HENDERSON FAR EAST INCOME LD

Fund Information / Factsheet • Sep 23, 2024

Discrete year performance (%)

30/6/2023 to

30/6/2022 to

30/6/2021 to

30/6/2020 to

30/6/2019 to

predict future returns.

sourced from Morningstar.

Factsheet - at 31 August 2024

Marketing Communication

Share price performance (total return)

Dividend history

Performance over (%)	6m	1y	3y	5y	10y
Share price (Total return)	11.4	16.6	0.3	-3.5	42.1
NAV (Total return)	3.4	11.9	-0.8	-4.3	42.5

Share price (total return)

30/6/2024 12.0 11.9

30/6/2023 -5.7 -6.5

30/6/2022 -6.9 -6.7

30/6/2021 9.2 10.4

30/6/2020 -8.2 -8.5

Source: at 31/08/24. © 2024 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

n/a n/a n/a All performance, cumulative growth and annual growth data is

NAV (total return)

Commentary at a glance

Contributors/detractors

Bank Mandiri was the key positive contributor to performance, while Samsung Electronics was the key detractor from performance.

Outlook

We are observing significant opportunities to invest in quality companies that have been growing their earnings and increasing their dividends across many of our markets.

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)	222.2p
NAV (ex income)	212.6p
Share price	227.0p
Discount(-)/premium(+)	2.1%
Yield	10.8%
Net gearing	3%
Net cash	-
Total assets Net assets	£382m £367m
Market capitalisation	£374m
Total voting rights	164,937,179
Total number of holdings	66
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.

How to invest Go to www.janushenderson.com/howtoinvest

Find out more Go to www.hendersonfareastincome.com

Factsheet - at 31 August 2024

Marketing Communication

Top 10 holdings	(%)
Samsung Electronics	5.5
Taiwan Semiconductor Manufacturing	5.3
MediaTek	3.6
Macquarie Group	3.4
HDFC Bank	3.1
HKT Trust & HKT	3.1
Oversea-Chinese Banking	3.0
Hon Hai Precision Industry	2.6
ASE Technology	2.5
Bharat Petroleum	2.4

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 (%)

The above geographical breakdown may not add up

to 100% as this only shows the top 10.

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.

Sector breakdown (%)

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

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
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

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

Key information

How to invest

Go to www.janushenderson.com/howtoinvest

Customer services 0800 832 832

Factsheet - at 31 August 2024

Marketing Communication

Fund Manager commentary Investment environment

Asian equity markets rose as the US dollar weakened against regional currencies.

Chinese equities were up despite continued investor concerns about the Chinese economy. The country's manufacturing purchasing managers' index (PMI), which reflects the prevailing trends in the industry, fell into contractionary territory for the first time since October 2023. Meanwhile, growth in China's industrial sector slowed.

Indian stock markets continued their upward momentum, with the blue-chip Nifty 50 Index and the BSE Sensex 30 Index both reaching all-time highs.

South Korean equities were the weakest performer in August, as the country's technology sector failed to recover from the global stock rout early in the month.

All but one of the sectors (healthcare) registered positive returns. Consumer staples was the best-performing sector over the month as investors favoured traditionally more defensive sectors amid signs of slowing economic growth.

Portfolio review

The holdings in Samsung Electronics and Brilliance China Automotive detracted from performance in August. Samsung Electronics was the key detractor given its

large position in the portfolio, and as the company continued to lag its technology sector peers in terms of its share price performance. Brilliance China Automotive's share price fell considerably after the company issued a profit warning.

Conversely, the leading positive contributors were Bank Mandiri and Hyundai Motors. Indonesian state lender Bank Mandiri performed well in August on the back of strong loan growth and a higher net interest margin. Hyundai Motor's shares rose after the company announced a higher-than-expected shareholder return policy, which included raising its dividend by 25%.

During the month, we initiated a new position in First Pacific, a Hong Kong-based investment holding company focusing on four key industries (consumer food products, telecommunications, infrastructure and natural resources) in the Asia Pacific region. We find the investment attractive due to its diversified portfolio and progressive dividend policy. We also wrote call options on our technology holdings (MediaTek and Taiwan Semiconductor Manufacturing Company), given the current higher market volatility.

Manager outlook

While the challenges faced by China have been dominating headlines, there are numerous bright spots. India, Indonesia, Taiwan and South Korea provide compelling exposure to growth themes in the region. Companies in these countries 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, then we think 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 in our view. We are observing significant opportunities to accumulate quality companies that 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 being held by corporates - provide a strong backdrop across a number of sectors and markets across the region.

Factsheet - at 31 August 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.

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 August 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.

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), Tabula Investment Management Limited (reg. no. 11286661 at 6th Floor, 55 Strand London WC2N 5LR 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