Henderson Far East Income Share Discussion Threads

[speedsgh] 30/11/2023 12:33

Mike Kerley preparing to ride off into the sunset happy in the knowledge that he has done an excellent job and left HFEL in a strong position [note my irony]...

"We have worked closely with our Fund Managers to address our capital performance challenges and devise an effective path forward. As part of this process, we have agreed that now is the right time to pass the fund management leadership role to Sat Duhra. The Board has full confidence in Sat's ability to manage the portfolio going forward, and he has been part of a long-standing succession plan having been co-manager since 2019. Mike Kerley will be retiring from the asset management industry in June 2024 and will support Sat to ensure a smooth transition process. Mike has played a critical role in the Company's historical development and the Board would like to thank him for his many contributions over the years and wish him well in all his future endeavours."

[aleman] 30/11/2023 09:33

It seems a bit late to decide to go for India. This is a UK-listed Indian trust. It looks a bit frothy now after a good run. Had they put 10 or 20% here, we'd probably not be having any of this discussion.

[tim 3] 30/11/2023 09:10

"valuation tended to matter less, and our Fund Managers valuation-focused investment style has therefore been out of favour"Wasn't that what Woodford said!

[panshanger1] 30/11/2023 09:04

Dipping in to the reserves atm to support the dividend but think they will have to rebase at some point All the changes going on likely to give them that opportunity

[wskill] 30/11/2023 08:45

Poor indeed if they carry on with the nonsense writing options they will have no assets left,someone is profiting from this option writing and it’s not shareholders in HFEL .
Little wonder the Chairman is departing after this destruction of value.

[bluemango] 30/11/2023 08:45

Measures are in place to address the underperformance and hopefully we are over the worst.

Happy to stick with it.

[mister md] 30/11/2023 08:37

Results pretty poor. Yes the yield is 'brilliant' but not in the context of a 25% or so drop in shareprice this year.
Slight discount to NAV and I do quite like their top equity holdings though.
I will stick with it.

[riskvsreward] 30/11/2023 07:53

One of the most overrated fund. It has significantly under-performed the index over any time period of 1,3,5 and 10 years.

[garycook] 30/11/2023 07:29

£89M Loss for the year. Why would you want to invest in HFEL.Even with a 11% yield ?

[veryniceperson] 24/11/2023 08:10

It's Dividend Day, I believe. What are you going to spend yours on!Brought in a couple of months back first divi for me. Medium/long term is a very good bet, methinks. 10.75% yield is brilliant. Looking at the year high and lows, I think a recovery could be on the cards, medium/long term.

[scruff1] 23/11/2023 17:23

difficult to confirm

[panshanger1] 23/11/2023 11:23

As has been highlighted before an awful lot of churn with this fund

[skinny] 22/11/2023 09:27

Thanks for the link :-

[mondex] 21/11/2023 15:17

HFEL really likes China & has finally wakened to India.

[sll] 20/11/2023 18:20

apologies for poor formatting! Not the plan!

[sll] 20/11/2023 18:19

HFEL Sector exposure at 30 Sep 2023 (compared to Aug’22 & Aug’21 AR’s) % of portfolio excluding cash
D R A F T 2023 2022 2021
% % %
------------------------ ---- ------ ------
Financials 28.0 25.8 27.6
Consumer Discretionary 14.0 5.9 6.0
Technology 12.0 9.7 17.8
Telecommunications 10.6 19.9 13.7
Real Estate 10.4 8.6 10.6
Basic Materials 8.9 15.6 12.5
Energy 7.0 9.6 4.5
Industrials 4.8 3.7 7.3
Utilities 4.3 1.2 -
(nb ‘roundingsR17;) 100.0 100.0 100.0

Geographic exposure at 30 Sep 2023 (compared to Aug’22 & Aug’21 AR’s) % of portfolio excluding cash
D R A F T 2023 2022 2021
% % %
-------------------------------------------------------
China 20.5 17.1 15.4
Australia 17.0 24.3 21.4
Hong Kong 11.6 9.4 11.8
Taiwan 11.4 9.3 18.6
South Korea 10.8 13.4 14.4
Singapore 7.6 10.2 5.9
India 6.9 1.9 2.9
Indonesia 6.2 5.2 2.5
Vietnam 3.1 3.2 3.1
Thailand 3.0 3.1 2.0
New Zealand 1.9 2.9 2.0 (nb ‘roundingsR17;) 100.0 100.0 100.0

Any thoughts, anyone?

[uapatel] 20/11/2023 15:28

Sold out at when share price was around £2.20 and decided to review post dividend.

The discount in NAV is good to see, so bought back 10K shares today. Hopefully the Asian markets (namely China), will turn around in 2024.

Probably won’t be adding more as there are other investments I would like to add into.

[aleman] 16/11/2023 16:25

The average discount across all investment trust sectors stood at 16.9% at the end of October, the widest discount for a month-end since December 2008, when it reached 17.7%, according to data from Morningstar.

[superiorshares] 15/11/2023 19:42

Tim 3
He puts 1 pound a week in his piggy . When he has enough to buy a share , he buys one :-)

[tim 3] 14/11/2023 08:10

Hi 2wild.

Thats an interesting strategy spreading your portfolio over a large range of high yielders.

Hope you don't mind me asking a couple of questions.

Is it something you have done long term and if so do you look/get some capital gain as well?

Also do you have a set criteria for buying?

[superiorshares] 14/11/2023 05:16

2 wild
Your incredibly wealthy being able to buy all of those over the last few months .

Or did you buy 3 of each ?

[2wild] 13/11/2023 19:39

Well, 4 balance, I'm 100% in equities. Over the last few months, I've brought the following on yields averaging 14% at time of purchase:
AA4
CAL
CLIG
DEC
DNA2
ENQ2
GABI
GCP
HFEL
LIN4
LIO
MNG
PHNX
RGL
SOHO
VSL
Current average yield circa 13% on above
Representing about 45% of my entire portfolio.

[2sporrans] 06/11/2023 16:27

I've also bought some long dated $Treas. + Gilts lately.

Looking to Corpies; wanting the spreads to widen before buying.

[tim 3] 06/11/2023 16:10

Am currently about 40% in the market (ETF's trackers)40% earning just over 5% in gilts.That yield is locked in for several years now.And 20% cash again earning about 5%Will add to the market when we get decent dips but in no hurry.