Henderson Int. Regulatory News (HINT)

London, UK, 09 September 2020

Edison reviews Henderson International Income Trust (HINT)

Henderson International Income Trust (HINT) aims to provide UK-based investors with a unique, diversified source of income by investing in overseas markets. It is the only global equity income investment trust to totally exclude the UK market, which has high dividend concentration compared to global markets (see chart below). The manager, Ben Lofthouse, adopts a value-driven approach that targets fundamentally good businesses, with high barriers to entry, sustainable cash flows, solid growth prospects and scope to deliver rising returns over time. The manager has recently purchased some (mainly) investment-grade bonds to further diversify HINT's income sources. The trust has an established track record of rising income delivery and solid total returns over the longer term. It has also outperformed the UK market since inception.

HINT has traded at an average premium of 1.6% since its inception in April 2011. This reflects its unique investment mandate and investors' appetite for high and rising income. As at 7 September 2020, the trust was trading at a 5.1% discount to NAV. It currently offers a dividend yield of 4.2%, above that of most of its peers.

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