Henderson Smaller Companies Investment Trust PLC

Fund Information / Factsheet • Sep 23, 2024

THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC (HSL) ISIN: GB0009065060

Factsheet - at 31 August 2024 Marketing Communication

Share price performance	Performance over (%)	6m	1y	3y	5y	10y	Commentary at a glance	Company overview
(total return) Price (rebased)	Share price (Total return)	19.2	27.9	-27.6	26.7	117.6	Performance In the month under review the Company's NAV total	Objective The Company aims to maximise shareholders' total returns (capital and income) by investing in
Benchmark NAV (cum income) 200	return was -3.2% and the Deutsche Numis Smaller NAV Companies ex Investment Companies Index total 16.7 25.1 -23.7 26.2 102.1 (Total return)	return was -1.3%.	smaller companies that are quoted in the United Kingdom.
150	Benchmark (Total return)	16.5	19.8	-1.1	37.1	80.7	Contributors/detractors Just Group was positive for performance after	Company information
								NAV (cum income)	1004.8p
100	Relative NAV (Total return)	0.3	5.3	-22.7	-11.0	21.4	reporting strong profitability and future prospects. OSB Group detracted after downgrading its profit	NAV (ex income)	997.5p
							outlook, given competition in the mortgage market.	Share price	890.0p
50								Discount(-)/premium(+)	-11.4%
0 Aug 19 Aug 20 Aug 21 Aug 22 Aug 23 Aug 24							Outlook While equity market falls have thrown up buying	Yield	3.0%
	Discrete year Share price NAV						opportunities, we believe it is important to be selective about a company's strength of franchise, market position and balance sheet.	Net gearing	13%
	performance (%) (total return)				(total return)			Net cash	-
Dividend history	30/6/2023 to 30/6/2024		20.3		17.2			Total assets Net assets	£838m £747m
(pence/share)	30/6/2022 to		-6.1		-7.4		References made to individual securities do not constitute a recommendation to buy, sell or hold any security, investment strategy	Market capitalisation	£662m
30.0 Income Income Special	30/6/2023					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.	Total voting rights	74,385,131
25.0	30/6/2021 to 30/6/2022		-33.6		-26.6			Total number of holdings	103
20.0 15.0	30/6/2020 to 30/6/2021		64.6		59.0			Ongoing charges (year end 31 May 2024)	0.44%
10.0 5.0	30/6/2019 to 30/6/2020		-7.7		-9.6			Benchmark	Deutsche Numis Smaller Companies ex Investment Companies Index
0.0	n/a n/a n/a All performance, cumulative growth and annual growth data is sourced from Morningstar.							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.
04 06 08 10 12 14 16 18 20 22 24 Please note that this chart could include dividends that have been declared but not yet paid.	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 predict future returns.

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.hendersonsmallercompanies.com

THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC (HSL) ISIN: GB0009065060

Factsheet - at 31 August 2024 Marketing Communication

Top 10 holdings	(%)
Bellway	3.4
Paragon Banking	3.2
Mitchells & Butlers	2.9
Balfour Beatty	2.9
Future	2.6
Ascential	2.5
Oxford Instruments	2.4
Just Group	2.2
Gamma Communications	2.0
Vesuvius	2.0

employees, may have a position in the securities mentioned.

Sector breakdown (%)

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 *One UK position in the portfolio underwent a corporate action merger and became a US-owned stock at the end of August 2024. The portfolio managers are in the process of disposing of the US stock.

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

Key information Stock code HSL

AIC sector	AIC UK Smaller Companies
Benchmark	Deutsche Numis Smaller Companies ex Investment Companies Index
Company type	Conventional (Ords)
Launch date	1887
Financial year	31-May
Dividend payment	March, October
Management fee	0.35% of net assets
Performance fee	Yes
(See Annual Report & Key Information Document for more information)
Regional focus	UK
Fund manager appointment	Neil Hermon 2002 Indriatti van Hien 2016

Neil Hermon Portfolio Manager

Indriatti van Hien, ACA, CFA Deputy Fund Manager

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.

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

THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC (HSL) ISIN: GB0009065060

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.
• Most of the investments in this portfolio are in smaller companies shares. They may be more difficult to buy and sell, and their share prices may fluctuate more than those of larger companies.
• Using derivatives exposes the Company to risks different from and potentially greater than the risks associated with investing directly in securities. It may therefore result in additional loss, which could be significantly greater than the cost of the derivative.
• 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.

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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