READ THE EDITOR’S HIGHLIGHTS FREE INSIDE THIS ISSUE
This week’s highlights, accessible to non-subscribers:
p1 Cover: Down with wind! p5 Leader: Bad habits p6-7 Contents p9 Portrait of the week p11 Diary: Miriam Gross p12 Politics: James Forsyth p13 The Spectator’s Notes: Charles Moore p18 Putin power: John Simpson p37 Books and Arts: opening page p43-49 Books pages p54-63 Arts pages p69 Life: Opening page p78 Drink: Bruce Anderson
Swipe horizontally to move from story to story, or tap the screen to bring up the navigation controls. Swiping the page previews will take you to the next available page.
LET US KNOW WHAT YOU THINK OF OUR APP, OUR WEBSITE, THE MAGAZINE, AND ANYTHING ELSE YOU LIKE. EMAIL: email@example.com
SUBSCRIBE AND RECEIVE FREE iPAD ACCESS to the full edition every week
FREE DELIVERY of the printed magazine every week
FREE MEMBERSHIP OF SPECTATORPLUS, giving you access to exclusive events and discounted offers
JUST £12 FOR YOUR FIRST 12 ISSUES SUBSCRIBE AT: www.spectator.co.uk/subscribe Never mind dug-out, is time to dig in.
Thinking defensively - Henderson Cautious Managed Fund
Sometimes it pays to take a more cautious approach. The Henderson Cautious Managed Fund’s goal is to provide income and long-term capital growth from a portfolio of equities, bonds and cash. Aiming to deliver lower volatility than a pure equity fund, it could be an attractive proposition in today’s turbulent markets.
The fund has been managed since launch in 2003 by Chris Burvill who has spent 20 years managing funds of this type, making him one of the most experienced in the industry. The fund’s AA rating from both OBSR and Standard & Poor’s confirm the quality of Chris’s asset allocation and stock selection decisions. Often defence can be the best form of attack.
Discrete year performance
31/12/10 - 31/12/10 30/12/11 31/12/09 - 31/12/10 31/12/08 - 31/12/09 31/12/07 - 31/12/08 29/12/06 - 31/12/07
Henderson Cautious Managed Fund % 0.8 7.8 12.6 - 9.3 1.2 IMA Cautious Managed sector average % -1.6 9.1 16.3 -15.7 1.4
Source: Morningstar at 30 December 2011, based on discrete year performance, mid-mid, UK sterling, net income reinvested for a basic rate tax payer.
Past performance is not a guide to future performance. The value of an investment and the income from it can fall as well as rise and you may not get back the amount originally invested. Yield may vary and is not guaranteed. If you are unsure about the suitability of an investment, please contact your financial adviser.
0800 856 5555 www.henderson.com
The other special manager
*The historical yield reflects distributions declared over the past 12 months as a percentage of the mid-market share price, as at 30 December 2011. It does not include any preliminary charge and investors may be subject to tax on their distributions. Issued in the UK by Henderson Global Investors. Henderson Global Investors is the name under which Henderson Global Investors Limited (reg. no. 906355), Henderson Fund Management Limited (reg. no. 2607112), Henderson Investment Funds Limited (reg. no. 2678531), Henderson Investment Management Limited (reg. no. 1795354), Henderson Alternative Investment Advisor Limited (reg. no. 962757), Henderson Equity Partners Limited (reg. no.2606646), (each incorporated and registered in England and Wales with registered office at 201 Bishopsgate, London EC2M 3AE), Gartmore Investment Limited (reg. no. 1508030), Gartmore Fund Managers Limited (reg. no. 1137353), (each incorporated and registered in England and Wales with registered office 201 Bishopsgate, London EC2M 3AE) are authorised and regulated by the Financial Services Authority to provide investment products and services. Telephone calls may be recorded and monitored. Ratings at 30 December 2011.