Henderson High Income Share Discussion Threads

[aleman] 04/10/2023 08:26

I'm not sure I like this deal. A few HDIV holders will take the opportunity to leave because they can leave without dealing costs and stick the money in the bank at 5%. The HHI discount is likely to rise slightly afterwards so others will decide to exit at a 1% discount rather than stay for a 5% one. Significant numbers leaving could mean HHI will have to find significant cash. I presume this will come in the form of raised gearing and an even higher discount. Since I expect the discount to rise, I see no benefit for HHI holders. I'm inclined to vote against.

[speedsgh] 13/9/2023 12:23

Unaudited results for the half-year ended 30 June 2023 -

Some excerpts...

Performance for the six months to 30 June 2023

· Net asset value (NAV) total return (debt at fair value)1 of 3.0% compared with a total return from the benchmark2 of 1.9%

· Mid-market share price total return (including dividends reinvested) of 2.0%

Outlook

In the near term the outlook for markets will be driven by inflation expectations and the impact this will have on monetary policy. There are certainly some signs that inflation is easing a little, particularly in the US and across Europe. However, inflation in the UK is proving more problematic, and although the Bank of England has increased interest rates significantly in the first half of 2023, the expectation in the market is that they may have to rise a little further.

The UK corporate sector is in the midst of the interim results season and whilst there are certainly pockets of weakness, corporate results are for the most part holding up well. In particular, UK banks have announced positive updates showing relatively little sign of corporate and personal sector weakness, and capital levels within the banks are at very positive levels. In addition, the UK housing market, which is very important to the UK economy, is holding up reasonably well at this stage.

UK companies, where the majority of the Company's assets remain invested, still appear to be relatively attractively valued in a global context and are still delivering the income levels which will assist the Company's Fund Manager to deliver a high income return for shareholders whilst also retaining exposure to longer term capital growth.

Portfolio Activity

During the period the allocation to bonds was increased, taking advantage of the move higher in yields on UK investment grade credit. Bonds were purchased in typically non-cyclical businesses such as Sky (media) and EDF (utilities). The bond portfolio represented 11.5% and 13.9% of portfolio gross and net assets respectively as at the end of June.

Within the equity portfolio new holdings were established in MoneySuperMarket.com, Conduit Re and DCC. MoneySuperMarket.com is the market leading price comparison website in the UK and should benefit from consumers looking to manage their bills in the current high inflation environment. Conduit Re is a specialist property and casualty reinsurer with a diversified portfolio of reinsurance risks. Capacity has reduced significantly in the reinsurance market after a number of years of large losses, and as a result, the market is entering a period of strong premium rate rises which should underpin high returns over the medium term. DCC, an international sales, marketing and distribution company operating in the LPG, oil, technology and health care sector, has a resilient business with strong free cash flow, high returns and a robust balance sheet which should support further accretive acquisitions. The Company sold some of its overseas holdings during the period, including McDonalds, Deutsche Post and Nordea after a period of good performance.

[speedsgh] 11/9/2023 15:19

Latest 'paid for' research by QuotedData...

Henderson High Income: There’s value in value -

Goes XD on Thurs this week for the third interim dividend payment of 2.575p...



Henderson High Income Trust plc announces that a third interim dividend of 2.575p per ordinary share of 5p, in respect of the year ending 31 December 2023, will be paid on 27 October 2023 to holders registered at the close of business on 15 September 2023. This dividend is to be paid from the Company's revenue account. The Company's shares will go ex-dividend on 14 September 2023.

[aleman] 20/3/2023 17:12

20 March 2023

HENDERSON HIGH INCOME TRUST PLC

PAYMENT OF FIRST INTERIM DIVIDEND

Henderson High Income Trust plc announces that a first interim dividend of 2.575p per ordinary share of 5p, in respect of the year ending 31 December 2023, will be paid on 28 April 2023 to holders registered at the close of business on 11 April 2023. This dividend is to be paid from the Company's revenue account. The Company's shares will go ex-dividend on 6 April 2023.

[speedsgh] 21/12/2022 15:42

New paid-for research by QuotedData...

Henderson High Income: Does what it says on the tin -

[speedsgh] 16/11/2022 13:23

Dividend Declaration -

Henderson High Income Trust plc announces that a fourth interim dividend of 2.575p per ordinary share of 5p, in respect of the year ending 31 December 2022, will be paid on 27 January 2023 to holders registered at the close of business on 9 December 2022. This dividend is to be paid from the Company's revenue account. The Company's shares will go ex-dividend on 8 December 2022.

With the increase in the fourth interim dividend, the total dividend for the year to 31 December 2022 will be 10.15p, an increase of 2.0% on the previous year and the Company's 10th consecutive annual increase. The 10.15p dividend for the year to 31 December 2022 is expected, based on our current projections for the revenue account, to be fully covered by earnings with a surplus carried to the revenue reserves.

[thamestrader] 29/7/2022 15:17

Nice divi, thank you.

[aleman] 24/5/2022 14:52

Henderson High Income Trust plc announces that a second interim dividend of 2.525p per ordinary share of 5p, in respect of the year ending 31 December 2022, will be paid on 29 July 2022 to holders registered at the close of business on 17 June 2022. This dividend is to be paid from the Company's revenue account. The Company's shares will go ex-dividend on 16 June 2022.

[zac0_4] 08/5/2022 15:33

Many thanks for the link.

[aleman] 21/3/2022 16:19

21 March 2022

HENDERSON HIGH INCOME TRUST PLC

PAYMENT OF FIRST INTERIM DIVIDEND

Henderson High Income Trust plc announces that a first interim dividend of 2.525p per ordinary share of 5p, in respect of the year ending 31 December 2022, will be paid on 29 April 2022 to holders registered at the close of business on 8 April 2022. This dividend is to be paid from the Company's revenue account. The Company's shares will go ex-dividend on 7 April 2022.

[speedsgh] 20/1/2022 13:08

Fee Arrangements -

The Board has agreed the following changes to the Management Agreement with effect from 1 January 2022:

· the performance fee has been removed; and

· the level at which the management fee drops from 0.50% to 0.45% of adjusted average gross assets has been increased from £250 million to £325 million.

All other terms remain the same.

[coxsmn] 14/1/2022 14:41

ThanksHfel is one of my others.

[panshanger1] 04/12/2021 09:32

Been watching here but high level of gearing has put me off Can help in good times but can also amplify losses if market turns Got burnt with Glasgow Income years ago !!

[rcturner2] 04/12/2021 06:35

Mainly because I have come more and more to the view that holding direct stocks is too risky. Additionally buying into the investment trust allows you to access the stocks at a discount and the level of the discount seems to me to be a farily reliable indicator as to the market cycle (or sub-cycle). I track all trusts that pay more than 5% and it is relatively easy to look at the discount and I tend to only consider those trusts where the discount is greater then 10%.

[brucie5] 02/12/2021 19:40

speedsgh25 Aug '21 - 12:32 - 86 of 94
0 1 0

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From the link, for which, thanks:

"HHI’s top 10 holdings have changed little since the start of the year. There are two new entries, RELX and AstraZeneca, while 3i and Royal Dutch Shell have been removed. British American Tobacco remains the trust’s biggest holding, despite decreasing by 0.4 percentage points. As at 31 July 2021, HHI’s top 10 represent 28.9% of the portfolio, an increase of 2.4% since 31 December 2020."
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So HHI holds 4% in BATS, which I believe is currently yielding almost 9%.
RC Turner, if you seek dividend as part of a diverse folio, why not go to the source in this case, and hold BATS?

Genuine query: as you know I read your posts with interest!

[north sea boy] 17/11/2021 16:29

Yes Aleman, and I am delighted to see this modest increase in the dividend.

Best wishes

NSB

[rcturner2] 18/10/2021 09:04

The yield is about 6% at the current share price.

The management fee is .5%

[coxsmn] 18/10/2021 08:43

Whats the net yield here including management fee

[rcturner2] 17/10/2021 08:44

I hold AIF, ASEI, EAT, EDIN, HHI, IPU and VIP.

AIF (Acorn income fund) is currently being wound up so cannot be bought.

The others have all proved good investments over time.

I tend to focus on trusts that pay a decent income. IPU is probably unusual for me as it is a small cap fund that does not pay a big dividend, but has still been a good investment.

[coxsmn] 16/10/2021 20:14

RCT,Do you invest in any other trusts?

[rcturner2] 25/8/2021 12:57

Thanks that is a good and detailed article.

I am a long term holder here, it has been a great trust to invest in.

[speedsgh] 25/8/2021 12:32

New QuotedData update...

Henderson High Income: A taste of more to come -