Interim Management Statement

RNS Number : 8744B

Henderson High Income Trust PLC

03 November 2009

 



HENDERSON HIGH INCOME TRUST PLC

HENDERSON GLOBAL INVESTORS 

3 NOVEMBER 2009

HENDERSON HIGH INCOME TRUST PLC

Interim Management Statement for the quarter ended 30 September 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:  The portfolio's gearing reduced over the period principally due to an increase in net asset value as share prices rose but there were also sales of Prodesse and United Utilities.  New purchases included Findel and a new convertible issue from British Airways.

Gearing: During the quarter gearing decreased from 26% (at 30 June 2009) to 20% (at 30 September 2009).

Dividends: In respect of the year to 31 December 2009, a first interim dividend of 2.075p per ordinary share was paid on 31 July 2009 to holders registered on 26 June 2009.  A second interim dividend of 2.075p per ordinary share was declared on 30 July 2009 for payment on 31 October 2009 to holders registered on 18 September 2009.

Discount:  The share price discount to net asset value widened over the quarter from 1.3% to 7.2%.

There are no other material events or transactions to report.

PERFORMANCE AND FINANCIAL HIGHLIGHTS

Total Return Performance at 30 September 2009

	3 months	1 year	3 years	5 years
Net Asset Value per ordinary share	+24.5	+7.8	-15.4	+43.7
FTSE All-Share Index	+22.4	+10.8	-3.4	+38.4
FTA Government All Stocks Index	+3.1	+11.2	+19.5	+34.1
Benchmark †	+17.6	+10.9	+2.4	+37.3

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 2009	at 30 June 2009
Gross assets	£119m	£104m
Net asset value	115.6p	97.46p
Ordinary share price	107.25p	93.75p
Discount	7.2%	3.8%
Gearing	20%	26%
Yield	7.7%	8.9%

THE PORTFOLIO

Top 10 Investments

At 30 September 2009	% of portfolio		At 30 June 2009	% of portfolio
BP	6.5		BP	6.6
Vodafone	4.5		Vodafone	4.4
HSBC	4.3		Catlin	3.9
Catlin	3.7		Prodesse Investment	3.8
British American Tobacco	3.5		HSBC	3.5
Prodesse Investment	3.2		British American Tobacco	3.5
National Grid	2.8		National Grid	2.9
Aviva	2.7		Scottish & Southern Energy	2.7
Jardine Lloyd Thompson	2.5		Imperial Tobacco	2.4
Imperial Tobacco	2.4		Aviva	2.4
Top 10	36.1			36.1

Sector Breakdown	% at 30 September 2009	% at 30 June 2009
Fixed Interest	25.3	25.6
Oil & Gas	10.3	8.8
Industrials	7.7	10.3
Consumer Goods	9.6	9.3
Health Care	2.4	2.6
Consumer Services	4.0	3.2
Telecommunications	7.2	7.0
Utilities	8.2	10.5
Financials	25.1	22.7
Cash	0.2	0.0

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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