HENDERSON EUROPEAN FOCUS TRUST PLC

Fund Information / Factsheet • Nov 21, 2023

Factsheet - at 31 October 2023 Marketing Communication

(total return)

0

Dividend history

50

100

150

200

performance (%)	(total return)	(total return)
30/9/2022 to 30/9/2023	27.7	24.1
30/9/2021 to 30/9/2022	-18.3	-13.1
30/9/2020 to 30/9/2021	28.8	22.6
30/9/2019 to 30/9/2020	3.7	5.9
30/9/2018 to 30/9/2019	3.1	4.3
n/a	n/a	n/a

All performance, cumulative growth and annual growth data is sourced from Morningstar.

Source: at 31/10/23. © 2023 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance does not predict future returns.

Please remember that past performance does not predict future returns. The value of an investment and the income from it can rise as well as fall as a result of

market and currency fluctuations, and you may not get back the amount originally invested. Please refer to the glossary for the definition of share price total return.

How to invest Go to www.janushenderson.com/howtoinvest Find out more Go to www.hendersoneuropeanfocus.com Benchmark FTSE World Europe (Ex UK) Index Overall Morningstar RatingTM As of 31/10/2023 Ongoing charges (year end 30 Sep 2022) 0.77%

Morningstar Medalist RatingTM Effective 16/10/2023

Market capitalisation £328m Total voting rights 212,768,122

Total number of holdings 40

Analyst-Driven %: 100.00 Data Coverage %: 100.00

*Net gearing includes * 5.3% of NAV in short-dated UK Gilts, regarded as cash equivalents, but classified as investments for the gearing calculation. Taking these as cash equivalents would show the Company in an ungeared position, with net cash of 0.3%.

Source: BNP Paribas for holdings information and Morningstar for all other data. Differences in calculation may occur due to the methodology used.

Please note that the total voting rights in the Company do not include shares held in Treasury.

Factsheet - at 31 October 2023 Marketing Communication

Top 10 holdings	(%)
UPM-Kymmene	6.1
Novo Nordisk	5.2
United Kingdom Gilt 0.125% 2024	5.1
TotalEnergies	4.3
Cie de Saint-Gobain	3.7
ASML	3.5
Safran	3.5
Airbus	3.4
LVMH Moet Hennessy Louis Vuitton	3.2
Holcim	3.1

The above sector breakdown may not add up to 100% due to rounding.

References made to individual securities do not constitute a recommendation to buy, sell or hold any security, investment strategy or market sector, and should not be assumed to be profitable. Janus Henderson Investors, its affiliated advisor, or its employees, may have a position in the securities mentioned.

The above geographical breakdown may not add up to 100% as this only shows the top 10.

Premium/(discount) of share price to NAV at fair value (%)

10 year total return of £1,000

All performance, cumulative growth and annual growth data is sourced from Morningstar. Share price total return is calculated using mid-market share price with dividends reinvested.

Please remember that past performance does not predict future returns. The value of an investment and the income from it can rise as well as fall as a result of market and currency fluctuations, and you may not get back the amount originally invested. Please refer to glossary for definition of share price total return.

Key information

Stock code	HEFT
AIC sector	AIC Europe
Benchmark	FTSE World Europe (Ex UK) Index
Company type	Conventional (Ords)
Launch date	1947
Financial year	30-Sep
Dividend payment	June, February
Risk rating (Source: Numis)	Slightly above average
Management fee	0.65% for net assets up to £300m. 0.55% for net assets above £300m.
Performance fee	No
(See Annual Report & Key Information Document for more information)
Regional focus	Europe
Fund manager appointment	Tom O'Hara 2020 John Bennett 2010

How to invest Go to www.janushenderson.com/howtoinvest Customer services 0800 832 832

Factsheet - at 31 October 2023 Marketing Communication

Fund Manager commentary Investment environment

Bonds and equities fell simultaneously in October as market participants continued to worry about heightened geopolitical uncertainty. This is despite good economic data coming from the US economy, including a better jobs report, strong retail sales data and third quarter GDP growth that beat expectations. Commodities continued to outperform the market with energy prices rallying as well as gold being bought as a safe haven.

Portfolio review

The financials sector was one of the main positive contributors to performance in October. As our long-time investors might recall, we have tended to hold an underweight position in the banking sector. In fact, in September we sold all bank positions due to worries that net interest margins (NIMs) for banks have peaked along with costs (both operational and delinquent loans) increasing. We believed that this would lead to slowing (or even declining) earnings momentum in the sector. The market started to align itself with our view as the month evolved and some banks downgraded their NIM guidance.

The other big positive sector contributor was healthcare. Here, the Company's position in Novo Nordisk continued to perform well. This month it was due to one of the company's key drugs, Ozempic, which showed strong efficacy in delaying chronic kidney disease (CKD) inpatients with Type 2 Diabetes.

The indications where the company's drugs can be used keeps expanding. Outside of Novo Nordisk, avoiding a swathe of pharmaceutical companies with lacklustre earnings results also helped generate alpha.

In terms of activity, we sold the position in Hugo Boss as we felt the brand turnaround story was now well understood. We also took some profits in the holding in Novo Nordisk given the strength of the shares so far this year.

The capital freed up from the above sales was used mainly to invest in ASML. With the extent of the export controls on semiconductor equipment products to China now known, we believe that the bad news is behind us. Furthermore, following a positive meeting with the CFO of the company we felt comfortable that there will be no delay to the next node transition in the industry where ASML, with its leading-edge technology, is exposed.

Manager outlook

We continue to believe in the likelihood of structurally higher inflation and higher interest rates in the years ahead, at least relative to the decade prior to the Covid pandemic. This is not to argue against the potential for near-term disinflation of a more cyclical nature, as supply shocks from both Covid and the Ukraine war are lapsed. That said, we lean much more towards a central bank 'plateau' rather than a 'pivot' on interest rates, unless we witness a sharp economic contraction.

But, given the fiscal bazooka being deployed under 'Bidenomics' (the idea of making public investment and empowering the middle classes) and the need for Europe to follow suit, we believe we may not see the economic 'hard landing' (recession) the market intermittently panics over, even if the consumer does moderate spending.

Longer term, we expect a clear shift towards a multipolar world, of which deglobalisation – and the capital intensive likes of 'Bidenomics' – is an outcome. We also envisage a political shift in favour of populist/pro-labour policies, from both traditional 'left' and 'right' ends of the political spectrum, which could mean stronger wage inflation and greater labour market friction. This leads us to believe equity investors will need to be more sensitive to valuation when making stock purchasing decisions.

The real economy implications will also present opportunities for stock pickers. We think enablers of deglobalisation - such as industrial automation, digitalisation, electrification and construction materials firms - should thrive, while large incumbents across many industries - such as brewing, food catering and enterprise software - could see their already dominant positions enhanced as the end of very low borrowing costs tempers the threat of 'disruption' by unprofitable startups. Europe offers plentiful opportunities to access these themes, being home to large global champions trading at what we see in many instances as reasonable valuations.

Factsheet - at 31 October 2023 Marketing Communication

Glossary

Discount/Premium

The amount by which the price per share of an investment company is either lower (at a discount) or higher (at a premium) than the net asset value per share (cum income), expressed as a percentage of the net asset value per share.

Gearing

The effect of borrowing money for investment purposes (financial gearing). The amount a company can "gear" is the amount it can borrow in order to invest. Gearing is used in the expectation that the returns on the investments bought will exceed the costs of the borrowings that funded the purchase. This Company can also use synthetic gearing through derivatives and foreign exchange hedging and/or other non-fully funded instruments or techniques.

Leverage

The Company's leverage is the sum of financial gearing and synthetic gearing. Details of the Company's leverage limits can be found in both the Key Information Document and Annual Report. Where a company utilises leverage, the profits and losses incurred by the company can be greater than those of a company that does not use leverage.

Market capitalisation

Share price multiplied by the number of shares in issue, excluding treasury shares, at month end. Shares typically priced mid-market at month-end closing.

Net Asset Value (NAV)

The total value of a Company's assets less its liabilities.

NAV (Cum Income)

The value of investments and cash, including current year revenue, less liabilities (prior charges such as loans, debenture stock and preference shares at fair value).

NAV (Ex Income)

The value of investments and cash, excluding current year revenue, less liabilities (prior charges such as loans, debenture stock and preference shares at fair value).

NAV total return

The theoretical total return on shareholders' funds per share reflecting the change in Net Asset Value (NAV) assuming that dividends paid to shareholders were reinvested at NAV at the time the shares were quoted ex-dividend. A way of measuring investment management performance of investment trusts which is not affected by movements in discounts/premiums.

Net assets

Total assets minus any liabilities such as bank loans or creditors.

Net cash

A company's net exposure to cash/cash equivalents expressed as a percentage of shareholders' funds, after any offset against its gearing. This is only shown for companies that have gearing in place.

Net gearing

A company's total assets (less cash/cash equivalents) divided by shareholders' funds expressed as a percentage.

Ongoing charges

The total expenses for the financial year (excluding performance fee), divided by the average daily net assets, multiplied by 100.

Risk rating

The key measure used to assess risk is volatility of returns, using historic net asset value (NAV) performance of the Company over 1 and 3 years. In this instance volatility measures how much a company's NAV fluctuates over time in relation to the UK Equity market. The higher a volatility figure, the more the NAV has fluctuated (both up and down) over time. Please note that risk categorisations are indicative and based principally on historic data and should not be solely relied upon when making investment decisions.

Share price

Closing mid-market share price at month end.

Share price total return

The theoretical total return to the investor assuming that all dividends received were reinvested in the shares of the company at the time the shares were quoted ex-dividend. Transaction costs are not taken into account.

Total assets

Cum Income NAV multiplied by the number of shares, plus prior charges at fair value.

Yield

Calculated by dividing the current financial year's dividends per share (this will include prospective dividends) by the current price per share, then multiplying by 100 to arrive at a percentage figure.

For a full list of terms please visit: https://www.janushenderson.com/engb/investor/glossary/

Factsheet - at 31 October 2023 Marketing Communication

Source for fund ratings/awards

Overall Morningstar Rating™ is a measure of a fund's risk-adjusted return, relative to similar funds. Fund share classes are rated from 1 to 5 stars, with the best performers receiving 5 stars and the worst performers receiving a single star.

Overall Morningstar Rating™ is shown for an investment company achieving a rating of 4 or 5.

Morningstar Medalist Rating™

Ratings should not be taken as a recommendation. For more detailed information about Morningstar Ratings, including its methodology, please go to www.global.morningstar.com/managerdisclosures.

Company specific risks

• This Company is suitable to be used as one component of several within a diversified investment portfolio. Investors should consider carefully the proportion of their portfolio invested in this Company.
• Active management techniques that have worked well in normal market conditions could prove ineffective or negative for performance at other times.
• The Company could lose money if a counterparty with which it trades becomes unwilling or unable to meet its obligations to the Company.
• Shares can lose value rapidly, and typically involve higher risks than bonds or money market instruments. The value of your investment may fall as a result.
• The return on your investment is directly related to the prevailing market price of the Company's shares, which will trade at a varying discount (or premium) relative to the value of the underlying assets of the Company. As a result, losses (or gains) may be higher or lower than those of the Company's assets.
• If a Company's portfolio is concentrated towards a particular country or geographical region, the investment carries greater risk than a portfolio that is diversified across more countries.
• The Company may have a particularly concentrated portfolio (low number of holdings) relative to its investment universe an adverse event impacting only a small number of holdings can create significant volatility or losses for the Company.
• Where the Company invests in assets that are denominated in currencies other than the base currency, the currency exchange rate movements may cause the value of investments to fall as well as rise.
• The Company may use gearing (borrowing to invest) as part of its investment strategy. If the Company utilises its ability to gear, the profits and losses incurred by the Company can be greater than those of a Company that does not use gearing.

Not for onward distribution. Before investing in an investment trust referred to in this document, you should satisfy yourself as to its suitability and the risks involved, you may wish to consult a financial adviser. This is a marketing communication. Please refer to the AIFMD Disclosure document and Annual Report of the AIF before making any final investment decisions. Past performance does not predict future returns. The value of an investment and the income from it can fall as well as rise and you may not get back the amount originally invested. Tax assumptions and reliefs depend upon an investor's particular circumstances and may change if those circumstances or the law change. Nothing in this document is intended to or should be construed as advice. This document is not a recommendation to sell or purchase any investment. It does not form part of any contract for the sale or purchase of any investment. We may record telephone calls for our mutual protection, to improve customer service and for regulatory record keeping purposes.

Issued in the UK by Janus Henderson Investors. Janus Henderson Investors is the name under which investment products and services are provided by Janus Henderson Investors International Limited (reg no. 3594615), Janus Henderson Investors UK Limited (reg. no. 906355), Janus Henderson Fund Management UK Limited (reg. no. 2678531), (each registered in England and Wales at 201 Bishopsgate, London EC2M 3AE and regulated by the Financial Conduct Authority) and Janus Henderson Investors Europe S.A. (reg no. B22848 at 2 Rue de Bitbourg, L-1273, Luxembourg and regulated by the Commission de Surveillance du Secteur Financier).

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