Neil Hermon, fund manager for Henderson Smaller Companies Trust, discusses the Trust’s “excellent” performance in 2019, which Neil attributes to the team’s stock selection and the positive impact of gearing. Neil also discusses the latest buys and sells within the Trust’s portfolio and how he believes UK smaller companies will fare in the year ahead.

Glossary

Net Asset Value (NAV): The total value of a fund’s assets less its liabilities.

Mergers and acquisitions (M&A): Mergers and acquisitions (M&A) is a general term used to describe the consolidation of companies or assets through various types of financial transactions

Gearing: A measure of a company’s leverage that shows how far its operations are funded by lenders versus shareholders.