Interim Management Statement

RNS Number : 8005K

Henderson Far East Income Limited

24 December 2008

 



HENDERSON FAR EAST INCOME LIMITED

24 December 2008 

HENDERSON FAR EAST INCOME LIMITED

Interim Management Statement 

Review of the period from 1 September 2008 to 30 November 2008 

MATERIAL EVENTS OR TRANSACTIONS DURING THE PERIOD

Portfolio: During the period there was net investment of £ 0.6m, and the number of holdings in the portfolio decreased from 45 to 43. The stocks that were sold were; Transurban, Nine Dragons Paper, Farglory Land Development, Sincere Navigation, Krung Thai Bank and Deutsche Bank P Note 20/05/18 (China Steel).

There are 4 new stocks in the portfolio; China Communications Construction, Link REIT, Pacific Basin Shipping and Bangkok Bank. 

The portfolio is focused on stocks and sectors that have exposure to domestic Asian growth and away from areas that are reliant on the global cycle.

Over the period five put options were opened against stock held in the portfolio and two expired at the end of November 2008.

Dividends: A fourth interim dividend of 3.00p per ordinary Share, in respect of the year ending 31 August 2008, was paid on 28 November 2008 to holders registered on 7 November 2008.

Discount:  the share price discount to net asset value narrowed over the period to 2.3%.

There are no other material events or transactions to report.

PERFORMANCE AND FINANCIAL HIGHLIGHTS

Performance to 30 November 2008

	3 months	1 year	3 years*	5 years*
Net Asset Value Total Return per ordinary share	-25.2%	-13.3%	3.00%	40.2%

Source: Datastream

* Data prior to December 2006 relates to the previous company, Henderson Far East Income Trust plc. 

  Financial Position 

	at 30 November 2008	at 31 August 2008
Net assets	£150m	£203m
Net asset value	192.75p	261.60p
Ordinary share price	188.25p	238.25p
Discount	-2.3%	-8.9%
Gearing	0.0%	0.0%
Yield	6.4%	4.9%
Total Expense Ratio	1.2%	1.1%

THE PORTFOLIO

Top 10 Investments	Country	% of portfolio	% of portfolio
		at 30 November 2008	at 31 August 2008
China Mobile	China	4.3%	2.4%
Philippine Long Distance Telephone	Philippines	4.0%	3.0%
Petrochina	China	3.7%	3.0%
Telstra	Australia	3.6%	3.2%
Bank of China	China	3.6%	3.1%
Singapore Press	Singapore	3.5%	2.7%
Taiwan Mobile	Taiwan	3.5%	3.0%
Far Eastone Telecommunications	Taiwan	3.3%	2.8%
Woolworths	Australia	3.3%	2.9%
QBE	Australia	3.2%	2.8%

Geographic Breakdown	% at 30 November 2008	% at 31 August 2008
Australia	17.7%	20.0%
China	15.8%	10.8%
Hong Kong	19.0%	18.1%
Indonesia	-	-
Malaysia	5.2%	4.9%
Philippines	3.9%	3.0%
Singapore	11.0%	10.6%
South Korea	8.4%	9.9%
Taiwan	12.4%	16.1%
Thailand	4.4%	4.4%
Cash	2.2%	2.2%

Sector Breakdown	% at 30 November 2008	% at 31 August 2008
Utilities	2.5%	2.2%
Telecommunications	22.5%	18.1%
Technology	2.6%	3.4%
Oil & Gas	6.3%	6.6%
Industrials	18.1%	18.0%
Financials	35.4%	39.2%
Consumer Goods & Services	10.8%	9.4%
Basic Materials	-	0.9%
Options	-0.4%	-
Cash	2.2%	2.2%

The objective of Henderson Far East Income Limited is to seek a high level of dividends as well as capital appreciation over the long term, from a diversified portfolio of securities traded on the Pacific, Australasian, Japanese and Indian stock markets (the 'Asia Pacific Region').

Further information on the Company, including an up to date NAV and share price information, can be found at http://www.itshenderson.com/

For further information, please contact:

Jeremy Hamon Company Secretary 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

 

 

IMSPUGBGPUPRGCC