Henderson to revamp Gartmore European trust

The board of John Bennett’s Gartmore European trust has outlined proposals to revamp the portfolio, including slashing holdings by 50% and renaming the trust.

The 100-stock portfolio will move to a more concentrated mandate of around 50 holdings.

It will be renamed the Henderson European Focus trust, subject to shareholder approval.

The board said the overhaul will make the trust more relevant for investors, differentiating it from the Henderson EuroTrust, which also sits in the European sector.

"The board and manager both believe the proposed new approach, as expressed in the revised investment objective and policy, should make the company more relevant to existing shareholders and new investors.

"The board recognises that volatility in performance may be accentuated by a more concentrated approach to portfolio stock selection and less observance of weightings within the company's benchmark."