Henderson High Income – Does what it says on the tin
Whilst 2022 has been a harrowing year for many trusts, Henderson High Income Trust (HHI) has generated a positive 12-month NAV return and still offers a yield that ranks as one of the highest amongst its peers. Manager David Smith remains quietly confident about the medium-term prospects for the UK, believing that the country will experience a mild recession, and has begun to rotate HHI’s portfolio into cyclical companies, where valuations are particularly attractive. While David is underweight the energy majors, which have driven the returns of UK indices, HHI has exposure to consumer staples and other defensive companies, which have held up relatively well over 2022. HHI’s shares have traded close to asset value throughout the year. In addition, HHI has now built up a record of 10 consecutive years of dividend growth.Henderson High Income Trust is an investment trust company. A substantial majority of Co.'s assets are invested in ordinary shares of listed companies with the balance in listed fixed interest stocks. Co. invests predominantly in companies listed in the U.K. Co. has appointed Henderson Investment Funds Limited to act as its Alternative Investment Fund Manager, which delegates investment management services to Henderson Global Investors Limited.
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