Fund Information / Factsheet • Jun 22, 2023
Fund Information / Factsheet
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Discrete year performance (%)
31/3/2022 to
31/3/2021 to
31/3/2020 to
31/3/2019 to
31/3/2018 to
from Morningstar.
but not yet paid.
Performance over (%) 6m 1y 3y 5y 10y Share price (Total return) -6.9 -10.2 -0.4 -4.9 32.3 NAV (Total return) -7.8 -11.4 -1.0 -6.4 30.7
Share price (total return)
31/3/2023 -3.9 -8.0
31/3/2022 -2.4 2.6
31/3/2021 25.7 22.7
31/3/2020 -15.4 -15.3
31/3/2019 1.7 4.9
All performance, cumulative growth and annual growth data is sourced
Source: at 31/05/23. © 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.
NAV (total return)
Performance was negatively impacted by share price weakness in Chinese companies dependent on domestic consumers, as the pace of economic recovery continued to disappoint. Here, Anta Sports, Midea Group and Li-Ning were the key detractors.
The strong performance of Taiwan Semiconductors Manufacturing was the key positive as investors seemed convinced that the Company's share price was not pricing in the future benefit of Artificial Intelligence spend. Samsung Electronics was a positive contributor for similar reasons. The Company was also a beneficiary of not owning Chinese property companies given their weak performance.
The likelihood of a recession in developed markets has been well flagged. The severity of this, along with the prospects of a sustained economic recovery in China, will be key for Asian equities. Asian equity share prices continue to look attractive to us relative to global equities, while inflationary pressures are less pronounced across the region. We are 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 investing in domestically orientated companies with strong cash flows 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.
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.
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) | 234.7p |
|---|---|
| NAV (ex income) | 234.7p |
| Share price | 243.0p |
| Discount(-)/premium(+) | 3.5% |
| Yield | 9.9% |
| Net gearing | 6% |
| Net cash | - |
| Total assets Net assets |
£415m £379m |
| Market capitalisation | £392m |
| Total voting rights | 161,438,564 |
| Total number of holdings | 50 |
| Ongoing charges (year end 31 Aug 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 do not include shares held in Treasury.
How to invest Go to www.janushenderson.com/howtoinvest
| Top 10 holdings | (%) |
|---|---|
| Taiwan Semiconductor Manufacturing | 3.9 |
| Samsung Electronics | 3.7 |
| Macquarie Korea Infrastructure Fund | 3.6 |
| HKT Trust & HKT | 3.4 |
| Vinacapital Vietnam Opportunity Fund Ltd | 3.0 |
| Ping An Insurance | 3.0 |
| Bank of Communications | 3.0 |
| Midea Group | 2.7 |
| Rio Tinto Limited | 2.6 |
| BHP Group | 2.5 |
Geographical focus (%)
Thailand 2.3%
The above sector breakdown may not add up to 100% due to rounding.
| 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 |
Key information
Stock code HFEL
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.
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.
How to invest Go to www.janushenderson.com/howtoinvest Customer services 0800 832 832
Asian equities were weaker again in May. It was a familiar story in China and Hong Kong which ended up the worst performing markets as weaker economic data, tensions with the US, and a lack of major stimulus concerned investors. However, there was a resurgence in interest in artificial intelligence (AI) and those companies that might stand to benefit. A strong earnings announcement from Nvidia in the US boosted the information technology sector in Asia, which ended up as the strongest sector in May by some distance. This was especially positive for Taiwan, which was the strongest market in the month given the significant number of technology companies in Taiwanese indices.
The weaker data in China had a significant impact on the performance of the real estate, materials and energy sectors. Fears of weaker demand led these sectors lower and they were among the weakest over the month. The negative sentiment surrounding the ongoing US debt ceiling negotiations was not helpful for these sectors either, as fears of a US recession picked up pace.
Communications in China owing to positive results, what we saw as an attractive share price, and central government policy support. We reduced the Company's overall holding in Singapore by trimming its positions in Singapore Telecom and United Overseas Bank. We also reduced the position in South Korean bank Hana Financial Group.
The likelihood of a recession in developed markets has been well flagged. The severity of this, along with the prospects of a sustained economic recovery in China, will be key for Asian equities. Asian equity share prices continue to look attractive to us relative to global equities, while inflationary pressures are less pronounced across the region. We are 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 investing in domestically orientated companies with strong cash flows and what we see as sustainable and growing dividends.
The Company's net asset value fell 3.3% over the month, underperforming the FTSE All World Asia Pacific ex Japan Index which fell 0.8%. The MSCI AC Asia Pacific ex Japan High Dividend Yield Index also fell 0.8% in sterling terms.
Over the month we added a position in Bank of
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.
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.
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.
The total value of a Company's assets less its liabilities.
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.
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.
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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Henderson Far East Income Limited is a Jersey fund, registered at IFC-1 The, Esplanade, St Helier JE1 4BP, Jersey, and is regulated by the Jersey Financial Services Commission
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