JANUS HENDERSON FUND MANAGEMENT UK LIMITED
HENDERSON INTERNATIONAL INCOME TRUST PLC
LEGAL ENTITY IDENTIFIER: 2138006N35XWGK2YUK38
HENDERSON INTERNATIONAL INCOME TRUST PLC
UNAUDITED RESULTS FOR THE HALF-YEAR ENDED 29 FEBRUARY 2024
This announcement contains regulated information.
INVESTMENT OBJECTIVE
Your Company's investment objective is to provide shareholders with a growing total annual dividend, as well as capital appreciation.
HIGHLIGHTS
| · | Dividends for the half year increased by 3.8%. NAV total return 5.1% (debt at par) and 4.8% (debt at fair value), slightly underperforming the 6.6% return of the benchmark |
| · | Your Company has been recognised by the AIC as a "next generation dividend hero" |
| · | Returns from all regions over the period were positive, but strong performance in North America was offset by weak relative performance in the Asia Pacific region |
| · | Many of the portfolio's holdings have performed well, and dividend growth and buybacks have exceeded expectations across the portfolio |
| · | The board remains hopeful that interest rates will decline later in the year leading to an improved investment environment |
PERFORMANCE SUMMARY
SIX MONTHS TO 29 FEBRUARY 2024
|
| 2024 | 2023 |
| Dividends in respect of the six months to 29 February | 3.84p | 3.70p |
| Total return for the period (debt at par)1 | 5.1% | 2.2% |
| Dividend growth since launch to 29 February 2024 |
| |||
| | | | | |
| Year to 31 August | Total dividend (pence per share) |
| Year to 31 August | Total dividend (pence per share) |
| 20112 | 1.40 | | 2018 | 5.30 |
| 2012 | 4.00 | | 2019 | 5.70 |
| 2013 | 4.05 | | 2020 | 6.00 |
| 2014 | 4.25 | | 2021 | 6.30 |
| 2015 | 4.50 | | 2022 | 7.25 |
| 2016 | 4.65 | | 2023 | 7.47 |
| 2017 | 4.90 | | 2024 | 3.84* |
* Represents the first and second interim dividends that have been declared for the year ending 31 August 2024
Your Company has recently been recognised by the Association of Investment Companies as a Next Generation Dividend Hero, reflecting its record of having consistently grown its dividend for 10 consecutive years.
Dividend yields
|
| 29 February 2024 | 31 August 2023 |
| Ordinary shares3 | 4.8% | 4.6% |
| Benchmark4 | 3.8% | 3.9% |
| AIC Global Equity Income sector5 | 3.4% | 3.6% |
Performance
| | 29 February 2024 | 31 August 2023 |
| NAV per share at period end (debt at par) | 180.7p | 175.7p |
| NAV per share at period end (debt at fair value) | 183.2p | 178.6p |
| Share price at period end | 156.0p | 161.5p |
| Discount (debt at par) | (13.7)% | (8.1)% |
| Discount (debt at fair value) | (14.8)% | (9.6)% |
| Gearing at period end | 1.9% | 3.9% |
Total return performance to 29 February 2024
| | 6 months % | 1 year % | 3 years % | 10 years % | Since launch % |
| Diluted NAV (debt at par)1 | 5.1 | 3.8 | 25.5 | 126.5 | 194.5 |
| Diluted NAV (debt at fair value)1 | 4.8 | 3.3 | 28.8 | 129.7 | 198.6 |
| Share price6 | (1.0) | (8.8) | 18.6 | 103.7 | 158.2 |
| Benchmark4 | 6.6 | 8.5 | 32.2 | 163.0 | 227.1 |
| AIC Global Equity Income sector (NAV)5 | 8.6 | 11.0 | 41.4 | 175.7 | 234.5 |
1 Calculated using published daily NAVs including current year revenue
2 Four month period from launch on 28 April 2011 to 31 August 2011
3 Calculated using the closing share price at the period end and the last four dividends paid
4 MSCI ACWI (ex UK) High Dividend Yield Index (sterling adjusted)
5 Excludes British & American Investment Trust plc
6 The Company's share price total return (assuming the reinvestment of all dividends excluding dealing expenses). Since inception share price return - launch price including discount (97.25p)
Sources: Morningstar Direct and Janus Henderson
INTERIM MANAGEMENT REPORT
CHAIRMAN'S STATEMENT
Performance and markets
During the six months to 29 February 2024, the net asset value ("NAV") total return per ordinary share was 5.1% (debt at par) and 4.8% (debt at fair value). This included dividends totalling 3.84p per share (2023: 3.70p), an increase of 3.8% year on year. The total return of the Company's comparator index (MSCI ACWI (ex UK) High Dividend Yield Index (sterling adjusted)) was 6.6%. The Company's return on the ordinary share price was -1.0%.
Inflation remains the key influencer of interest rate policy in Western economies. It does, however, now appear that the top of the interest rate cycle has been reached and that the next moves will be downwards. The question is when these moves will begin? Most policy makers will look to the US to lead the way and will be cautious of taking a pre-emptive decision.
Over the past year the world has moved on considerably, with new worries replacing previous ones. It appears that the holiday from history which followed the fall of the Berlin Wall is over and we are back to the ideological struggle between capitalism and communism. The West will inevitably have to re-arm to combat Russia in Europe and China in the Pacific. If Mr Trump is elected as the US President, then rearmament in Europe may be quicker and greater than anticipated. Meanwhile, there seems to be a growing realisation that nuclear energy is not such a concern after all and with most of the uranium in the world lying outside of the major oil producing centres this becomes a strategically strong energy option. As long as we avoid a major war then our current state of high alert is not necessarily a bad thing.
Earnings and dividends
The revenue return per ordinary share during the six months to 29 February 2024 was 1.80p (2023: 1.96p). A fourth interim dividend of 1.92p per ordinary share, for the year ended 31 August 2023, was paid to shareholders on 30 November 2023, bringing the total dividend paid in respect of the year to 7.47p per ordinary share (year ended 31 August 2022: 7.25p per ordinary share).
The board declared a first interim dividend payment for the year ending 31 August 2024 of 1.92p per ordinary share and this was paid to shareholders on 29 February 2024. Subsequently, we have declared a second interim dividend of 1.92p per ordinary share that will be paid on 31 May 2024 to shareholders on the register on 10 May 2024.
The long-term objective of your Company since launch is to provide shareholders with a growing total annual dividend, as well as capital appreciation. To date, we have increased the dividend each year and we are very pleased this achievement has now been recognised by the Association of Investment Companies ("AIC"), naming us as a "next generation dividend hero".
Gearing
Well-judged gearing enhances returns to shareholders. The board's current policy is to permit the fund manager to gear up to 25% of net assets at the time of drawdown. Borrowing limits for this purpose include implied gearing through the use of derivatives. The gearing at the period end was 1.9% (31 August 2023: 3.9%).
Discount control
The Company's share price has traded at a discount of between 8% and 15% over the period. As at 24 April 2024, the discount was 11.3% (with debt at par) and 12.4% (with debt at fair value). The board monitors the premium/discount to NAV closely. The factors that usually influence the discount most are the performance of the Company and that of world stock markets. Both of these are covered fully, later on in the fund manager's review. Two other factors have also been at work, but these are more technical. Concerns over current legislation that show the costs of managing an investment trust to be much higher in theory than in reality have led the average discount of the UK investment trust sector to rise markedly over the past 12 months. Secondly, with higher interest rates than in the recent past, bonds have become a more attractive alternative to higher yielding investment trusts where prices have weakened in response. When interest rates, in due course, start to decline we would expect discounts to start to narrow too.
While we understand the importance of dividend income to our shareholders we equally appreciate that they also want to see their capital grow over time and for the current discount to reduce. To that end, the fund manager has made changes to the portfolio and is working with the board to consider ways of better achieving these objectives.
As has been stated before, there is a distinct limit to the board's ability to influence and maintain the premium or discount to NAV over the short term. Further, we continue to believe that it is not in shareholders' interests to have a specific share buy-back or issuance policy, but retain flexibility to consider share buy-backs and/or issuance where appropriate (and actively do so).
Outlook
One new set of worries soon replaces the previous set. It does seem however that the optimist is always the long-term winner. We keep a watching eye on world politics and economics but we can only respond to changing circumstances to a degree and we must guard against chopping and changing short-term strategy to fit each day's changing circumstances. In the meantime, the board remains hopeful that interest rates will decline later in the year leading to an improved investment environment.
Richard Hills
Chairman
25 April 2024
PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties associated with the Company's business can be divided into the following main categories:
| • | Geopolitical risks; |
| • | Political risks; |
| • | Investment activity and performance risks; |
| • | Portfolio and market price risks; |
| • | Tax and regulatory risks; |
| • | Operational and cyber risks; and |
| • | Consolidation of the wealth management industry |
Information on these risks and how they are managed are given in the annual report for the year ended 31 August 2023. In the view of the board, the principal risks and uncertainties at the year end remain and are as applicable to the remaining six months of the financial year as they were to the six months under review.
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| |
| The directors confirm that, to the best of their knowledge: |
| |
| | | |
| (a) | the financial statements for the half-year ended 29 February 2024 have been prepared in accordance with 'FRS 104 Interim Financial Reporting'; | |
| | | |
| (b) | the Interim Management Report includes a fair review of the information required by Disclosure Guidance and Transparency Rule 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and | |
| | | |
| (c) | the Interim Management Report includes a fair review of the information required by Disclosure Guidance and Transparency Rule 4.2.8R (disclosure of related party transactions and changes therein). | |
On behalf of the board
Richard Hills
Chairman
25 April 2024
For more information please contact:
| Ben Lofthouse Fund Manager Henderson International Income Trust plc Telephone: 020 7818 5187
| Harriet Hall PR Director, Investment Trusts Janus Henderson Investors Telephone: 020 7818 2919
|
| Dan Howe Head of Investment Trusts Janus Henderson Investors Telephone: 020 7818 4458 | |
FUND MANAGER'S REPORT
Performance review
Over the last six months the portfolio produced a total return of 4.8% in NAV per ordinary share over the period (debt at fair value). This return includes dividends totalling 3.84p per share, a 3.8% increase year on year. The portfolio has slightly underperformed its performance comparator, the MSCI ACWI (ex UK) High Dividend Yield Index.
Market summary
Equity markets have rallied over the period. Economic data continues to be mixed; the US economy has been stronger than expected despite the significant increases in interest rates around the world over the last three years. Meanwhile the economies of Japan, Germany and the United Kingdom were weak enough to register some quarters of negative economic growth. The Chinese economy has continued to grow but ongoing concerns remain around the property market and weak consumer sentiment. Generally investors have become increasingly optimistic that inflation has peaked and that central banks will be able to reduce interest rates this year. The combination of stronger US growth and expectations of interest rate cuts have driven a recovery in the performance of cyclically exposed sectors, such as industrials and financials. Companies with less cyclically sensitive, defensive earnings have generally underperformed. Many companies' recent quarterly reports suggest that business activity is not deteriorating but still remains lacklustre and, in some cases (chemicals, staffing companies, consumer staples), marginally worse.
The area of Artificial Intelligence ("AI") remains a bright spot due to an increasing number of companies rolling out their AI focussed semiconductor offerings. It has been a period during which higher yielding stocks have lagged the wider market; the MSCI ACWI (ex UK) High Dividend Yield Index returned 6.6% compared to 13.2% for the MSCI World (ex UK) Index (both sterling adjusted). One of the primary drivers of this has been the fact that markets have been led by these low yielding technology stocks. The market rally in the US has been driven by a relatively small number of the largest technology companies, which are expected to benefit the most from new Generative Artificial Intelligence developments. These have become known as the 'Magnificent Seven' (Nvidia, Microsoft, Meta, Amazon, Alphabet, Apple and Tesla). The extent to which these companies are generating actual revenues from AI varies. Nvidia and Microsoft are already reporting revenues from AI, for the others the opportunities are more speculative.
Portfolio performance
Portfolio exposures and returns by region
| | Average exposure % | Total return % |
| North America | 37.3 | 8.1 |
| Europe (ex UK) | 36.8 | 4.6 |
| Asia Pacific (ex Japan) | 21.9 | 3.3 |
| Japan | 2.5 | 7.6 |
Returns from all regions over the period were positive, but strong performance in North America was offset by weak relative performance in the Asia Pacific region. There has been a significant dispersion between sectors and regions over the period. Many of the portfolio's holdings have performed well, and dividend growth and buybacks have exceeded expectations across the portfolio. With the benefit of hindsight though, the portfolio has had too much exposure to defensive sectors such as health care, telecommunications and consumer staples which have lagged the market rally. These sectors have generated good dividend yields and are growing earnings but their share prices have underperformed during the cyclical rotation in the equity market that has occurred since October.
Sector and stock performance review
Technology stocks now make up 15.2% of the portfolio and have provided the greatest absolute and relative performance over the period. The largest position is Microsoft which has emerged as one of the leaders in AI by virtue of its investment in OpenAI, the creator of ChatGPT, and its leading positions in cloud computing and business software. Microsoft was the biggest positive contributor to performance over the period. Semiconductor companies Qualcomm and Taiwan Semiconductor Manufacturing were also significant positive contributors to performance because of signs that the semiconductor cycle has bottomed. AI activity is starting to broaden out from semiconductor chip demand to wider computing infrastructure investments. US industrial company nVent, for example, saw its share price increase significantly over the period. It is a leader in electrification related products and is benefiting from the additional demand for data centre cooling systems.
Technology stocks have not been the only good performers. The portfolio's largest sector exposure is the financial sector (18.2% of the portfolio) and it was one of the best performers over the period. Many companies in the sector benefit from higher interest rates. Higher rates coupled with low credit losses are driving strong profit growth across much of the sector. The portfolio's insurance companies are also benefiting from rising insurance premiums and improving profitability. US insurance company Travelers was one of the top performers and the positions in AXA, Zurich and Dai-ichi Life also performed well.
As discussed earlier, there has been a wide dispersion between sector performance. At a sector level the biggest detractors to performance have been the materials, energy and consumer staples sectors. Commodity prices have been falling as Covid supply chain issues got resolved and emergency inventory was run down and this short-term weakness has weighed on companies in the sector. Whilst investors in technology like the idea of investing for future growth, in other sectors they seem less enthusiastic. Two examples of this are oil and gas company Woodside and pharmaceutical company Sanofi. Both companies raised their investment budgets to invest in growth projects and both saw their share prices react negatively in response to the increased short-term costs of the investments. Air Products, an industrial gases company, was the biggest single stock detractor. The company is investing heavily in low carbon hydrogen projects (known as green and blue hydrogen technologies) but the projects will not be ready for a few years and the market would like to see evidence of demand before rewarding the company for investment.
At a country level the portfolio's exposure to consumer discretionary stocks in Hong Kong and China was a detractor. The country has not seen the recovery from the easing of Covid lockdown that the rest of the world experienced and positions such as internet retailer Alibaba, insurer AIA and sportswear retailer Li-Ning underperformed the market. The positioning in the Asia Pacific portfolio has been changed significantly and this exposure has been reduced (covered below).
The Company's long-term financing means that a fair value and par value return is quoted. The fair value of the debt reflects a theoretical market price and is impacted by changes in interest rate expectations in the financial markets. The fall in interest rate expectations during the period has increased the fair value of the debt, reducing the fair value net asset value return.
Portfolio positioning
The most significant change to the portfolio was the 6.8% increase in exposure to the technology sector. Many companies in the technology sector benefited during Covid from increased demand as companies and individuals updated their systems but suffered a hangover in 2023 as supply chains eased and sales normalised. Many of these companies' long-term growth is driven by the trend of increasing technology adoption across all industries. This trend should accelerate as AI moves from the testing phase into real world use. We have taken the opportunity of short-term weakness to add to some of these companies. The existing technology positions in semiconductor companies Taiwan Semiconductor Manufacturing and Qualcomm were added to. New positions were initiated in equipment manufacturers TE Connectivity (connectors and sensors), Lenovo (PCs and servers) and Hon Hai (smart phones, tablets and servers) and technology software and services companies Oracle and Infosys. This increased exposure was funded by closing a number of positions in consumer discretionary stocks in China and Hong Kong, and a reduction in exposures to telecommunications and consumer staples via sales of Brazilian brewer Ambev, telecommunication company HKT Trust and a reduction in telecoms equipment company Cisco.
Income trends
The underlying dividend growth from the portfolio's holdings has been good but the income return for the period is slightly lower than last year. One of the reasons for this is that there have been fewer special dividends from companies. In recent years the portfolio has benefited from approximately £1m of special dividends per year from companies that paused payments during the Covid period but paid catch up payments later, in particular financial sector companies. The other reason for the fall in income is that more opportunities have presented themselves in some lower yielding areas of the market (often at substantially lower yield levels) and the team are using the flexibility of the investment structure to hold some lower yielding stocks with more capital upside potential.
Outlook
The global economy has weathered increased interest rates better than expected and falling inflation might allow central banks to cut rates without a significant increase in unemployment. Falling interest rates with improving growth has historically been a relatively rare combination but one that can be positive for equity markets. Irrespective of interest rate trends we remain positive about the portfolio's potential for growth due to a number of ongoing trends that are driving activity. These trends include investments focused on reshoring manufacturing activity, especially in the technology space, modernisation of energy supply and increasing AI capabilities.
Ben Lofthouse
Fund Manager
25 April 2024
INVESTMENT PORTFOLIO
at 29 February 2024
|
Company |
Country | Market value £'000 | % of portfolio |
| Basic materials |
|
|
|
| Air Products & Chemicals | US | 7,424 | 2.1 |
| UPM-Kymmene | Finland | 4,034 | 1.1 |
| Pilbara Minerals | Australia | 2,605 | 0.7 |
| | | 14,063 | 3.9 |
|
| | | |
| Consumer discretionary | | | |
| Compagnie Financière Richemont | Switzerland | 6,351 | 1.8 |
| Sony | Japan | 5,468 | 1.5 |
| Samsonite | Hong Kong | 4,482 | 1.2 |
| Midea | China | 4,465 | 1.2 |
| Aptiv | US | 3,969 | 1.1 |
| Mercedes-Benz | Germany | 3,540 | 1.0 |
| Hyundai | Korea | 3,282 | 0.9 |
| Anta Sports | China | 2,689 | 0.7 |
| Astra International | Indonesia | 1,318 | 0.4 |
| | | 35,564 | 9.8 |
| | | | |
| Consumer staples | |
|
|
| Coca-Cola | US | 8,772 | 2.4 |
| Nestlé | Switzerland | 7,387 | 2.1 |
| Mondelez | US | 6,924 | 1.9 |
| Pepsico | US | 5,186 | 1.4 |
| Pernod-Ricard | France | 4,175 | 1.2 |
| | | 32,444 | 9.0 |
|
|
| | |
| Energy | | | |
| TotalEnergies | France | 5,398 | 1.5 |
| Woodside Petroleum | Australia | 3,769 | 1.1 |
| Aker BP | Norway | 3,726 | 1.0 |
| | | 12,893 | 3.6 |
| | | | |
| Financials | | | |
| Zurich Insurance | Switzerland | 10,139 | 2.8 |
| Amundi | France | 8,156 | 2.3 |
| Travelers Companies | US | 8,065 | 2.2 |
| CME | US | 7,035 | 1.9 |
| AXA | France | 4,932 | 1.4 |
| Bank Mandiri | Indonesia | 4,907 | 1.4 |
| Macquarie | Australia | 4,468 | 1.2 |
| OCBC Bank | Singapore | 4,004 | 1.1 |
| BFF Bank | Italy | 3,887 | 1.1 |
| HDFC Bank | India | 3,788 | 1.1 |
| Samsung Fire & Marine Insurance | Korea | 3,332 | 0.9 |
| Dai-ichi Life | Japan | 2,991 | 0.8 |
| | | 65,704 | 18.2 |
| | | | |
| Health care | | | |
| Merck & Co | US | 12,670 | 3.5 |
| Sanofi | France | 12,161 | 3.4 |
| Novartis | Switzerland | 9,287 | 2.6 |
| Roche | Switzerland | 9,284 | 2.6 |
| Medtronic | US | 6,017 | 1.6 |
| Novo Nordisk | Denmark | 5,065 | 1.4 |
| Bristol-Myers Squibb | US | 4,692 | 1.3 |
| Johnson & Johnson | US | 3,967 | 1.1 |
| | | 63,143 | 17.5 |
| | | | |
| Industrials | | | |
| nVent Electric | US | 8,043 | 2.2 |
| Honeywell International | US | 7,118 | 2.0 |
| Daimler Truck | Germany | 6,700 | 1.9 |
| Sandvik | Sweden | 6,513 | 1.8 |
| Volvo | Sweden | 5,086 | 1.4 |
| Nari Technology Co | China | 2,986 | 0.8 |
| | | 36,446 | 10.1 |
| | | | |
| Real estate | | | |
| CapitaLand Integrated Commercial Trust | Singapore | 3,795 | 1.1 |
| Goodman | Australia | 3,170 | 0.9 |
| Swire Properties | Hong Kong | 3,055 | 0.8 |
| | | 10,020 | 2.8 |
| | | | |
| Technology | | | |
| Microsoft | US | 17,227 | 4.8 |
| Qualcomm | US | 7,446 | 2.1 |
| Taiwan Semiconductor Manufacturing | Taiwan | 6,638 | 1.8 |
| Samsung | Korea | 5,593 | 1.5 |
| Oracle | US | 4,381 | 1.2 |
| TE Connectivity | US | 4,172 | 1.2 |
| Infosys Technologies | India | 3,780 | 1.0 |
| Lenovo | China | 2,961 | 0.8 |
| Hon Hai Precision | Taiwan | 2,932 | 0.8 |
| | | 55,130 | 15.2 |
| | | | |
| Telecommunications | | | |
| Deutsche Telekom | Germany | 5,698 | 1.6 |
| Telus | Canada | 4,995 | 1.4 |
| Tele2 | Sweden | 4,750 | 1.3 |
| Cisco Systems | US | 4,501 | 1.2 |
| Verizon Communications | US | 4,299 | 1.2 |
| Telekomunikasi | Indonesia | 1,290 | 0.4 |
| | | 25,533 | 7.1 |
| | | | |
| Utilities | | | |
| Iberdrola | Spain | 6,099 | 1.7 |
| Enel | Italy | 4,025 | 1.1 |
| | | 10,124 | 2.8 |
| | | | |
| Total investments | | 361,064 | 100.0 |
TEN LARGEST INVESTMENTS
at 29 February 2024
| Company | Sector | Country | Market value £'000 | % of portfolio |
| Microsoft | Technology | US | 17,227 | 4.8 |
| Merck & Co | Health care | US | 12,670 | 3.5 |
| Sanofi | Health care | France | 12,161 | 3.4 |
| Zurich Insurance | Financials | Switzerland | 10,139 | 2.8 |
| Novartis | Health care | Switzerland | 9,287 | 2.6 |
| Roche | Health care | Switzerland | 9,284 | 2.6 |
| Coca-Cola | Consumer staples | US | 8,772 | 2.4 |
| Amundi | Financials | France | 8,156 | 2.3 |
| Travelers Companies | Financials | US | 8,065 | 2.2 |
| nVent Electric | Industrials | US | 8,043 | 2.2 |
These investments total £103,804,000 which represents 28.8% of the portfolio.
SECTOR EXPOSURE as a percentage of the investment portfolio excluding cash
|
| 29 February 2024 % | 31 August 2023 % |
| Financials | 18.2 | 18.7 |
| Health care | 17.5 | 17.9 |
| Technology | 15.2 | 8.4 |
| Industrials | 10.1 | 10.0 |
| Consumer discretionary | 9.8 | 9.2 |
| Consumer staples | 9.0 | 11.8 |
| Telecommunications | 7.1 | 9.7 |
| Basic materials | 3.9 | 4.3 |
| Energy | 3.6 | 3.9 |
| Utilities | 2.8 | 3.0 |
| Real estate | 2.8 | 3.1 |
| | 100.0 | 100.0 |
GEOGRAPHIC EXPOSURE as a percentage of the investment portfolio excluding cash
| | 29 February 2024 | 31 August 2023 |
| | % | % |
| US | 36.4 | 34.8 |
| Switzerland | 11.9 | 11.3 |
| France | 9.8 | 9.4 |
| Sweden | 4.5 | 2.6 |
| Germany | 4.5 | 4.9 |
| Australia | 3.9 | 3.2 |
| China | 3.5 | 5.4 |
| Korea | 3.3 | 3.3 |
| Taiwan | 2.6 | 1.0 |
| Japan | 2.3 | 1.4 |
| Italy | 2.2 | 2.2 |
| Singapore | 2.2 | 1.9 |
| Indonesia | 2.2 | 1.9 |
| India | 2.1 | 0.9 |
| Hong Kong | 2.0 | 4.9 |
| Spain | 1.7 | 1.8 |
| Canada | 1.4 | 1.5 |
| Denmark | 1.4 | 1.1 |
| Finland | 1.1 | 0.9 |
| Norway | 1.0 | 1.1 |
| Netherlands | - | 2.7 |
| Brazil | - | 1.8 |
| | 100.0 | 100.0 |
Source: Janus Henderson
CONDENSED INCOME STATEMENT
|
| (Unaudited) Half-year ended | (Unaudited) Half-year ended | (Audited) Year ended |
| ||||||
|
| Revenue | Capital | Total | Revenue | Capital | Total | Revenue | Capital | Total | |
| Gains/(losses) on investments held at fair value through profit or loss | - | 14,652 | 14,652 | - | 5,496 | 5,496 | - | (8,984) | (8,984) | |
| |
|
|
| | | | | | | |
| Income from investments held at fair value through profit or loss | 4,308 | - | 4,308 | 4,884 | - | 4,884 | 16,641 | - | 16,641 | |
| |
|
|
| | | | | | | |
| Gains/(losses) on foreign exchange | - | 130 | 130 | - | (621) | (621) | - | (84) | (84) | |
| |
|
|
| | | | | | | |
| Other income | 509 | - | 509 | 172 | - | 172 | 894 | - | 894 | |
|
|
|
|
| | | | | | | |
| Gross revenue and capital gains/ (losses) | 4,817 | 14,782 | 19,599 | 5,056 | 4,875 | 9,931 | 17,535 | (9,068) | 8,467 | |
|
|
|
|
| | | |
|
|
| |
| Management fee (note 3) | (251) | (755) | (1,006) | (245) | (736) | (981) | (500) | (1,502) | (2,002) | |
| |
|
|
| | | | | | | |
| Other administrative expenses | (364) | - | (364) | (334) | - | (334) | (609) | - | (609) | |
| |
|
|
| | | | | | | |
| Net return before finance costs and taxation | 4,202 | 14,027 | 18,229 | 4,477 | 4,139 | 8,616 | 16,426 | (10,570) | 5,856 | |
|
|
|
|
| | | | | | | |
|
Finance costs | (79) | (235) | (314) | (81) | (243) | (324) | (162) | (488) | (650) | |
| |
|
|
| | | | | | | |
| Net return before taxation | 4,123 | 13,792 | 17,915 | 4,396 | 3,896 | 8,292 | 16,264 | (11,058) | 5,206 | |
|
|
|
|
| | | | | | | |
| Taxation on net return | (599) | - | (599) | (553) | - | (553) | (2,020) | - | (2,020) | |
| |
|
|
| | | | | | | |
| Net return after taxation (note 5) | 3,524 | 13,792 | 17,316 | 3,843 | 3,896 | 7,739 | 14,244 | (11,058) | 3,186 | |
|
|
|
|
| | | | | | | |
| Return per ordinary share | 1.80p | 7.04p | 8.84p | 1.96p | 1.99p | 3.95p | 7.27p | (5.64p) | 1.63p | |
The total columns of this statement represent the Income Statement of the Company, prepared in accordance with FRS 104. The revenue and capital columns are supplementary to this and are published under guidance from the Association of Investment Companies.
The Company has no recognised gains or losses other than those disclosed in the Income Statement and Statement of Changes in Equity.
All items in the above statement derive from continuing operations. No operations were acquired or discontinued during the period.
The accompanying notes are an integral part of the condensed financial statements.
CONDENSED STATEMENT OF CHANGES IN EQUITY
| Half-year ended 29 February 2024 (unaudited) | Called up | Share | Special | Other capital | Revenue | Total |
| At 31 August 2023 | 1,960 | 194,550 | 45,732 | 94,919 | 7,209 | 344,370 |
| Net return after taxation | - | - | - | 13,792 | 3,524 | 17,316 |
| Dividends paid (note 6) | - | - | - | - | (7,526) | (7,526) |
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| At 29 February 2024 | 1,960 | 194,550 | 45,732 | 108,711 | 3,207 | 354,160 |
| Half-year ended 28 February 2023 (unaudited) | Called up | Share | Special | Other capital | Revenue | Total |
| At 31 August 2022 | 1,960 | 194,550 | 45,732 | 105,977 | 7,468 | 355,687 |
| Net return after taxation | - | - | - | 3,896 | 3,843 | 7,739 |
| Dividends paid | - | - | - | - | (7,251) | (7,251) |
| | | | | | | |
| At 28 February 2023 | 1,960 | 194,550 | 45,732 | 109,873 | 4,060 | 356,175 |
| Year ended 31 August 2023 (audited) | Called up | Share | Special | Other capital | Revenue | Total |
| At 31 August 2022 | 1,960 | 194,550 | 45,732 | 105,977 | 7,468 | 355,687 |
| Net return after taxation | - | - | - | (11,058) | 14,244 | 3,186 |
| Dividends paid | - | - | - | - | (14,503) | (14,503) |
| | | | | | | |
| At 31 August 2023 | 1,960 | 194,550 | 45,732 | 94,919 | 7,209 | 344,370 |
The accompanying notes are an integral part of the financial statements.
CONDENSED STATEMENT OF FINANCIAL POSITION
| | (Unaudited) At | (Unaudited) At | (Audited) At |
| Investments held at fair value through profit or loss (note 4) |
| | |
| Fixed asset investments held at fair value through profit or loss | 361,064 | 362,248 | 357,671 |
| | | | |
| Current assets | | | |
| Debtors | 4,996 | 3,258 | 3,588 |
| Cash at bank | 16,206 | 18,886 | 18,028 |
| | 21,202 | 22,144 | 21,616 |
| | | | |
| Creditors: amounts falling due within one year | (2,592) | (2,094) | (9,375) |
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| | | |
| Net current assets | 18,610 | 20,050 | 12,241 |
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| | |
| Total assets less current liabilities | 379,674 | 382,298 | 369,912 |
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| Creditors: amounts falling due after more than one year | (25,514) | (26,123) | (25,542) |
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| Total net assets | 354,160 | 356,175 | 344,370 |
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| Capital and reserves | | | |
| Called up share capital (note 8) | 1,960 | 1,960 | 1,960 |
| Share premium account | 194,550 | 194,550 | 194,550 |
| Special reserve | 45,732 | 45,732 | 45,732 |
| Other capital reserves | 108,711 | 109,873 | 94,919 |
| Revenue reserve | 3,207 | 4,060 | 7,209 |
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| | |
| Total shareholders' funds | 354,160 | 356,175 | 344,370 |
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| | | |
| Net asset value per ordinary share (note 7) | 180.7p | 181.7p | 175.7p |
The accompanying notes are an integral part of the financial statements.
CONDENSED STATEMENT OF CASH FLOWS
| | (Unaudited) Half-year ended | (Unaudited) Half-year ended | (Audited) Year ended |
| Cash flows from operating activities |
| | |
| Net return before taxation | 17,915 | 8,292 | 5,206 |
| Add back: finance costs | 314 | 324 | 650 |
| (Less)/add: (gains)/losses on investments held at fair value through profit or loss | (14,652) | (5,496) | 8,984 |
| Less: (gains)/losses on foreign exchange | (130) | 621 | 84 |
| Withholding tax on dividends deducted at source | (500) | (553) | (2,432) |
| Taxation recovered | 53 | - | 56 |
| Increase in debtors | (274) | (167) | (189) |
| (Decrease)/increase in creditors | (303) | 380 | (104) |
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| | |
| Net cash inflow from operating activities | 2,423 | 3,401 | 12,255 |
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| | |
| Cash flows from investing activities |
| | |
| Purchase of investments | (74,724) | (43,497) | (105,273) |
| Sale of investments | 78,216 | 60,235 | 119,914 |
| Proceeds from capital dividends | 8 | - | 2 |
| |
| | |
| Net cash inflow from investing activities | 3,500 | 16,738 | 14,643 |
| |
| | |
| Cash flows from financing activities |
| | |
| Equity dividends paid (net of refund of unclaimed distributions and reclaimed distributions) | (7,526) | (7,251) | (14,503) |
| Interest paid | (318) | (322) | (644) |
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| | |
| Net cash outflow from financing activities | (7,844) | (7,573) | (15,147) |
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| | |
| Net cash (decrease)/increase in cash and cash equivalents | (1,921) | 12,566 | 11,751 |
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| | |
| Cash and cash equivalents at start of year | 18,028 | 6,590 | 6,590 |
| Effect of foreign exchange rates | 99 | (270) | (313) |
| |
| | |
| Cash and cash equivalents at end of year | 16,206 | 18,886 | 18,028 |
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| Comprising: |
| | |
| Cash at bank | 16,206 | 18,886 | 18,028 |
| |
| | |
| | 16,206 | 18,886 | 18,028 |
The accompanying notes are an integral part of the financial statements.
NOTES TO THE FINANCIAL STATEMENTS
The half-year financial statements cover the period from 1 September 2023 to 29 February 2024.
| 1. | Principal activity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | The Company is an investment company as defined in section 833 of the Companies Act 2006 and operates as an investment trust in accordance with section 1158 of the Corporation Tax Act 2010. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| 2. | Accounting policies - basis of preparation The condensed set of financial statements has been prepared in accordance with FRS 104, Interim Financial Reporting and FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland. The financial statements have also been prepared in accordance with the Statement of Recommended Practice ("SORP"), 'Financial Statements of Investment Trust Companies and Venture Capital Trusts' issued in July 2022 by the Association of Investment Companies.
The accounting policies applied are consistent with those of the most recent annual financial statements for the period ended 31 August 2023.
The condensed set of financial statements has been neither audited nor reviewed by the Company's auditor. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| 3. | Management fee The management fee is payable quarterly in arrears at a rate of 0.575% per annum of the Company's net assets. In accordance with the directors' policy on the allocation of expenses between income and capital, in each financial year 75% of the management fee payable is charged to capital and the remaining 25% to income. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4. | Financial instruments The financial assets and financial liabilities are either carried in the Statement of Financial Position at their fair value or the Statement of Financial Position amount is a reasonable approximation of fair value (debtors and creditors falling due within one year).
The table below analyses fair value measurements for investments held at fair value through profit or loss.
There have been no transfers between levels of the fair value hierarchy during the period.
The Company's holdings in options are included within Level 2.
Premiums from written options during the half-year ended 29 February 2024 were £198,000 (half-year ended 28 February 2023: £81,000, year ended 31 August 2023: £576,000).
Financial liabilities The senior unsecured notes are carried in the Statement of Financial Position at par.
As at 29 February 2024, the fair value of the senior unsecured notes was estimated to be £20,723,000 (28 February 2023: £20,075,000; 31 August 2023: £19,808,000).
The fair value of the senior unsecured notes is calculated using a discount rate which reflects the yield of a euro swap of similar maturity plus a suitable credit spread. Within the terms of the senior unsecured notes are clauses that would be enacted in certain scenarios should the notes be prepaid by the Company before maturity. These clauses could impact the total amount repayable.
The directors have assessed these and have concluded that these clauses are highly unlikely to occur. The value of such additional payments has therefore been deemed to be immaterial and has not been recognised in the financial statements.
The senior unsecured notes are categorised as level 3 in the fair value hierarchy.
Fair value hierarchy categories These fair value measurements are categorised into different levels in the fair value hierarchy based on the valuation techniques used and are defined as follows under FRS 102:
Level 1: Valued using quoted prices in active markets for identical assets. Level 2: Valued by reference to valuation techniques using observable inputs other than quoted prices included in level 1. Level 3: Valued by reference to valuation techniques using inputs that are not based on observable market data. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| 5. | Return per ordinary share | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| (Unaudited) Half-year ended 29 February 2024 £'000 | (Unaudited) Half-year ended 28 February 2023 £'000 |
(Audited) Year ended 31 August 2023 £'000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| The return per ordinary share is based on the following figures: |
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| Revenue return | 3,524 | 3,843 | 14,244 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Capital return | 13,792 | 3,896 | (11,058) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Total | 17,316 | 7,739 | 3,186 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Weighted average number of ordinary shares in issue for each period | 195,978,716 | 195,978,716 | 195,978,716 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Revenue return per ordinary share | 1.80p | 1.96p | 7.27p | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Capital return per ordinary share | 7.04p | 1.99p | (5.64)p | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Total return per ordinary share | 8.84p | 3.95p | 1.63p | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| The Company does not have any dilutive securities, therefore, the basic and diluted returns per share are the same. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| 6. | Dividends | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| £'000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Fourth interim dividend of 1.92p for the year ended 31 August 2023 (paid 30 November 2023) | 3,763 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | First interim dividend of 1.92p for the year ending 31 August 2024 (paid 29 February 2024) | 3,763 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Total | 7,526 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| | The board has declared a second interim dividend of 1.92p per ordinary share to be paid on 31 May 2024 to shareholders registered at the close of business on 10 May 2024. The shares will be quoted ex-dividend on 9 May 2024. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| 7. | Net asset value per ordinary share The net asset value ("NAV") per ordinary share is calculated on the net assets attributable to shareholders' funds and the number of ordinary shares in issue. The NAV per ordinary share with debt at par and the NAV per ordinary share with debt at fair value is calculated as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| (Unaudited) | (Unaudited) | (Audited) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NAV per ordinary share with debt at par |
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| Net assets (£'000) | 354,160 | 356,175 | 344,370 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Number of ordinary shares | 195,978,716 | 195,978,716 | 195,978,716 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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NAV per ordinary share with debt at par (p) | 180.7 | 181.7 | 175.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| NAV per ordinary share with debt at fair value |
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| Net assets (£'000) | 354,160 | 356,175 | 344,370 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Add back debt at par (£'000) | 25,514 | 26,123 | 25,542 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Less debt at fair value (£'000) | (20,723) | (20,075) | (19,808) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Net assets with debt at fair value (£'000) | 358,951 | 362,223 | 350,104 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Number of ordinary shares | 195,978,716 | 195,978,716 | 195,978,716 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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NAV per ordinary share with debt at fair value (p) | 183.2 | 184.8 | 178.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| 8. | Called up share capital | |
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| | | Number of shares in issue | Nominal value |
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| | Ordinary shares of 1p each | | |
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| | In issue at start of year | 195,978,716 | 1,960 |
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| | At 29 February 2024 | 195,978,716 | 1,960 |
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No ordinary shares were issued during the half-year to 29 February 2024 (half-year to 28 February 2023 and year to 31 August 2023: none). |
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| 9. | Related party transactions The Company's current related parties are its directors and Janus Henderson Fund Management UK Limited ("Janus Henderson"). There have been no material transactions between the Company and its directors during the period. The only amounts paid to them were in respect of expenses and remuneration for which there were no outstanding amounts payable at the period end.
In relation to the provision of services by Janus Henderson (other than fees payable by the Company in the ordinary course of business and the provision of marketing services) there have been no material transactions with Janus Henderson affecting the financial position of the Company during the period under review. |
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| 10. | Going concern The assets of the Company consist of securities that are readily realisable and, accordingly, the directors believe that the Company has adequate resources to continue in operational existence for at least twelve months from the date of approval of the financial statements. Having assessed these factors and the principal risks, as well as considering the heightened macroeconomic uncertainties, the board has determined that it is appropriate for the financial statements to be prepared on a going concern basis. |
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| 11. | Comparative information |
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| | The financial information contained in this half-year report does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. The figures and financial information for the year ended 31 August 2023 are extracted from the latest published accounts and do not constitute the statutory accounts for that year. Those accounts have been delivered to the Registrar of Companies and included the report of the independent auditor, which was unqualified and did not include a statement under either section 498(2) or 498(3) of the Companies Act 2006.
A glossary of terms and details of alternative performance measures can be found in the annual report for the year ended 31 August 2023. |
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| 12. | Half-year report |
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| The half-year report will shortly be available on the Company's website (www.hendersoninternationalincometrust.com) or in hard copy from the Company's registered office. An abbreviated version of this half-year report, the 'update', will be circulated to shareholders in mid-May 2024.
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| 13. | General information Company status Registered as an investment company in England and Wales. London Stock Exchange (TIDM) Code: HINT SEDOL/ISIN number: Ordinary shares B3PHCS8/GB00B3PHCS86 Global Intermediary Identification Number (GIIN): WRGF5X.99999.SL.826 Legal Entity Identifier (LEI): 2138006N35XWGK2YUK38
Registered office 201 Bishopsgate, London EC2M 3AE
Company registration number 7549407
Directors The directors of the Company are Richard Hills (chairman), Jo Parfrey (chair of the audit committee), Lucy Walker (senior independent director), Mai Fenton and Aidan Lisser.
Corporate Secretary Janus Henderson Secretarial Services UK Limited, represented by Sally Porter, ACG.
Website Details of the Company's share price and net asset value, together with general information about the Company, monthly factsheets and data, copies of announcements, reports and details of general meetings can be found at www.hendersoninternationalincometrust.com. |
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