Henderson Smaller Investment Trust : Monthly Factsheet as at 29 February 2024

THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC (HSL) ISIN: GB0009065060

Factsheet - at 29 February 2024

Marketing Communication

Share price performance (total return)

Price (rebased)

	Benchmark
200	NAV (cum income)
150

Performance		6m		1y		3y		5y		10y
over (%)
	Share price	7.3	-9.7	-23.5	6.5	59.8
	(Total return)
	NAV		7.2		-7.4		-16.1		8.9		62.5
	(Total return)
	Benchmark	2.9	-1.3	0.1	17.3	45.7
	(Total return)

Commentary at a glance

Performance

In the month under review the Company's NAV total return was -3.4% and the Numis Smaller Companies ex Investment Companies Index total return was - 1.9%.

Contributors/detractors

Company overview

Objective

The Company aims to maximise shareholders' total returns (capital and income) by investing in smaller companies that are quoted in the United Kingdom.

Company information

NAV (cum income)

877.6p

100

50

											Renishaw's share price rose following higher-than-
Relative NAV
										expected earnings forecasts. Shares in Bytes
	4.3		-6.1		-16.2		-8.4		16.8
(Total return)						Technology fell following the surprise resignation of

its CEO (which we view as being separate to the outlook for this business).

NAV (ex income)	865.6p
Share price	763.0p
Discount(-)/premium(+)	-13.1%
Yield	3.5%

0

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

Dividend history (pence/share)

30.0

Income		Income Special

25.0

20.0

15.0

10.0

5.0

0.0

04 06 08 10 12 14 16 18 20 22

Please note that this chart could include dividends that have been declared but not yet paid.

Discrete year	Share price	NAV
performance (%) (total return)	(total return)
	31/12/2022 to	1.7		3.3
31/12/2023
	31/12/2021 to		-30.1		-31.7
	31/12/2022
	31/12/2020 to	19.1		25.8
31/12/2021
	31/12/2019 to		-0.6		3.3
	31/12/2020
	31/12/2018 to	46.3		35.7
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.

Outlook

While equity market falls have thrown up buying opportunities, we believe it is important to be selective about a company's strength of franchise, market position and balance sheet.

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 gearing	14%
Net cash	-
Total assets	£751m
Net assets	£656m
Market capitalisation	£570m
Total voting rights	74,701,796
Total number of holdings 100
Ongoing charges	0.44%
(year end 31 May 2023)

	Numis Smaller
Benchmark	Companies ex
Investment Companies
	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.hendersonsmallercompanies.com

THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC (HSL) ISIN: GB0009065060

Factsheet - at 29 February 2024

Marketing Communication

Top 10 holdings	(%)
Bellway	3.3
Paragon Banking Group	3.1
Oxford Instruments	2.7
Balfour Beatty	2.6
Vesuvius	2.6
Mitchells & Butlers	2.6
Ascential	2.6
OSB Group	2.4
Computacenter	2.0
Impax Asset Management Group	2.0

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 (%)		Sector breakdown (%)
United	100.0%	 Industrials	36.7%
Kingdom		 Consumer
		20.8%
		Discretionary
		 Financials	15.9%
		 Technology	13.0%
		 Real Estate	5.0%
		 Energy	3.0%
		 Telecomms	2.5%
		 Basic Materials 1.8%
		 Health Care	1.2%

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

Key information

Stock code	HSL
AIC sector	AIC UK Smaller
Companies
	Numis Smaller
Benchmark	Companies ex
Investment Companies
	Index
Company type	Conventional (Ords)
Launch date	1887
Financial year	31-May
Dividend payment	March, October
Risk rating	Slightly above average
(Source: Numis)
Management fee	0.35% of net assets

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.

Performance fee

Yes

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

Regional focus	UK
Fund manager	Neil Hermon 2002
appointment	Indriatti van Hien 2016

Neil Hermon

Fund Manager

Indriatti van Hien

Deputy 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

THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC (HSL) ISIN: GB0009065060

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/

THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC (HSL) ISIN: GB0009065060

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.
• 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.
• If a Company's portfolio is concentrated towards a particular country or geographical region, the investment carries greater risk than a portfolio that is diversified across more countries.
• Most of the investments in this portfolio are in smaller companies shares. They may be more difficult to buy and sell, and their share prices may fluctuate more than those of larger companies.
• Using derivatives exposes the Company to risks different from - and potentially greater than - the risks associated with investing directly in securities. It may therefore result in additional loss, which could be significantly greater than the cost of the derivative.
• 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.

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.

Issued in the UK by Janus Henderson Investors. Janus Henderson Investors is the name under which investment products and services are provided by Janus Henderson Investors International Limited (reg no. 3594615), Janus Henderson Investors UK Limited (reg. no. 906355), Janus Henderson Fund Management UK Limited (reg. no. 2678531), (each registered in England and Wales at 201 Bishopsgate, London EC2M 3AE and regulated by the Financial Conduct Authority) and Janus Henderson Investors Europe S.A. (reg no. B22848 at 2 Rue de Bitbourg, L-1273, Luxembourg and regulated by the Commission de Surveillance du Secteur Financier).

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