Interim Management Statement

RNS Number : 0867J
Henderson Far East Income Limited
24 June 2011
 



HENDERSON FAR EAST INCOME LIMITED

 

24 June 2011

HENDERSON FAR EAST INCOME LIMITED

 

Interim Management Statement

 

Review of the period from 1 March 2011 to 31 May 2011

 

MATERIAL EVENTS OR TRANSACTIONS DURING THE PERIOD

 

Portfolio: During the period there was net investment of £4.2m, and the number of holdings in the portfolio remained at 48. The stocks that were sold were: China Railways Construction, Midland Holdings, Sino Land, Telekomunikasi Indonesia and Compal Electronics.

 

There are six new stocks in the portfolio: Guangzhou R & F Properties, Petrochina, ASM Pacific Technology, Petronas Chemicals, Capitamall and Krung Thai Bank.

 

The portfolio remains overweight in China with a focus on domestic cyclicals such as banks, construction, toll roads and consumer discretionary. Elsewhere we favour Thailand and Singapore which continue to show strong economic growth. The portfolio remains overweight in domestic orientated companies with little exposure to global cyclicals such as commodities and technology.

 

Over the period one call and two put options were sold and four put options expired in March and April 2011.

 

Share Issues: During the period 325,000 shares were issued in three tranches. The proceeds of these issues, net of commission, was £1,034,302.50.

 

Dividends: A second interim dividend of 3.60p per Ordinary Share, in respect of the year ending 31 August 2011, was paid on 31 May 2011 to holders registered on 6 May 2011. The ex-dividend date was 4 May 2011.

 

Discount/Premium:  the share price premium to net asset value increased over the period to 2.34%.

 

PERFORMANCE AND FINANCIAL HIGHLIGHTS

 

Performance to 31 May 2011


3 months

1 year

3 years

5 years*

Net Asset Value Total Return per ordinary share (%)

3.61

12.47

28.57

84.23






 

Source:   Datastream

 

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

 

Financial Position


at 31 May 2011

at 28 February 2011

Net assets

£306.4m

£297.1m

Net asset value cum income

308.1p

299.7p

Net asset value ex income

306.4p

299.2p

Ordinary share price

315.3p

305.5p

Premium

2.3%

1.9%

Gearing

0.0%

0.0%

Yield

4.44%

4.71%

Total Expense Ratio

1.23%

1.23%

 

 

THE PORTFOLIO

 

Top 10 Investments

Country

% of portfolio 

% of portfolio



at 31 May 2011

at 28 February 2011

Advanced Information Services

Thailand

3.1

2.7

Taiwan Semiconductor Manufacturing

Taiwan

3.1

2.9

Bank of China

China

3.0

2.7

QBE Insurance Group

Australia

2.8

2.7

Korean Reinsurance

South Korea

2.8

2.6

Telstra Corporation

Australia

2.7

2.7

Industrial & Commercial Bank of China

China

2.7

2.3

Link Reit

Hong Kong

2.7

2.6

Santos

Australia

2.7

3.3

Chunghwa Telecom

Taiwan

2.6

2.5

 

Geographic Breakdown

% at 31 May 2011

% at 28 February 2011

China

20.7

17.9

Australia

13.4

14.8

Thailand

11.8

9.4

Hong Kong

11.1

13.5

Singapore

11.0

10.9

Taiwan

10.7

12.1

South Korea

9.9

10.6

Malaysia

4.0

1.8

Philippines

2.6

2.1

Indonesia

2.6

4.4

Japan

2.2

2.2

USA

-

0.3

 

Sector Breakdown

% at 31 May 2011

% at 28 February 2011

Financials

28.3

23.6

Industrials

15.5

17.1

Telecommunications

15.0

17.0

Technology

9.0

9.3

Property

8.3

10.0

Oil & Gas

6.9

5.6

Basic Materials

5.7

4.4

Consumer Services

5.0

6.8

Consumer Goods

3.8

3.8

Utilities

2.6

2.3

Options

-0.1

0.1

 

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 www.hendersonfareastincome.com 

 

For further information, please contact:

 

Jeremy Hamon

Company Secretary

Telephone: 01534 709108

 

James de Sausmarez

Head of Investment Trusts

Henderson Global Investors

Telephone: 020 7818 3349

Sarah Gibbons-Cook

Investor Relations and PR Manager

Henderson Global Investors

Telephone: 020 7818 3198


 

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.

 

 

- ENDS -


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
IMSPGURAQUPGGGC
UK 100

Latest directors dealings