Initiation: Daring to become different

Henderson Value Trust (HVTR), formerly SVM Global, is nearing the end of a three-year process of restructuring following its move to Henderson Global Investors in April 2013. Performance is beginning to stabilise as new investments start to bear fruit and underperforming inherited assets are sold. At the 31 March half-year the managers report that 71% of the portfolio is invested in new holdings or inherited assets earmarked for retention; this is expected to reach 85% by the year end. A change ...