Fact sheet: Henderson International Income IT

Rated Fund Information
Rated Funds Group
?Money Observer has arranged all its Rated Funds into easy to understand Rated Fund Groups, comprising funds and investment trusts.
GLOBAL EQUITY INCOME
Sector
IT Global Equity Income
Fund type
Investment Trust
Primary aim
GROWTH & INCOME
Why Money Observer Rates Henderson International Income IT

New for 2018. Core savings product that excludes the UK

Highly commended in the Best Global Income Trust category of Money Observer's 2017 trust awards, Henderson International Income Trust differs from most peers in that it targets a similar yield to UK equity income trusts but excludes the UK from its portfolio. This makes it an interesting candidate for investors who prefer to source UK levels of income elsewhere. It's on a reasonable 2.9 per cent yield and performance stacks up well.

Run by Ben Lofthouse since launch in 2011, the trust offers well-diversified exposure with none of its three regional portfolios (North America, Europe and the Far East) accounting for more than half of its investments.

Lofthouse says he aims to create a core savings product that does not drift too far in any geographical direction. However, one consequence is that the trust is liable to lag its MSCI World ex UK benchmark when the US is storming ahead, because the US accounts for 65 per cent of the index (versus 30 per cent of the trust). The trust aims to provide a high and rising level of dividends as well as long-term capital growth and has a bias toward ムvalue' investing ヨ buying stocks that are unloved by the market. Regional allocations depend on the value on offer, which resulted in the trust's US exposure being trimmed early in 2016. Lofthouse manages the US and European sections of the portfolio, drawing support from fellow members of Janus Henderson's 13-strong global equity income team. The trust tends to trade at a modest premium or discount to net asset value. Its widest recent discount was almost 8 per cent in early 2016.<\p>

3 Year Performance
Fund Performance29.8%
Average of Rated Funds Group33.7%
Sector Performance37.4%
Fund information
Fund name
Henderson International Income Trust plc
Fund manager company
Janus Henderson Investors
Fund type
Investment Trust
Fund manager
  • Ben Lofthousesince 21/04/2011
Accolades
Fund objective
The Company seeks to provide shareholders with a growing total annual dividend, as well as capital appreciation.
Benchmark
  • MSCI World ex UK
Investment style
Concentrated
Investment method
Shares
Quick stats
1 Year return
8%
1 Year rank in sector
4/7
Sector
IT Global Equity Income
Yield
3.2%
Ongoing charge (OCF)
?A fund’s ongoing charges figure (OCF) is similar to the old-style total expense ratio. It reflects the annual charge to investors in the fund, in percentage terms, but does not include extra performance-related fees (where these are levied) or the fund’s trading expenses on its underlying investments.
0.88%
Fund size
£279m
FE Risk score
?FE Risk Scores measure the riskiness of instruments relative to the FTSE 100 index of shares. Weekly volatility is measured over three years with recent behaviour counting more heavily than earlier behaviour. Cash-type investments will have scores close to zero. Funds will tend to have scores in the 0-150 range. The FTSE 100 is always scored at 100. There is no upper limit.
95
Mid price
158
NAV
?Net asset value. The NAV per share may be higher or lower than the share price, which in turn is trading at either a discount or a premium to NAV.
158.8
Discount/Premium
?When the market price of an investment trust’s shares is less than the net asset value (NAV) per share then it is trading at a discount to NAV. A trust’s shares are on a premium when they trade at a higher price than the NAV.
-0.50
Gearing
?Investment trusts have the ability to borrow money which they invest with the aim of generating a higher return than the cost of the loan. An ungeared trust has a figure of 100. A figure of 110 would represent a trust with 10% gearing.
100
Top in this sector
Fund name1 Year
JPM Gbl Grw&Inc plc10.7%
Invesco Perp Select GE plc10.1%
Scottish Am Inv Co PLC9.6%
Hnd Int Inc Tst plc8%
Blue Planet Inv Tst PLC ORD 1P6.8%
...more in IT Global Equity Income

Performance snapshot

Holdings snapshot

  • USA30.7%
    Others20.1%
    China10.6%
    France8.7%
    Germany7.2%
  • Financials29.5%
    Consumer Goods11.5%
    Technology10.9%
    Oil & Gas10.6%
    Telecommunications7.8%
  • US Equities30.7%
    International Equities20.1%
    Chinese Equities10.6%
    French Equities8.7%
    German Equities7.2%

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund1.1%-7.1%-2.8%8%29.8%61.2%
Sector2.7%-4.3%-2.1%5.9%37.4%60.9%
Rank within sector7 / 77 / 76 / 74 / 76 / 75 / 7
Quartile4th4th4th3rd4th3rd
Calendar performance
 YTD - 20182017201620152014
Fund-5.3%17.5%26.7%2.3%7%
Sector-3.4%17.6%25.6%1.7%2.4%
Rank within sector7 / 73 / 76 / 74 / 73 / 7
Quartile4th2nd4th3rd2nd
Risk statistics
Alpha
?Alpha is a measure of a fund's over- or under-performance by comparison to its benchmark. If the Alpha is 5, the fund has outperformed its benchmark by 5%; so the greater the Alpha, the greater the outperformance.
-1.3
Beta
?Beta estimates a fund's volatility by comparison to that of its benchmark. A fund with a beta close to 1 means that the fund will move generally in line with the benchmark. Higher than 1 and the fund is more volatile than the benchmark and vice versa.
1.01
Sharpe
?This commonly-used measure calculates the level of return over and above the return of a notional risk-free investment, such as cash. The difference in returns is then divided by the fund's volatility. The resulting ratio is an indication of the amount of excess return generated per unit of risk.
0.57
Volatility
?Volatility (or standard deviation), when applied to an investment fund, expresses its risk. It shows how widely a range of returns varied from the fund's average return over a particular period. For example, if a fund had an average return of 5%, and its volatility was 15, this would mean that the range of its returns over the period had swung between +20% and -10%.
10.83
Tracking error
?This measures the standard deviation of a fund's excess returns over the returns of an index or benchmark portfolio. As such, it can be an indication of 'riskiness' in the manager's investment style. A Tracking Error below 2 suggests a passive approach. At 3 and above the the manager will be deploying a more active investment style.
6.51
Information ratio
?This is a useful risk-adjusted measure of actively managed fund performance. It is calculated by deducting the returns of the fund's benchmark from the fund's overall returns, then dividing the result by its tracking error. The higher the Information Ratio the better. It is generally considered that a figure of 0.5 reflects a good performance, 0.75 very good, and 1.00 outstanding.
-0.21
R-Squared
?An indication of how closely correlated a fund is to an index or a benchmark. Values for R-Squared range between 0 and 1, with 0 indicating no correlation at all and 1 showing a perfect match. Values upwards of 0.7 suggest that the fund's behaviour is increasingly linked to its benchmark.
0.63
Price movement
52 week high171.5
52 week low150.25
Current bid price157.5
Current offer price158.5
Current mid price158
Region
1USA30.7%
2Others20.1%
3China10.6%
4France8.7%
5Germany7.2%
6Netherlands5%
7Switzerland4.5%
8Australia4.2%
9Taiwan3.1%
Industry sector
1Financials29.52%
2Consumer Goods11.52%
3Technology10.94%
4Oil & Gas10.6%
5Telecommunications7.76%
6Basic Materials7.73%
7Industrials6.41%
8Health Care6.19%
9Consumer Services4.4%
Asset type
1US Equities30.7%
2International Equities20.1%
3Chinese Equities10.6%
4French Equities8.7%
5German Equities7.2%
6Dutch Equities5%
7Swiss Equities4.5%
8Australian Equities4.2%
9Taiwanese Equities3.1%
Individual holdings
1MICROSOFT CORP3.7%
2TAIWAN SEMICONDUCTOR MANUFACTURING3.1%
3CHEVRON CORP2.3%
4HP INC2.1%
5ING GROEP N.V.2.1%
6CISCO SYSTEMS INC2%
7COCA-COLA CO2%
8DEUTSCHE TELEKOM AG1.9%
9LAS VEGAS SANDS CORP1.9%
Management
Fund manager group
No data available.
Fund manager company
Janus Henderson Investors
Fund type
Investment Trust
Fund objective
The Company seeks to provide shareholders with a growing total annual dividend, as well as capital appreciation.
Benchmark
  • MSCI World ex UK
Investment style
Concentrated
Investment method
Shares
Fund manager
NameSinceBiography
Ben Lofthouse21/04/2011Ben Lofthouse is Head of Global Equity Income at Janus Henderson Investors, a position he has held since 2018. Prior to this, he was a director, global equity income and has been part of the Global Equity Income Team since joining the company in 2004. Additionally, he is a Portfolio Manager for the Global Equity Income and Global Dividend & Income strategies and has managed a range of equity income mandates since 2008. Prior to Henderson, Ben worked as an accountant at PricewaterhouseCoopers where he started his career in 1998. Ben graduated with BA (Hons) in business economics from Exeter University. He is a Chartered Accountant (ACA) and holds the Chartered Financial Analyst designation. He has 20 years of financial industry experience.
Compliance
AIC Member
Domicile
No data available.
Fund for sale in
United Kingdom
Henderson International Income Trust plc
Initial charge-
Annual charge-
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price157.2
CurrencyGBX
Price updated23/04/2018
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeNJKL
Henderson International Income Trust plc NAV
Initial charge-
Annual charge-
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price157.2
CurrencyGBX
Price updated23/04/2018
Type-
Institutional or retail classRetail
Domicile-
Citi codeAASA
Data provided by

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