HENDERSON EUROTRUST PLC

Fund Information / Factsheet • Jun 21, 2024

Performance

Share price

Benchmark

Relative NAV

NAV

Factsheet - at 31 May 2024 Marketing Communication

Share price performance (total return)

Dividend history

Please note that this chart could include dividends that have been declared but not yet paid.

The Company underwent a 10 for 1 stock split on 22 November 2021; comparative dividend figures have been adjusted to reflect this.

Discrete year performance (%)	Share price (total return)	NAV (total return)
31/3/2023 to 31/3/2024	18.5	14.7
31/3/2022 to 31/3/2023	8.7	11.7
31/3/2021 to 31/3/2022	-7.6	-7.1
31/3/2020 to 31/3/2021	47.3	43.0
31/3/2019 to 31/3/2020	-5.0	-1.2
n/a	n/a	n/a

over (%) 6m 1y 3y 5y 10y

(Total return) 13.6 17.6 16.1 67.1 158.2

(Total return) 13.6 18.1 26.3 63.0 129.1

(Total return) 0.0 -0.5 -10.2 4.1 29.0

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

Source: at 31/05/24. © 2024 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.

(Total return) 18.9 24.1 19.1 73.0 143.3 Proposed merger of interests with Henderson European Focus Trust plc

At general meetings held on 19 and 20 June 2024, the shareholders of Henderson European Focus Trust plc and the Company respectively accepted proposals to combine the two trusts to form Henderson European Trust plc. The combination remains conditional upon the Company's shareholders approving the liquidation of their company on 4 July 2024.

Commentary at a glance

Performance

In the month under review the Company's NAV total return was 3.2% and the FTSE World Europe (Ex UK) Index total return was 3.7%.

Contributors/detractors

We have seen a reversal in recent performance trends and the strongest positive contributors were Munich Re, Infineon and Alcon.

Outlook

We are confident about the outlook for European equities but expect a volatile period due to the reemergence of political risk.

See full commentary on page 3.

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.

Company overview

Objective

The Company aims to achieve a superior total return from a portfolio of European (excluding the UK) investments where the quality of the business is deemed to be high or significantly improving.

Highlights

Seeking growth, quality and consistency from a selection of 35 to 55 European companies (ex UK) and an emphasis on total return.

Company information

NAV (cum income)	175.5p
NAV (ex income)	175.5p
Share price	159.0p
Discount(-)/premium(+)	-9.4%
Yield	4.1%
Net gearing	1%
Net cash	-
Total assets Net assets	£380m £372m
Market capitalisation	£337m
Total voting rights	211,855,410
Total number of holdings	41
Ongoing charges (year end 31 Jul 2023)	0.79%
Benchmark	FTSE World Europe (Ex UK) Index
Overall Morningstar RatingTM As of 31/05/2024	

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

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.hendersoneurotrust.com

Factsheet - at 31 May 2024 Marketing Communication

Top 10 holdings	(%)
Novo Nordisk	8.4
TotalEnergies	5.6
ASML	5.5
Sanofi	3.6
SAP	3.5
Schneider Electric	3.4
UniCredit	3.3
Safran	3.2
Nestlé	3.2
Airbus	3.2

The above geographical breakdown may not add up to

100% as this only shows the top 10.

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.

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 the glossary for the definition of share price total return.

Key information

Stock code	HNE
AIC sector	AIC Europe
Benchmark	FTSE World Europe (Ex UK) Index
Company type	Conventional (Ords)
Launch date	1992
Financial year	31-Jul
Dividend payment	November
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 (ex UK)
Fund manager appointment	Jamie Ross 2018

How to invest Go to www.janushenderson.com/howtoinvest

Customer services 0800 832 832

Factsheet - at 31 May 2024 Marketing Communication

Fund Manager commentary Investment environment

The month was characterised by a reversal in recent performance trends. Those stocks that had lagged in recent months bounced back, while those that had performed well tended to underperform.

Portfolio review

May was a good month for absolute performance.

Our strongest performing holdings included Munich Re, Infineon and Alcon. Munich Re continued to benefit from a 'hard' reinsurance market. Shares in Infineon started to bounce back as investors anticipate a trough in automotive demand, while Alcon has been seeing buoyant demand conditions both in intra ocular lenses and in contact lenses.

Our worst performing holdings included luxury goods companies LVMH and Hermes. We had reduced the overall position to the luxury goods sector by around a third (by selling shares in Moncler) early in May, due to concerns over the re-emergence of some weak trends in China and our worry that after three years of strong pricing, consumer demand may start to soften. These trends do indeed seem to be playing out, and this resulted in the subsector underperforming the wider market. Elsewhere, Allfunds, Sanofi and TotalEnergies also underperformed the market.

We bought a position in the global brewing company AB Inbev and we sold positions in Euronext, Moncler and Pernod Ricard.

Manager outlook

We think the outlook for European equities looks attractive and that valuations are reasonable. However, in the short term, the re-emergence of political risk could result in volatility.

Factsheet - at 31 May 2024 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 May 2024 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.

Ratings should not be taken as a recommendation. For more detailed information about Morningstar Ratings, including its methodology, please go to https://shareholders.morningstar.com/investor-relations/governance/Compliance--Disclosure/default.aspx.

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 78, Avenue de la Liberté, L-1930 Luxembourg, Luxembourg and regulated by the Commission de Surveillance du Secteur Financier).

Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc