Share price performance (total return)

Dividend history (pence/share)

but not yet paid.

Performance over (%) 6m 1y 3y 5y 10y Share price (Total return) 3.1 -3.9 17.9 1.4 39.0 NAV (Total return) 3.1 -8.0 15.9 2.9 39.6

Discrete year performance (%)	Share price (total return)	NAV (total return)
31/3/2022 to 31/3/2023	-3.9	-8.0
31/3/2021 to 31/3/2022	-2.4	2.6
31/3/2020 to 31/3/2021	25.7	22.7
31/3/2019 to 31/3/2020	-15.4	-15.3
31/3/2018 to 31/3/2019	1.7	4.9

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

Source: at 31/03/23. © 2023 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 does not predict future returns.

Commentary at a glance

Contributors/detractors

Performance was negatively impacted by the weakness of financials as contagion risks from events in the US and Switzerland impacted sentiment. As such, KB Financial and Macquarie Group were detractors. The fall in the oil price also impacted the performance of Santos and Woodside Energy. Technology holding, TSMC, was a key positive as the sector rebounded due to improved risk appetite following the intervention by central banks and bottoming out of earnings expectations. The Indonesian banking sector diverged from the banking woes elsewhere given their domestic focus, with Bank Mandiri one of the best performers in the month.

Outlook

The severity of the downturn in developed markets will be key for the outlook in the region, along with the prospects of a sustained recovery in China. These events will have a material impact on corporate profitability and earnings trajectory. Asia equity valuations continue to look attractive to us relative to global equities, while inflationary pressures remain less pronounced. We are more confident about 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 flow and sustainable and growing dividends.

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 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.

Highlights

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)	254.7p
NAV (ex income)	253.6p
Share price	260.3p
Discount(-)/premium(+)	2.2%
Yield	9.2%
Net gearing	3%
Net cash	-
Total assets Net assets	£439m £406m
Market capitalisation	£415m
Total voting rights	159,558,564
Total number of holdings	51
Ongoing charges (year end 31 August 2022)	1.01%
Benchmark	-

Top 10 holdings	(%)
Samsung Electronics	3.8
Macquarie Group	3.5
Taiwan Semiconductor Manufacturing	3.5
Bank Mandiri	3.4
Rio Tinto Limited	3.3
Macquarie Korea Infrastructure Fund	3.3
BHP Group	3.3
United Overseas Bank	3.3
Woodside Energy	3.2
Vinacapital Vietnam Opportunity Fund

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

Key information

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

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.

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

10 year total return of £1,000

Sector breakdown (%) Financials 30.5% Real Estate 13.5%

Basic Materials 10.6%

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

Telecommuni cations 10.4% Technology 9.7% Energy 9.0%

Consumer Discretionary 8.7% Utilities 4.3% Industrials 3.2%

Fund Manager commentary Investment environment

March ended up being a flat month for Asian equities, although this masked some serious concerns about the global banking system following the intervention of central banks to stem an emerging crisis. The stress at US regional banks and Credit Suisse in Switzerland created elevated volatility, but the swift response from the respective central banks restored some confidence and growth-style companies in particular reacted positively in the latter part of the month. North Asia, with its large internet and technology constituents, performed strongly and China and South Korea were two of the best performing markets. In South Asia, Indonesia performed particularly strongly as it attracted investor inflows in light of a stable political and economic outlook amid the volatility.

At the sector level information technology and materials were strong performers, aided by the recovery in China, with a number of positive measures there to support the economy such as plans for state-owned enterprise reform, restructuring plans from the likes of Alibaba and JD.com, and a cut in the reserve requirement ratio.

Portfolio review

The Company's net asset value fell 1.2% in sterling terms over the month, underperforming the FTSE All World Asia Pacific ex Japan Index which rose 0.3%. The MSCI AC Asia Pacific ex Japan High Dividend Yield Index was up 1.1%.

In terms of trading activity, we added positions in two Indian utility companies, NTPC and Power Grid, due to their high yield and a structural opportunity in the growth of renewable energy in India. We also added Lithium miner Pilbara given its strong free cash flow and the prospects for higher dividends. We sold Dexus in Australia because of weakening office sentiment, and KT Corp following government intervention on pricing.

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

Month end closing mid-market share price multiplied by the number of shares outstanding at month end.

Net asset value (NAV)

The total value of a fund'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/en-gb/investor/glossary/

Source for fund ratings/awards Overall Morningstar Rating™ is shown for an investment company achieving a rating of 4 or 5.

Company specific risks

This Company is suitable to be used as one component in several in a diversified investment portfolio. Investors should consider carefully the proportion of their portfolio invested into this Company.
Active management techniques that have worked well in normal market conditions could prove ineffective or detrimental 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.
If a Company's portfolio is concentrated towards a particular country or geographical region, the investment carries greater risk than a portfolio diversified across more countries.
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.
The Company has significant exposure to Emerging Markets, which tend to be less stable than more established markets and can be affected by local political and economic conditions, reliability of trading systems, buying and selling practices and financial reporting standards.
The portfolio allows the manager to use options for revenue enhancement purposes. Options can be volatile and may result in a capital loss.
Where the Company invests in assets which are denominated in currencies other than the base currency then currency exchange rate movements may cause the value of investments to fall as well as rise.
The Company may use gearing as part of its investment strategy. If the Company utilises its ability to gear, the profits and losses incured by the Company can be greater than those of a Company that does not use gearing.
All or part of the Company's management fee is taken from its capital. While this allows more income to be paid, it may also restrict capital growth or even result in capital erosion over time.

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), Henderson Equity Partners Limited (reg. no.2606646), (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). Janus Henderson, Knowledge Shared and Knowledge Labs are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc

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