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Henderson’s Lanning reports absolute returns
Henderson Global Investors’ Tony Lanning has reported a positive start to 2012 after gold and high yield positions contributed to gains in his funds.
Mr Lanning, who runs the group’s £131.2m Multi-Manager Absolute Return fund, which aims to deliver positive performance regardless of market conditions, rose 1.2 per cent in January.
The fund’s biggest contributor was an exchange traded fund (ETF) investing in physical gold that contributed 0.26 percentage points towards the January gain.
“The prospect of further quantitative easing resulted in a sharp spike in the gold price,” he said. “Our ETF holding was the fund’s best performer, while a new small position in crude oil detracted from performance by 3 basis points.”
Mr Lanning’s first pure high yield bond fund holding, which he added in December - Phil Milburn and Melanie Mitchell’s £515.2m Kames High Yield Bond fund - contributed 0.14 percentage points to the January gain, making it the manager’s third best holding.
Also in fixed income, the £502.1m Axa US Short Duration High Yield fund run by Carl Whitbeck and the €335m (£278.1m) Jupiter Global Convertibles vehicle run by Miles Geldard and Lee Manzi were positive performers.
Mr Lanning said he increased his holding in the former during the month.
