Fund of the week: Good things come to those who wait

This fund has made impressive returns by favouring good-value northern European stocks to profit over the long term.

Given the current turmoil, you may want to avoid Europe, but it's just "too large to ignore", writes Ben Yearley in Money Marketing. The region represents around 15% of world stockmarket capitalisation and is "good value" on a p/e of 11 ("well below its historical average"). One fund manager taking advantage is Richard Pease, of the £355.93m Henderson European Special Situations Fund.

The fund invests in European (excluding UK) equities, and has returned a cumulative 16.8% over two years against the sector's 6.5%. While the management of European firms often strike a "despondent tone [the mood] is brighter among those companies that create products or services that are less economically sensitive", says Pease in FT Adviser.

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