HENDERSON FAR EAST INCOME LD

Fund Information / Factsheet • Aug 21, 2023

Factsheet - at 31 July 2023

Marketing Communication

Share price performance (total return)

Price (rebased) NAV (cum income)

Dividend history (pence/share)

Performance over (%) 6m 1y 3y 5y 10y Share price (Total return) -12.0 -3.6 -2.0 -3.8 43.8 NAV (Total return) -10.8 -4.2 -1.3 -4.0 42.8

Discrete year performance (%)	Share price (total return)	NAV (total return)
30/6/2022 to 30/6/2023	-5.7	-6.5
30/6/2021 to 30/6/2022	-6.9	-6.7
30/6/2020 to 30/6/2021	9.2	10.4
30/6/2019 to 30/6/2020	-8.2	-8.5
30/6/2018 to 30/6/2019	11.2	9.7
n/a	n/a	n/a

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

Source: at 31/07/23. © 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.

Commentary at a glance

Contributors/detractors (for the quarter) On a relative basis, Company performance was more impacted by what we did not own as two Artificial Intelligence ('AI') stocks in Taiwan, and POSCO in South Korea, added almost 2% to the high yield index return on their own. However, the Company benefited from the strong performance of CITIC Securities and Lenovo in China, NTPC in India and the VinaCapital Vietnam Opportunities Fund. The biggest detractors were TSMC, Digital Telecommunications in Thailand and PT Telkom in Indonesia.

Outlook

The likelihood of an economic slowdown in developed markets has been well flagged and the severity of this, along with the prospects of a sustained recovery in China, will be key for the outlook in the region. Asian equities continue to look attractive to us relative to global equities, while inflationary pressures in the region are less pronounced. 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 domestic-orientated companies with strong cash flows 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.

Company information

NAV (cum income)	234.4p
NAV (ex income)	233.8p
Share price	240.5p
Discount(-)/premium(+)	2.6%
Yield	10.0%
Net gearing	7%
Net cash	-
Total assets	£421m
Net assets	£382m
Market capitalisation	£392m
Total voting rights	162,988,564
Total number of holdings	54
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.

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.

How to invest Go to www.janushenderson.com/howtoinvest Find out more Go to www.hendersonfareastincome.com

Factsheet - at 31 July 2023

Marketing Communication

Top 10 holdings	(%)
Taiwan Semiconductor Manufacturing	3.7
Samsung Electronics	3.6
Hon Hai Precision Industry	3.6
Macquarie Korea Infrastructure Fund	3.2
Ping An Insurance Group Co of China	3.2
Vinacapital Vietnam Opportunity Fund Ltd	3.2
Midea Group	2.9
Rio Tinto	2.8
BHP Group Limited	2.7
CITIC Securities	2.6

Geographical focus (%) China 22.4% Australia 16.7% Taiwan 11.6% South Korea 10.1% Hong Kong 9.7% Singapore 9.1% India 6.2% Indonesia 5.9%

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 (%)

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.

10 year total return of £1,000

Vietnam 3.2% New Zealand 1.9%

Key information

HFEL
AIC Asia Pacific Equity Income
-
Conventional (Ords)
2006
31-Aug
May, August, November, February
Slightly above average
0.75% of net assets pa
No
(See Annual Report & Key Information Document for more information)
Asia Pacific ex Japan
Mike 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. Please refer to glossary for definition of share price total return.

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

Factsheet - at 31 July 2023

Marketing Communication

Fund Manager commentary Investment environment

July was a positive month for Asian equities as inflation pressures eased in western economies and China announced more extensive easing measures following an earlier-than-expected meeting of the Politburo. China was the best performing market as investors viewed the government's focus on economic growth as more important than the disappointing economic numbers which saw retail sales disappoint and housing activity weaken further. With oil prices rising by 16% over the month, Malaysia (the only net exporter in the region) performed strongly while India (the largest importer) underperformed.

The worst-performing market was Taiwan, where the broad index return did not reflect some of the remarkable moves in AI related sectors. In Taiwan, and to a lesser extent South Korea, retail investors dominated volumes with a focus on the technology sector - and especially companies with exposure to the AI theme. As a result, moves of over 50% during the month were not uncommon, but not sufficient enough to move the index higher as the larger index constituents did not participate. Consumer discretionary and energy were the other sectors that performed well, while staples and health care struggled.

Portfolio review

The NAV total return performance was 2.5% for the month, underperforming the broad FTSE AW Asia Pacific ex Japan Index and the MSCI AC Asia Pacific ex Japan High Dividend Yield Index which both rose 4.5% in sterling terms.

Following some strong results, we added a position in HSBC at the expense of KB Financial Group in South Korea, where we feel that credit quality is likely to deteriorate. We also added a position in HDFC Bank in India following the merger of the bank and the finance company. We sold the position in miner IGO following some disappointing results.

Manager outlook

The likelihood of an economic slowdown in developed markets has been well flagged and the severity of this, along with the prospects of a sustained recovery in China, will be key for the outlook in the region. Asian equities continue to look attractive to us relative to global equities, while inflationary pressures in the region are less pronounced. 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 domestic-orientated companies with strong cash flows and sustainable and growing dividends.

Factsheet - at 31 July 2023

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/en-gb/investor/ glossary/

Factsheet - at 31 July 2023

Marketing Communication

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 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 has significant exposure to Emerging Markets, which tend to be less stable than more established markets. These markets can be affected by local political and economic conditions as well as variances in the reliability of trading systems, buying and selling practices, and financial reporting standards.
• The portfolio allows the manager to use options for efficient portfolio management. Options can be volatile and may result in a capital loss.
• 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.
• 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.

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).

Janus Henderson and Knowledge Shared are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc

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

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.