following a period of disappointing investment performance, the management contract moved from SVM Asset Management to Henderson Global Investors and the fund changed its name (from SVM Global). Over the year the fund’s NAV rose by 4.3%, well behind the increase in its benchmark, the FTSE World Index, which rose by 19%. The new managers, with support from the Board, say they are taking a “measured approach to portfolio change”. Shareholders will be given the chance to vote on the continuation of the company at the AGM at the end of 2014. At the next AGM, to be held in February this year, shareholders will vote on proposed changes to the fund’s investment remit. The Board is proposing a number of minor changes to the investment remit but one fairly major change is Henderson’s statement that it intends to take a much less activist stance with its investments than was the case at SVM.
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