Henderson Diversified Income Trust - Ahead of the curve
Henderson Diversified Income (HDIV) is managed with a focus on good quality issuers of debt securities operating in growing industries. Sustainability is an important factor in any assessment of quality. On 25 February 2022, shareholders overwhelmingly approved a new investment objective and policy that seeks to better define and highlight the trust’s approach to environmental, social and governance (ESG) issues.
Recent market jitters triggered by the war in Ukraine have left HDIV trading on a much wider discount to NAV and higher dividend yield than its long-run averages.
Markets were already pricing in a number of interest rate rises this year as central bankers look to choke off inflation. As we explain in this note, the managers have positioned the trust’s conservative and quality-focused portfolio in anticipation of a swift end to this process. That could help trigger the next phase of outperformance by the trust, as bond yields compress and their price rises to reflect lower than expected interest rates.
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