Interim Management Statement

RNS Number : 2009W

Henderson High Income Trust PLC

15 November 2010

 



HENDERSON HIGH INCOME TRUST PLC

HENDERSON GLOBAL INVESTORS

15 NOVEMBER 2010

HENDERSON HIGH INCOME TRUST PLC

Interim Management Statement for the quarter ended 30 September 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:  The portfolio continues to increase its focus toward higher yielding equities by reducing the UK corporate bond exposure.  We have sold down the preference shares and selected bonds and purchased new holdings in the travel company, Thomas Cook Group, and the telecoms group, BT.  The increase in net assets over the quarter has benefitted from gearing and favourable moves in the holdings within the Financial and Oil sectors.

Gearing: During the quarter gearing decreased from 32% (at 30 June 2010) to 29% (at 30 September 2010).

Dividends: In respect of the year to 31 December 2010, a first interim dividend of 2.075p per ordinary share was paid on 30 July 2010 to holders registered on 2 July 2010.  A second interim dividend of 2.075p per ordinary share was declared on 29 July 2010 for payment on 29 October 2010 to holders registered on 24 September 2010.

Discount:  The share price discount to net asset value narrowed over the quarter from 1.1% to 0.2%.

Share Capital:  During the quarter the Company sold 250,000 shares out of treasury and issued a further 2,175,000 new ordinary shares.  The number of shares in issue at 30 September 2010 was 88,010,744 ordinary shares of 5p each.  The Company has no shares remaining in treasury.

There are no other material events or transactions to report.

PERFORMANCE AND FINANCIAL HIGHLIGHTS

Total Return Performance at 30 September 2010

	3 months	1 year	3 years	5 years
Net Asset Value per ordinary share	13.2	12.1	12.0	13.0
FTSE All-Share Index	13.6	12.5	-3.1	24.7
FTA Government All Stocks Index	3.6	7.2	27.3	33.0
Benchmark †	11.7	11.6	1.2	26.1

Source:  Fundamental Data Ltd on behalf of AIC Information Services Limited 

† 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 30 September 2010	at 30 June 2010
Net assets	£106.1m	£93.2m
Net asset value	120.5p	109.0p
Ordinary share price	120.25p	107.75p
Discount	0.2%	1.1%
Gearing	29%	32%
Yield	6.9%	7.7%

THE PORTFOLIO

Top 10 Investments

At 30 September 2010	% of portfolio		At 30 June 2010	% of portfolio
British American Tobacco	5.4		British American Tobacco	5.3
Vodafone	4.5		Vodafone	4.4
BP	4.0		HSBC	3.6
HSBC	3.5		GlaxoSmithKline	3.4
GlaxoSmithKline	3.4		BP	3.3
National Grid	3.1		National Grid	3.1
Catlin	2.7		Catlin	3.0
Jardine Lloyd Thompson	2.6		Scottish & Southern Energy	2.6
Scottish & Southern Energy	2.4		Jardine Lloyd Thompson	2.6
Northumbrian Water	2.3		AstraZeneca	2.4
Top 10	33.9			33.7

Sector Breakdown	% at 30 September 2010	% at 30 June 2010
Fixed Interest	16.3	17.0
Oil & Gas	6.6	5.8
Industrials	9.4	10.1
Consumer Goods	10.4	10.6
Health Care	6.2	6.4
Consumer Services	5.8	5.1
Technology	0.6	0.5
Telecommunications	7.4	7.2
Utilities	13.1	13.4
Financials	24.2	23.9

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]

- 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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