Interim Management Statement

RNS Number : 0184H

Henderson High Income Trust PLC

13 May 2014

 



HENDERSON GLOBAL INVESTORS

HENDERSON HIGH INCOME TRUST PLC

13 MAY 2014

HENDERSON HIGH INCOME TRUST PLC

Interim Management Statement for the quarter ended 31 March 2014

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, a new position in the global miner, Rio Tinto was purchased.  The portfolio also participated in the Initial Public Offering (IPO) of Manx Telecom, the incumbent telecoms provider on the Isle of Man, given its attractive dividend yield.  Existing holdings in British American Tobacco, the diversified financial Investec and pharmaceutical company AstraZeneca were increased.  Notable sales in the period included pub operator Greene King.

Gearing: gearing remained at 23% as at 31 March 2014. 

Dividends:  in respect of the year to 31 December 2013, a fourth interim dividend of 2.125p per ordinary share was paid on 31 January 2014 to holders registered on 20 December 2013.  As announced in our annual results, a first interim dividend for the year to 31 December 2014 of 2.125p per ordinary share was paid on 30 April 2014 to holders registered on 11 April 2014.

Share Price:  on 31 March 2014 the Company's shares were trading at a premium of 4.8% to the net asset value; on 31 December 2013 the shares were trading at a premium of 3.0% to the net asset value.

Share Capital:  during the quarter the Company issued 1,450,000 ordinary shares. The number of shares in issue at 31 March 2014 was 104,763,818 ordinary shares of 5p each.

There are no other material events or transactions to report.                                         

PERFORMANCE AND FINANCIAL HIGHLIGHTS

Total Return Performance to 31 March 2014

	3 months	1 year	3 years	5 years
Net Asset Value per ordinary share	0.82	16.26	57.02	182.01
Share Price	2.60	19.18	66.86	188.38
FTSE All-Share Index	-0.63	8.81	28.82	113.30
Merrill Lynch Sterling Non Gilts Index	2.47	1.64	24.16	59.11
Benchmark †	0.01	7.47	28.86	103.94

Source:  Morningstar on behalf of AIC Information Services Limited 

† the benchmark is a composite of 80% of the FTSE All-Share Index and 20% of the Merrill Lynch Sterling Non Gilts Index.  Prior to 31 December 2010 the benchmark was 75% of the FTSE All-Share Index and 25% of the FTA Government All Stocks Index. All the total returns in the above table reflect the performance of the new benchmark.

Financial Position

	at 31 March 2014	at 31 December 2013
Gross assets	£217m	£212m
Net asset value (income-inclusive)	169.07p	167.69p
Ordinary share price	177.25p	172.75p
Premium/(discount)	4.84%	3.02%
Gearing	22.6%	22.6%
Yield	4.74%	4.83%

THE PORTFOLIO

Top 10 Investments	% of portfolio			% of portfolio
at 31 March 2014			at 31 December 2013
British American Tobacco	3.9		Vodafone Group		5.0
GlaxoSmithKline	3.4		GlaxoSmithKline		3.5
BP	3.0		British American Tobacco		3.2
National Grid	2.9		BP		3.1
Galliford Try	2.8		HSBC		3.0
BT Group	2.8		BT Group		2.8
HSBC	2.7		National Grid		2.8
Vodafone Group	2.5		Galliford Try		2.5
AstraZeneca	2.3		Catlin Group		2.1
Standard Life	2.1		AstraZeneca		2.1
	---------				---------
Top 10 =	28.4%		Top 10 =		30.1%
	======				=====

Sector Breakdown	% at 31 March 2014	% at 31 December 2013
Financials	25.4	26.5
Fixed Interest	12.2	10.9
Consumer Services	10.3	11.0
Consumer Goods	10.2	10.2
Telecommunications	9.8	10.4
Utilities	8.9	8.8
Industrials	7.8	9.0
Health Care	5.7	5.6
Oil & Gas	5.5	5.4
Basic Materials	3.3	1.4
Technology	0.9	0.8

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 Co-portfolio Manager Henderson High Income Trust plc Telephone: [phone]	James de Sausmarez Director and Head of Investment Trusts Henderson Global Investors Telephone: [phone]
David Smith Co-portfolio Manager Henderson High Income Trust plc 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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