Interim Management Statement

RNS Number : 7022R

Henderson High Income Trust PLC

05 May 2009

 



HENDERSON HIGH INCOME TRUST PLC

HENDERSON GLOBAL INVESTORS 

5 MAY 2009

HENDERSON HIGH INCOME TRUST PLC

Interim Management Statement for the quarter ended 31 March 2009

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 made a further investment in Smiths News. New holdings included purchases of Tullet Prebon and Hiscox. Sales over the period included Lloyds, Barclays and Go-Ahead. Within the bond portfolio a new purchase was made of Imperial Tobacco bonds. 

Gearing:    during the quarter gearing increased from 28% (at 31 December 2008) to 31% (at 31 March 2009).  

Dividends:  in respect of the year to 31 December 2008, a third interim dividend of 2.075p per ordinary share was paid on 30 January 2009 to holders registered on 9 January 2009.  A fourth interim dividend of 2.075p per ordinary share was declared on 20 March 2009 and was paid on 30 April 2009 to holders registered on 3 April 2009.

Premium/(Discount):  during the quarter the share price moved from a discount of 7.5% to a premium of 2.3%.

There are no other material events or transactions to report.        

PERFORMANCE AND FINANCIAL HIGHLIGHTS

Total Return Performance at 31 March 2009

	3 months	1 year	3 years	5 years
Net Asset Value per ordinary share	-16.4%	-39.1%	-43.0%	-1.3%
FTSE All-Share Index	-9.1%	-29.3%	-27.5%	+7.21%
FTA Government All Stocks Index	-0.8%	+10.3%	+19.4%	+34.6%
Benchmark †	-7.0%	-19.4%	-15.8%	+14.1%
Average High Income Investment Trust Net Asset Value	-11.2%	-38.5%	-48.4%	-27.8%

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 2009	at 31 December 2008
Gross assets	£93m	£111m
Net asset value	83.6p	102.7p
Ordinary share price	85.5p	95.0p
Premium/(discount)	2.3%	(7.5%)
Gearing	31%	28%
Yield	9.71%	8.74%
Total Expense Ratio	0.90%	0.90%

THE PORTFOLIO

Top 10 Investments	% of total assets			% of total assets
at 31 March 2009			at 31 December 2008
BP	7.2		BP	7.0
Vodafone	5.1		Vodafone	5.0
Catlin	4.4		Catlin	3.8
British American Tobacco	3.7		British American Tobacco	3.6
Prodesse Investment	3.5		National Grid	3.5
National Grid	3.2		HSBC	3.1
Jardine Lloyd Thompson	2.9		Imperial Tobacco	2.7
Scottish & Southern Energy	2.8		Scottish & Southern Energy	2.7
Imperial Tobacco	2.7		Aviva	2.7
Royal Dutch Shell	2.4		Prodesse Investment	2.5
Top 10	37.9			36.6

Sector Breakdown	% at 31 March 2009	% at 31 December 2008
Financials	23.1	21.2
Oil & Gas	11.0	10.0
Utilities	10.9	10.8
Consumer Goods	9.4	8.7
Telecommunications	7.4	7.5
Industrials	7.2	5.8
Consumer Services	3.0	3.5
Health Care	2.8	1.3
Options	0.2	0.1
Fixed Interest	23.6	26.2
Cash	1.4	4.9

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]

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