HENDERSON EUROPEAN FOCUS TRUST PLC

Fund Information / Factsheet • Jul 21, 2025

HENDERSON EUROPEAN TRUST PLC (HET) ISIN: GB00BLSNGB01

Performance

Share price

Benchmark

Relative NAV

NAV

Factsheet - at 30 June 2025

Marketing Communication

Share price performance (total return)

Dividend history

Discrete year performance (%)	Share price (total return)	NAV (total return)
30/6/2024 to 30/6/2025	11.4	3.5
30/6/2023 to 30/6/2024	20.8	19.1
30/6/2022 to 30/6/2023	25.6	20.2
30/6/2021 to 30/6/2022	-16.6	-10.7
30/6/2020 to 30/6/2021	34.6	28.0

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

(Total return) 18.8 11.4 68.9 89.6 147.1

(Total return) 10.0 3.5 48.1 69.3 157.5

(Total return) 14.3 9.9 49.1 64.7 150.8

(Total return) -4.³ -6.4 -1.0 4.6 6.7

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

Source: at 30/06/25. © 2025 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.

Merger of interests

Shareholders should note the Board's announcement on 19 June 2025 proposing a merger of interests with Fidelity European Trust PLC. Further information is set out in the announcement on the Company's website. The Board will be sending a circular to shareholders containing the full details of the proposals, and convening general meetings for shareholders to vote on the proposals.

The Company was renamed Henderson European Trust plc on 11 July 2024, following the combination of Henderson European Focus Trust plc and Henderson EuroTrust plc on 4 July 2024. Historical data on this factsheet reflects the pre-combination position for Henderson European Focus Trust plc as the continuing corporate legal entity. For more background, please see the prospectus on the website at www.hendersoneuropeantrust.com.

Commentary at a glance

Performance

In the month under review the Company's NAV total return was 1.0% and the FTSE World Europe (Ex UK) Index total return was 0.7%.

Contributors/detractors

Positive contributors included ASM International and Siemens, while Danone was among the detractors.

Outlook

Growing evidence for progress on reforms, deregulation and German stimulus roll-out underpin the positive prospects for European Equities, despite lingering concerns around trade tensions.

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 maximise total return from a portfolio of stocks predominantly listed in Europe (excluding the UK).

Highlights

A focused investment trust of between 35 and 45 companies in Europe with an emphasis on maximising total return.

Company information

NAV (cum income)	209.1p
NAV (ex income)	205.9p
Share price	202.5p
Discount(-)/premium(+)	-3.1%
Yield	1.3%
Net gearing	3%
Net cash	-
Total assets Net assets	£676m £646m
Market capitalisation	£626m
Total voting rights	309,108,191
Total number of holdings	43
Ongoing charges (year end 30 Sep 2024)	0.70%
Benchmark	FTSE World Europe (Ex UK) Index
Overall Morningstar RatingTM As of 30/06/2025	
Morningstar Medalist RatingTM Effective 27/03/2025
	Analyst-Driven %: 100.00 Data Coverage %: 100.00
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.

a position in the securities mentioned. 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.hendersoneuropeantrust.com

HENDERSON EUROPEAN TRUST PLC (HET) ISIN: GB00BLSNGB01

Factsheet - at 30 June 2025

Marketing Communication

Top 10 holdings	(%)	Geographical focus (%)
UniCredit	4.8
SAP	4.4
ASML	4.1
Siemens	3.9
Deutsche Boerse	3.5	 United
Safran	3.3
Erste Group Bank	3.1
TotalEnergies	3.1
Deutsche Telekom	2.9
ASM International	2.9

France 24.5% Germany 23.9% Netherlands 10.6% United Kingdom 9.1% Switzerland 9.0% Spain 8.7% Italy 4.8% Denmark 4.0% Austria 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

Ireland 2.3%

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	HET
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
Management fee	0.60% for net assets up to £500m. 0.475% for net assets from £500m up to £1bn. 0.45% for net assets equal to and above £1bn.
Performance fee	No
(See Annual Report & Key Information Document for more information)
Regional focus	Europe
Fund manager appointment	Robert Schramm-Fuchs 2025 Nick Sheridan 2025

Portfolio Manager

On 3 February 2025, Robert Schramm-Fuchs and Nick Sheridan assumed interim joint responsibility for management of the Company's portfolio.

For the award/achievement source, refer to page 5.

How to invest

Go to www.janushenderson.com/howtoinvest

Customer services 0800 832 832

Factsheet - at 30 June 2025 Marketing Communication

Fund Manager commentary

Investment environment

Equities came under pressure around mid-June as Israel attacked Iran, claiming Tehran was close to building a nuclear weapon, which prompted retaliatory strikes. Later in the month, the US also bombed Iranian nuclear facilities, although investors appeared unfazed as Israel and Iran agreed to a ceasefire. Oil prices briefly spiked, but quickly normalised as the two sides agreed to end their attacks. Sentiment towards equities was further buoyed by expectations of looser monetary policy in the US and progress in US/China trade talks.

Ongoing optimism about the European economy in the wake of recent fiscal spending plans in Germany and elsewhere added to the supportive backdrop. The eurozone's first-quarter economic growth was revised up to 0.6% from a previous estimate of 0.3%, helped by a rise in exports ahead of US trade tariff announcements.

The European Central Bank (ECB) lowered its key deposit rate by 25 basis points to 2.0% early in the month following news that eurozone consumer price index (CPI) inflation had eased below the central bank's 2.0% target. However, ECB President Christine Lagarde indicated that the monetary policy easing cycle could be nearing its end.

Portfolio review

Top positive contributors to relative performance in June included Dutch semiconductor equipment company ASM International. Shares in the sector were lifted by growing optimism that the semiconductor cycle would rebound, driven by artificial intelligence (AI)-related chip demand. Siemens was another notable positive contributor due to strong quarterly earnings growth and a rebound from what appeared to be previously oversold levels. Investor optimism was further fuelled by bullish forecasts and consistent upward momentum in the latter part of the month. Safran's shares also performed well due to strong 2024 financial results and an upgraded 2025 outlook, including higher revenue forecasts and a €5 billion share buyback plan.

Conversely, detractors included the holding in Francebased global food and beverage firm Danone and UK outsourced catering business Compass Group. It was a weaker month for typically more defensive areas of the market as investors' appetite for risk improved.

In terms of activity, we switched the position in Holcim for a new position in Heidelberg Materials, where we felt the latter was more attractively valued. We also bought a position in Santander, which we think could benefit in the higher interest rate environment, and Universal Music Group, where we like the historical predictability of its revenues.

Manager outlook

Despite the recent rise in geopolitical tensions, we remain positive about the outlook for European equities.

The asset class has delivered strong gains so far this year, outperforming US equities. The question now is whether this can translate into something more meaningful and longer-lasting. European equities have continued to trade close to record discounts compared to US equities, while international investors remain underexposed. We believe these factors should provide a margin of safety during periods of macroeconomic volatility.

Furthermore, we think a combination of positive economic and market trends should provide a more benign environment for European economies than we have seen in recent years. Germany's announcement of €1 trillion in infrastructure and defence spending effectively overriding its self-imposed debt break - is an encouraging sign of renewed commitment to tackling some of Europe's most pressing issues. More time is undoubtedly needed for true structural reforms to enhance Europe's competitiveness, but initiatives in multiple areas - such as easing financial regulation, the capital markets union, and the reduction of general bureaucracy - are already underway.

Against this backdrop, we are positive about European stocks, although this view is certainly not without nearterm risks. The impending deadline for the EU-US trade talks remains the key event in the near term.

HENDERSON EUROPEAN TRUST PLC (HET) ISIN: GB00BLSNGB01

Factsheet - at 30 June 2025

Marketing Communication

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.

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/en-gb/investor/glossary/

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 https://shareholders.morningstar.com/investor-relations/governance/Compliance--Disclosure/default.aspx. Henderson European Trust plc has been awarded the Kepler Growth Rating for 2025. For more information including its methodology, visit https://www.trustintelligence.co.uk/articles/2025-our-ratings. Source: Morningstar, Kepler calculations, 01/01/2024 – 31/12/2024.

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), Tabula Investment Management Limited (reg. no. 11286661 at 10 Norwich Street, London, United Kingdom, EC4A 1BD 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).

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