Hendersons trust falls

Investors in the Henderson Smaller Companies investment trust run by John Alexander are sitting on a 48.2% NAV loss over one year. The trust, currently on a discount of 18.7%, has suffered due to its growth-oriented investment style. Peter Cadbury, chairman of the £431.6m trust, believes the fundamental approach employed by the manager remains sound for the long term. This is despite underperformance against its benchmark over one, three and five years. He said: 'The essence of our philosophy is the emphasis on growth, not on technology as such. We differ from others in taking a long...