Interim Management Statement

RNS Number : 4303H

Henderson High Income Trust PLC

04 November 2008

 



HENDERSON HIGH INCOME INVESTMENT TRUST PLC

HENDERSON GLOBAL INVESTORS 

4 NOVEMBER 2008

HENDERSON HIGH INCOME INVESTMENT TRUST PLC

Interim Management Statement for the quarter ended 30 September 2008

REVIEW OF THE PERIOD

Objective:        the objective of Henderson High Income Investment Trust plc is to invest in a prudently diversified selection of both well-known and smaller companies to provide investors with a high dividend income stream whilst also maintaining the prospect of capital growth.

Portfolio:  during the quarter we made further investments in the holdings of BT Group, KCom and Smiths News. New holdings included purchases of Wincanton and Benfield.  Sales over the period included Old Mutual, HBOS and Tesco.

Gearing:    during the quarter gearing decreased slightly from 26% (at 30 June 2008) to 25% (at 30 September 2008).  

Dividends:  in respect of the year to 31 December 2008, a first interim dividend of 2.075p per ordinary share was paid on 31 July 2008 to holders registered on 27 June 2008.  A second interim dividend of 2.075p per ordinary share was declared on 29 July 2008 and will be paid on 31 October 2008 to holders registered on 19 September 2008.

Discount:  the share price discount to net asset value narrowed over the quarter from 11.5% to 6.8%.

There are no other material events or transactions to report.        

PERFORMANCE AND FINANCIAL HIGHLIGHTS

Total Return Performance at 30 September 2008

	3 months	1 year	3 years	5 years
Net Asset Value per ordinary share	-9.7%	-27.0%	-6.3%	+55.4%
FTSE All-Share Index	-12.2%	-22.3%	0.0%	+44.5%
FTA Government All Stocks Index	+4.7%	+6.8%	+11.5%	+25.1%
Benchmark †	-8.0%	-15.0%	+2.9%	+39.7%
Average High Income Investment Trust Net Asset Value (weighted average)	-12.0%	-27.1%	-15.4%	+22.0%

Source:  Fundamental Data Ltd on behalf of AIC Information Services Limited  

† the benchmark is 75% of the total return of the FTSE All-Share Index and 25% of the total return of the FTA Government All Stocks Index.

  Financial Position 

	at 30 September 2008	at 30 June 2008
Gross assets	£126m	£140m
Net asset value	117.70p	134.49p
Ordinary share price	109.75p	119.00p
Discount	6.8%	11.5%
Gearing	25%	26%
Yield	7.6%	6.9%
Total Expense Ratio	0.9%	0.9%

THE PORTFOLIO

Top 10 Investments

At 30 September 2008	% of total assets		At 30 June 2008	% of total assets
BP	4.0		BP	4.4
Vodafone	3.8		HSBC	4.2
HSBC	3.6		Vodafone	4.1
National Grid	3.1		Aviva	3.7
British American Tobacco	3.1		British American Tobacco	3.3
Aviva	3.0		National Grid	2.6
BT	2.9		Prodesse Investment	2.4
Scottish & Southern Energy	2.7		BT	2.4
Prodesse Investment	2.7		Scottish & Southern Energy	2.4
Catlin	2.6		Catlin	2.3
Top 10	31.5			31.8

Sector Breakdown	% at 30 September 2008	% at 30 June 2008
Fixed Interest	26.1	24.0
Oil & Gas	7.2	6.6
Basic Materials	0.8	1.0
Industrials	7.2	9.8
Consumer Goods	9.2	8.1
Health Care	1.1	0.9
Consumer Services	3.7	4.6
Telecommunications	7.9	6.9
Utilities	10.7	11.6
Financials	26.1	25.9

The Manager is Henderson Global Investors Limited. Further information on the Company, including an up to date NAV and share price information, can be found at www.hendersonhighincome.com

For further information, please contact:

Alex Crooke Portfolio Manager Henderson High Income Trust plc Telephone: [phone]	James de Sausmarez Head of Investment Trusts Henderson Global Investors Telephone: [phone]
Sarah Gibbons-Cook Investor Relations and PR Manager Henderson Global Investors Telephone: [phone]

- ENDS -

 

END

 

 

IMSUUGQWGUPRGAC