Interim Management Statement

RNS Number : 8488S

Henderson High Income Trust PLC

12 November 2013

 



HENDERSON HIGH INCOME TRUST PLC

HENDERSON GLOBAL INVESTORS

12 November 2013

HENDERSON HIGH INCOME TRUST PLC

Interim Management Statement for the quarter ended 30 September 2013

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 a new holding in waste management company Shanks was purchased.  Existing holdings in Informa, the media company and the miner BHP Billiton were increased along with Standard Life, the life insurer. Notable sales in the period included Electrocomponents, the distributor of electronic parts, as the prospects for dividend growth are limited. 

Gearing: the net gearing fell slightly to 24% at 30 September 2013, from 26% at 30 June 2013.  This reduction reflects the rise in share prices over the period, rather than a reduction in levels of borrowing. 

Dividends:  in respect of the year to 31 December 2013, a second interim dividend of 2.075p per ordinary share was paid on 31 July 2013 to holders registered on 28 June 2013. As announced in our half year results, a third interim dividend of 2.125p per ordinary share was paid on 31 October 2013 to holders registered on 27 September 2013. 

Share Price: on 30 September 2013 the Company's shares were trading at a premium of 3.6% to the net asset value; on 30 June 2013 the shares were trading at a premium of 5.4% to the net asset value.

Share Capital:  during the quarter the Company issued 1,650,000 ordinary shares. The number of shares in issue at 30 September 2013 was 101,233,818 ordinary shares of 5p each.

There are no other material events or transactions to report.                                         

PERFORMANCE AND FINANCIAL HIGHLIGHTS

Total Return Performance to 30 September 2013

	3 months	1 year	3 years	5 years
Net Asset Value per ordinary share	5.88	26.21	57.61	88.67
Share Price	4.01	25.96	63.00	109.24
FTSE All-Share Index	5.58	18.93	33.36	66.21
Merrill Lynch Sterling Non Gilts Index	2.22	3.04	19.45	50.41
Benchmark †	4.94	15.73	31.52	66.62

Source:  Morningstar on behalf of AIC Information Services Limited 

† the benchmark is a composite of 80% of the FTSE All-Share Index and 20% of the Merrill Lynch Sterling Non Gilts Index.  Prior to 31 December 2010 the benchmark was 75% of the FTSE All-Share Index and 25% of the FTA Government All Stocks Index. All the total returns in the above table reflect the performance of the new benchmark.

Financial Position

	at 30 September 2013	at 30 June 2013
Gross assets	£197m	£189m
Net asset value (income-inclusive) per share	157.6p	150.9p
Ordinary share price per share	163.25p	159.0p
Premium/(discount)	3.6%	5.4%
Net Gearing	24%	26%
Dividend yield	5.15%	5.22%

THE PORTFOLIO

Top 10 Investments	% of portfolio			% of portfolio
at 30 September 2013			at 30 June 2013
Vodafone	5.0		Vodafone	4.5
British American Tobacco	3.5		GlaxoSmithKline	3.8
GlaxoSmithKline	3.4		British American Tobacco	3.8
Galliford Try	3.1		BP	3.2
HSBC	3.0		HSBC	3.2
BP	2.9		National Grid	3.0
National Grid	2.8		Galliford Try	2.9
BT Group	2.7		BT Group	2.6
Imperial Tobacco	2.2		Imperial Tobacco	2.3
Standard Life	2.1		Catlin	2.1
	---------			---------
Top 10 =	30.7%		Top 10 =	31.4%
	=====			=====

Sector Breakdown	% at 30 September 2013	% at 30 June 2013
Financials	25.4	24.6
Fixed Interest	11.8	13.3
Consumer Goods	10.7	11.7
Telecommunications	10.4	9.7
Industrials	9.9	9.0
Utilities	9.8	9.8
Consumer Services	9.3	8.9
Health Care	5.4	5.7
Oil & Gas	5.3	5.8
Basic Materials	1.3	0.7
Technology	0.7	0.8

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 Director and Head of Investment Trusts Henderson Global Investors Telephone: [phone]
Sarah Gibbons-Cook Investor Relations and PR Manager Henderson Global Investors Telephone: [phone]

- ENDS -

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

 

END

 

 

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