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Henderson HighIncome HHI Interim Management Statement

  Henderson HighIncome (HHI) - Interim Management Statement

RNS Number : 0344R
Henderson High Income Trust PLC
13 November 2012




HENDERSON HIGH INCOME TRUST PLC





13 November 2012





                       HENDERSON HIGH INCOME TRUST PLC

                                      

     Interim Management Statement for the quarter ended 30 September 2012

                                      



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 investment in  Tesco was purchased.  The 
company  trades  on  a  low  valuationreflecting  investors  scepticism  that 
prospects for thesupermarket  chain will  improve. We feel  the dividend  is 
well covered and should  grow in coming years  and the valuation rating  could 
improve if trading picks up. Other investments that were increased during the
period included Drax and Inmarsat.



Gearing: the net gearing fell slightly to  20% at 30 September 2012, from  25% 
at 30 June 2012. This  reduction reflects the rise  in share prices over  the 
period, rather than a reduction in levels of borrowing.



Dividends: in  respect of  the year  to 31  December 2012,  a second  interim 
dividend of 2.075p  per ordinary share  was paid  on 31 July  2012 to  holders 
registered on 29 June 2012.  As announced in our  half year results, a  third 
interim dividend of 2.075p per ordinary share  was paid on 31 October 2012  to 
holders registered on 28 September 2012.



Share Price:on  30 September  2012 the  Company's shares  were trading  at  a 
premium of  3.6% to  the net  asset value;  on 30  June 2012  the shares  were 
trading at a premium of 2.6% to the net asset value.



Share Capital: during the quarter the Company issued 2,575,000 ordinary
shares. The number of shares in issue at 30 September 2012 was 93,555,744
ordinary shares of 5p each.



There    are    no    other    material    events    or    transactions     to 
report.





PERFORMANCE AND FINANCIAL HIGHLIGHTS



Total Return Performance to 30 September 2012

                                       3 months 1 year 3 years 5 years
Net Asset Value per ordinary share         6.96  23.87   39.72   11.50
Share Price                                7.93  26.26   55.94   16.27
FTSE All-Share Index                       4.70  17.25   26.13    8.65
Merrill Lynch Sterling Non Gilts Index     5.63  13.59   29.31   41.37
Benchmark †                                4.89  16.65   27.36   15.68



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 30 September 2012 at 30 June 2012
Gross assets                                             £150m           £144m
Net asset value (income-inclusive) per                                      
share
                                                       132.00p         125.40p
Ordinary share price per share                         136.80p         128.60p
Premium/(discount)                                        3.6%            2.6%
Net Gearing                                                20%             25%
Yield                                                    6.07%           6.45%



THE PORTFOLIO



Top 10 Investments      % of portfolio                          % of portfolio
                  at 30 September 2012                         at 30 June 2012
Vodafone                           5.8  Vodafone                           6.5
British American                   4.4  British American                   4.7
Tobacco                                 Tobacco
GlaxoSmithKline                    4.1  GlaxoSmithKline                    4.7
BP                                 3.9  BP                                 4.2
BT                                 3.5  National Grid                      3.5
National Grid                      3.4  BT                                 3.2
Catlin                             3.3  Catlin                             3.1
Galliford Try                      2.8  Imperial Tobacco                   2.7
Seven Trent                        2.3  Royal Dutch Shell                  2.6
Jardine Lloyd Thompson             2.2  HSBC                               2.4
                             ---------                               ---------
Top 10 =                         35.7%  Top 10 =                         37.6%
                                 =====                                   =====



Sector Breakdown   % at 30 September 2012 % at 30 June 2012
Financials                           24.0              23.7
Telecommunications                   12.4              12.2
Utilities                            11.3              11.5
Consumer Goods                       10.5              12.0
Industrials                           9.6               9.0
Oil & Gas                             7.8               8.0
Consumer Services                     4.5               4.1
Health Care                           4.1               4.4
Basic Materials                       0.9               1.1
Fixed Interest                       14.9              14.0



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                       James de Sausmarez

Portfolio Manager                 Director and Head of Investment Trusts

Henderson High Income Trust plc   Henderson Global Investors

Telephone: 020 7818 4447          Telephone: 020 7818 3349


Sarah Gibbons-Cook

Investor Relations and PR Manager

Henderson Global Investors

Telephone: 020 7818 3198

                                   - 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.

                                      

                     This information is provided by RNS
           The company news service from the London Stock Exchange

END


IMSGGGQCGUPPGAW -0- Nov/13/2012 15:47 GMT
 
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