13 January 2014 
This announcement contains regulated information 
The Company exploits global opportunities to provide long-term
growth to shareholders via a diversified, international, multi-strategy
portfolio which offers access also to specialist funds including hedge and
private equity. 
FINANCIAL HIGHLIGHTS               30 September 30 September       % 
                                         2013         2012  Change
Net asset value per ordinary share       290.2p       279.8p    +3.7
Market price per ordinary share          245.0p       253.5p    -3.4
Total return per ordinary share           11.9p       -40.9p
Discount                                  15.6%         9.4%
Ongoing charges                           0.84%        0.93%
Market capitalisation                   £117.0m      £122.6m
2013 has marked a new departure for Henderson Value Trust (formerly
SVM Global). Following the difficulties of 2012 the Board has made the
fundamental changes to the operations of the Company promised in last year's
Chairman's Statement. 
In January we held a beauty parade of fund managers bidding to
manage the Company. After an exhaustive process - interviewing a dozen
candidates - the Directors awarded the management contract to Henderson Global
I would like to thank former managers, SVM Asset Management, for
their two decades stewardship of the Company and to acknowledge their success
in the earlier years. We selected Henderson because of its dynamic management
reputation, its wide global reach, its universally respected brand and its
rigorous risk controls. We were particularly impressed by the proven track
record and the presentations of the Company's current joint managers, Ian
Barrass and Paul Craig. We were keen to utilise the former's specialist
knowledge of unlisted and illiquid stocks and to give shareholders an
opportunity to benefit from the talents of the latter, demonstrated by his
management of Henderson's highly successful Cirilium funds. 
At the AGM in March 2013 shareholders overwhelmingly approved the
appointment of Henderson. At the same meeting they endorsed a change of name
from SVM Global Fund plc to Henderson Value Trust plc. 
Simultaneously, the Directors had resolved to put the Company's
external audit out to tender. We completed that process in October. After
interviewing four firms we have decided, subject to shareholder approval at
the AGM in February 2014, that Grant Thornton UK LLP be appointed the
Company's auditor. I would like to thank Ernst & Young LLP for their service
to the Company. 
At the last AGM I pledged to put forward a plan for refreshment of
the Board. As an initial step in May the Board appointed Jamie Korner as a
Director. I should like to welcome Jamie to the Board. We believe that the
time is now right for further changes. As we have all served over nine years,
the three longest-serving directors - Daniel Hodson, Peter Hulse and I - will
make way for successors in 2014. Peter Hulse will stand down at the AGM in
February. Daniel Hodson and I will step aside after the AGM in December 2014.
During the coming year we will recruit a successor to Peter and select
candidates for the positions of Chairman of the Board and of the Audit
Committee. We will employ independent agencies to initiate the process in all
three cases. 
Last year the Directors and I promised that the verdict on current
progress and the future of the Company itself should be determined by the
shareholders at an early date. Consequently we will hold a continuation vote
at the December 2014 AGM. 
We believe that the promised continuation vote is the appropriate
time for a handover by the Chairman and the Chairman of the Audit Committee.
It is the Directors' intention that by December the portfolio will have been
reconfigured to reap the rewards on which the Directors, Manager and
shareholders are focused. We are determined that Henderson Value Trust will
offer shareholders a future with a greatly improved potential of above average
Much of that hope hinges on a good investment performance. Initial
signs encourage optimism that the setback in the Company's performance is
already being reversed by the new team at Henderson. 
While the Company is still underperforming its peers, we have
discouraged the new Managers from feeling pressurised into making short-term
decisions in pursuit of ephemeral performance gains. We recognise that a
significant number of the underperforming stocks which remain from the
previous portfolio are illiquid or unquoted. We do not wish to encourage
face-saving sales ahead of the continuation vote but to ensure that any latent
value in these holdings is realised to the benefit of shareholders. 
In September last year, at the request of Henderson, the Board
agreed some additional investment guidelines to provide a more structured
framework for the Manager to maintain appropriate portfolio diversification.
In each case the Board has been guided by the need for prudent monitoring of
risk. The gearing limit remains at 20% of net assets. 
The Board has decided that these guidelines should now be
incorporated into an amended investment policy. Accordingly, it is proposed
that a resolution to approve amendment of the investment policy be put to
shareholders at a General Meeting to be held after the Company's Annual
General Meeting in February 2014. Shareholders will receive a separate
circular setting out the current and amended investment policy and Notice of
General Meeting. The Company's investment objective is unchanged. 
The Board is recommending a dividend of 1.5p per share. Although
the proposed payment is 25% lower than last year, owing to the Company's
reduced net income, it is higher than the minimum dividend of 0.44p per share
required for the Company to maintain its investment trust status. The
Directors have decided to draw on the Company's revenue reserve to pay this
amount. While the Company intends to continue generating most of its return
through capital growth, there is potential for a progressive dividend policy
if Henderson is able, as planned, to increase the cash yield from the
investment portfolio. 
In response to the Alternative Investment Fund Managers Directive
(`AIFMD') being written into UK legislation with effect from 22 July 2013, the
Board have agreed in principle that Henderson will be appointed the Company's
Alternative Investment Fund Manager. The appointment of an independent
depositary, which will provide an independent monitoring role to ensure the
Company complies with the regulations of AIFMD, is currently being finalised.
The Company will be fully compliant by the time the transitional period ends
in July 2014. 
I would like to thank shareholders for the endorsement of our
proposals for the future of the Company at the last AGM. We are determined to
justify that vote of confidence following a difficult period. We are
optimistic that when we report next year, we will be able to recommend with
confidence that you support the continuation vote due in December 2014. 

                                                                 Shane Ross TD
                                                               10 January 2014


Change of Investment Manager

Henderson Global Investors Limited (`the Manager') assumed the role
of the Company's investment manager with effect from 1 April 2013, exactly
half-way though the Company's financial year.

Our first six month period as Manager to 30 September 2013 saw good
initial progress. We made significant early strides in analysing and
re-positioning the Company's investment portfolio. These developments are
described in more detail below. Also, the fund transition process was

promptly and efficiently in relation to the Company's operational,
accounting, administrative and company secretarial requirements. These are now
being met by the Manager and its outsourced service providers.

Company Performance

The Company's overall performance for the full-year to 30 September
2013 was unsatisfactory compared with its FTSE World Index benchmark. On a
total return basis, whilst the benchmark increased by 19.0%, the Company's net
asset value (`NAV') per ordinary share increased by only 4.3%. In addition,
the Company's discount widened from 9.4% to 15.6%.

There were a number of reasons for the Company's underperformance
against its benchmark. At a high level, global equities saw the strongest
performance in developed markets such as the US, Japan and Europe, whereas the
Company went into the financial year with relatively low asset weightings in
these areas, particularly the US and Japan. In addition, the Company's
traditionally heavier weightings to higher growth emerging markets, notably in
Russia and Eastern Europe, were impacted by the sharp fall in emerging markets
in the second half of the year. Finally, the Company entered the year with a
significant exposure to the resources and commodities sector, which suffered a
torrid period.

It is important to recognise, however, that the Company's portfolio
does not seek to replicate the FTSE World Index. It tends to focus on
investments that are either specialist or niche in nature or, in some cases,
have proved to be less liquid and prone to persistent discounts, even in
rising markets.

Despite this our view is that the FTSE World Index is still a
reasonable benchmark for the Company. This is because over the medium to
long-term the Company's specialist and alternative fund investment mandate
should, given its overall risk profile, be expected to outperform global
equity markets.

Our goal is therefore to secure satisfactory returns from the
Company's portfolio by gradually improving the quality of its investments
through a rigorous and disciplined approach to fund selection and portfolio
management. Whilst we appreciate the understandable desire of shareholders to
see a significant and early improvement in performance, the benefits of
changes to the portfolio may not realistically emerge in full until after the
Company's next triennial continuation vote due at the end of 2014. This
reflects that we are pursuing a measured approach to portfolio change. What
this means in practice is taking care in both the selection and timing of
disposals, retaining good quality holdings in the inherited portfolio and
ensuring that new investments are of sufficient quality and value to provide
attractive returns over a reasonable timeframe. With this in mind, whilst our
investment selection and on-going portfolio management is driven heavily by
our `bottom-up' analyses of fund quality, it must also be informed by our
views on the impact of macro-economic and market conditions on the asset
classes, geographies and sectors in which we choose to invest.

Company Strategy

We are strongly of the view that the Company has an exciting future
as a specialist fund of funds and can provide its shareholders a
differentiated investment opportunity. This can be achieved by adhering to the
Company's mandate which we believe is to provide access to a global,
diversified portfolio of mainly specialist and alternative asset funds.

The Company's focus on listed and unlisted specialist and
alternative asset funds is central to its raison d'être. The Company derives
its differentiation from holding a significant portion of its portfolio in
funds which are not regarded as widely-held, liquid, listed, mainstream
investments. We recognise, however, that successful investment in such funds,
which often have reduced liquidity and are specialist in nature, requires a
strong focus on manager and asset quality and clarity on how and when value is
likely to be generated for investors.

Historically the Company has adopted an activist stance to realise
value in certain investments. Even though this may have proved a successful
strategy in the past, shareholders should be aware that this approach is not a
priority of the new Manager. Going forward, by focusing on higher quality
funds, situations requiring more activist-style engagement are less likely to
either exist or arise.

Portfolio Analysis

On assuming the role of Manager we immediately undertook a full
analysis of the Company's investment portfolio which, at 1 April 2013,
contained 58 active holdings.

As a priority, we completed a valuation review of the Company's
unlisted/illiquid investments in conjunction with the Company's auditor, Ernst
& Young, and Henderson Group plc's Fair Value Pricing Committee (`the
Valuation Review'). The main purpose of this exercise was to provide comfort
to shareholders that the valuation issues of the previous financial year have
been fully addressed.

The Valuation Review led to reductions in the valuations of the
Company's investments in three emerging market property funds, being iO Adria
Limited, Buena Vista Latin American Fund Limited and CEIBA Investments
Limited. These valuation reductions totalled £4.0 million and were disclosed
promptly to the market through the Company's weekly NAV announcements. They
were also included in the Company's 31 March 2013 half-year financial
statements. The Valuation Review also identified that the Company's investment
in Zouk Solar Opportunities Limited (`Zouk') should in future be valued using
Zouk's manager's fair valuation of Zouk's investments. Previously the
Company's valuation of Zouk's investments had been based on Zouk's financial
statements which accounted for its investments as fixed assets at cost in line
with IFRS requirements. This change resulted in a £2.1 million uplift in the
Company's valuation of its holding in Zouk. This was announced to the market
in May 2013.

Our analysis of the remainder of the Company's portfolio was
designed to provide us with a thorough understanding of the quality of each
investment and the overall construction of the portfolio.

With regard to individual investments, each holding was subjected
to a qualitative and quantative analysis resulting in the formulation of an
initial view on whether to hold or sell at some future point. The key areas of
evaluation for each holding were, and continue to be, the quality of manager,
the quality of underlying assets, the attractiveness of the relevant asset
class, geography or sector and the estimated timing and quantum of returns.

Whilst this exercise identified some clear candidates for early
disposal (see below), it also showed that the portfolio included a significant
number of good quality investments which should be capable, over time, of
providing satisfactory returns.

Our analysis of the Company's portfolio construction has helped us
to identify ways of providing more detail and clarity to shareholders
regarding the type, classification and diversification of the Company's
holdings. It has also allowed us to devise an expanded set of informal
investment guidelines which can be found in the section headed Investment
Guidelines. These guidelines, which have been approved by the Company's Board,
provide a more structured and balanced framework for maintaining portfolio
diversification without creating unnecessary constraints. The Board has
decided that these guidelines should now be incorporated into an amended
investment policy as referred to in the Chairman's Statement.

Portfolio Activity

Shareholders can follow our latest portfolio activity by reading
the monthly Manager commentary on the Company's website. The address of the
website is www.hendersonvaluetrust.com

Sales, Redemptions and Capital Returns

Portfolio activity between 1 October 2012 and 31 March 2013 was the
responsibility of the Company's previous investment manager, with activity
being focused mainly on investment disposals in the first quarter of the
financial year. Most notably, the previous manager reduced the Company's
exposure to Russia and Eastern Europe by partial redemptions of holdings in
Firebird New Russia Fund Limited and Firebird Republics Fund Limited and full
redemption of the Company's investment in Ukrainian Investment Fund Limited.

During the half-year following our appointment as Manager on 1
April 2013, the Company received £13.0 million from sales or redemptions and a
further £7.9 million from capital returns.

Seven of the Company's holdings were the subject of sales or
redemptions during the second half-year period. These changes were made for a
variety of reasons encompassing unsatisfactory historical performance, the
potential for further underperformance or unattractive geographic or sector
exposures. In addition, it was also considered desirable to take profits on
certain holdings which we believed had performed well but had reached an
attractive exit point.

The largest cash receipt of £4.7 million arose from the redemption
of the Company's entire holding in the Maya Market Neutral Fund, an automated
quantitative hedge fund designed to deliver market neutral returns. This
decision reflected the fund's under-performance during 2012 and also the fact
that such a strategy was unlikely to meet our minimum target return
requirements for the Company's investments.

£3.6 million was generated by the sale of the Company's holding in
Tag Immobilien AG, a Frankfurt-listed German residential property company. The
sale followed a sustained period of positive share price performance.

The Company's investment in Cambium Global Timberland Limited, a
poor-performing AIM-listed forestry fund, was sold for £2.0 million. Having
undertaken a review of the outlook for the value of the fund's assets, it was
concluded that satisfactory NAV recovery was unlikely in the foreseeable

The Company's holding in Strategic Equity Capital plc, a UK-listed
investor in UK small caps with an engagement focus, was reduced through two
separate sales into a strengthening share price and narrowing discount. These
sales generated cash of £1.9 million.

£377k was raised through the partial sale of the Company's CFD
position in Advance Frontier Markets Fund Limited, a UK-listed fund of funds
focused on frontier markets. Again this followed a period of good price

The Company's CFD holding in STXE 600 Euro Banks index fund was
sold at a profit of £249k. This reflected our preference to invest in actively
managed funds rather than index-based products.

Finally, sales or redemptions during the second half-year period
were completed by a 25% reduction in the Company's holding in Juridica
Investments Limited, a UK-listed litigation fund. This followed strong news
flow and a narrowing discount. This generated £218k of cash.

Capital returns, via compulsory redemptions or tender offers, were
received from six of the Company's investments.

The largest of these was received from Baring Vostok Investments
Limited, a Russian private equity vehicle listed on the Channel Islands Stock
Exchange. £2.6 million of cash was received by the Company by way of a
compulsory redemption following the realisation of a further block of shares
in the fund's highly successful investment in Yandex Inc., the Russian
equivalent of Google, which is now listed on NASDAQ.

Zouk Solar Opportunities Limited, an unlisted vehicle with a good
quality portfolio of operational solar energy investments in the UK and Italy,
returned £2.5 million following the successful sale of part of its UK assets.

We took the fullest advantage possible of a tender offer by Value
Catalyst Fund Limited, an unlisted fund with a property bias, in order to
create further liquidity. £1.2 million was received following the successful
tender of 80% of the Company's holding.

Prosperity Voshkod Fund Limited, a UK-listed fund which invests in
Russian equities returned £0.9 million as part of its newly adopted
realisation strategy.

South African Property Opportunities plc, a UK-listed investor in
South African real estate, rewarded long-suffering shareholders with a capital
return which produced £0.4 million for the Company.

Trading Emissions plc, a poor-performing UK-listed investor in
environmental markets returned £167k.

The Manager also took advantage of a small tender offer by
Strategic Equity Capital plc to generate a further £176k.

Further sales, redemptions and capital returns have occurred since
the year end. These have generated cash of £2.5 million. Several other
holdings have also been identified for disposal. These are, however, currently
being retained until improved exit prices can be achieved.

In addition, it is also important for shareholders to note that 14
of the Company's investments are currently in some form of realisation or
run-off process. At the 30 September 2013 year end these represented 22% of
the Company's NAV. This maturing tranche of the portfolio, which contains a
number of the Company's less liquid holdings, is likely to generate
substantial cash for redeployment over the next two to three years. Each of
these holdings will, however, continue to be under review to the extent that
we determine at any point that it would be more financially beneficial to sell
or redeem rather than await cash returns.


As alluded to above, under the circumstances the previous manager
engaged in very limited new purchase activity in the first half of the
financial year.

During the half-year following our appointment as Manager on 1
April 2013, nine new purchases were completed for a total cash consideration
of £21.0 million.

The nine investments covered a number of our current themes and
preferences. Three of our new investments were in parts of the private equity
sector which, we believe, still offer good value. Three investments were also
made in specialist credit funds which, following a period of outstanding
performance over the last few years, are still capable of providing attractive
normalised returns including a significant cash component. We also made three
investments in specialist funds focused on areas that we believe have good
return dynamics, being South Korean preference shares, renewable energy and
the global banking and insurance sector. More generally, it should be noted
that a number of these new investments have increased the Company's exposure
to US based assets in an attempt to capture more of the benefit of the
improvement in US economic performance. In addition, some of them will
contribute significantly to increasing the cash yield within the portfolio
which may in future facilitate a more progressive dividend policy.

Our three private equity investments are described below.

First, we invested £2.6 million in NB Private Equity Partners
Limited, a vehicle listed in the UK and on Euronext Amsterdam. Purchased on a
discount of over 20%, NB Private Equity Partners Limited has a cash generative
relatively mature fund of funds portfolio which is benefiting from the strong
selling conditions for good quality corporate assets in the US and Europe. The
fund's strategy is to close its discount by increasing dividends and
redeploying cash receipts towards potentially higher-returning direct private
equity investments. In addition, since the Company invested, a large stock
overhang has been considerably reduced.

Secondly, we invested £2.8 million in Standard Life European
Private Equity Trust plc, a UK-listed private equity fund of funds with a
portfolio of cash generative mature funds which, like NB Private Equity
Partners Limited, is benefiting from good selling conditions for its
underlying fund investments which should translate into NAV growth. This
purchase was also made at an attractive discount of over 20%.

Our third private equity investment related to the Company's
existing holding in Baring Vostok Investments Limited (`BVIL'). In July we
took the opportunity to participate in the restructuring of this vehicle,
which has historically proved to be one of the Company's best performing
investments. Previously BVIL had a commitment to only one of Baring Vostok's
unlisted Russian private equity funds which now has only three remaining
investments. The restructuring involved assets from two other unlisted Baring
Vostok funds being transferred into BVIL in consideration for new BVIL `Core'
shares. In addition, a $32 million placement raised funding for BVIL to make
co-investments alongside Baring Vostok's latest unlisted fund. The Company
subscribed for $3.0 million (£2.0 million) in the placement. In addition,
existing investors in BVIL such as the Company were issued with new BVIL
`Cell' shares in order to ring-fence future cash returns from Yandex Inc., the
most successful investment in the original BVIL vehicle. The combination of
improved portfolio diversification, co-investment rights and the ring-fencing
of future returns in relation to Yandex Inc. represented a compelling and
exciting opportunity to protect and extend the Company's relationship with one
of Russia's consistently top-performing private equity managers.

Our three new credit fund investments were made across a variety of
credit strategies.

£2.8 million was invested in Tetragon Financial Group Limited
(`Tetragon'), a closed-end vehicle listed on Euronext Amsterdam which owns a
large portfolio of maturing and cash-generative US Collateralised Loan
Obligations that provide the basis for attractive dividend flows. In addition,
the Company's entry discount of over 35% and Tetragon's development of new
fund management platforms for secured loans, real estate debt and hedge funds
also provide further scope for returns over the medium term.

We also invested £2.4 million in the NB Distressed Debt Investment
Fund Limited - Extended Life Shares. This UK-listed vehicle invests in mainly
US corporate distressed debt and recently created a new class of extended life
shares to March 2015 to take advantage of a number of exciting opportunities
which are now available in distressed debt markets. Initial NAV growth has
been strong and the outlook for returns from this experienced manager appears

Real Estate Credit Investments PCC Limited (`RECI') is a UK-listed
vehicle managed by Cheyne Capital which focuses on UK and European property
lending, particularly in specialist opportunities where traditional bank
funding is no longer available. We initially invested £0.9 million in RECI
during September and then a further £1.6 million shortly after the year end
through a new share issue which reduced the vehicle's gearing and increased
its investment capacity. RECI currently offers a cash dividend yield of up to
7% and also has potential for NAV accretion over the medium term.

The three other specialist funds described below complete our list
of new purchases up to 30 September 2013. We considered these to be attractive
UK IPOs run by experienced, good quality managers who have been able to deploy
capital promptly.

A £2.5 million investment was made in Weiss Korea Opportunity Fund
Limited, a fixed-life fund dedicated to investing in heavily discounted listed
preference shares in South Korea.

£2.5 million was invested in Polar Capital Global Financials Trust
plc, another fixed-life vehicle focused on opportunities in the global banking
and insurance sectors.

Finally, £2.4 million was invested in The Renewables Infrastructure
Group Limited, an investor in operational wind farms in the UK and France
offering a stable cash yield with potential for modest NAV accretion.

Separately, it should also be noted that in July the Company
received shares in Parkmead Group plc (`Parkmead'), a UK-listed independent
oil and gas company valued at £0.3 million in consideration for its holding in
Lochard Energy Group plc. This followed the latter's successful takeover by
Parkmead, a company with superior growth prospects and better share liquidity.

Since the year end a further £12.3 million has been invested in new purchases.


At 30 September 2013 the Company held freely accessible cash and
cash equivalents of £13.1 million. A further £8.8 million of cash was 
to be held in a restricted account in connection with the Company's six CFD

Discount Control

The Company operates a fully flexible share buy-back policy. We
currently believe, however, that improved investment performance combined with
effective marketing is the most likely short-term catalyst for narrowing the
Company's discount. Reducing the Company's size through the use of discount
control mechanisms is, we believe, likely to be counter-productive as it may
actually reduce the attractiveness of the Company to those investors who apply
minimum size criteria to their closed-end investment portfolios.


With regard to the global macro-economy over the coming year and
its implications for our approach to asset allocation, we believe that we have
entered a period of more stable developed economy performance, particularly in
relation to the US. We may therefore seek further opportunities to increase
the Company's historically low exposure to US based assets. The prospects for
Europe and Japan may be less clear, although any market setbacks in these
areas may offer interesting opportunities to increase exposures to the right
managers and assets. The outlook for emerging markets is likely to remain
uncertain whilst the timing of tapering of US Quantative Easing remains
outstanding. Our main task during the year with regard to the Company's
emerging market exposure will be to ensure that it is sufficiently diversified
across our preferred markets and managers. Finally, we made a conscious
decision not to crystallise certain losses within the Company's resources and
commodities exposure during the second half of the Company's financial year.
Given the general trend back towards global growth and the apparent resilience
of the Chinese economy we believe that retaining this exposure may prove
beneficial for the portfolio.

Key Priorities

The first six months of our tenure as the Company's Manager to 30
September 2013 have been an extremely busy time, and we believe in this short
period we have made considerable initial progress in creating the foundations
for a recovery in the Company's performance. Looking forward to the year
ahead, we are focused on two key priorities.

Our first priority is to continue to deploy the Company's capital
in a measured way into good quality funds which should, over time, contribute
positively to improved portfolio performance. The cash for this deployment
will come from the Company's existing liquid resources, some further disposals
and also cash receipts from the significant number of inherited investments
which are now in some form of realisation or run-off. As part of this process,
and as our confidence grows that the Company has a solid `core' portfolio, we
will look to utilise the full flexibility of the Company's mandate to broaden
our search into areas of the fund market where access is more difficult to
obtain, notably in the unlisted markets.

Our second priority is to increase significantly our marketing
activities with the aim of generating renewed interest in the Company's shares
amongst existing and new shareholders.

We look forward to reporting on further progress during the course
of 2014.
                                                    Ian Barrass and Paul Craig
                                                         Co-Portfolio Managers
                                                               10 January 2014

at 30 September 2013
    % of 

Investments (excluding CFDs)                           Sector            £'000 
Oryx International Growth Fund Limited#            Specialist Sector     7,891   
Baring Vostok Investments Limited cell~            Private Equity        6,031   
Blackrock World Mining Trust Plc#                  Specialist Sector     5,679   
Baring Vostok Investments Limited core~            Private Equity        5,632   
Value Partners China Greenchip Limited*            Geography             5,370   
Eurovestech plc~                                   Private Equity        4,393   
Prospect Japan Fund Limited#                       Geography             3,870   
Century Capital Partners IV L.P.**                 Private Equity        3,849   
Metage Emerging Markets Opportunities Fund*        Hedge                 3,570   
Firebird Republics Fund Limited*                   Geography             3,429   
Ten largest                                                             49,714   
CEIBA Investments Limited**                        Property              3,324   
SW Mitchell Small Cap European Fund*               Hedge                 3,019   
Standard Life European Private Equity Trust Plc#   Private Equity        2,970   
Prosperity Voskhod Fund Limited#                   Geography             2,941   
Zouk Solar Opportunities Limited**                 Specialist Sector     2,853   
ASM Asian Recovery Fund*                           Hedge                 2,825   
Weiss Korea Opportunity Fund Limited#              Geography             2,729   
Firebird New Russia Fund Limited*                  Geography             2,672   
Polar Capital Global Financials Trust plc#         Specialist Sector     2,544   
NB Private Equity Partners Limited#                Private Equity        2,501   
Twenty largest                                                          78,092   
The Renewables Infrastructure Group Limited#       Specialist Sector     2,430   
NB Distressed Debt Investment Fund Limited -
Extended Life Shares#                              Specialist Sector     2,380   
Tetragon Financial Group Limited#                  Specialist Sector     2,380   
City Natural Resources High Yield Trust plc#       Specialist Sector     2,351   
IP Fund SPC - VBF Segregated Portfolio - Class A*  Geography             2,314   
Eclectica Fund*                                    Hedge                 2,108   
BP Marsh & Partners plc#                           Private Equity        1,960   
Northern Investors Company plc#                    Private Equity        1,626   
Crystal Amber Fund Limited#                        Specialist Sector     1,623   
South African Property Opportunities plc#          Property              1,620   
Thirty largest                                                          98,884   
IP Fund SPC - VBF Segregated Portfolio - Class C*  Geography             1,569   
Firebird Republics Fund SPV**                      Geography             1,406   
Amber Trust SCA**                                  Private Equity        1,380   
Ludgate Environmental Fund Limited#                Specialist Sector     1,187   
Strategic Equity Capital plc#                      Private Equity        1,156   
Eclectica Credit Fund*                             Hedge                 1,010   
Real Estate Credit Investments PCC Limited#        Specialist Sector       942   
International Oil & Gas Technology Limited#        Specialist Sector       908   
Baker Steel Resources Trust Limited#               Specialist Sector       857   
Denholm Hall Russia Arbitrage Fund B -
Investment**                                       Hedge                   837   
Forty largest                                                          110,136   
at 30 September 2013 

    % of

Investments (excluding CFDs)                       Sector                £'000 
EPE Special Opportunities plc (CULS)~              Private Equity          784   
Acheron Portfolio Corporation (A Shares)~          Specialist Sector       766   
iO Adria Limited~                                  Property                724   
Juridica Investments Limited#                      Specialist Sector       666   
Forterra Trust (formerly Treasury China Trust)#    Property                605   
EPE Special Opportunities plc (Ordinary)#          Private Equity          437   
Steel Partners China Access I L.P.**               Private Equity          320   
Parkmead Group plc#                                Specialist Sector       315   
Denholm Hall Russia Arbitrage Fund B -
Redemption**                                       Hedge                   202   
Geiger Counter Limited#                            Specialist Sector       188   
Fifty largest                                                          115,143   
Trading Emissions plc#                             Specialist Sector       185   
Value Catalyst Fund Limited**                      Specialist Sector       155   
Armadillo Investments Limited                      Liquidation             132   
Polar Capital Global Financials Trust -
Subscription Shares#                               Specialist Sector        75   
Low Carbon Accelerator Limited                     Liquidation              36   
China CDM Exchange Centre Limited~                 Specialist Sector         1   
Intrinsic Value plc                                Liquidation               0   
Shimoda Resources Holdings Inc                     Liquidation               0   
PSource Structured Debt Limited                    Liquidation               0   
Buena Vista Latin America Fund Limited**           Property                  0   
Sixty largest                                                          115,727   
Exbus Industries                                   Liquidation               0   
Strathdon Investments Plc                          Liquidation               0   
Thompson Clive Investments Plc                     Liquidation               0   
Buena Vista Latin American Fund (CULS)**           Property                  0   
Jubilee Investment Trust Plc                       Liquidation               0   
Total Investments (excluding CFDs)                                     115,727   
#Listed on Major market
~Listed on Minor market
*Unlisted investment - with redemption rights
** Unlisted investment - without redemption rights 
#Major market includes: London Stock Exchange (full listing & AIM), Frankfurt 
Stock Exchange and the Singapore
Stock Exchange 
~Minor market includes: Luxembourg Stock Exchange, Channel Islands Stock 
Exchange, Bermuda Stock Exchange, ISDX
and LMMX 
                                                            market  value 
CFD Assets                               Sector               exposure       
CFD      % of 
£'000 Portfolio
Jupiter European Opportunities Trust     Specialist
Plc#                                     Geography               6,999     
2,266       1.9 
JP Morgan Russian Securities plc#        Geography               1,254       
726       0.6 
Advance Frontier Markets Fund Limited#   Geography               1,128       
296       0.3
Ecofin Water and Power Opportunities
plc#                                     Specialist Sector       2,697       
176       0.2 
3,464       3.0 
Total Investments (excluding CFDs)                                       
115,727      98.8
Total CFD Assets                                                           
3,464       3.0
Total Investments                                                        
119,191     101.8 
CFD Liabilities 
Gold Bullion Securities Limited#         Specialist Sector       3,714     
(690)     (0.6)
ETFS Metal Securities Limited Physical
Silver#                                  Specialist Sector       1,932   
(1,350)     (1.2)
Total CFD liabilities                                            5,646   
(2,040)     (1.8) 
Total Portfolio                                                          
117,151     100.0 
# Listed on major market which includes London Stock Exchange (full
listing & AIM), Frankfurt Stock Exchange and the Singapore Exchange. 
Principal Risks and Uncertainties 
The principal risks facing the Company are market related and
include market price, foreign exchange, interest rate, liquidity and credit
Market risk exists where there are changes in share prices, equity
valuations, interest rates and the liquidity of financial instruments. The
Company addresses this risk by owning a diversified portfolio of investments
covering a range of market capitalisation, sectors and geographic regions.
Market price risk management is part of the Company management process and is
typical of equity related investment. The portfolio is managed so as to
minimise the effects of adverse price movements and results from detailed and
continuing analysis with an objective of maximising overall returns to
Liquidity risk exists where the Company is a forced seller of its
investments at times where there may not be sufficient demand for these
assets. Although some holdings are unlisted or trade on illiquid markets and
are by their nature less liquid than larger companies, the Company maintains a
long term investment view and is rarely required to sell its investments in a
forced manner. In addition, the Company maintains an overdraft facility to
ensure that the Company is not a forced seller of its investments. 
Interest rate risk exists where the returns generated from the
investments are less than the cost of borrowing. This risk has been mitigated
by operating with a relatively small level of gearing at most times. The level
will only be increased where an opportunity exists to add to net asset value
Credit risk exists where a counterparty fails to discharge an
obligation or commitment entered into with the Company. The Managers monitor
counterparty risk as part of the overall investment management process. This
risk is reduced by using counterparties that are substantial, well financed
organisations which are reviewed on a regular basis. Most investment
transactions are conducted on-market and are delivery versus payment. The
Company's principal counterparties are bankers State Street, money market
funds provider Deutsche Bank and CFD provider UBS. The Managers only use for
trade execution broker organisations that are authorised by the Financial
Conduct Authority. 
Some of the Company's investments are in funds, some of which are
unquoted, exposed to less developed markets and may be seen as carrying a
higher degree of risk. The Board believe that these risks are mitigated
through portfolio diversification, in-depth analysis, and the experience of
the Managers and a rigorous internal control culture. The use of CFDs involves
counterparty risk exposure. 
Additional risks faced by the Company are summarised below: 
- Investment Strategy 
The performance of the portfolio may not match the performance of
the benchmark through divergent geographic, sector or stock selection. In
addition, the Company may be affected by economic conditions. The Manager has
a clearly defined investment philosophy and manages a broadly diversified
portfolio to mitigate this risk. 
- Discount 
The level of the discount varies depending upon performance, market
sentiment and investor appetite. The Company has the ability to issue and
purchase shares which can reduce discount volatility. 
- Regulatory/Operational 
Failure to comply with applicable legal and regulatory requirements
could lead to a suspension of the Company's shares, fines or a qualified audit
report. A breach of Section 1158 of the Corporation Tax Act 2010 could lead to
the Company being subject to corporation tax on realised capital gains.
Failure of the Manager or third party service providers could prevent accurate
reporting and monitoring of the Company's financial position. 
The Board regularly considers the risks associated with the Company
and receives both formal and regular reports from the Manager and third party
service providers addressing these risks. 
Each of the Directors confirms that, to the best of their
- the financial statements, which have been prepared in accordance with United
Kingdom Generally Accepted Accounting Practice United Kingdom Accounting
Standards and applicable law), give a true and fair view of the assets,
liabilities, financial position and profit of the Company; and 
- the Report and Financial Statements includes a fair review of the
development and performance of the business and the position of the Company,
together with a description of the principal risks and uncertainties that it

                                                For and on behalf of the Board
                                                                 Shane Ross TD
                                                               10 January 2014

for the year ended 30 September 2013
                                  Year ended              Year ended
                                30 September 2013        30 September 2012
                            Revenue Capital        Revenue  Capital
                               Return  Return  Total  Return   Return    Total

                            £'000   £'000  £'000   £'000    £'000    
Net gains/(losses) on
investments at fair value
through profit or loss            -   6,347  6,347       - (20,423) (20,423)
Exchange differences              -      49     49       -        7        7
Net gains/(losses) on
investments                       -   6,396  6,396       - (20,416) (20,416)
Investment income             1,214       -  1,214   1,474        -    1,474
Investment management fees     (82)   (735)  (817)   (113)  (1,011)  (1,124)
Other expenses                (687)    (56)  (743)   (290)     (24)    (314)
Net return/(loss) before
interest and taxation           445   5,605  6,050   1,071 (21,451) (20,380) 
Finance costs - interest       (34)   (310)  (344)    (47)    (424)    (471)
Net return/(loss) on
ordinary activities before
taxation                        411   5,295  5,706   1,024 (21,875) (20,851) 
Taxation                        (6)       -    (6)       -        -        -
Net return/(loss) on
ordinary activities after
taxation                        405   5,295  5,700   1,024 (21,875) (20,851) 
Return/(loss) per
ordinary share                0.85p  11.07p 11.92p   2.01p (42.89)p (40.88)p 
The total column of this statement represents the profit and loss
account of the Company. 
The Company had no recognised gains or losses other than those
recognised in the Income Statement. 
No operations were acquired or discontinued in the year. 
All revenue and capital items in the above statement derive from
continuing operations. 
for the year ended 30 September 2013 

                                       Year ended 30 September 2013
                          Share      Share   Redemption   Capital Revenue

                    capital    premium      reserve   reserve reserve    
                      £'000      £'000        £'000     £'000   £'000  
Balance at 1 October
2012                     12,093     10,966        6,360   104,501   1,281  
Return attributable to
shareholders                  -          -            -     5,295     405    
Ordinary dividends            -          -            -         -   (955)    
Cancellation of
treasury shares            (14)          -           14         -       -       
Share buy backs           (141)          -          141   (1,366)       -  
Balance at 30 September
2013                     11,938     10,966        6,515   108,430     731  

                                         Year ended 30 September 2012
                          Share      Share   Redemption   Capital Revenue

                    capital    premium      reserve   reserve reserve    
                      £'000      £'000        £'000     £'000   £'000  
Balance at 1 October
2011                     13,252     10,966        5,201   139,370   1,293  
Return attributable to
shareholders                  -          -            -  (21,875)   1,024 
Ordinary dividends            -          -            -         - (1,036)  
Share buy backs         (1,159)          -        1,159  (12,994)       - 
Balance at 30 September
2012                     12,093     10,966        6,360   104,501   1,281  
The revenue reserve represents the amount of the Company's reserves
distributable by way of dividend. 
at 30 September 2013 

                                                       2013      2012

                                                  £'000     £'000
Fixed Assets
Investments at fair value through profit or loss    119,191   122,531 
Current assets
Cash at bank                                          1,381     2,338
Money market funds                                   11,672         -
Cash held as a CFD margin deposit                     8,773    10,868
Debtors                                                  26     3,007
Total current assets                                 21,852    16,213
Creditors: amounts falling due within one year      (2,463)   (3,543)
Net current assets                                   19,389    12,670
Total assets less current liabilities               138,580   135,201 
Capital and reserves
Share capital                                        11,938    12,093
Share premium                                        10,966    10,966
Capital redemption reserve                            6,515     6,360
Capital reserve                                     108,430   104,501
Revenue reserve                                         731     1,281
Total equity shareholders' funds                    138,580   135,201 
Net asset value per ordinary share (pence)           290.21    279.83 
The financial statements were approved by the Board of Directors
and authorised for issue on 10 January 2014 and were signed on its behalf by: 
Shane Ross TD
for the year ended 30 September 2013 

                                                          2013         2012

                                                     £'000        £'000
Reconciliation of revenue before interest and
taxation to net cash flows from operating activities
Net return/(loss) before interest and taxation           6,050     (20,380)
Net (gains)/losses on investments                      (6,396)       20,416
Transaction costs                                           56           24
Movement in creditors                                    (266)          515
Movement in debtors                                       (26)      (1,396)
Net cash outflow from operating activities               (582)        (821) 
Returns on investment and servicing of finance
Finance costs paid                                       (344)        (471) 
Capital expenditure and financial investment
Purchases of fixed asset investments                  (29,362)     (10,976)
Sales of fixed asset investments                        43,546       36,556 
                                                    14,184       25,580 
Equity dividends paid                                    (955)      (1,036) 
Management of liquid resources
Purchases of money market funds                       (27,052)            -
Sales of money market funds                             15,380            -
Net cash outflow from management of liquid resources  (11,672)            - 
Net cash inflow before financing                           631       23,252 
Share buy backs                                        (1,366)     (12,994) 
(Decrease)/increase in cash                              (735)       10,258 
Reconciliation of net cash flow to movement in net
Movement in cash in the year                             (735)       10,258
Net cash at start of the year                           10,840          575
Net change in liquid resources                          11,672            -
Exchange rate differences                                   49            7
Net cash at end of the year                             21,826       10,840 
Net cash at the end of the year comprises cash held at bank of
£1,381,000 cash held at UBS related to CFD transactions of £8,773,000 and
balances held at money market funds of £11,672,000. 
1 Accounting policies - Basis of preparation 
The accounts are prepared in accordance with UK Generally Accepted Accounting 
Practice (`UK
  GAAP') and with the 2009 Statement of Recommended Practice `Financial 
Statements of
  Investment Trust Companies and Venture Capital Trusts' (`SORP'). They have 
also been prepared
  on the assumption that approval as an investment trust will continue to be 
granted. The
  financial statements have been prepared on a going concern basis. The 
Directors believe this
  is appropriate for the reasons outlined in the Report. 
Restatements of prior year 
The 2012 column of the Balance Sheet, Cash Flow Statement and related notes 
have been
  restated to take account of the following: 
(i) CFD positions are now split between assets and liabilities, having been 
netted off in
  prior years on the grounds that they were immaterial. These derivative 
positions are now
  shown gross as a matter of policy, irrespective of materiality. 
(ii) In the prior year, restricted cash and receivables held with the 
Company's CFD broker
  were split between cash at bank and investments. These are now shown as a 
separate line in
  current assets referring to cash held as the CFD margin deposit. 
Neither of these changes results in a restatement of the Company's net assets 
or income. 
        2013     2012 
2 Investment Income                                                              
       £'000    £'000 
Income from equity shares and securities
  UK investment income                                                           
         754      851
  Overseas income                                                                

             444      623

       1,198    1,474
  Other income
  Interest from money market funds                                               

              16        -
    Total income                                                                  
           1,214    1,474

        2013     2012 
3 Investment Management Fees                                                     

           £'000    £'000

  Investment management fee                                                     
              82      113

  Investment management fee                                                      

             735    1,011
             817    1,124

        2013     2012
4 Taxation                                                                       
       £'000    £'000 
Net return/(loss) on ordinary activities before taxation                       
       5,706 (20,851)
  The tax assessed for the year is different from the standard rate of
  corporation tax in the UK. The differences are noted below:
  Corporation tax 23.5% (2012 - 25%)                                             
       1,341  (5,213)
  Non-taxable dividends                                                          
       (189)    (237)
  Non-taxable (gains)/losses on investments                                      
     (1,490)    5,884
  Disallowed expenses                                                            
           -        6
  Write-off of withholding tax no longer reclaimable                             
           6        -
  Movement in unutilised management expenses                                     
         338    (440)
  Total taxation charge for the year                                             

               6        -

  The Company is subject to taxation on gains arising from the realisation of 
investments in
  non-qualifying offshore funds but is otherwise exempt from taxation on 
chargeable gains.
  Excess management expenses are available to be offset against future taxable 
  including any profits on the disposal of interests in non-qualifying offshore 
funds. The
  position as at the year end is as follows:
            2013     2012
           £'000    £'000

  Excess management expenses                                                    

      19,819   18,562
  Unrealised appreciation on non-qualifying offshore funds                       
     (6,174) (14,216)
  Excess management expenses                                                     
      13,645    4,346 
No deferred tax asset on excess management expenses has been recognised as 
they are unlikely
  to be utilised against taxable profits within the foreseeable future. 
                                                    2013   2012
 5 Dividends on equity shares                       £'000  £'000 
2012 final dividend 2.0p (2011 - 2.0p)              955  1,036 
The proposed final dividend of 1.5p per share is subject to
  shareholder approval at the Annual General Meeting and has
  not been included as a liability in these financial
  statements. This dividend of £716,000 (2012: £955,000) is
  the basis on which the requirements of Section 1158 of the
  Corporation Tax Act 2010 are considered. The revenue
  available for distribution by way of dividend for the year
  is £405,000 (2012: £1,024,000). 
6 Returns/Net asset value per share 
Returns per share are based on a weighted average of 47,811,425 (2012: 
51,007,688) ordinary shares in issue
  during the year.
  Total return per ordinary share is based on the total return for the year of 
£5,700,000 (2012: loss of
  Capital return per ordinary share is based on the net capital return for the 
year of £5,295,000 (2012: loss
  of £21,875,000).
  Revenue return per ordinary share is based on revenue after taxation for the 
year of £405,000 (2012:
  The net asset values per share are based on the net assets of £138,580,000 
(2012: £135,201,000) divided by
  the number of shares in issue at the year end of 47,751,404 (2012: 
                        2013   2012
 7 Share capital                                                                 
                       £'000  £'000
  63,739,320 ordinary 25p shares                                                 
                      15,935 15,935 
Allotted, issued and fully paid
  47,751,404 (2012 - 48,373,470) ordinary 25p shares                             
                      11,938 12,093 
Every shareholder has the right to one vote for each share held.
  Of the above shares in issue, the movements in the ordinary 25p shares held 
in treasury were as
  As at start of year                                                            
                          14      -
  Purchased during the year:                                                     
                           -    769
  Cancelled during the year:                                                     
                        (14)  (755)
  As at end of year:                                                             
                           -     14 
564,142 shares (2012 - 1,618,000) were bought back for immediate
 cancellation during the year at a cost of £1,366,000 (2012 - £4,513,000).
 In addition 57,924 shares held in treasury were cancelled during the year.
 During the year ended 30 September 2013, the consideration for the shares
 bought back for treasury and then cancelled was £8,334,000 and the
 consideration for shares held in treasury for that year was £147,000. 
8 Related Party Transactions 
The following are considered related parties: the Board of Directors, 
  Global Investors Limited (`Henderson'); SVM Asset Management Limited (`SVM')
  were a related party until 31 March 2013. 
SVM earned £817,000 in respect of investment management fees, of which 
  (2012: £524,000) was outstanding at the year end. 
There are no transactions with the Board other than remuneration for services 
  Directors as disclosed in the Directors' Remuneration Report as set out in 
9 Going Concern 
Having considered the Company's investment objective, risk management and
  capital management policies, the nature of the portfolio and expenditure
  projections, the Directors believe that the Company has adequate resources 
  an appropriate financial structure in place to continue in operational 
  for the foreseeable future. As discussed in the Chairman's Statement, the
  combination of visible short-term improvements from the restructured
  arrangements with a positive long-term outlook for the Company's portfolio 
  the Board a reasonable expectation of recommending the Company's continuation 
  shareholders. For these reasons, they consider that there is reasonable 
  to continue to adopt the going concern basis in preparing the financial
10 2013 financial statements 
The figures and financial information for the year ended 30 September 2013 
compiled from an extract of the latest financial statements of the Company 
do not constitute the statutory accounts for that year. Those financial 
statements included the report of the auditors which was unqualified and did 
not contain a statement under either section 498(2) or section 498(3) of the 
Companies Act 2006. They have not yet been delivered to the Registrar of 
11 2012 financial statements 
The figures and financial information for the year ended 30 September 2012 
compiled from an extract of the published financial statements of the 
and do not constitute the statutory accounts for that year. Those financial 
statements have been delivered to the Registrar of Companies and included 
report of the auditors which was unqualified and did not contain a statement 
under either section 498(2) or section 498(3) of the Companies Act 2006. 
12 Annual report and financial statements 
The Report and Financial Statements for the year ended 30 September 2013 
be posted to shareholders in January 2014 and copies will be available 
thereafter from the Secretary at the correspondence address, Henderson 
Investors Limited, 201 Bishopsgate, London EC2M 3AE. 
 The Annual General Meeting will be held on Monday 24 February 2014 at 2.00 
 The General Meeting to approve amendments to the investment policy will be 
on Monday 24 February 2014 at 2.30pm (or, if later, immediately after the 
Annual General Meeting). 
13 Website 
This document, and the Report and Financial Statements for the year ended 30 
September 2013, will be available on the following website: 
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. 
For further information please contact: 
Ian Barrass                        James de Sausmarez 
Co-Portfolio Manager               Head of Investment Trusts 
Henderson Value Trust plc          Henderson Global Investors 
Telephone: 020 7818 2964           Telephone: 020 7818 3349 
Paul Craig                         Sarah Gibbons-Cook 
Co-Portfolio Manager               Investor Relations and PR Manager 
Henderson Value Trust plc          Henderson Global Investors 
Telephone: 020 7818 3527           Telephone: 020 7818 3198 
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