Edison reviews Henderson Intl. Income Trust (HINT)

RNS Number : 9994X

Henderson Intl. Income Trust PLC

30 November 2017

 

London, UK, 30 November 2017

Edison issues review on Henderson International Income Trust (HINT)

Henderson International Income Trust (HINT) is the only global equity income investment trust offering a portfolio invested wholly outside the UK. Its aim is to provide a focused yet diversified selection of overseas companies offering attractive, sustainable yields and the potential for both dividend growth and capital appreciation. Manager Ben Lofthouse has recently increased the cyclical bias of the portfolio, seeing attractively valued opportunities in areas such as financial and consumer stocks. The trust is structurally underweight the US versus its MSCI World ex-UK benchmark, with the manager finding better growth and value dynamics elsewhere. Strong recent share price and NAV performance has been achieved with very low gearing and the trust currently yields 3.0%.

At 28 November 2017, HINT's share price stood at a 0.7% premium to cum-income net asset value. This compares with average discounts of 0.1%, 0.5% and 0.0% over one, three and five years respectively, and an average premium of 0.7% since launch. The shares have tended to trade broadly in a range from a 4% discount to a 4% premium since mid-2016, illustrating continued demand for overseas income strategies. HINT's 3.0% dividend yield is below the peer group average, but is funded entirely from income rather than a partial return of capital, as is the case with some peers.

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