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Sparks Team
17 May 2018 · 2 min read

Henderson Alternative Strategies Trust (HAST); 1H18 results: NAV total return of -0.5%

Stock flat at 280.0p at 8:05

NAV total return was 0.5% for the six months ended 31 March 2018, compared with an increase of 0.3% in the benchmark FTSE World Total Return Index. Peter Webster will join as co-fund manager replacing Ian Barrass. The current reporting period has been extended to an 18-month period ending 31 March 2019.

HAST’s portfolio comprises 30 core long-term holdings. New investments during the period include £1.4m in Sigma Capital Group, a UK-listed developer of private rental sector housing in the UK; £4.3m in three UK-listed infrastructure funds; and additional investment of £1.5m in Safeguard Scientifics, a US-listed private equity vehicle. These investments were funded by a small number of disposals including Chenavari Capital Solutions Limited and Ashmore SICAV Emerging Markets Short Duration Fund.

HAST announced that Peter Webster will join James de Bunsen as co-fund manager following the retirement of Ian Barrass due to health reasons.

HAST changed its year-end to 31 March from 30 September to align more closely with the financial reporting from unlisted PE funds and unlisted portfolio companies. HAST also announced the reduction of management fee by 10bps to 0.6% per annum of NAV on the first £250m and 0.55% in excess thereof.

The company believes that its current investment strategy provides a valuable source of diversification through alternative assets amid the volatile global equity market. Moreover, HAST believes that there are NAV growth opportunities across its diversified portfolio, many of which are idiosyncratic in nature and deliver returns irrespective of the market conditions.

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