27 February 2006 Henderson Global Fixed Income Absolute Return Fund returns absolutely Henderson Global Investors’ flagship US$150 million fixed income hedge fund has this month reached its third year anniversary delivering returns of 23.89 per cent (7.4 per cent annualised) compared to a peer group average of 18.29 per cent (5.76 per cent annualised) over three years according to the Eurohedge Fixed Income Index. The Fund has consistently outpaced its peer group in each of the three one year periods. Managed by Daniel Beharall, and his team of five, the Henderson Global Fixed Income Absolute Return Fund is a low volatility multi-strategy hedge fund. It draws on the ideas generated by over 50 fixed income professionals at Henderson covering global markets at both micro and macro levels. The Fund invests in a wide range of fixed income instruments ranging from G10 government debt to corporate credits and emerging market issues. Commenting on the success of the Fund, Daniel says, “This is a classic, highly active hedge fund that diversifies by blending relative-value and directional strategies and minimises correlation through the use of multiple time frames. “Long-run market levels are determined by long-run economic fundamentals, whereas short run market levels are determined by more fluid elements such as supply and demand, sentiment, liquidity, and positioning. It is the interaction and divergence between these two that creates exploitable opportunities for the fund. As a global multi strategy fund we are highly active and it is not unusual for us to conduct 20-30 trades in any one day.” The fund is part of Henderson’s US$2 billion single manager hedge fund range spread across 12 Hedge funds which are split into four pillars: (1) Long short directional equity funds; (2) market neutral funds with a regional focus; (3) Equity Long Short Style Rotational funds; and (4) Fixed Income multi strategy and single strategy Commenting on the future for Hedge Funds at Henderson, Kate O’Neill, Director of Hedge Funds says, “Given the success of Daniel’s fund, and leveraging the experience of managing over €40bn in global fixed income assets at Henderson, the component parts of this fund will be replicated in single strategy funds. In December 2005 we launched the Global Currency Absolute Return Fund, a discretionary, technically driven fund that aims to provide a competitive absolute return with low volatility by taking tightly risk-controlled short-term currency positions. This model of multi strategy and single strategy hedge funds will provide specialist asset allocators the best means to select the most appropriate component funds to suit their own risk and return objectives.” -Ends- Notes to Editors Press Enquiries Richard Acworth / Laura Cook +44 (0) 20 7818 4222 Henderson Global Investors firstname.lastname@example.org Sally Todd / Emma Oakman +44 (0) 20 7786 4815 Penrose Financial About Henderson Global Investors Henderson Global Investors is a leading independent global asset management company. The company provides its institutional, retail and high net-worth clients with access to skilled investment professionals representing all major asset classes, including equities, fixed income, property and private capital. Established in 1934 and headquartered in London, Henderson is one of Europe’s largest investment managers, with £66.5 billion assets under management.
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