Henderson Smaller Compan... Share Discussion Threads

[davebowler] 18/7/2013 15:57

As at close of business on 17 July 2013, the unaudited
net asset value per share calculated in accordance
with the AIC formula (including current financial year
revenue items) was 565.0p and the net asset value per
share including debt marked at fair value was 560.3p.

[davebowler] 08/7/2013 12:22

THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC
NAV Details As at close of business on 4 July 2013, the unaudited
net asset value per share calculated in accordance
with the AIC formula (including current financial year revenue items) was 548.2p and the net asset value per share including debt marked at fair value was 543.4p.

[davebowler] 04/7/2013 15:46

Trust Name THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC
NAV Details As at close of business on 3 July 2013, the unaudited
net asset value per share calculated in accordance
with the AIC formula (including current financial year
revenue items) was 534.0p and the net asset value per
share including debt marked at fair value was 529.3p.

[davebowler] 21/5/2013 10:37

AIF is raising more shares to fulfill demand as its shares are trading at a premium.We are still at a 16% discount.

[davebowler] 21/5/2013 10:35

17 May the net asset value per share including debt marked at fair value was 541.5p.

[davebowler] 17/5/2013 12:26

As at 16 May 2013, the net asset value per share including debt marked at fair value was 539.3p.

[davebowler] 04/4/2013 11:39

At 2 April the net asset value per share including debt marked at fair value was 526.7p.

[tiger20] 23/3/2013 12:28

Great record this guy I like a lot of his share selections and Inv Trust doing well and still at a large discount around 15% lst time I looked

[davebowler] 22/3/2013 13:11

Mar 21 the net asset value per share including debt marked at fair value was 522.9p.

[davebowler] 15/3/2013 16:49

14 March 2013

Neil Hermon, Manager, Henderson Smaller Companies.

In recent years the smaller companies sector has proved a great investment. 2012 was no exception; the FTSE Small Cap (ex-investment trusts) index returned 36.29 per cent, more than triple the return of the FTSE 100 index. However, it seems that investors still don't understand the potential that this sector holds.
Where the opportunities lie

Sectors:

Unlike fund managers that focus on large-caps whose index is dominated by a poorly diversified selection of big companies in the oil, gas telecom, banking, pharmaceutical and mining sectors, managers in small-caps have a more diversified selection from which to choose. This is important, as the real opportunities for smaller caps lie in a range of sectors such as industrial, electronics & electrical equipment, software & computer services and support services, which all offer great opportunities for growth.

Stocks:

Mid and small cap investors rely on managers' stock picking skills, with the aim of identifying companies with a strong business model, sound balance sheets, solid cash flow and have the ability to outperform the market. Last year one of the winners in my portfolio included Anite, a telecoms testing business that greatly benefited from the roll-out of 4G and as a result raised its earnings forecasts several times in the last twelve months.

Mergers and acquisitions:

Further opportunities for smaller companies include capitalising on mergers and acquisitions (M&A) activity. Global M&A reached its highest level in four years in the final quarter of 2012. Large companies have excess cash on their balance sheets and access to historically cheap financing. This is an encouraging environment for smaller companies, which are likely to benefit as larger companies opportunistically seek out small-scale 'bolt-on' acquisitions, in an effort to enhance their growth prospects. Many of these larger companies are willing to pay a significant premium to the trading price for suitable acquisitions, offering a potential uplift to investment returns.
Using investment trusts to reap the benefits of smaller companies

Investment trusts boast a number of unique tools which can benefit investors and their fees tend to be lower than Open Ended Investment Companies (OEICs). One of the main benefits is the ability to gear. If done effectively, gearing can significantly increase returns both in terms of growth and income generated from the underlying portfolio. What's more, gearing in the current environment is ideal as borrowing is very cheap, especially for investment trusts. Banks will tend to offer investment trusts money at very competitive rates, currently around 1.5%, which compares very favorably with small to medium cap equities yielding 2% to 3%. That means returns can be significantly enhanced.
2013 and beyond

We are currently in a good environment for UK smaller companies, not only because these are geared to the global economy, but also during periods of economic stability investors are able to focus their attention on corporate fundamentals, which are extremely attractive.

Following a raft of support measures announced by the European Central Bank in mid-2012, leading economic indicators have signaled a re-acceleration of growth. This growth is moderate versus history, but is positive nonetheless, and is highest among the world's emerging economies. One of the major benefits of investing in UK small caps is their exposure to the global economy. When we aggregate the underlying revenues generated by the companies in our portfolio approximately 58% comes from areas outside of the UK.

In the last year we have passed the 10-year anniversary of my tenure as fund manager and the consistent returns (outperforming in 8 of the last 9 financial years) give me confidence that on the whole we are getting things right. However, as a fund manager the work is always ahead of you and clearly hurdles still remain – most notably the deleveraging of the financial sector and governments, but on the whole low valuations, strong corporates and our proven stock picking approach leave me feeling optimistic about the years ahead.

[davebowler] 15/3/2013 12:35

14 March the net asset value per share including debt marked at fair value was 521.8p.

[davebowler] 08/3/2013 13:35

7 March net asset value per share including debt marked at fair value was 516.1p.

[davebowler] 22/2/2013 10:21

20 Feb net asset value including debt marked at fair value was 502.3p.

[davebowler] 20/2/2013 11:10

https://www.brighttalk.com/webcast/2001/65557

[jaws6] 12/2/2013 09:01

g luck with new thread.
Got none of this ,will check later.I hold HOT from henderson.

[davebowler] 07/2/2013 15:04

I have switched all my ASCH for this as two of the top ten holdings are the same and this is at a 17% discount to NAV whereas ASCH is c 1%.

[davebowler] 31/1/2013 14:52

Investec;
Henderson Smaller Companies (HSL) Interim results to 30 November 2011; NAV total return over the year was +18.4% vs the benchmark of +15.5%

¢ The discount has moved from 22.1% during the period, to 16.6% (last night).

¢ Neil Hermon has been managing the fund for 10 years and the results release highlights a positive record outperformance. Over the period HSL's NAV +344% vs BM +248% (& FTSE SmallCap Index +89%).

¢ With regards outlook, Neil has "a positive perspective on likely future returns... [and] retains a modest amount of gearing which stands at 7.6% at 30 November 2012"

[jimbox1] 15/10/2012 11:37

I just switched into HSL from SLS. Both trusts have similar performance (in net asset values) over last few years, but SLS is at a 3% premium to net asset value, whereas HSL is at an 18% discount. It's about time HSL did something about the discount. Surely it would be in the interest of shareholders to buy back some of its own shares.

[ssords] 25/8/2009 17:06

Could be. This sort of smaller companies fund usually first to crash and last to arise but seems to be starting to waken at last. Basic portfolio seems sound so here's hoping. And yes I have a few.
Ssords

[humphbumph] 12/6/2009 11:31

I wonder if this is now worth a punt? I wish I'd spotted it in March.

[washbrook] 25/4/2009 09:28

Is the tide turning for smaller companies.
I have long favoured Aberforth smaller companies(asl)
Comparing the best on recovery from a bear market
HSL fell 84.6% in the bear market 28.12.1999 to 11.3.03
first year recovery 11.3.03 to 11.3.04 was 102.9%
from 11.3.03 to 15.6.07was up 358.4%
For HSL top 10.5.07 =336.75p to the low 106.5p on 10.3.09 represents a fall of 68.37%, at last nights close=150p therefore it has recovered from the March low of 40% in 30 trading days.

The actual low for this bear market was on 5.12.2008 at 88.5p .
On the broader market when we had a new low for this current bear market HSL did not retest it's December low
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[geologic] 18/4/2007 11:12

The following indexes, mkts & gold stocks are reviewed this week in the full edition of GCRU:

Agnico (NYSE & Tor)
Altius Minerals (Tor)
Anglo American (Nas)
Aurizon Mines (Tor & AMEX)
Freeport Mcmoran (NYSE)
Fronteer Development (Tor)
Gold daily (NY)
Gold tick chart (NY)
Goldcorp (NYSE & Tor)
Hecla Mining (NYSE)
High River Gold (Tor)
Int'l Secs (NYSE)
Lihir (Sydney & Nas) Mega Uranium (Tor)
Miramar Mng (AMEX & Tor)
Paladin Res. (Tor & Sydney)
Rio Tinto (NYSE)
Seabridge Gold (AMEX & Tor)
SGI
SGS (A/D line)
Teck Cominco (Toronto)
TREND INVESTORS
USD (NYBOT)
Viceroy Explor. (Tor)
Xstrata Plc (London & Zurich)
Yamana Gold (AMEX & Tor)


All charts created with TradeStation by Omega Research 2000.