HENDERSON FAR EAST INCOME LD

Fund Information / Factsheet • Apr 23, 2024

Factsheet - at 31 March 2024

Marketing Communication

(total return)

Dividend history (pence/share)

declared but not yet paid.

0.0

5.0

10.0

15.0

20.0

25.0

Source: BNP Paribas for holdings information and Morningstar for all other data. Differences in calculation may occur due to the methodology used.

£410m £374m

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 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.hendersonfareastincome.com

Factsheet - at 31 March 2024

Marketing Communication

Top 10 holdings	(%)
Taiwan Semiconductor Manufacturing	5.4
Samsung Electronics	4.6
Swire Properties	3.9
DB Insurance	3.4
Midea Group	3.3
Bank Mandiri Persero	3.0
MediaTek	3.0
United Overseas Bank	2.8
ANTA Sports Products	2.7
Samsung Fire & Marine Insurance	2.7

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.

How to invest

Go to www.janushenderson.com/howtoinvest

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

to 100% as this only shows the top 10.

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

10 year total return of £1,000

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.

Customer services

0800 832 832

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	Sat Duhra 2019

Factsheet - at 31 March 2024

Marketing Communication

Fund Manager commentary Investment environment

Asian equities performed positively over March, supported by the technology sector as the artificial intelligence (AI) theme continued to act as a boost to the share prices of many firms.

It was no surprise that Taiwan was the best-performing market, given its large technology constituent which performed particularly well.

Hong Kong equities were a laggard as a number of weak corporate results dragged the index lower. However, there was some evidence of stabilisation in economic data in China.

Singapore equities performed strongly as companies that pay higher dividend yields performed well in the volatile global macroeconomic environment.

The energy sector was a beneficiary of strong oil prices and performed strongly.

Portfolio review

Taiwan Semiconductor Manufacturing (TSMC) was once again a key positive contributor. It benefited from strong operating trends in the sector and the positive impact on earnings from AI revenue being priced in following stronger-than-expected guidance (future earnings forecasts) at NVIDIA. Samsung Electronics and ASE Technology also performed well on this basis. The top positive contributor to performance was Hon Hai as its

shares rose 44% over the month, given investors preempted the benefits of AI on the company's future revenue. The recovery in Chinese consumption trends meant Anta Sports, a strong domestic sportswear brand in China, saw its share price rise. Samsonite, another consumer company, was also a top positive contributor given the company's plan for a dual listing to unlock more value.

Conversely, Guangdong Investment was the worst performer following a larger-than-expected dividend cut and impairments which create a weaker outlook for the company. We have since sold the position. Our South Korean automotive positions had a more difficult month after a period of strong outperformance, as they went exdividend and there was some caution heading into the National Assembly elections in April. Here, Kia Corp and Hyundai Motor were the main detractors.

In terms of activity, we continued to sell the positions in the telecommunications sector on the basis that dividends have not been growing and the operating environment lacks meaningful potential in our view. Here, we sold Spark New Zealand and Telkom Indonesia. We feel there are better opportunities in sectors such as technology and utilities, which have similar levels of dividend yield.

Manager outlook

While the economic challenges faced by China dominate the headlines, there are numerous bright spots which we

expect to be positive for performance. Here, India, Indonesia, Taiwan and South Korea all provide compelling exposure to growth themes in the region. Firms in these countries are also demonstrating evidence of dividend growth with areas such as Indonesian banks, firms exposed to South Korean corporate reforms and Taiwanese technology companies providing high and growing dividends. If the recent stabilisation in Chinese macroeconomic data turns into something more positive, then this, along with the potential for interest rate cuts in the second half of 2024, could provide a further boost to our markets.

The economic growth differential between Asia and the rest of the world remains wide and valuations continue to be attractive to us. We are observing significant opportunities to invest in quality companies which are growing their earnings and increasing their dividends. The outlook for dividends in the region remains robust as positive free cash flow generation, alongside the strength of balance sheets - with record amounts of cash being held by corporates - provide a strong backdrop across a number of sectors and markets across the region.

Factsheet - at 31 March 2024

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/engb/investor/glossary/

Factsheet - at 31 March 2024

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 is a trademark 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.