HENDERSON FAR EAST INCOME LD

Fund Information / Factsheet • Aug 20, 2025

Factsheet - at 31 July 2025

Marketing Communication

Share price performance (total return)

Dividend history

Performance over (%)	6m	1y	3y	5y	10y
Share price (Total return)	4.6	12.1	14.1	16.1	62.7
NAV (Total return)	6.2	11.6	13.4	16.8	63.0

Discrete year performance (%) Share price (total return) NAV (total return) 30/6/2024 to 30/6/2025 4.9 3.3 30/6/2023 to 30/6/2024 12.0 11.9 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

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

Source: at 31/07/25. © 2025 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

New China Life Insurance was the key positive contributor to performance, while the underweight position in Hon Hai was a key relative detractor.

Outlook

We are observing significant opportunities to accumulate what we see as 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)	221.5p
NAV (ex income)	217.4p
Share price	228.0p
Discount(-)/premium(+)	3.0%
Yield	10.9%
Net gearing	10%
Net cash	-
Total assets Net assets	£445m £402m
Market capitalisation	£414m
Total voting rights	181,544,679
Total number of holdings	71
Ongoing charges

(year end 31 Aug 2024) 1.08%

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 July 2025

Marketing Communication

Top 10 holdings	(%)
Taiwan Semiconductor Manufacturing	4.5
CTBC Financial	3.2
China Hongqiao Group	3.1
Evergreen Marine Corp Taiwan	3.0
Tencent	3.0
New China Life Insurance	3.0
China Resources Land	3.0
Kerry Properties	2.8
Macquarie Korea Infrastructure Fund	2.8
United Overseas Bank	2.6

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 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 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

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 (%)

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.

Jul 15 Jul 17 Jul 19 Jul 21 Jul 23 Jul 25

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.

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How to invest

Go to www.janushenderson.com/howtoinvest

Customer services 0800 832 832

Key information

Stock code HFEL

Factsheet - at 31 July 2025

Marketing Communication

Fund Manager commentary

Investment environment

Asian equities posted gains in July as the US struck framework agreements with a number of its trading partners in the region.

Chinese equities rose, supported by continued economic growth in the second quarter and news that inflation had turned positive (albeit very modestly) for the first time in five months in June.

Indian stocks fell as the US threatened to raise levies on imports from the country, while some disappointing corporate results also unnerved investors.

Taiwanese and South Korean stock markets rose, with both helped by stronger-than-expected GDP expansion. The positive sentiment also boosted developed Asian markets, including Hong Kong and Singapore.

All sectors registered positive returns in July. Materials was the strongest, followed by healthcare. Sectors perceived as being more defensive, such as consumer staples and communication services, underperformed as investors' risk appetite improved following a series of trade deals struck by the US, notably with the European Union (EU) and Japan.

Portfolio review

The fund's holdings in Hon Hai and Novatek Microelectronics detracted from performance. Hon Hai's share price, a leading contract electronics maker and assembler, rose on the back of strong corporate results from the likes of Alphabet, Meta and Microsoft. Continued robust demand for artificial intelligence (AI) computing power also boded well for Hon Hai, which has successfully diversified into manufacturing cloud computing and networking products such as AI servers. However, the underweight position in the stock detracted from relative returns. Novatek Microelectronics, a global supplier of display-related chips based in Taiwan, reported weaker sales in June due the appreciation of the Taiwanese dollar and softening demand in China.

New China Life Insurance (NCI) was the key positive contributor to performance. NCI reported an increase of 23% year on year in accumulated gross premium income for the first half of 2025, continuing its strong record of securing new businesses. Not owning Tata Consultancy Services (TCS) was also a significant positive contributor to relative performance as the company's share price fell sharply in July. TCS, India's largest IT services provider, reported weaker-than-expected quarterly revenue figures and announced plans to reduce its workforce.

During the month we initiated a new position in the aforementioned Novatek Microelectronics given what we saw as an attractive valuation and high dividend yield following the weakness in its share price. We exited the position in ASE Technology after the recent outperformance of its shares.

Manager outlook

While souring global trade relations and challenges faced by China have been dominating headlines, there are still numerous bright spots, with India, Indonesia, Taiwan and South Korea providing strong exposure to growth themes in the region. Companies in these countries are also demonstrating evidence of dividend growth. Areas such as Indonesian banks, firms exposed to South Korean corporate reform and Taiwanese technology firms have been providing high and growing dividends. If the recent stimulus measures in China manage to spur industrial and consumption activity, we think this, along with any further interest rate cuts in 2025, may provide a boost to Asian markets.

The economic growth differential between Asia and the rest of the world remains wide and we think valuations continue to be attractive. As a result, we are observing significant opportunities to accumulate what we see as quality companies that have been 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 - provides a strong backdrop across a number of sectors and markets across the region.

Factsheet - at 31 July 2025

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/

Source for fund ratings/awards

Overall Morningstar Rating™ is shown for an investment company achieving a rating of 4 or 5.

Company specific risks

• 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.
• Active management techniques that have worked well in normal market conditions could prove ineffective or negative for performance at other times.
• 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.
• A persistent reduction in dividend income from investee companies could adversely affect the Company's ability to maintain its record of paying a growing dividend each year.
• 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.
• The Company could lose money if a counterparty with which it trades becomes unwilling or unable to meet its obligations to the Company.
• 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 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 10 Norwich Street, London, United Kingdom, EC4A 1BD 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