UPDATE: A revised version of this profile was published in October 2025.

Although it suffered badly in the dot com bust, Henderson Smaller Companies has been a highly consistent performer since Neil Hermon was appointed lead manager in November 2002. Hermon has beaten his UK small-cap benchmark in 16 out of 18 financial years to date using a blend of quality and growth at a reasonable price. With assets of just over £1bn, this trust holds a widely diversified portfolio of over 100 companies with only a handful of positions greater than 2% and a fairly low portfolio turnover. It is a member of...