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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Henderson HighIncome HHI Interim Management Statement
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