HENDERSON FAR EAST INCOME LD

Fund Information / Factsheet • Jul 22, 2024

Factsheet - at 30 June 2024

Share price performance

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

Total number of holdings 71

Ongoing charges (year end 31 Aug 2023) 0.97%

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 the glossary for the definition of share price total return.

Go to www.janushenderson.com/howtoinvest

Please note that this chart could include dividends that have been

07 09 11 13 15 17 19 21 23

Income

Find out more Go to www.hendersonfareastincome.com

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.

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

Company information

NAV (cum income)	235.3p
NAV (ex income)	231.9p
Share price	241.0p
Discount(-)/premium(+)	2.4%
Yield	10.1%
Net gearing	9%
Net cash	-
Total assets Net assets	£423m £383m
Market capitalisation	£392m
Total voting rights	162,707,179
Total number of holdings	71
Ongoing charges

How to invest

Factsheet - at 30 June 2024

Marketing Communication

Top 10 holdings	(%)
Taiwan Semiconductor Manufacturing	5.7
Brilliance China Automotive	5.1
Samsung Electronics	4.5
China CITIC Bank	4.4
MediaTek	3.8
HKT Trust & HKT	3.1
Hon Hai Precision Industry	2.9
HDFC Bank	2.7
ASE Technology	2.5
Lenovo Group	2.5

The above geographical breakdown may not add up

to 100% as this only shows the top 10.

Sector breakdown (%) Financials 30.7% Technology 23.3% Consumer Discretionary 18.0% Telecomms 9.7% Basic Materials 6.2% Real Estate 4.1% Utilities 4.0% Energy 2.6% Industrials 1.4% Index Derivatives -0.1%

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

	Income
Benchmark	-
Company type	Conventional (Ords)
Launch date	2006
Financial year	31-Aug
Dividend payment	May, August, November, February
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

AIC sector AIC Asia Pacific Equity

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.

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

10 year total return of £1,000

Jun 14 Jun 16 Jun 18 Jun 20 Jun 22 Jun 24

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.

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

Factsheet - at 30 June 2024

Marketing Communication

Fund Manager commentary Investment environment

Asian equities rose in June after rallying early in the month.

Taiwan and South Korean shares surged higher with Taiwan's main TAIEX Index reaching an all-time high, as sustained interest in artificial intelligence (AI) boosted technology stocks in both countries.

Indian stock markets recovered from an early slump after the general election and reached record highs for key benchmarks such as the blue-chip Nifty 50 and BSE Sensex 30 indices by the end of the month. Prime Minister Narendra Modi's BJP unexpectedly lost its parliamentary majority, but managed to form a government with regional parties.

On the other hand, Chinese stocks lagged due to investor anxiety about the property sector, despite further stimulus measures announced by the authorities.

By sector, information technology was the strongest performer in June, benefiting from continued strong interest in AI, especially since Asia is a key region for the AI supply chain. Conversely, real estate was the weakest performing sector amid concerns about higher-for-longer interest rates outside of China.

Portfolio review

The leading positive contributors were Taiwan Semiconductor Manufacturing Company (TSMC) and Brilliance China Automotive. TSMC, the largest semiconductor foundry, continued to benefit from a surge in demand for AI chips. The company reiterated its fullyear guidance of 20-25% year-on-year revenue growth as well as plans to increase its average selling price (ASP) next year. Brilliance China, which manufactures BMW vehicles in China, saw its share price increase after announcing a special dividend, which was well above market expectations.

Conversely, our holdings in Hon Hai and Pilbara Minerals detracted from performance. The share price of Hon Hai, a leading contract electronics maker, continued to rise on the back of a strong demand for servers catering to AI applications. However, the underweight position in the company detracted from relative returns. Pilbara Minerals' share price weakened further in June amid a recent slump in the price of lithium.

During the month, we increased our position in Brilliance China Automotive. In view of the green transition, the company has increased the production of battery electric vehicles (BEVs) and has started providing vehicle components to other electric vehicle manufacturers. We also increased the fund's technology holding in Samsung Electronics, given the stronger demand outlook for AIrelated products and potential qualification from NVIDIA for its high-bandwidth memory chips. Elsewhere, we exited the position in Singapore's CapitaLand Integrated Commercial Trust, preferring our Singapore banking exposure in a 'higher-for-longer' interest rate environment.

Manager outlook

While the challenges faced by China dominate headlines, there are numerous bright spots which we expect to be positive for performance. India, Indonesia, Taiwan and South Korea provide compelling exposure to growth themes in the region. They are also demonstrating evidence of dividend growth with areas such as Indonesian banks, firms exposed to South Korean corporate reform and Taiwanese technology firms providing high and growing dividends. If the recent stabilisation in China's macroeconomic data turns into something more positive, this, along with potential interest rate cuts in the second half of 2024, could provide a further boost to Asian markets.

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

Factsheet - at 30 June 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/

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.

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 78, Avenue de la Liberté, L-1930 Luxembourg, 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