Henderson International Income Trust plc: Half-Year Results 2023

Ben Lofthouse, Portfolio Manager of Henderson International Income Trust discusses the half-year results, including the key drivers of performance, changes made to the portfolio and the key risks to watch out for. Ben also provides his outlook for global dividends in the coming months.

Ben Lofthouse, CFA

Head of Global Equity Income | Portfolio Manager

4 May 2023
1 minute watch

Key takeaways:

The Company’s NAV total return per ordinary share was 2.2%, outperforming the benchmark return of 0.5%. Despite the challenging backdrop, the share price total return was 6.5%. This included dividends totalling 3.7p per share – a 2.8% increase year-on-year.
Our overweight exposure to European stocks – which represented on average a third of the portfolio – contributed the most to performance. Financial holdings also added to performance, whilst consumer discretionary names benefitted from China’s reopening.
We continue to focus on identifying companies with robust free cash flow characteristics and strong balance sheets that we believe are well positioned to navigate the challenging global economic environment.

Glossary

Balance Sheet – A financial statement that summarises a company’s assets, liabilities and shareholders’ equity at a particular point in time. Each segment gives investors an idea as to what the company owns and owes, as well as the amount invested by shareholders. It is called a balance sheet because of the accounting equation: assets = liabilities + shareholders’ equity.

Cash flow – Cash that a company generates after allowing for day-to-day running expenses and capital expenditure. It can then use the cash to make purchases, pay dividends or reduce debt.

Net asset value (NAV) – The total value of a fund’s assets less its liabilities

Discrete Performance

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