Henderson International Income Trust

Global Equity Income

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 �value' investing � 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.

Narrative and ratings content all as of 01 January 2018.

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Name
Henderson International Income Trust
Manager
Janus Henderson Investors Ltd
Type
Closed Ended Investment Company
ISIN
GB00B3PHCS86
Sector
Global Equity Income
Launched
28/04/2011
OCF
0.83 %
Risk Rating
3
3 Year Sharpe
1.03
3 Year Alpha
3.20
Yield
3.6 %
Benchmark
MSCI World Ex UK GR USD
Fund Size
£ 275.72 million
NAV
152
Gearing
101
Discount Premium
1
The Company seeks to provide Shareholders with a growing total annual dividend, as well as capital appreciation from a focused and internationally diversified portfolio of securities outside the UK. The portfolio is expected to be diversified by factors such as geography, industry sub-sector and investment size. The Company will not invest in issuers whose securities are, at the time of investment, listed only in the UK. The portfolio will be made up of interests in 50-80, with no single investment accounting for more than 5% of NA at the time of investment.
Holding %
Microsoft Corp 4.09 %
Taiwan Semiconductor Manufacturing Co Ltd ADR 2.71 %
Chevron Corp 2.67 %
Nestle SA 2.52 %
Coca-Cola Co 2.15 %
Cisco Systems Inc 1.97 %
Basf SE 1.90 %
Deutsche Telekom AG 1.89 %
Pfizer Inc 1.88 %
Siemens AG 1.88 %
Region %
United States 30.48 %
Eurozone 27.71 %
Europe - ex Euro 14.23 %
Asia - Emerging 9.41 %
Asia - Developed 8.84 %
Australasia 5.11 %
Sector %
Financial Services 22.41 %
Technology 13.76 %
Energy 11.58 %
Communication Services 9.59 %
Consumer Cyclical 8.57 %
Healthcare 8.10 %
Real Estate 6.43 %
Industrials 6.23 %
Basic materials 6.08 %
Consumer Defensive 5.79 %
Name
Janus Henderson Investors Ltd
Address
EC2M 3AE, London, United Kingdom
UCITS
No
Legal Structure
Closed Ended Investment Company

Managers

Ben Lofthouse
Joined 04/15/2011

Ben Lofthouse is Head of Global Equity Income at Janus Henderson Investors, a position he has held since 2018. Prior to this, Ben was a director and has been part of the Global Equity Income Team since joining Henderson 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 a BA degree (Hons) in business economics from Exeter University. He is an associate of the Institute of Chartered Accountants in England and Wales (CA) and holds the Chartered Financial Analyst designation.

Data provided by Morningstar.

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