Interim Management Statement

RNS Number : 7198L

Henderson High Income Trust PLC

11 May 2010

 



HENDERSON HIGH INCOME TRUST PLC

HENDERSON GLOBAL INVESTORS

11 MAY 2010

HENDERSON HIGH INCOME TRUST PLC

Interim Management Statement for the quarter ended 31 March 2010

REVIEW OF THE PERIOD

Objective:  the objective of Henderson High Income 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 sold fixed interest securities and increased equity exposure.  New holdings have been purchased in the UK and Europe, including AstraZeneca, IMI, Roche, RWE and Zurich Financial.

Gearing:  during the quarter gearing increased from 21% (at 31 December 2009) to 28% (at 31 March 2010). 

Dividends:  in respect of the year to 31 December 2009, a third interim dividend of 2.075p per ordinary share was paid on 29 January 2010 to holders registered on 8 January 2010.  A fourth interim dividend of 2.075p per ordinary share was declared on 18 March 2010 and was paid on 30 April 2010 to holders registered on 9 April 2010.

Premium/(Discount):  during the quarter the share price moved from a discount of 2.6% to 4.2%.

There are no other material events or transactions to report.                                                  

PERFORMANCE AND FINANCIAL HIGHLIGHTS

Total Return Performance at 31 March 2010

	3 months	1 year	3 years	5 years
Net Asset Value per ordinary share	7.3%	64.0%	-18.3%	25.6%
FTSE All-Share Index	6.4%	52.3%	-0.7%	41.3%
FTA Government All Stocks Index	1.1%	0.8%	19.6%	29.1%
Benchmark †	5.1%	39.4%	4.4%	38.2%
High Income sector - size weighted average net asset value	8.3%	69.8%	-7.3%	17.1%

Sources:  AIC Services Limited /  * Datastream

†  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 31 March 2010	at 31 December 2009
Gross assets	£137m	£122m
Net asset value (income-inclusive)	124.7p	117.6p
Ordinary share price	119.5p	114.5p
Discount	2.6%	4.2%
Gearing	28%	21%
Yield	6.95%	7.25%
Total Expense Ratio	1.0%	1.00%

THE PORTFOLIO

Top 10 Investments	% of portfolio			% of portfolio
at 31 March 2010			at 31 December 2009
BP	6.6		BP	6.8
British American Tobacco	5.2		Vodafone	4.5
Vodafone	4.4		HSBC	4.1
HSBC	3.6		British American Tobacco	3.4
Catlin	2.8		Catlin	3.4
National Grid	2.7		Imperial Tobacco	3.4
GlaxoSmithKline	2.6		Prodesse	3.1
Jardine Lloyd Thompson	2.5		National Grid	3.0
Aviva	2.1		GlaxoSmithKline	2.5
Royal Dutch Shell	2.0		Jardine Lloyd Thompson	2.4
Top 10	34.5			36.6

Sector Breakdown	% at 31 March 2010	% at 31 December 2009
Financials	25.6	24.3
Oil & Gas	10.1	10.6
Utilities	10.3	8.5
Consumer Goods	9.5	10.5
Telecommunications	6.0	6.2
Industrials	9.4	7.6
Consumer Services	5.9	3.8
Health Care	5.4	4.2
Technology	0.9	-
Fixed Interest	16.9	24.3

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]

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