Fact sheet: Henderson Crdt Alpha

Fund information
Fund name
Henderson Credit Alpha Y Acc GBP
Fund manager company
Henderson Global Investors Ltd
Fund type
OEIC
Fund managers
  • Tom Rosssince 01/07/2007
  • Stephen Thariyansince 01/07/2007
Fund objective
The Henderson Credit Alpha Fund is a long short credit fund primarily taking positions in credit default swaps and corporate bonds. The fund has a global opportunity set spanning high grade and high yield. Currency risk and interest rate risk are hedged using forwards, government bond futures and interest rate swaps.
Benchmark
  • LIBOR 3 month GBP
Investment style
Fixed Income Arbitrage
Investment method
Fixed Interest
Quick stats
1 Year return
-1.6%
1 Year rank in sector
51/72
Sector
UT Targeted Absolute Return
Yield
2.2%
Ongoing charge (OCF)
?A fund’s ongoing charges figure (OCF) is similar to the old-style total expense ratio. It reflects the annual charge to investors in the fund, in percentage terms, but does not include extra performance-related fees (where these are levied) or the fund’s trading expenses on its underlying investments.
1.06%
Fund size
£499m (£760m last year)
FE Risk score
?FE Risk Scores measure the riskiness of instruments relative to the FTSE 100 index of shares. Weekly volatility is measured over three years with recent behaviour counting more heavily than earlier behaviour. Cash-type investments will have scores close to zero. Funds will tend to have scores in the 0-150 range. The FTSE 100 is always scored at 100. There is no upper limit.
13
Mid price
110.8
Top in this sector
Fund name1 Year
Majedie Tortoise22%
Jupiter Absolute Return11.2%
Threadneedle Tgt Rtn10.2%
CF Ruffer Absolute Return9.9%
Newton Mgd Tgtd Rtn7.8%
...more in UT Targeted Absolute Return

Performance snapshot

Holdings snapshot

  • Money Market56.3%
    UK9.8%
    Germany6.7%
    Luxembourg5.2%
    France5.2%
  • Money Market56.3%
    Financials19.5%
    Industrials10.4%
    Utilities3.4%
    Consumer Services2.8%
  • Others56.3%
    Global Fixed Interest46.4%
    Alternative Investment Strategies-2.7%

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund-0.1%0.3%0.7%-1.6%-1.9%7.8%
Sector-1%-0.3%0.8%0.1%5.5%15%
Rank within sector23 / 7334 / 7443 / 7251 / 7253 / 5842 / 47
Quartile2nd2nd3rd3rd4th4th
Calendar performance
 YTD - 20162015201420132012
Fund-1.6%-0.6%-3.3%6.6%
Sector-0%2.2%2.5%6.5%3.3%
Rank within sector52 / 7251 / 6750 / 5841 / 5314 / 47
Quartile3rd4th4th4th2nd
Risk statistics
Alpha
?Alpha is a measure of a fund's over- or under-performance by comparison to its benchmark. If the Alpha is 5, the fund has outperformed its benchmark by 5%; so the greater the Alpha, the greater the outperformance.
-1.99
Beta
?Beta estimates a fund's volatility by comparison to that of its benchmark. A fund with a beta close to 1 means that the fund will move generally in line with the benchmark. Higher than 1 and the fund is more volatile than the benchmark and vice versa.
0.61
Sharpe
?This commonly-used measure calculates the level of return over and above the return of a notional risk-free investment, such as cash. The difference in returns is then divided by the fund's volatility. The resulting ratio is an indication of the amount of excess return generated per unit of risk.
-0
Volatility
?Volatility (or standard deviation), when applied to an investment fund, expresses its risk. It shows how widely a range of returns varied from the fund's average return over a particular period. For example, if a fund had an average return of 5%, and its volatility was 15, this would mean that the range of its returns over the period had swung between +20% and -10%.
1.7
Tracking error
?This measures the standard deviation of a fund's excess returns over the returns of an index or benchmark portfolio. As such, it can be an indication of 'riskiness' in the manager's investment style. A Tracking Error below 2 suggests a passive approach. At 3 and above the the manager will be deploying a more active investment style.
1.51
Information ratio
?This is a useful risk-adjusted measure of actively managed fund performance. It is calculated by deducting the returns of the fund's benchmark from the fund's overall returns, then dividing the result by its tracking error. The higher the Information Ratio the better. It is generally considered that a figure of 0.5 reflects a good performance, 0.75 very good, and 1.00 outstanding.
-1.96
R-Squared
?An indication of how closely correlated a fund is to an index or a benchmark. Values for R-Squared range between 0 and 1, with 0 indicating no correlation at all and 1 showing a perfect match. Values upwards of 0.7 suggest that the fund's behaviour is increasingly linked to its benchmark.
0.37
Price movement
52 week high112.8
52 week low109.2
Current bid price-
Current offer price-
Current mid price110.8
Region
1Money Market56.29%
2UK9.78%
3Germany6.66%
4Luxembourg5.25%
5France5.22%
6Italy3.54%
7Croatia3.01%
8Europe2.32%
9Spain1.53%
Industry sector
1Money Market56.29%
2Financials19.53%
3Industrials10.43%
4Utilities3.39%
5Consumer Services2.84%
6Telecommunications2.22%
7Mortgage & Secured Bonds1.92%
8Consumer Goods1.83%
9Basic Materials1.4%
Asset type
1Others56.29%
2Global Fixed Interest46.39%
3Alternative Investment Strategies-2.68%
Individual holdings
No data available.
Management
Fund manager group
Henderson Global Investors
Fund manager company
Henderson Global Investors Ltd
Fund type
OEIC
Fund objective
The Henderson Credit Alpha Fund is a long short credit fund primarily taking positions in credit default swaps and corporate bonds. The fund has a global opportunity set spanning high grade and high yield. Currency risk and interest rate risk are hedged using forwards, government bond futures and interest rate swaps.
Benchmark
  • LIBOR 3 month GBP
Investment style
Fixed Income Arbitrage
Investment method
Fixed Interest
Fund managers
NameSinceBiography
Tom Ross01/07/2007Tom Ross joined Henderson in 2002 and has been co-managing Henderson's absolute return credit funds since 2006. In August 2015 he was appointed co-manager of a number of European and global bond funds. Prior to fund management, Tom specialised in credit trading on Henderson's centralised dealing desk where he was able to build strong relationships with market participants in order to gain flow and positioning information to supplement credit views. Tom graduated from Nottingham University with a BSc (Hons) in Biology and is a CFA charterholder.
Stephen Thariyan01/07/2007Stephen Thariyan is the Global Head of Credit in charge of the 30-strong credit team of portfolio managers and analysts at Henderson. Prior to joining Henderson in 2007 as Head of Credit, Stephen was a portfolio manager at Rogge Global Partners responsible for investing in corporate bonds and credit derivatives globally. He was previously a director and senior analyst at NatWest Markets’ credit rating and research unit where he led teams of sector analysts in credit research. He started his career as an accountant at Ernst & Young in 1988 and later moved to become senior auditor at Chevron Corporation. Stephen graduated from the University of Newcastle-Upon-Tyne with a BA (Hons) in Accountancy and Financial Analysis.
Compliance
Transparent for Swiss Tax, Transparent for German Tax, IA Recognised, UCITS V Compliant
Domicile
No data available.
Fund for sale in
Belgium, Switzerland, Germany, Spain, France, United Kingdom, Italy, Netherlands, Singapore, Sweden
Henderson Credit Alpha A Acc
Initial charge5%
Annual charge1.5%
Min single investment£1,000
Min regular saving£100
Available in ISAYes
Ongoing charge (OCF)1.66%
Total expense ratio (TER)1.69%
Bid price-
Offer price-
Mid price53.99
CurrencyGBX
Price updated01/12/2016
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeIGE0
Henderson Credit Alpha A Gr Acc EUR
Initial charge5%
Annual charge1.5%
Min single investment£1,500
Min regular saving£750
Available in ISAYes
Ongoing charge (OCF)1.66%
Total expense ratio (TER)1.69%
Bid price-
Offer price-
Mid price5.1268
CurrencyEUR
Price updated01/12/2016
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeITX0
Henderson Credit Alpha A Gr Acc USD
Initial charge5%
Annual charge1.5%
Min single investment£1,500
Min regular saving£750
Available in ISAYes
Ongoing charge (OCF)1.66%
Total expense ratio (TER)1.69%
Bid price-
Offer price-
Mid price5.2224
CurrencyUSD
Price updated01/12/2016
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeITX1
Henderson Credit Alpha G Acc GBP
Initial charge-
Annual charge0.68%
Min single investment£20,000,000
Min regular saving£2,000,000
Available in ISANo
Ongoing charge (OCF)0.73%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price49.42
CurrencyGBX
Price updated01/12/2016
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi codeJV3Y
Henderson Credit Alpha G Grs Acc EUR
Initial charge-
Annual charge0.68%
Min single investment£20,000,000
Min regular saving£2,000,000
Available in ISANo
Ongoing charge (OCF)0.73%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price4.8954
CurrencyEUR
Price updated01/12/2016
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi codeJV4A
Henderson Credit Alpha G Grs Acc GBP
Initial charge-
Annual charge0.68%
Min single investment£20,000,000
Min regular saving£2,000,000
Available in ISANo
Ongoing charge (OCF)0.73%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price49.87
CurrencyGBX
Price updated01/12/2016
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi codeJV3Z
Henderson Credit Alpha G Grs Acc USD
Initial charge-
Annual charge0.68%
Min single investment£20,000,000
Min regular saving£2,000,000
Available in ISANo
Ongoing charge (OCF)0.73%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price4.9713
CurrencyUSD
Price updated01/12/2016
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi codeJV4B
Henderson Credit Alpha I Acc GBP
Initial charge2%
Annual charge1%
Min single investment£100,000,000
Min regular saving£10,000
Available in ISANo
Ongoing charge (OCF)1.06%
Total expense ratio (TER)1.07%
Bid price-
Offer price-
Mid price148.7
CurrencyGBX
Price updated01/12/2016
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi codeBZA3
Henderson Credit Alpha I Gr Acc GBP
Initial charge2%
Annual charge1%
Min single investment£100,000,000
Min regular saving£10,000
Available in ISANo
Ongoing charge (OCF)1.06%
Total expense ratio (TER)1.07%
Bid price-
Offer price-
Mid price151.9
CurrencyGBX
Price updated01/12/2016
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi codeAFA8
Henderson Credit Alpha Y Acc GBP
Initial charge2%
Annual charge1%
Min single investment£10,000,000
Min regular saving£1,000,000
Available in ISANo
Ongoing charge (OCF)1.06%
Total expense ratio (TER)1.07%
Bid price-
Offer price-
Mid price110.8
CurrencyGBX
Price updated01/12/2016
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi codeBZA0
Henderson Credit Alpha Y Gr Acc EUR
Initial charge2%
Annual charge1%
Min single investment£15,000,000
Min regular saving£1,500,000
Available in ISANo
Ongoing charge (OCF)1.06%
Total expense ratio (TER)1.07%
Bid price-
Offer price-
Mid price10.5685
CurrencyEUR
Price updated01/12/2016
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi codeITX2
Henderson Credit Alpha Y Gr Acc GBP
Initial charge2%
Annual charge1%
Min single investment£10,000,000
Min regular saving£1,000,000
Available in ISANo
Ongoing charge (OCF)1.06%
Total expense ratio (TER)1.07%
Bid price-
Offer price-
Mid price107.3
CurrencyGBX
Price updated01/12/2016
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi codeBZA1
Henderson Credit Alpha Y Gr Acc USD
Initial charge2%
Annual charge1%
Min single investment£15,000,000
Min regular saving£1,500,000
Available in ISANo
Ongoing charge (OCF)1.06%
Total expense ratio (TER)1.07%
Bid price-
Offer price-
Mid price10.5048
CurrencyUSD
Price updated01/12/2016
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi codeG55N
Henderson Credit Alpha Z Acc
Initial charge-
Annual charge-
Min single investment£10,000,000
Min regular saving£1,000,000
Available in ISAYes
Ongoing charge (OCF)0.04%
Total expense ratio (TER)0.04%
Bid price-
Offer price-
Mid price111
CurrencyGBX
Price updated01/12/2016
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi codeBZA2
Henderson Credit Alpha Z Gr Acc
Initial charge-
Annual charge-
Min single investment£10,000,000
Min regular saving£1,000,000
Available in ISAYes
Ongoing charge (OCF)0.04%
Total expense ratio (TER)0.04%
Bid price-
Offer price-
Mid price167.4
CurrencyGBX
Price updated01/12/2016
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi codeAKB2
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