Henderson International Income Trust : Monthly Factsheet as at 29 February 2024

HENDERSON INTERNATIONAL INCOME TRUST PLC (HINT) ISIN: GB00B3PHCS86

Factsheet - at 29 February 2024

Marketing Communication

Share price performance (total return)

Price (rebased)

	Benchmark
160	NAV (cum income)
140
120
100
80
60
40

Performance		6m		1y		3y		5y		10y
over (%)
	Share price	-1.0	-8.8	18.6	22.6	103.7
	(Total return)
	NAV		4.8		3.3		28.8		45.2		129.7
	(Total return)
	Benchmark	6.6	8.5	32.2	50.8	163.0
	(Total return)
	Relative NAV		-1.8		-5.2		-3.4		-5.5		-33.3
	(Total return)

Commentary at a glance

Performance

In the month under review the Company's NAV total return was 2.1% and the MSCI ACWI (ex UK) High Dividend Yield Index total return was 2.1%.

Contributors/detractors

Stronger economic data supported good performance from industrials holdings. Technology positions benefited from good corporate results and excitement about artificial intelligence. Energy holdings underperformed given weaker natural gas prices.

Company overview

Objective

The Company seeks to provide shareholders with a growing total annual dividend, as well as capital appreciation.

Highlights

Specifically designed as a complementary diversifier for UK income-driven investors with a global income mandate excluding the UK.

Company information

NAV (cum income)	183.2p
NAV (ex income)	183.3p

20

0

Feb 19 Feb 20 Feb 21 Feb 22 Feb 23 Feb 24

From April 2022, the benchmark changed from the MSCI World (ex UK) Index to the MSCI ACWI (ex UK) High Dividend Yield Index.

Discrete year	Share price	NAV
performance (%) (total return)	(total return)
31/12/2022 to	-3.8	2.8
31/12/2023

Outlook

Continued economic resilience, upbeat corporate results and positive shareholder return announcements suggest the global economy is coping with higher interest rates better than many commentators expected.

Share price	156.0p
Discount(-)/premium(+)	-14.8%
Yield	4.8%
Net gearing	2%

Dividend history
(pence/share)
8.0			Income
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0

12

14

16

18

20

22

In the 2012 financial year, five interim dividends were paid over a 15 month period totalling 5.4p. Please note that this chart could include dividends that have been declared but not yet paid.

	31/12/2021 to		6.4		4.0
	31/12/2022
	31/12/2020 to	18.4	18.1
31/12/2021
	31/12/2019 to		-8.1		0.2
	31/12/2020
	31/12/2018 to	15.4	16.3
31/12/2019
n/a	n/a		n/a

All performance, cumulative growth and annual growth data is sourced from Morningstar.

Source: at 29/02/24. © 2024 Morningstar, Inc. All rights reserved. The information

contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance does not predict future returns.

References made to individual securities do not constitute a recommendation to buy, sell or hold any security, investment strategy or market sector, and should not be assumed to be profitable. Janus Henderson Investors, its affiliated advisor, or its employees, may have a position in the securities mentioned.

Net cash	-
Total assets	£380m
Net assets	£359m
Market capitalisation	£306m
Total voting rights	195,978,716
Total number of holdings 66
Ongoing charges	0.72%
(year end 31 Aug 2023)
	MSCI ACWI (ex UK)
Benchmark	High Dividend Yield
	Index

Source: BNP Paribas for holdings information and Morningstar for all other data. Differences in calculation may occur due to the methodology used.

Please note that the total voting rights in the Company do not include shares held in Treasury.

Please remember that past performance does not predict future returns. The value of an investment and the income from it can rise as well as fall as a result of market and currency fluctuations, and you may not get back the amount originally invested. Please refer to the glossary for the definition of share price total return.

How to invest		Find out more
Go to www.janushenderson.com/howtoinvest		Go to www.hendersoninternationalincometrust.com

HENDERSON INTERNATIONAL INCOME TRUST PLC (HINT) ISIN: GB00B3PHCS86

Factsheet - at 29 February 2024

Marketing Communication

Top 10 holdings	(%)
Microsoft	4.8
Merck	3.5
Sanofi	3.4
Zurich Insurance Group	2.8
Novartis	2.6
Roche	2.6
Coca-Cola	2.4
Amundi	2.3
Travelers Cos	2.2
nVent Electric	2.2

References made to individual securities do not constitute a recommendation to buy, sell or hold any security, investment strategy or market sector, and should not be assumed to be profitable. Janus Henderson Investors, its affiliated advisor, or its employees, may have a position in the securities mentioned.

Geographical focus (%)

United States	37.7%
Switzerland	11.8%
France	9.7%
Sweden	4.5%
Germany	4.4%
Australia	3.9%
China	3.6%
South Korea	3.4%
Taiwan	2.7%
Japan	2.3%

The above geographical breakdown may not add up to 100% as this only shows the top 10.

Sector breakdown (%)

 Financials	18.1%
 Health Care	17.5%
 Technology	13.7%
 Industrials	10.1%
 Consumer	9.9%
Discretionary
 Consumer	9.0%
Staples
 Telecomms	8.6%
 Basic Materials	3.9%
 Energy	3.6%
 Utilities	2.8%
 Real Estate	2.8%

The above sector breakdown may not add up to 100% due to rounding.

Key information

Stock code	HINT
AIC sector	AIC Global Equity
Income
	MSCI ACWI (ex UK)
Benchmark	High Dividend Yield
	Index
Company type	Conventional (Ords)
Launch date	2011
Financial year	31-Aug
Dividend payment	February, May, August,
November
Risk rating	Average
(Source: Numis)
	0.575% per annum of
Management fee	net assets (from 1

Premium/(discount) of share price to NAV at fair value (%)

20
15
10
5
0
-5
-10
-15
-20
Feb 21	Feb 22	Feb 23	Feb 24

10 year total return of £1,000

3,000		Share price total return	Benchmark
2,500
2,000
1,500
1,000
500
0
Feb 14	Feb 16	Feb 18	Feb 20	Feb 22	Feb 24

All performance, cumulative growth and annual growth data is sourced from Morningstar. Share price total return is calculated using mid-market share price with dividends reinvested.

	September 2022)
Performance fee	No

(See Annual Report & Key Information Document for more information)

Regional focus	Global ex UK
Fund manager	Ben Lofthouse 2011
appointment

Ben Lofthouse, CFA

Fund Manager

Please remember that past performance does not predict future returns. The value of an investment and the income from it can rise as well as fall as a result of market and currency fluctuations, and you may not get back the amount originally invested. Please refer to the glossary for the definition of share price total return.

	How to invest			Customer services
	Go to www.janushenderson.com/howtoinvest			0800 832 832

HENDERSON INTERNATIONAL INCOME TRUST PLC (HINT) ISIN: GB00B3PHCS86

Factsheet - at 29 February 2024

Marketing Communication

Glossary

Discount/Premium

The amount by which the price per share of an investment company is either lower (at a discount) or higher (at a premium) than the net asset value per share (cum income), expressed as a percentage of the net asset value per share.

Gearing

The effect of borrowing money for investment purposes (financial gearing). The amount a company can "gear" is the amount it can borrow in order to invest. Gearing is used in the expectation that the returns on the investments bought will exceed the costs of the borrowings that funded the purchase. This Company can also use synthetic gearing through derivatives and foreign exchange hedging and/or other non-fully funded instruments or techniques.

Leverage

The Company's leverage is the sum of financial gearing and synthetic gearing. Details of the Company's leverage limits can be found in both the Key Information Document and Annual Report. Where a company utilises leverage, the profits and losses incurred by the company can be greater than those of a company that does not use leverage.

Market capitalisation

Share price multiplied by the number of shares in issue, excluding treasury shares, at month end. Shares typically priced mid-market at month-end closing.

Net Asset Value (NAV)

The total value of a Company's assets less its liabilities.

NAV (Cum Income)

The value of investments and cash, including current year revenue, less liabilities (prior charges such as loans, debenture stock and preference shares at fair value).

NAV (Ex Income)

The value of investments and cash, excluding current year revenue, less liabilities (prior charges such as loans, debenture stock and preference shares at fair value).

NAV total return

The theoretical total return on shareholders' funds per share reflecting the change in Net Asset Value (NAV) assuming that dividends paid to shareholders were reinvested at NAV at the time the shares were quoted ex-dividend. A way of measuring investment management performance of investment trusts which is not affected by movements in discounts/premiums.

Net assets

Total assets minus any liabilities such as bank loans or creditors.

Net cash

A company's net exposure to cash/cash equivalents expressed as a percentage of shareholders' funds, after any offset against its gearing. This is only shown for companies that have gearing in place.

Net gearing

A company's total assets (less cash/cash equivalents) divided by shareholders' funds expressed as a percentage.

Ongoing charges

The total expenses for the financial year (excluding performance fee), divided by the average daily net assets, multiplied by 100.

Risk rating

The key measure used to assess risk is volatility of returns, using historic net asset value (NAV) performance of the Company over 1 and 3 years. In this instance volatility measures how much a company's NAV fluctuates over time in relation to the UK Equity market. The higher a volatility figure, the more the NAV has fluctuated (both up and down) over time. Please note that risk categorisations are indicative and based principally on historic data and should not be solely relied upon when making investment decisions.

Share price

Closing mid-market share price at month end.

Share price total return

The theoretical total return to the investor assuming that all dividends received were reinvested in the shares of the company at the time the shares were quoted ex-dividend. Transaction costs are not taken into account.

Total assets

Cum Income NAV multiplied by the number of shares, plus prior charges at fair value.

Yield

Calculated by dividing the current financial year's dividends per share (this will include prospective dividends) by the current price per share, then multiplying by 100 to arrive at a percentage figure.

For a full list of terms please visit: https://www.janushenderson.com/en- gb/investor/glossary/

HENDERSON INTERNATIONAL INCOME TRUST PLC (HINT) ISIN: GB00B3PHCS86

Factsheet - at 29 February 2024

Marketing Communication

Source for fund ratings/awards

Overall Morningstar Rating™ is shown for an investment company achieving a rating of 4 or 5.

Company specific risks

• This Company is suitable to be used as one component of several within a diversified investment portfolio. Investors should consider carefully the proportion of their portfolio invested in this Company.
• Active management techniques that have worked well in normal market conditions could prove ineffective or negative for performance at other times.
• The Company could lose money if a counterparty with which it trades becomes unwilling or unable to meet its obligations to the Company.
• Shares can lose value rapidly, and typically involve higher risks than bonds or money market instruments. The value of your investment may fall as a result.
• Higher yielding bonds are issued by companies that may have greater difficulty in repaying their financial obligations. High yield bonds are not traded as frequently as government bonds and therefore may be more difficult to trade in distressed markets.
• The return on your investment is directly related to the prevailing market price of the Company's shares, which will trade at a varying discount (or premium) relative to the value of the underlying assets of the Company. As a result, losses (or gains) may be higher or lower than those of the Company's assets.
• Global portfolios may include some exposure to Emerging Markets, which tend to be less stable than more established markets. These markets can be affected by local political and economic conditions as well as variances in the reliability of trading systems, buying and selling practices and financial reporting standards.
• The portfolio allows the manager to use options for efficient portfolio management. Options can be volatile and may result in a capital loss.
• Where the Company invests in assets that are denominated in currencies other than the base currency, the currency exchange rate movements may cause the value of investments to fall as well as rise.
• If the Company seeks to minimise risks (such as exchange rate movements), the measures designed to do so may be ineffective, unavailable or negative for performance.
• The Company may use gearing (borrowing to invest) as part of its investment strategy. If the Company utilises its ability to gear, the profits and losses incurred by the Company can be greater than those of a Company that does not use gearing.
• All or part of the Company's management fee is taken from its capital. While this allows more income to be paid, it may also restrict capital growth or even result in capital erosion over time.

Not for onward distribution. Before investing in an investment trust referred to in this document, you should satisfy yourself as to its suitability and the risks involved, you may wish to consult a financial adviser. This is a marketing communication. Please refer to the AIFMD Disclosure document and Annual Report of the AIF before making any final investment decisions. Past performance does not predict future returns. The value of an investment and the income from it can fall as well as rise and you may not get back the amount originally invested. Tax assumptions and reliefs depend upon an investor's particular circumstances and may change if those circumstances or the law change. Nothing in this document is intended to or should be construed as advice. This document is not a recommendation to sell or purchase any investment. It does not form part of any contract for the sale or purchase of any investment. We may record telephone calls for our mutual protection, to improve customer service and for regulatory record keeping purposes.

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