Published on 3rd June 2015
Shares in fund manager Henderson Group may look primed for a fall, but that may be misleading. True, the bulk of its assets are mainly in equities and fixed income, especially in the UK and US, and it has a large exposure to retail investors. To all of that one might add the stock's current generous valuation, which stands at 17 times earnings versus a five-year average of 13. However, the firm has been diversifying towards the US and most recently Australia.