Skip to main content
  • Register
  • Help
  • Contact us
  • Log out of your HL account
A A A

Henderson Multi-Manager Funds

Heather Ferguson | Wed 14 January 2015

Investments can go down as well as up so there is always a danger that you could get back less than you invest. Nothing here is personalised advice, if unsure you should seek advice.

Bill McQuaker and his team of fund managers and analysts run a range of multi-manager portfolios at Henderson. The Income & Growth and Distribution Funds are two of Henderson's longest running multi-manager portfolios. Both funds aim to provide long-term capital growth and some income generation by investing across global equity and fixed interest markets. No more than 60% will be invested in shares at any one time. The key difference between the two is the Distribution Fund targets a higher income yield.

The manager's primary aim is to ensure any gains earned on the portfolio are not lost in falling markets. Over the past 10 years, both the Henderson Income & Growth and Henderson Distribution Funds have outperformed the peer group in rising markets and performed broadly in line with peers in falling markets. Overall performance has been strong with both funds returning just over 88% over the past ten years in comparison to 54%* for the peer group. Please remember past performance is not a guide to future returns.

Percentage growth of the Henderson Multi-Manager Income & Growth and Distribution Funds over 10 years

Past performance is not a guide to future returns. Source Lipper IM * to 02/01/2015.

Annual percentage growth
Jan 10 -
Jan 11
Jan 11 -
Jan 12
Jan 12 -
Jan 13
Jan 13 -
Jan 14
Jan 14 -
Jan 15
Henderson MM Distribution 11.6% -5.31% 7.51% 11.23% 4.28%
Henderson MM Income & Growth 11.33% -5.88% 7.18% 11.47% 4%
IMA Mixed Investment 20-60% Shares 8.79% -1.96% 8.14% 8.68% 4.81%

Bill McQuaker is upbeat on the prospects for Europe and has been increasing exposure to companies in the EU at the expense of UK equities, which he feels have become expensive. He feels investors are overly bearish on the outlook for Europe, presenting an opportunity to purchase stocks at reduced prices. The manager believes austerity is in the past for Europe and he expects bond buying to commence this year as the European Central Bank finally embraces this unconventional policy. This is likely to lead to a weakening euro which could benefit businesses exporting outside of the euro zone.

He is currently cautious on corporate and government bonds. He feels there are very few bonds which currently offer good value and so as an alternative has initiated a position in the Henderson Diversified Alternatives Fund which invests in commodities, unlisted stocks and property, and sits alongside the funds' commercial property position.

Register for free fund research by email

Our view

Multi-manager funds offer investors a convenient way to achieve diversification across a number of funds, with a professional fund manager dictating which markets and funds to invest in. Bill McQuaker and his co-managers are an experienced team who have delivered good returns for investors since they began managing this fund in June 2005. We believe these funds remain a reasonable choice as core income holdings. That said it should be remembered that capital and income will fluctuate in value and are not guaranteed.

Please note the charges for both funds can be taken from capital, which can increase the yield but reduce the potential for capital growth.


Find out more about the Henderson Multi-Manager Income & Growth Fund including how to invest

Please read the key features/key investor information document in addition to the information above.


Find out more about the Henderson Multi-Manager Distribution Fund including how to invest

Please read the key features/key investor information document in addition to the information above.


The value of investments can go down as well as up, this means you could get back less than you invested. Therefore all investments should be regarded with a long term view. No news or research item is a personal recommendation to deal. If you are unsure about the suitability of an investment please contact us for advice.
Important information - Please remember the value of investments, and any income from them, can fall as well as rise so you could get back less than you invest. This article is provided to help you make your own investment decisions, it is not advice. If you are unsure of the suitability of an investment for your circumstances please seek advice. No news or research item is a personal recommendation to deal.


You may also be interested in: