Fund Information / Factsheet • Nov 24, 2022
Fund Information / Factsheet
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Performance over (%) 10y 5y 3y 1y 6m Share price (Total return) 55.9 -9.2 -15.6 -11.7 -15.6 Net asset value (Total return) 50.3 -7.6 -13.7 -11.7 -15.7
| Discrete year performance (%) |
Share price | NAV |
|---|---|---|
| 30/9/2021 to 30/9/2022 |
-3.51 | -5.84 |
| 30/9/2020 to 30/9/2021 |
4.42 | 7.65 |
| 30/9/2019 to 30/9/2020 |
-11.13 | -11.12 |
| 30/9/2018 to 30/9/2019 |
7.17 | 6.23 |
| 30/9/2017 to 30/9/2018 |
6.50 | 6.45 |
All performance, cumulative growth and annual growth data is sourced from Morningstar.
Source: at 31/10/22. © 2022 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar; (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 is no guarantee of future results.
The key detractors from performance were China consumer exposed companies JD.com, Li Ning and Midea Group as earnings expectations continued to fall and fears of a delayed economic recovery impacted sentiment. The position in Macquarie Group was a key contributor following a strong update. The strength of the energy sector supported the performance of Woodside Energy following a strong quarter and as liquefied natural gas (LNG) supply tightness continues into the winter season.
The weaker outlook for the consumer from stubbornly high inflation may create some risk for corporate earnings and the possibility of more downgrades into an already volatile environment of higher interest rates and tighter liquidity from central banks. However, Asian equity valuations appear attractive to us relative to global equities. Inflationary pressures also remain less pronounced in the region. We are more confident on the outlook for dividends considering the excess cash being generated and the low level of dividends paid out compared to earnings. We remain focused on domestically orientated companies with strong cashflows and what we see as sustainable and growing dividends.
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 Company seeks to provide shareholders with a growing total annual dividend per share, as well as capital appreciation, from a diversified portfolio of investments from the Asia Pacific region.
A portfolio of value orientated Asia Pacific equities with a focus on cash flow generation from companies with the ability to sustain and grow dividends.
| NAV (cum income) | 237.7p |
|---|---|
| NAV (ex income) | 235.6p |
| Share price | 242.0p |
| Discount(-)/premium(+) | 1.8% |
| Yield | 9.74% |
| Net gearing | - |
| Net cash | - |
| Total assets Net assets |
£369m £369m |
| Market capitalisation | £376m |
| Total voting rights | 155,323,564 |
| Total number of holdings | 44 |
| Ongoing charges (year end 31 August 2022) |
1.01% |
Benchmark -
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 does not include shares held in Treasury.
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.
How to invest Go to www.janushenderson.com/howtoinvest Find out more Go to www.hendersonfareastincome.com
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 (%) 6
Utilities 0.98%
| Stock code | HFEL | |
|---|---|---|
| AIC sector | AIC Asia Pacific Equity Income |
|
| Benchmark | - | |
| Company type | Conventional (Ords) | |
| Launch date | 2006 | |
| Financial year | 31-Aug | |
| Dividend payment | May, August, November, February |
|
| Risk rating (Source: Numis) |
Slightly above average | |
| Management fee | 0.75% of net assets pa | |
| Performance fee | No | |
| (See Annual Report & Key Information Document for more information) | ||
| Regional focus | Asia Pacific ex Japan | |
| Fund manager appointment |
Michael Kerley 2006 Sat Duhra 2019 |
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.
How to invest Go to www.janushenderson.com/howtoinvest Customer services 0800 832 832
Global markets rebounded in October with the Asia Pacific ex Japan region the exception as it responded negatively to the lack of announcements on re-opening and support for the property market from China's 20th Party Congress. North Asian markets were the hardest hit with South Korea bucking the trend following the strength of the technology sector, where key index constituents such as Samsung Electronics performed strongly as foreign investors increased their holdings and as the currency appreciated.
China was the worst performing market with all sectors participating as weak economic data and an uncertain outlook negatively impacted investor confidence. The best performing markets, in addition to South Korea, were Thailand and Philippines. The energy sector was the best performing sector with OPEC production cuts contributing to some supply tightness. Chinese property firms were very weak and contributed to the weakness in the real estate sector, which was the weakest sector in the month. Materials was also weak given the lower demand expectations from China, a stronger US dollar and slowing global economic growth.
October was a quiet month for transactions with no trading activity.
The weaker outlook for the consumer from stubbornly high inflation may create some risk for corporate earnings and the possibility of more downgrades into an already volatile environment of higher interest rates and tighter liquidity from central banks. However, Asian equity valuations appear attractive to us relative to global equities. Inflationary pressures also remain less pronounced in the region. We are more confident on the outlook for dividends considering the excess cash being generated and the low level of dividends paid out compared to earnings. We remain focused on domestically orientated companies with strong cash-flows and what we see as sustainable and growing dividends
The net asset value fell 5.8% over the month in sterling terms, outperforming the MSCI Asia Pacific ex Japan High Yield Index which fell 6.3% and the FTSE All world Asia
The amount by which the price per share of an investment trust 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.
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.
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.
Month end closing mid-market share price multiplied by the number of shares outstanding at month end.
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).
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).
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.
Total assets minus any liabilities such as bank loans or creditors.
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.
A company's total assets (less cash/cash equivalents) divided by shareholders' funds expressed as a percentage.
The total expenses for the financial year (excluding performance fee), divided by the average daily net assets, multiplied by 100.
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.
Closing mid-market share price at month end.
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.
Cum Income NAV multiplied by the number of shares, plus prior charges at fair value.
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.
The rate at which the prices of goods and services are rising in an economy. The CPI and RPI are two common measures. The opposite of deflation.
Net Asset Value
The total value of a fund's assets less its liabilities.
Valuation metrics
Metrics used to gauge a company's performance, financial health and
expectations for future earnings eg, price to earnings (P/E) ratio and return on equity (ROE).
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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.
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