Henderson plans to change the investment policy and name of its New Star Technology unit trust to the Henderson Global Innovation fund.
Subject to unitholder approval, the changes are designed to differentiate the fund from the Henderson Global Technology product following the integration of the Henderson and New Star fund ranges onto a single administrative platform on 6 April.
Managers Ian Warmerdam and Stuart O’Gorman will remain at the helm of Henderson Global Innovation.
The fund will invest principally in a concentrated portfolio of innovation-focused global securities considered by the fund managers to be under appreciated. The managers have targeted areas such as healthcare and environmental technology.
It will be less benchmark aware than the existing vehicle, with little or no direct correlation with the fund’s new MSCI World Index benchmark. The fund will also become a more high conviction portfolio of between 40-60 stocks.
“The proposed changes will allow us to invest in a high conviction portfolio from a broader universe of global securities where we believe there is underappreciated growth,” Warmerdam says.
“The fund will look to exploit long term secular growth opportunities across a broad and diverse universe of stocks and regions.”
If approved by these changes will become effective on 10 May 2010.
