Sticking to its guns
Henderson Diversified Income Trust (HDIV) focuses on high-quality companies with sustainable business models. It was resilient in the face of COVID-19-related market falls, but, unlike some of its peers, has not benefitted from the bounce in the prices of debt issued by low-quality borrowers and those whose business models are sensitive to shifts in the economic cycle that has occurred since last November’s vaccine news. Nevertheless, its three-year figures are well-ahead of those of competing funds.
Over 2021 to date, HDIV’s shares have moved to trade at a discount to NAV. We think that this is unjustified, given HDIV’s longer-term track record. As we discuss from page 5 onwards, the managers highlight the disruptive changes underway in many industries that have accelerated recently. They are convinced that the inflation we have been experiencing this year is transitory, that fundamentals will soon reassert themselves, and that HDIV’s portfolio positioning will be rewarded.
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