Henderson Opportunities Trust (HOT) has posted a very strong performance for FY21 (ended 31 October), with its NAV and share price both up almost 60% on the prior year, albeit with the bulk of the returns coming in H121. Co managers James Henderson and Laura Foll construct a deliberately diverse all-cap portfolio of between 70 and 100 UK equities, with a bias towards smaller and particularly AIM-listed stocks. While the emphasis is on capital growth, the trust also seeks to reward investors with a growing annual dividend. In the past year, positive performance has been spread across the portfolio’s seven ‘buckets’ (see page 4), with drivers as diverse as UK high street banks, a regional corporate broker, a Scottish housebuilder and smaller North Sea oil & gas names. Looking ahead, the managers are confident that the ‘excellent companies with excellent products’ in their portfolio can overcome inflationary headwinds.