Henderson Int. Regulatory News (HINT)

London, UK, 20 January 2020

Edison reviews Henderson International Income Trust (HINT)

Henderson International Income Trust (HINT) was launched in 2011 with the aim of enabling UK-based investors to diversify their sources of income by investing overseas. As shown in the chart below, the UK market suffers a high degree of dividend concentration, with the top 10 dividend payers accounting for 55% of total UK dividends in 2018 compared with 9% for the top 10 payers globally. Since launch, HINT's investors have enjoyed total returns of c 10% a year, supported by well-covered dividends that have grown at a compound annual rate of 5.2%. While manager Ben Lofthouse's value-oriented investment approach has been somewhat at odds with growth- and momentum-driven markets recently, he is finding plenty of attractive investment opportunities.

At 17 January 2020, HINT's shares traded at a 2.0% premium to cum-income NAV. Reflecting its unique investment mandate and the appetite for income, the trust has traded at an average premium of 0.8% since launch and the board regularly issues shares to meet demand. HINT currently offers a dividend yield of 3.3%, broadly in line with the peer group average despite excluding the higher-yielding UK market.

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