Jamie Ross, Fund Manager of Henderson EuroTrust, explains why he bought two new companies for the portfolio and sold a relatively recent position.

Glossary:

Cycle: Business cycles are the rise and fall in production output of goods and services in an economy. The stages in the business cycle include expansion, peak, recession or contraction, depression, trough, and recovery.

IPO: Initial public offering; when shares in a private company are offered to the public for the first time.