HENDERSON FAR EAST INCOME LD

Fund Information / Factsheet • Sep 22, 2025

HENDERSON FAR EAST INCOME LIMITED (HFEL) ISIN: JE00B1GXH751

Factsheet - at 31 August 2025

Marketing Communication

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)	223.3p
NAV (ex income)	217.8p
Share price	231.0p
Discount(-)/premium(+)	3.4%
Yield	10.8%
Net gearing	6%
Net cash	-
Total assets Net assets	£457m £408m
Market capitalisation	£422m
Total voting rights	182,544,679
Total number of holdings	73
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

HENDERSON FAR EAST INCOME LIMITED (HFEL) ISIN: JE00B1GXH751

Factsheet - at 31 August 2025

Marketing Communication

Top 10 holdings	(%)
Taiwan Semiconductor Manufacturing	5.2
Brilliance China Automotive	4.7
Tencent	4.6
China Hongqiao Group	3.7
Oversea-Chinese Banking	3.6
United Overseas Bank	3.5
Lenovo Group	2.7
Origin Energy	2.6
Hon Hai Precision Industry	2.5
Macquarie Korea Infrastructure Fund	2.5

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.

Geographical focus (%) China 29.9% Taiwan 17.9% South Korea 12.6% Hong Kong 11.1% Australia 9.0% Singapore 7.2% Indonesia 4.9% India 4.5% Thailand 1.2%

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

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.

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.

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
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

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

Customer services 0800 832 832

Philippines 1.0%

Factsheet - at 31 August 2025

Marketing Communication

Fund Manager commentary

Investment environment

Asian equities rose in August as investor sentiment rose due to the improved global mood and as the US and China agreed to extend the deadline for trade negotiations. However, the US implemented increased trade tariffs against a number of countries in the region, including Taiwan and South Korea.

Chinese equities rose, underpinned by reduced worries about Sino-US relations. On the domestic front, there were some signs of easing deflationary pressures as annual core inflation (which excludes food and fuel prices) accelerated to a 17-month high of 0.8% in July from June's 0.6% rise.

Indian equities fell as the US doubled tariffs on imports from the country to 50%. The high tariffs compounded an already weaker economic outlook for the country, although it emerged at the end of the month that India's GDP had grown by more than anticipated in the second quarter.

In Taiwan, stocks declined in US dollar terms as the Taiwanese dollar weakened, although the benchmark Taiex reached an all-time high. Equities fell in South Korea, where the technology sector came under pressure. Australian shares rose and the S&P/ASX 200 Index hit a record peak as some favourable corporate results and lower-than-predicted inflation boosted sentiment.

By sector, materials was the strongest, followed by consumer discretionary. Companies in the materials sector were boosted by price increases in some commodities, notably lithium.

Sectors perceived as being more defensive, such as healthcare and utilities, weakened as investor sentiment generally remained resilient.

Portfolio review

Leading positive contributors to performance included Brilliance China Automotive and China Construction Bank. The share price in Brilliance China rose after the company released its half-year trading statement. It posted higher revenue figures year on year amid intense rivalry in the sector. Shares in China Construction Bank fell amid profittaking. However, the underweight position in the bank aided returns relative to the benchmark.

Not owning DBS detracted from relative performance. The Singapore-based bank reported second-quarter earnings that exceeded expectations, driving its share price to a record high in August. Shares in Evergreen Marine fell after the company posted weaker second-quarter results. Moreover, the outlook for container shippers' earnings has deteriorated because of the impact of higher US tariffs on global demand and lower container freight rates.

During the month we initiated a new position in clothing manufacturer Bosideng International Holdings. We like Bosideng as the company is China's leading down jacket brand, with a growing presence abroad. In addition, Bosideng prioritises shareholder returns via its very high dividend pay-out ratio.

Manager outlook

While souring global trade relations and challenges faced by China have been dominating the 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 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.

HENDERSON FAR EAST INCOME LIMITED (HFEL) ISIN: JE00B1GXH751

Factsheet - at 31 August 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/

Factsheet - at 31 August 2025

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

• 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).

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