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Henderson High Income – The trust that delivers

Henderson High Income Trust (HHI) launched in November 1989, with an objective of generating a high income from a portfolio consisting primarily of UK equities complemented by a modest weighting in fixed interest investments that have been used to enhance income…. Read more Investors might have been forgiven for thinking that the second half of […]

Edward Marten by Edward Marten
2019-11-26 15:31
in Prices and Markets
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Henderson High Income Trust (HHI) launched in November 1989, with an objective of generating a high income from a portfolio consisting primarily of UK equities complemented by a modest weighting in fixed interest investments that have been used to enhance income…. Read more

Investors might have been forgiven for thinking that the second half of HHI’s objective, “maintaining the prospect of capital growth”, might fall by the wayside. However, by making imaginative use of the flexibility afforded by its investment trust structure, over the past 30 years, HHI has been able to deliver on both parts of its objective. Total returns have been well ahead of the wider UK market; over 14x since launch, compared to 9.4x from the MSCI UK Index.

The puzzle is that, despite an excellent long-, medium- and short-term record and a very attractive yield, the trust is trading at a discount. This is arguably more a reflection of anti-UK sentiment, which might improve soon, than any perceived problem with HHI.

High income from a diverse UK equity income portfolio

HHI invests in a prudently diversified selection of both well-known and smaller companies to provide investors with a high income stream while also maintaining the prospect of capital growth. Gearing (borrowing) is used to enhance income returns, and also to achieve capital growth over time. A portion of gearing is usually invested in fixed interest securities, which helps dampen the overall volatility of the trust.

Read more

NB: Marten & Co was paid to produce this note on Henderson High Income Trust Plc and it is for information purposes only. It is not intended to encourage the reader to
deal in the security or securities mentioned in this report. Please read the important information at the back of this note. QuotedData is a trading name of Marten & Co
Limited which is authorised and regulated by the FCA. Marten & Co is not permitted to provide investment advice to individual investors categorised as Retail Clients under
the rules of the Financial Conduct Authority.

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