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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Henderson Alternative Strategies Trust Plc | LSE:HAST | London | Ordinary Share | GB0001216000 | ORD 25P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 272.00 | 272.00 | 276.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2019 to May 2024
TIDMHAST
RNS Number : 4719F
Henderson Alternative Strat Tst PLC
18 May 2017
HERSON ALTERNATIVE STRATEGIES TRUST PLC
Unaudited Results for the half-year ended 31 March 2017
This announcement contains regulated information
INVESTMENT OBJECTIVE
The Company exploits global opportunities to provide long-term growth to shareholders via a diversified, international, multi-strategy portfolio which also offers access to specialist funds including hedge and private equity. The Company aims to outperform the FTSE World Total Return Index on a total return basis in Sterling terms.
Hot Features
Premium
Half-year ended Year ended
Performance (Unaudited) (Unaudited) (Audited)
31 March 31 March 30 September
2017 2016 2016
--------------------------- ------------ ------------ --------------
Net asset value (NAV) per
ordinary share 324.7p 266.6p 308.7p
Total return per ordinary
share 21.21p (5.74)p 36.35p
Share price per ordinary
share 284.0p 210.0p 249.1p
Market capitalisation GBP109.8m GBP98.0m GBP107.1m
Discount 12.5% 14.5% 19.3%
Ordinary shares in issue 38,678,638 42,976,264 42,976,264
Total Return Performance to 31 March 2017 (including dividends reinvested
and excluding transaction costs)
6 months 1 year 3 years 5 years 10 years
% % % % %
------------------------------ ----------- -------- --------- --------- ----------
NAV(1) 6.9 24.1 15.8 1.4 -12.9
Share price(2) 16.6 38.3 24.5 4.5 -24.9
Benchmark(3) 12.9 32.9 57.9 99.6 149.5
FTSE Developed/EM 75/25
Composite(4) 12.6 33.6 55.7 86.5 146.4
1. Net asset value total return per ordinary share with income reinvested for 6 months, 1, 3 and 5 years and capital NAV plus income reinvested for 10 years
2. Share price total return using mid-market share price 3. FTSE World Total Return Index in Sterling terms
4. FTSE Developed Total Return Index (75%) / FTSE Emerging Markets Total Return Index (25%) - a composite
index introduced as an additional informal performance measure
Sources: Morningstar Direct, Datastream, Henderson, Association of Investment Companies ('AIC')
INTERIM MANAGEMENT REPORT
CHAIRMAN'S STATEMENT
Performance
I am pleased to report that your Company continued to perform well during the half-year to 31 March 2017, delivering a share price total return of 16.6%. This compared with an increase of 12.9% in the Company's benchmark, the FTSE World Total Return Index (in Sterling). In addition, the Company's share price total return compared favourably with the 9.6% average weighted share price total return of its peer group in the AIC's Flexible Investment Sector. The Company also produced a solid six-month NAV total return of 6.9%, with each of its five investment categories making a positive contribution.
Share Price Discount
Importantly, the Company's share price discount to NAV per share narrowed significantly during the half-year from 19.3% to 12.5%. The Board believes that this reflected growing investor confidence in the quality and performance of the Company's restructured investment portfolio together with the impact of Henderson's marketing of the Company's shares to both professional and retail investors.
Second 10% Tender Offer
In January 2017 the Company completed a second tender offer for up to 10% of its ordinary shares at a discount of 5% to NAV less tender costs. The tender offer was oversubscribed and resulted in the return of almost GBP13.0 million of cash to participating shareholders. Although the Board has no current plans for a further tender offer, it will continue to consider the use of additional discount control measures as and when appropriate.
Outlook
As 2017 progresses, we are seeing global financial markets at their highest levels for some time, and these will continue to face significant political and macro-economic uncertainties. In such an environment the Board believes that the Company's investment strategy provides investors with a valuable source of diversification through exposure to a well-managed, good-quality portfolio of alternative asset and specialist funds, which is capable of delivering attractive long-term returns.
The Company's performance has improved significantly over the last year or so and the Company ranks well against its peers in its comparable sector over this period. The Board and Henderson are focused not only on the short term but also particularly on delivering good and sustained long-term performance, on a relative and absolute basis. Shareholders will have the opportunity to make their views known about the Company, and its potential returns, at the coming triennial continuation vote scheduled to take place at the Company's AGM in January 2018.
I look forward to reporting on further progress at the Company's financial year end.
Richard Gubbins
Chairman
18 May 2017
FUND MANAGERS' REPORT
Overview
The half-year to 31 March 2017 saw world stock markets rise against an improving global macro-economic backdrop. The surprise victory of President Trump in November was quickly interpreted by investors as beneficial to the US economy; also initial concerns regarding the threat to global growth posed by increased US protectionism receded as equity markets chose to focus more on the positive aspects of "Trumponomics". Global fixed income valuations also remained high with yields at historic lows despite several years of loose central bank monetary policy apparently moving towards their conclusion.
There are, however, significant risks which could threaten the elevated valuations across the world's mainstream financial markets. These include the threat of significantly increased political instability in the Eurozone, question marks over the sustainability of current levels of growth in China, the tapering of Quantitative Easing leading to a rising interest rate environment and the on-going military engagement in parts of the Middle East.
Given this environment, some investors are understandably keen to seek alternative sources of return to mainstream financial markets. We believe that the Company is well-positioned to offer such diversification through its differentiated investment proposition focused on good-quality alternative and specialist asset funds which the Company's investors are unlikely to own directly themselves.
Performance
The Company's investment portfolio performed well during the half-year to 31 March 2017, generating a NAV total return of 6.9%. When annualised, this was comfortably above our NAV total return target for the Company of 8.0% per annum over the long term. All five of the Company's investment categories, Specialist Sector, Specialist Geography, Private Equity, Hedge and Property, made positive contributions and reflected the improved quality of the Company's investments. Returns would probably have been slightly higher had it not been necessary to build a large cash position between October and December in order to fund the second 10% tender offer.
The Company's share price total return of 16.6% was driven by NAV growth and significant discount narrowing from 19.3% to 12.5%, the latter reflecting increased interest in the Company's shares arising from improved performance and Henderson's on-going marketing efforts.
At this time last year the Company's Board observed that, with Henderson's restructuring of the Company's investment portfolio largely complete, the Company had to begin to deliver improved performance. We believe that the Company's 12-month performance to 31 March 2017 shows that the Company is now heading in the right direction, having produced share price and NAV total returns of 38.3% and 24.1% respectively.
Portfolio Activity
We now have a high-conviction portfolio of approximately 30 core longer-term holdings. In future, shareholders may expect relatively low levels of stock turnover within the portfolio. We may, however, at any given time also hold a modest number of tactical shorter-term investments.
In selecting new core holdings we are mindful of the need to maintain the Company's differentiated investment proposition by continuing to focus on niche, complex or hard-to-access investments, with the proviso that they must always be of satisfactory quality.
During the half-year we made three new core investments. First, we invested GBP4.0 million in Sagil Latin American Opportunities Fund ("Sagil"), a long/short fund investing mainly in Latin American equity instruments. We monitored Sagil for over a year before investing. The fund has an outstanding long-term track record in all market conditions and has delivered equity-like returns but with significantly lower volatility. Second, we invested GBP4.2 million in the Helium Selection Fund, a fund focused predominantly on merger arbitrage in Europe and the US. Third, we invested GBP2.0 million in Safeguard Scientifics Inc., a long-established US-listed private equity vehicle with direct investments in a portfolio of healthcare, financial services and digital media companies seeking to exploit new technologies in their sectors.
These purchases were funded mainly by taking partial profits on some of the strongest recent performers in the Company's portfolio, particularly listed credit and private equity funds.
Outlook
The Company's restructured investment portfolio is robust, well-diversified and, we believe, contains multiple NAV growth opportunities. We are therefore confident that the Company is now positioned to complete its rehabilitation as a genuinely differentiated investment proposition with the ability to generate attractive long-term equity-like returns.
Our marketing activities during the first three months of 2017 included presenting the Company to some 40 investment organisations which are either existing or potential shareholders. It was again evident from these meetings that the Company provides a useful "one-stop-shop" for certain types of professional investor seeking exposure to alternative and specialist funds, especially at a time of elevated valuations in mainstream financial markets. We also believe that the Company can play a useful diversifying role for retail investors. Accordingly, Henderson's dedicated investment trust marketing team is currently exploring ways to raise the Company's profile in the retail investor market. Overall, we therefore believe that there is considerable scope to add new investors to the Company's shareholder register over the coming months.
Ian Barrass and James de Bunsen
Fund Managers
18 May 2017
Principal risks and uncertainties
The principal risks and uncertainties facing the Company are market related and include market price, foreign exchange, interest rate, liquidity and credit risk. The Company may also be affected by economic and political conditions.
Information on these risks is given in the Annual Report for the year ended 30 September 2016. In the view of the Board these principal risks and uncertainties are applicable to the remaining six months of the financial year as they were to the six months under review.
Statement of Directors' Responsibilities
The Directors confirm that, to the best of their knowledge:
a) the financial statements for the half-year ended 31 March 2017 have been prepared in accordance with FRS 104 Interim Financial Reporting;
b) the Interim Management Report includes a fair review of the information required by Disclosure Guidance and Transparency Rule 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and
c) the Interim Management Report includes a fair review of the information required by Disclosure Guidance and Transparency Rule 4.2.8R (disclosure of related party transactions and changes therein).
For and on behalf of the Board
Richard Gubbins
Chairman
18 May 2017
Market
INVESTMENT PORTFOLIO Value Portfolio
Investments Focus GBP'000 %
-------------------------------------------- ---------------------- ---------- ----------
BlackRock European Hedge Fund Limited(3) Hedge 6,831 5.7
CEIBA Investments Limited(4) Property 6,509 5.4
Riverstone Energy Limited(2) Private Equity 5,440 4.5
Mantra Secondary Opportunities(4) Private Equity 5,319 4.4
Majedie Asset Management Tortoise
Fund(3) Hedge 5,206 4.3
Schroder GAIA Indus Pacifichoice
Asia Fund(3) Hedge 5,192 4.2
Baring Vostok Investments Limited
core(1) Private Equity 4,572 3.8
Polar Capital Global Financials Trust
plc(2) Specialist Sector 4,420 3.7
Sagil Latin America Opportunities
Fund(3) Hedge 4,262 3.5
Helium Selection Fund(3) Hedge 4,259 3.5
-------------------------------------------- ---------------------- ---------- ----------
Ten largest 52,010 43.0
-------------------------------------------------------------------- ---------- ----------
Genesis Emerging Markets Fund Limited(2) Specialist Geography 4,227 3.5
Eurovestech plc(1) Private Equity 4,100 3.4
Summit Germany Limited(2) Property 3,988 3.3
NB Distressed Debt Investment Fund
Limited - Global Shares(2) Specialist Sector 3,852 3.2
Harbourvest Global Private Equity
Limited(2) Private Equity 3,769 3.1
Toro Limited(2) Specialist Sector 3,720 3.1
Voya Prime Rate Trust Fund(2) Specialist Sector 3,553 2.9
Worldwide Healthcare Trust Plc(2) Specialist Sector 3,516 2.9
Biotech Growth Trust plc(2) Specialist Sector 3,184 2.6
Tetragon Financial Group Limited(2) Specialist Sector 2,876 2.4
-------------------------------------------- ---------------------- ---------- ----------
Twenty largest 88,795 73.4
-------------------------------------------------------------------- ---------- ----------
Chenavari Capital Solutions Limited(2) Specialist Sector 2,772 2.3
Princess Private Equity Holding Limited(2) Private Equity 2,757 2.3
Oryx International Growth Fund Limited(2) Specialist Sector 2,740 2.3
Ashmore SICAV Emerging Markets Short
Duration Fund(3) Specialist Geography 2,733 2.3
Axiom European Financial Debt Fund
Limited(2) Specialist Sector 2,565 2.1
Blackstone/GSO Loan Financing Limited(2) Specialist Sector 2,473 2.0
Standard Life Private Equity Trust
Plc(2) Private Equity 2,459 2.0
Renewable Energy and Infrastructure
Fund II(4) Specialist Sector 2,433 2.0
Safeguard Scientifics,Inc(2) Private Equity 1,937 1.6
Century Capital Partners IV L.P.(4) Private Equity 1,708 1.4
-------------------------------------------- ---------------------- ---------- ----------
Thirty largest 113,372 93.7
-------------------------------------------------------------------- ---------- ----------
ASM Asian Recovery Fund(4) Hedge 1,561 1.3
NB Distressed Debt Investment Fund
Limited - Extended Life Shares(2) Specialist Sector 1,343 1.1
Amber Trust SCA(4) Private Equity 1,264 1.0
Firebird Republics Fund SPV(4) Specialist Geography 1,086 0.9
EF Realisation Co Limited(2) Specialist Sector 971 0.8
Acheron Portfolio Corporation (A
Shares)(1) Specialist Sector 618 0.5
Zouk Solar Opportunities Limited(4) Specialist Sector 485 0.4
Value Catalyst Fund Limited(4) Specialist Sector 96 0.1
Armadillo Investments Limited(4) Liquidation 70 0.1
Baring Vostok Investments Limited
cell(1) Private Equity 14 0.0
Forty largest 120,880 99.9
Total Investments 120,883 100.0
-------------------------------------------------------------------- ---------- ----------
1. Listed on minor market (includes: Luxembourg Stock Exchange, Channel Islands Stock Exchange, ISDX and LMMX)
2. Listed on major market (includes: London Stock Exchange (full listing and AIM) and Euronext)
3. Unlisted investment - with redemption rights
4. Unlisted investment - without redemption rights
Investment by geography on a look-through Investment by sector on a look-through
basis basis
31 March 31 March
2017 2016 2017 2016
% % % %
------------------------------------- ----- ------ ---------------------------- ------ -----
Western Europe 33 32 Miscellaneous 16 12
North America 32 27 Property 15 15
BRICS 11 8 Technology and Media 12 12
Japan, Australia, New Financial Services
Zealand 6 7 and Banks 11 8
Frontier 5 4 Healthcare and Education 10 6
Personal Goods and
Miscellaneous 4 1 Retail 10 9
Cash 4 16 Oil and Gas 8 3
Industrial Goods and
Eastern Europe 3 4 Services 4 6
Asia Emerging 2 1 Cash 4 16
----- ------
100 100 Utilities and Telecoms 4 4
----- ------
Infrastructure and
Transport 3 5
Insurance 2 2
Basic Resources 1 1
Food and Beverage - 1
------ -----
100 100
------ -----
Value of investment by vehicle type Value of investment by classification
31 March 31 March
2017 2016 2017 2016
------------------------------------- ----- ------ ---------------------------- ------ -----
Category of Listing % % Investment Focus % %
Listed - major exchange 52 59 Specialist Sector 34 32
Listed - minor exchange 8 8 Private Equity 28 30
Unlisted - with redemption
rights 24 17 Hedge 22 14
Unlisted - without redemption
rights 16 16 Property 9 10
100 100 Specialist Geography 7 14
----- ------ ------ -----
100 100
------ -----
Condensed Income Statement
(Unaudited) (Unaudited) (Audited)
Half-year ended Half-year ended Year ended
31 March 2017 31 March 2016 30 September 2016
Revenue Capital Revenue Capital Revenue Capital
return return Total return return Total return return Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Investment income 1,706 - 1,706 1,364 - 1,364 3,685 - 3,685
Exchange differences - (44) (44) - (40) (40) - 254 254
Gains/(losses) on
investments held
at fair value through
profit or loss - 7,807 7,807 - (3,195) (3,195) - 12,977 12,977
-------- -------- -------- -------- -------- -------- -------- -------- --------
Total income/(loss) 1,706 7,763 9,469 1,364 (3,235) (1,871) 3,685 13,231 16,916
Expenses (Note 2)
Management fees (46) (416) (462) (41) (368) (409) (85) (766) (851)
Other expenses (203) - (203) (174) - (174) (354) - (354)
-------- -------- -------- -------- -------- -------- -------- -------- --------
Net return/(loss)
before interest
and taxation 1,457 7,347 8,804 1,149 (3,603) (2,454) 3,246 12,465 15,711
Finance costs - (1) (1) - (3) (3) (7) (66) (73)
-------- -------- -------- -------- -------- -------- -------- -------- --------
Net return/(loss)
on ordinary activities
before taxation 1,457 7,346 8,803 1,149 (3,606) (2,457) 3,239 12,399 15,638
Taxation (10) - (10) (10) - (10) (16) - (16)
-------- -------- -------- -------- -------- -------- -------- -------- --------
Net return/(loss)
on ordinary activities
after taxation 1,447 7,346 8,793 1,139 (3,606) (2,467) 3,223 12,399 15,622
-------- -------- -------- -------- -------- -------- -------- -------- --------
Return/(loss) per
ordinary share (Note
3) 3.49p 17.72p 21.21p 2.65p (8.39p) (5.74p) 7.50p 28.85p 36.35p
-------- -------- -------- -------- -------- -------- -------- -------- --------
The total columns of this statement represent the Income Statement of the
Company, prepared in accordance with FRS 104. The revenue and capital columns
are supplementary to this and are published under guidance from the Association
of Investment Companies.
All revenue and capital returns in the above statement derive from continuing
operations.
No operations were acquired or discontinued during the half-year ended 31
March 2017. The Company has no recognised gains or losses other than those
recognised in the Income Statement and the Statement of Changes in Equity.
The accompanying notes are an integral part of these condensed financial statements.
Condensed Statement of Changes in Equity
(Unaudited)
Half-year ended 31 March 2017
Capital Other
Share Share redemption capital Revenue
capital premium reserve reserves reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------------------- -------- -------- ----------- --------- -------- ---------
Balance at 1 October
2016 10,744 10,966 7,709 99,507 3,722 132,648
Return attributable to
shareholders - - - 7,346 1,447 8,793
Shares bought back -
Tender Offer (1,074) - 1,074 (13,120) - (13,120)
Ordinary dividends (Note
4) - - - - (2,750) (2,750)
Balance at 31 March 2017 9,670 10,966 8,783 93,733 2,419 125,571
-------- -------- ----------- --------- -------- ---------
(Unaudited)
Half-year ended 31 March 2016
Capital Other
Share Share redemption capital Revenue
capital premium reserve reserves reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------------------- -------- -------- ----------- --------- -------- ---------
Balance at 1 October
2015 10,744 10,966 7,709 87,108 1,917 118,444
Return attributable to
shareholders - - - (3,606) 1,139 (2,467)
Ordinary dividends (Note
4) - - - - (1,418) (1,418)
-------- -------- ----------- --------- -------- ---------
Balance at 31 March 2016 10,744 10,966 7,709 83,502 1,638 114,559
-------- -------- ----------- --------- -------- ---------
(Audited)
Year ended 30 September 2016
Capital Other
Share Share redemption capital Revenue
capital premium reserve reserves reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------------------- -------- -------- ----------- --------- -------- ---------
Balance at 1 October
2015 10,744 10,966 7,709 87,108 1,917 118,444
Return attributable to
shareholders - - - 12,399 3,223 15,622
Ordinary dividends (Note
4) - - - - (1,418) (1,418)
Balance at 30 September
2016 10,744 10,966 7,709 99,507 3,722 132,648
-------- -------- ----------- --------- -------- ---------
The accompanying notes are an integral part of these condensed financial
statements.
Condensed Statement of Financial Position
(Unaudited) (Unaudited) (Audited)
Half-year Half-year
ended ended Year ended
30 September
31 March 2017 31 March 2016 2016
GBP'000 GBP'000 GBP'000
--------------------------------------- -------------- -------------- -------------
Fixed assets
Investments held at fair value
through profit or loss (Note
8) 120,883 104,208 111,935
-------------- -------------- -------------
Current assets
Investments held at fair value
through profit or loss (Note
7) 4,313 4,511 22,868
Debtors 677 717 689
Cash at bank 162 3,878 -
Cash held as CFD and futures
margin deposit - 2,859 -
Unrealised gains on future
contracts 178
Total current assets 5,152 12,143 23,557
-------------- -------------- -------------
Creditors: amounts falling
due within one year 464 1,792 2,844
-------------- -------------- -------------
Net current assets 4,688 10,351 20,713
Total assets less current liabilities 125,571 114,559 132,648
-------------- -------------- -------------
Equity attributable to equity
shareholders:
Called up share capital (Note
5) 9,670 10,744 10,744
Share premium 10,966 10,966 10,966
Capital redemption reserve 8,783 7,709 7,709
Capital reserves 93,733 83,502 99,507
Revenue reserve 2,419 1,638 3,722
Total equity shareholders'
funds 125,571 114,559 132,648
-------------- -------------- -------------
Net asset value per ordinary
share (pence)
(Note 6) 324.65 266.56 308.66
-------------- -------------- -------------
The accompanying notes are an integral part of these condensed financial
statements.
Condensed Cash Flow Statement
(Unaudited) (Unaudited) (Audited)
Half-year Half-year
ended ended Year ended
31 March 31 March 30 September
2017 2016 2016
GBP'000 GBP'000 GBP'000
------------------------------------------------- ------------- ------------- --------------
Cash flows from operating activities
Net return on ordinary activities before
taxation 8,803 (2,457) 15,638
Add back: finance costs 1 3 73
Losses/(gains) on investments held at fair
value through profit or loss (7,807) 3,195 (12,977)
Unrealised gains on future contracts - (178) -
Withholding tax on dividends deducted at
source (10) (10) (16)
Increase in prepayments and accrued income (384) (90) (47)
Increase / (decrease) in accruals and deferred
income 130 164 (190)
Exchange movements : cash and cash equivalents 1 (26) (6)
Net cash inflow from operating activities 734 601 2,475
------------- ------------- --------------
Cash flows from investing activities
Purchases of investments held at fair value
through profit or loss (23,715) (19,762) (43,465)
Sales of investments held at fair value
through profit or loss 20,461 21,897 55,434
Purchases of current asset investments
held at fair value through profit or loss (17,187) (17,053) (51,612)
Sales of current asset investments held
at fair value through profit or loss 35,743 19,537 35,739
------------- ------------- --------------
Net cash inflow/(outflow) from investing
activities 15,302 4,619 (3,904)
------------- ------------- --------------
Cash flows from financing activities
Share buybacks (13,120) - -
Equity dividends paid (2,750) (1,418) (1,418)
Interest paid (1) (3) (73)
Net cash outflow from financing activities (15,871) (1,421) (1,491)
------------- ------------- --------------
Net increase/(decrease) in cash and equivalents 165 3,799 (2,920)
Cash and cash equivalents at beginning
of period (2) 2,912 2,912
Exchange movements (1) 26 6
------------- ------------- --------------
Cash and cash equivalents at end of period 162 6,737 (2)
------------- ------------- --------------
Comprising:
Cash held / (overdrawn) at bank 162 3,878 (2)
Cash held as CFD and futures margin deposits - 2,859 -
------------- ------------- --------------
162 6,737 (2)
------------- ------------- --------------
The accompanying notes are an integral part of the condensed financial statements.
Notes
The accompanying Notes are an integral part of the condensed financial statements.
1. Accounting Policies
The condensed financial statements have been prepared in accordance
with FRS 104, Interim Financial Reporting, issued in March 2015, the
revised reporting standard for Half-Year reporting that was issued
following the introduction of FRS 102, the Financial Reporting Standard
applicable in the UK and Republic of Ireland, which is effective for
periods commencing on or after 1 January 2015 and the Statement of
Recommended Practice for "Financial Statements of Investment Trust
Companies and Venture Capital Trusts", issued by the Association of
Investment Companies in November 2014 and updated in January 2017
with consequential amendments.
The Company has early adopted the amendments to FRS 102 in respect
of fair value hierarchy disclosures issued in March 2016.
The condensed set of financial statements has been neither audited
nor reviewed by the Company's auditors.
2. Expenses and Management Fees
Henderson Investment Funds Limited ('Henderson') receives a management
fee of 0.7% per annum, payable quarterly in arrears based on the level
of net chargeable assets at the relevant quarter end. Management fees
are allocated 90% to capital and 10% to revenue.
3. Return/(loss) per Ordinary Share
The return/loss per ordinary share figure is based on the following
figures:
(Unaudited) (Unaudited) (Audited)
Half-year ended Half-year ended Year ended
31 March 2017 31 March 2016 30 September 2016
GBP'000 GBP'000 GBP'000
Net revenue profit 1,447 1,139 3,223
Net capital return/ (loss) 7,346 (3,606) 12,399
---------------------------- --------------------------- -------------------
Total return/ (loss) 8,793 (2,467) 15,622
---------------------------- --------------------------- -------------------
Weighted average number
of
ordinary shares in issue
during
the period 41,465,011 42,976,264 42,976,264
Pence Pence Pence
----------------------------- ---------------------------- --------------------------- -------------------
Revenue profit per ordinary
share 3.49 2.65 7.50
Capital return/ (loss)
per ordinary share 17.72 (8.39) 28.85
---------------------------- --------------------------- -------------------
Total return/(loss) per
ordinary share 22.21 (5.74) 36.35
---------------------------- --------------------------- -------------------
4. Dividends
The Company has not declared an interim dividend (2016: nil).
The final dividend of 3.8p and a special dividend of 2.6p per ordinary
share, paid on 3 February 2017, in respect of the year ended 30 September
2016, have been recognised as a distribution in the period.
5. Called up Share Capital
At 31 March 2017 there were 38,678,638 ordinary shares in issue (31
March 2016: 42,976,264; 30 September 2016: 42,976,264). During the
half-year ended 31 March 2017 there were 4,297,626 ordinary shares
bought back pursuant to the 10% Tender offer (half-year ended 31 March
2016: nil; year ended 30 September 2016: nil).
The cost of the cancelled shares, including stamp duty, amounted to
GBP12,952,000 (half-year ended 31 March 2016: GBPnil; year ended 30
September 2016: GBPnil) and a further GBP168,000 of costs were incurred
in connection with the tender offer. The total cost of GBP13,120,000
has been charged to the capital reserve.
6. Net Asset Value per Ordinary Share
The net asset value per ordinary share is based on the net assets attributable
to the equity shareholders of GBP125,184,000 (31 March 2016: GBP114,559,000;
30 September 2016: GBP132,648,000) and on 38,678,638 (31 March 2016:
42,976,264; 30 September 2016: 42,976,264) ordinary shares, being the
number of ordinary shares (excluding treasury shares) in issue at the
period end.
7. Current asset investments
The Company has a holding in Deutsche Global Liquidity Managed Platinum
Fund, a money market fund which is viewed as a readily disposable store
of value and which is used to invest cash balances that would otherwise
be placed on short term deposit. At the half-year this holding had
a value of GBP4,313,000 (31 March 2016: GBP4,511,000; year ended 30
September 2016: GBP22,868,000). As FRS 102 states that an investment
normally qualifies as a cash equivalent only when it has a short-term
maturity of, say, three months or less from the date of acquisition,
the money market fund has been classified as a current asset investment
instead of a cash equivalent within the Statement of Financial Position,
Cash Flow Statement and tabulation of Investments held at Fair Value
Through Profit or Loss.
8. Investments held at Fair Value Through Profit or Loss
The table below analyses fair value measurements for investments held
at fair value through profit or loss. These fair value measurements
are categorised into different levels in the fair value hierarchy based
on valuation techniques used and are defined as follows under FRS 102:
Level 1: valued using quoted prices in active markets for identical
assets.
Level 2: valued by reference to valuation techniques using observable
inputs other than quoted prices included in level 1.
Level 3: valued by reference to valuation techniques using inputs that
are not based on observable market data.
The Company's application of these levels is explained in the Company's
Annual Report for the year ended 30 September 2016.
31 March 2017 Level Level Level
(unaudited) 1 2 3 Total
GBP'000 GBP'000 GBP'000 GBP'000
-------- -------- -------- --------
Investments 59,008 41,341 20,534 120,883
Current asset investments 4,313 - - 4,313
Total 63,321 41,341 20,534 125,196
-------- -------- -------- --------
31 March 2016 Level Level Level
(unaudited) 1 2 3 Total
GBP'000 GBP'000 GBP'000 GBP'000
-------- -------- -------- --------
Investments 60,309 26,603 17,296 104,208
CFDs - (117) - (117)
Futures - 178 - 178
Current asset investments 4,511 - - 4,511
-------- -------- -------- --------
Total 64,820 26,664 17,296 108,780
-------- -------- -------- --------
30 September
2016 Level Level Level
(audited) 1 2 3 Total
GBP'000 GBP'000 GBP'000 GBP'000
-------- -------- -------- --------
Investments 59,910 32,257 19,768 111,935
Current asset investments 22,868 - - 22,868
-------- -------- -------- --------
Total 82,778 32,257 19,768 134,803
-------- -------- -------- --------
There have been no transfers between the levels of the fair value hierarchy
during the period.
The valuation techniques used by the Company are explained in the accounting
policies note in the Company's Annual Report for the year ended 30
September 2016.
9. Transaction Costs
Purchase transaction costs for the half-year ended 31 March 2017 were
GBP32,000 (half-year ended 31 March 2016: GBP16,000; year ended 30
September 2016: GBP40,000). These comprise mainly stamp duty and commission.
Sale transaction costs for the half-year ended 31 March 2017 were GBP15,000
(half-year ended 31 March 2016: GBP8,000; year ended 30 September 2016:
GBP34,000).
10. Comparative Information
The financial information contained in this half-yearly financial report
does not constitute statutory accounts as defined in section 434 of
the Companies Act 2006. The financial information for the half-years
ended 31 March 2017 and 31 March 2016 has not been audited.
The information for the year ended 30 September 2016 has been extracted
from the statutory accounts for that year, which have been filed with
the Registrar of Companies. The report of the auditors on those accounts
was unqualified and contained no statement under either section 498(2)
or section 498(3) of the Companies Act 2006.
11. Related Party Transactions
With the exception of the relationship between the Company and its
Directors, the provision of services by Henderson is the only related
party arrangement currently in place as defined in the Listing Rules.
Other than fees payable by the Company in the ordinary course of business,
there have been no material transactions with the Company's related
parties affecting the financial position or performance, of the Company
during the period under review.
12. Going Concern
Having considered the Company's investment objective, risk management
and capital management policies, the nature of the portfolio and expenditure
projections, the Directors believe that the Company has adequate resources
to continue in operational existence for at least 12 months from the
date of approval of the financial statements. Having assessed these
factors and the principal risks, the Board has determined that it is
appropriate for the financial statements to be prepared on a going
concern basis.
13. General information
Company Status
The Company is an investment trust company, registered in Scotland
with company registration number SC015905.
The SEDOL/ISIN number is GB0001216000.
The London Stock Exchange (TIDM) Code is HAST.
The Company's Legal Entity Identifier (LEI) is 213800J6LLOCA3CUDF69.
The Company's Global Intermediary Identification Number (GIIN) is AEFUI2.99999.SL.826.
Directors, Secretary and Registered Office
The Directors of the Company are Richard Gubbins (Chairman), Graham
Oldroyd (Audit Committee Chairman), Graham Fuller (Senior Independent
Director) and Jamie Korner.
The Corporate Secretary is Henderson Secretarial Services Limited.
The registered office is Leven House, 10 Lochside Place, Edinburgh
Park, Edinburgh EH12 9DF.
The correspondence address is Henderson Global Investors, 201 Bishopsgate,
London EC2M 3AE.
Website
Details of the Company's share price and net asset value, together
with general information about the Company, monthly factsheets and
data, copies of announcements, reports and details of general meetings
can be found at www.hendersonalternativestrategies.com
14. Half-Year Report
The Half-Year Report will shortly be available in typed format on the
Company's website. An abbreviated version, the Half-Year Update, will
be circulated to shareholders in May and will be available on the website
thereafter. Both the Half-Year Report and the Half-Year Update will
be available from the Corporate Secretary at the Company's correspondence
address: 201 Bishopsgate, London EC2M 3AE.
For further information please contact:
Ian Barrass James de Bunsen Fund Manager Fund Manager Henderson Alternative Strategies Trust Henderson Alternative Strategies plc Trust plc Telephone: 020 7818 Telephone: 020 7818 2964 3869 Richard Gubbins Sarah Gibbons-Cook Chairman Investor Relations and PR Manager Henderson Alternative Strategies Trust Henderson Investment Funds Limited plc Telephone: 020 7818 3198 Telephone: 07818 454 175 James de Sausmarez Director and Head of Investment Trusts Henderson Investment Funds Limited Tel: 020 7818 3349
Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR QDLFFDEFFBBF
(END) Dow Jones Newswires
May 18, 2017 02:00 ET (06:00 GMT)
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