Henderson Asia Pacific fund ups Korea allocation
The £225.6m Henderson Asia Pacific Capital Growth fund has established a position in South Korea’s biggest oil refiner by market value.
According to the fund’s latest factsheet, manager Andrew Beal introduced SK Innovation to the portfolio during April.
SK Innovation mainly operates in four business area - oil segment, chemicals, lubricants and research and development. Its energy businesses are active in 16 countries, including Brazil, Peru and Vietnam.
Beal says the stock was introduced to the portfolio “in anticipation of strong growth in the company’s petrochemical and refinery businesses”.
As of April 30, the Henderson Asia Pacific Capital Growth fund’s allocation to the oil and gas sector was 7.2%, up from 3% in the previous month. Some 18.9% of the portfolio is in Korea.
The purchase of SK Innovation was funded by the trimming of positions in electronics maker Samsung Electronics, the portfolio’s former top holding, and Chinese internet service portal Tencent.
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