Edison reviews Henderson International Income Trst

RNS Number : 0347W

Henderson Intl. Income Trust PLC

27 July 2018

 

London, UK, 27 July 2018

Edison issues review on Henderson International Income Trust (HINT)

Henderson International Income Trust (HINT) invests in companies outside the UK, in order to provide a source of income diversification for investors who may already have sufficient exposure to the domestic market. It is the only fund in the AIC Global Equity Income sector with a specifically ex-UK remit. Relative performance has dipped recently, largely as a result of HINT's structural underweight to the US, which dominates the MSCI World ex-UK index. However, manager Ben Lofthouse is finding attractive opportunities in less favoured markets such as those in Europe, which could benefit from the asymmetry between their attractive fundamentals and poor investor perceptions. The portfolio is broadly diversified by geography and sector, with a mix of high-yielding stocks and those with superior dividend growth potential. HINT currently yields c 3%.

At 26 July 2018, HINT's shares traded at a 0.1% premium to cum-income NAV. The shares have traded close to NAV since launch (except during some periods of market dislocation), with an average premium of 0.7% since inception and 0.8% over 12 months, compared with average discounts of 0.4% and 0.3%, respectively, over three and five years. The board regularly issues shares to meet investor demand. HINT has a prospective dividend yield of 3.1% based on expected dividends for FY18, which the board has guided will be at least 5.2p per share (FY17: 4.9p).   

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