TIDMHNE
RNS Number : 9076N
Henderson Eurotrust PLC
28 September 2023
JANUS HERSON FUND MANAGEMENT UK LIMITED
HERSON EUROTRUST PLC
LEGAL ENTITY IDENTIFIER: 213800DAFFNXRBWOEF12
28 September 2023
HERSON EUROTRUST PLC
Annual Financial Results for the year ended 31 July 2023
This announcement contains regulated information
Investment objective
Henderson EuroTrust plc ("the Company") aims to achieve a
superior total return from a portfolio of European (excluding the
UK) investments where the quality of the business is deemed to be
high or significantly improving.
Performance highlights
Total return performance to 31 July 2023
1 year 3 years 5 years 10 years
% % % %
------------------- ------- -------- -------- ---------
NAV(1) 16.7 23.0 44.6 157.9
Share price(2) 19.7 21.1 38.1 144.3
Benchmark(3) 16.1 36.7 39.2 124.3
Peer group NAV(4) 14.6 31.8 41.4 146.2
Year ended Year ended
31 July 2023 31 July 2022
-------------------------------------- -------------- --------------
NAV per share at year end 161.3p 142.1p
Share price at year end 139.5p 120.5p
Dividend for year(5) 3.8p 3.8p
Dividend yield(6) 2.7% 3.2%
Ongoing charge(9) 0.79% 0.75%
Gearing at year end GBP15.6m GBP7.3m
(% of NAV) 4.6% (2.5%)
Number of investments at year end(7) 47 41
Discount at year end(8) 13.5% 15.2%
Net assets GBP342.0m GBP301.0m
1 Net asset value ("NAV") per ordinary share total return
(including dividends reinvested)
2 Share price total return (including dividends reinvested)
3 FTSE World Europe (ex UK) Index
4 Association of Investment Companies (" AIC") Europe Sector
(based on cumulative fair net asset value returns)
5 Including the 0.8p interim dividend paid on 28 April 2023 and
the 3.0p final dividend which will be put to shareholders for
approval at the Annual General Meeting ("AGM") on 15 November
2023
6 Based on the share price at the year end
7 Excluding the nil value position in OW Bunker (2022: excluding
OW Bunker)
8 Calculated using the mid-market closing price
9 Calculated using the methodology prescribed by the AIC
Sources: Morningstar Direct, Janus Henderson
CHAIRMAN'S STATEMENT
Summary:
-- Over the year, the share price and the net asset value were
ahead of the benchmark index and ahead of the AIC peer group
-- Stock selection has been the driver of the modest
outperformance, an encouraging outcome given that growth stocks on
the whole have lagged the market
-- We have increased the board size to five and our new director
will be appointed Senior Independent Director following the
conclusion of the 2023 AGM
The financial year to 31 July 2023 has seen a significant
recovery in the share price and net asset value after the
disappointment of the previous financial year. I am pleased to
report that, over the year, the share price and net asset value
were moderately ahead of the benchmark index and materially ahead
of the AIC peer group. In the latest financial year, "value" stocks
in Europe outperformed "growth" stocks by over 9 percentage points
but individual stock selection in quite a difficult environment was
strong enough to result in modest overall outperformance.
In the year to 31 July 2023, net asset value total return was
16.7%. This compared with a total return of 16.1% for the benchmark
index (FTSE World Europe (ex UK)) and 14.6% for the AIC peer group.
The discount to net asset value narrowed during the year, from
15.2% to 13.5%, and as a result, the share price total return for
the Company was 19.7%. The share price at 31 July 2023 was 139.5p,
only slightly below the all-time high of 140.5p.
Dividend
We have proposed a final dividend of 3.0p, which brings the
total dividend for the year ended 31 July 2023 to 3.8p. Subject to
shareholder approval the dividend will be paid on 22 November 2023
to shareholders on the register as at 20 October 2023. The shares
will be quoted ex-dividend on 19 October 2023. The Company's
dividend approach is broadly to pay out the level of actual income
received. In the Chairman's Statement of October 2020, I explained
that the Board committed to pay out the majority of the (then
significant) revenue reserve over three to four years. The proposed
final dividend of 3.0p for the year ended 31 July 2023 means that
commitment to shareholders will be fulfilled and, once the dividend
has been paid in November 2023, the revenue reserve will
effectively be zero.
The Board has also decided that, as only a very small part of
the Company's revenue is received in the first half of the
financial year (for example, 0.3p per share was received for the
six months ended 31 January 2023), going forward the Company will
pay a final dividend only, and no interim dividend. This is in line
with the Company's commitment that, once the revenue reserve had
been paid out, dividends would broadly reflect the level of income
received.
Board changes
During the year we implemented a number of key recommendations
following an external Board evaluation exercise undertaken in June
2022. First, we expanded the Board from four to five directors, to
broaden the diversity of skills and experience. Stephen White, who
is a former European investment manager and experienced investment
trust director, joined the Board with effect from 1 December 2022
and will seek election from shareholders at the AGM in November
2023.
Second, we are appointing a Senior Independent Director with
effect from the AGM in November 2023. Subject to his election by
shareholders, Stephen White will assume this role, thereby
providing shareholders with an alternative point of contact to
raise any concerns should they not wish to discuss these with me or
the Chairman of the Audit and Risk Committee.
In my statement last year, I indicated my intention to retire
from the Board at the AGM this year. However, the search for my
successor has taken longer than anticipated; the Directors have
therefore asked me to stay on until its completion. Consequently, I
have agreed that I will retire from the Board, at the latest, at
the AGM in November 2024 and an update on the recruitment process
will be included in our half year results' announcement in March
2024.
Annual General Meeting
Our meeting will be held on Wednesday 15 November 2023 at 2.30pm
at Janus Henderson Investors' offices at 201 Bishopsgate, London
EC2M 3AE. I hope as many shareholders as possible will be able to
attend to take the opportunity to meet the Board and to hear a
presentation from the Fund Manager. However, if you are unable to
attend in person, you can watch the meeting live by visiting
www.janushenderson.com/trustslive. Full details are set out in the
Notice which has been sent to shareholders with this report and are
also available online at www.hendersoneurotrust.com .
Outlook
We are heartened by the absolute and relative performance of the
Company over the last year. We believe that attitudes towards
investing in European shares are becoming more positive; Europe is
home to many strong global businesses on attractive valuations and
also demonstrates an above average focus on sustainability.
Inevitably, there will be headwinds at times but we remain
committed to seeking out growth companies which have the ability to
achieve consistent growth in the long run. There is a wealth of
such opportunities in this region.
Over the financial year the discount to net asset value at which
our shares trade has ranged from approximately 11.4% to 18.7%,
ending the year at 13.5% (2022: 15.2%). In the long run, strong
absolute and relative performance is a necessary - but not
sufficient - factor in reducing the discount. Therefore, we
continue to consider all other factors which might contribute to
the appeal of the Company to all types of shareholder, and retail
investors in particular. As part of this process, I extend an
invitation to any shareholders who have questions, whether specific
or general, or who would welcome a more general discussion with me
or the Senior Independent Director to get in touch via the
Corporate Secretary (itsecretariat@janushenderson.com). I also
direct current and potential shareholders to the wealth of
materials on the Janus Henderson website ( www.janushenderson.com )
including short videos and articles by our portfolio manager Jamie
Ross, and a video by Jamie on our year end results at
www.hendersoneurotrust.com .
Nicola Ralston
Chairman
27 September 2023
FUND MANAGER'S REPORT
Summary:
-- I am pleased to report a positive year for performance, both
in absolute terms (the value of your shares has increased), and in
relative terms (our net asset value per share has increased by more
than the index return).
-- This performance has been driven by the positive impact of our stock selection.
-- We have also found opportunity to increase our exposure to
some of the highest quality companies in Europe.
Key messages
I am pleased to report a positive year for performance, both in
absolute terms (the value of your shares has increased), and in
relative terms (our net asset value per share has increased by more
than the index return). This performance has been achieved in an
environment where our style of investing (buying and owning high
quality growing businesses) has been out of favour, but our stock
picking has been strong enough to outweigh this.
What has driven our performance?
The best performing sectors in the financial year tended to be
those of a cyclical, interest rate sensitive nature: consumer
discretionary, financials, industrials and technology. The sectors
that lagged tended to be less economically sensitive: consumer
staples, health care, real estate and telecommunications. As has
been usual for us, our sector allocations have had little bearing
on our relative performance. Stock picking within each sector has
been a much more important determinant of performance: we are
'stock pickers' not 'sector pickers'.
Our best performing positions were in three areas: financials,
luxury goods companies and semi-conductor equipment businesses.
Within financials, we were particularly well-rewarded for our
decision to maintain a large position in UniCredit even through the
early days of the Russia-Ukraine conflict in 2022, when investors
were concerned about UniCredit's Russian exposure. We felt that
their exposure was small enough to be manageable, even in a
worst-case scenario, and that the undervaluation of the company's
shares was far too extreme for us to sell just at the time when
higher inflation and interest rates were coming back into the
system (typically a good thing for banks, at least initially).
UniCredit shares have delivered a total return of more than 150%
over the last twelve months and have benefitted from higher
interest rates, strong control of the cost base, a benign
environment for loan losses and strong capital returns to
shareholders. Management have done an excellent job. Munich Re, a
longstanding position for us, has been another financial that has
performed well in this environment.
We have three luxury goods companies in the portfolio: Hermès
and Moncler have been longstanding positions and LVMH was added
more recently, in 2021. Luxury goods companies sell aspiration and
desirability - intangible characteristics for which people are
prepared to pay a high price. The best companies curate their brand
allure with decades of consistent investment, avoid discounting and
partner with well-known trend-setters. Within the sector, we have
taken the approach of owning brands with the strongest and most
longstanding cultural heritage. This approach has led us to owning
Hermès, Moncler and LVMH; these are three of the more expensive
companies in the sector, but we think it is worth paying up for
brands of this quality. We were pleased to see our companies
perform well in the period, in part due to short-term factors such
as recovery in China after Covid restrictions were lifted, but our
investment view takes a much longer-term perspective. We continue
to see attractive growth prospects for these high margin and high
return companies over the medium- to long-term.
The semiconductor industry encompasses businesses of highly
variable quality. The industry is exposed to attractive structural
growth drivers such as the growing ubiquity of semiconductor usage
and powerful technological themes such as machine learning,
artificial intelligence and the internet of things. However, not
all companies have a sufficiently commanding market position to
translate this growth potential into a high margin and high return
business. The three semiconductor companies that we own share one
key characteristic: they have consistently high market shares in
their core technology. ASML has a 100% market share in high end
lithography, ASM International has a commanding market share in a
packaging technology called Atomic Layer Deposition, while Besi
dominate the nascent area of Hybrid Bonding. Strong market shares
in niche technologies drive high margins and return on capital for
these companies. We have had a longstanding position in ASML and
initiated a new position in ASM International during the year and
Besi in June 2022, taking advantage of a period when investors
seemed overly concerned about a potential short-term cyclical
downswing in industry demand. These two positions rallied
particularly strongly over the year.
Finally, Novo Nordisk is worthy of mention. Novo is our largest
position and a long standing holding in the portfolio. Novo has
recently launched an obesity drug in the US and this has attracted
a huge amount of media attention. We have been following their
progress in this therapeutic area for a number of years and it is
pleasing to see the company finally able to bring an efficacious
and well-tolerated product to market. We believe that the obesity
franchise is extremely well positioned for growth and this
reinforces our positive views on the company. We continue to own a
large position in Novo even after the strong multi-year share price
performance.
Our underperformers have tended to be defensive in nature. When
investors want to buy into improving economic sentiment, they tend
to avoid steady, consistent, dependable companies such as Roche,
Cellnex and Sartorius. We ignore these short-term swings in
sentiment and continue to value the long-term compounding nature of
these businesses. In addition to this issue of style, there were a
small number of companies whose operational performance was not as
impressive as we would wish. Allfunds, DSM Firmenich and Kion have
each struggled this year.
Allfunds, a business that links up fund houses with fund
distributors, is exposed to three major drivers of growth in assets
under administration: the onboarding of new clients, inflows from
existing clients and long-term growth in market levels. Over the
past year or two, market volatility across multiple asset classes
has impacted the latter two of these drivers whilst the onboarding
of new clients, an area where they have more control, has remained
resilient. We retain faith in the ability of this high market
share, high margin business to generate significant growth over
time, but a period of more benign markets would be welcome. DSM has
struggled with a number of issues, some industry-wide and some
stockspecific. On the former, there has been some post-Covid unwind
with a number of US customers destocking their ingredients
inventory. On the latter, DSM has suffered from weakness in vitamin
pricing and have had to deal with disruption related to the
Firmenich merger and senior management changes. We have maintained
our positions in both Allfunds and DSM (now DSM Firmenich).
Finally, Kion has suffered from cost overruns in its warehouse
automation business as well as signs of slowing demand. We felt
that our long-term thesis had been sufficiently challenged to sell
out of our position in Kion.
Average portfolio Attribution Analysis
weight (%) (1)
Sector Stock
allocation selection Total
Company Index Relative effect effect effect
-------- ------------ ----------- --------
Aerospace & Defence 5.7 2.2 -3.5 0.3 0.7 1.0
-------- ------ --------- ------------ ----------- --------
Alternative Energy 0.0 0.5 0.5 0.0 0.1 0.1
-------- ------ --------- ------------ ----------- --------
Automobiles and
Parts 0.0 3.3 3.3 0.0 -0.5 -0.5
-------- ------ --------- ------------ ----------- --------
Banks 7.0 7.5 0.4 1.5 -0.4 1.1
-------- ------ --------- ------------ ----------- --------
Beverages 2.3 2.1 -0.2 0.0 -0.1 -0.1
-------- ------ --------- ------------ ----------- --------
Cash -0.7 0.0 0.7 0.0 -0.1 -0.1
-------- ------ --------- ------------ ----------- --------
Chemicals 2.3 3.5 1.2 -0.1 0.0 -0.0
-------- ------ --------- ------------ ----------- --------
Construction &
Materials 0.0 3.8 3.8 0.0 -0.1 -0.1
-------- ------ --------- ------------ ----------- --------
Consumer Services 0.7 0.2 -0.5 -0.1 -0.1 -0.1
-------- ------ --------- ------------ ----------- --------
Electricity 2.1 2.9 0.8 -1.0 0.1 -0.9
-------- ------ --------- ------------ ----------- --------
Electronic & Electrical
Equipment 2.9 2.7 -0.2 -0.1 0.0 -0.1
-------- ------ --------- ------------ ----------- --------
Finance and Credit
Services 1.5 0.0 -1.5 0.0 -0.7 -0.6
-------- ------ --------- ------------ ----------- --------
Food Producers 9.8 6.1 -3.8 -1.1 -0.8 -1.9
-------- ------ --------- ------------ ----------- --------
Gas, Water & Multiutilities 0.0 1.4 1.4 0.0 -0.1 -0.1
-------- ------ --------- ------------ ----------- --------
General Industrials 1.6 1.9 0.3 -0.5 -0.1 -0.6
-------- ------ --------- ------------ ----------- --------
Health Care Providers 0.0 0.3 0.3 0.0 -0.0 -0.0
-------- ------ --------- ------------ ----------- --------
Household Goods
and Home Construction 0.0 0.4 0.4 0.0 0.0 0.0
-------- ------ --------- ------------ ----------- --------
Industrial Engineering 3.6 2.5 -1.1 0.4 -0.1 0.2
-------- ------ --------- ------------ ----------- --------
Industrial Materials 0.0 0.5 0.5 0.0 0.1 0.1
-------- ------ --------- ------------ ----------- --------
Industrial Metals
& Mining 0.0 0.7 0.7 0.0 0.1 0.1
-------- ------ --------- ------------ ----------- --------
Industrial Support
Services 0.4 1.7 1.4 -0.1 0.5 0.5
-------- ------ --------- ------------ ----------- --------
Industrial Transportation 0.0 2.6 2.6 0.0 -0.0 -0.0
-------- ------ --------- ------------ ----------- --------
Investment Banking
and Brokerage
Services 8.9 3.4 -5.6 0.2 -0.6 -0.3
-------- ------ --------- ------------ ----------- --------
Leisure Goods 0.0 0.1 0.1 0.0 0.0 0.0
-------- ------ --------- ------------ ----------- --------
Life Insurance 0.0 0.7 0.7 0.0 0.0 0.0
-------- ------ --------- ------------ ----------- --------
Media 1.9 1.0 -0.9 -0.2 0.0 -0.2
-------- ------ --------- ------------ ----------- --------
Medical Equipment
and Services 1.7 3.1 1.4 0.1 0.3 0.4
-------- ------ --------- ------------ ----------- --------
Nonlife Insurance 3.2 5.1 1.9 1.2 0.0 1.2
-------- ------ --------- ------------ ----------- --------
Oil, Gas and Coal 5.3 4.1 -1.2 0.6 -0.2 0.3
-------- ------ --------- ------------ ----------- --------
Personal Care,
Drug and Grocery
Stores 3.2 1.3 -1.9 0.1 -0.1 -0.0
-------- ------ --------- ------------ ----------- --------
Personal Goods 9.5 7.0 -2.5 1.1 0.3 1.3
-------- ------ --------- ------------ ----------- --------
Pharmaceuticals
& Biotechnology 15.4 13.0 -2.4 0.0 -0.3 -0.2
-------- ------ --------- ------------ ----------- --------
Precious Metals
and Mining 0.0 0.0 0.0 0.0 -0.0 -0.0
-------- ------ --------- ------------ ----------- --------
Real Estate Investment
and Services 0.0 0.7 0.7 0.0 0.4 0.4
-------- ------ --------- ------------ ----------- --------
Real Estate Investment
Trusts 0.0 0.4 0.4 0.0 0.1 0.1
-------- ------ --------- ------------ ----------- --------
Retailers 0.0 0.7 0.7 0.0 -0.2 -0.2
-------- ------ --------- ------------ ----------- --------
Software & Computer
Services 2.6 4.2 1.6 0.6 0.0 0.6
-------- ------ --------- ------------ ----------- --------
Technology Hardware
& Equipment 5.8 4.6 -1.2 0.8 0.3 1.1
-------- ------ --------- ------------ ----------- --------
Telecommunications
Equipment 0.0 0.6 0.6 0.0 0.3 0.3
-------- ------ --------- ------------ ----------- --------
Telecommunications
Service Providers 3.3 2.8 -0.5 -0.5 -0.1 -0.6
-------- ------ --------- ------------ ----------- --------
Tobacco 0.0 0.1 0.1 0.0 -0.0 -0.0
-------- ------ --------- ------------ ----------- --------
Travel and Leisure 0.0 0.6 0.6 0.0 -0.1 -0.1
-------- ------ --------- ------------ ----------- --------
Total(1) 100.0 100.0 0.0 3.1 -1.2 1.9
-------- ------ --------- ------------ ----------- --------
1 Total may not sum to the value shown due to rounding
differences
Source: Factset
What changes have we made?
We have now had three years of value outperforming growth and
quality. Notwithstanding the fact that we managed to outperform
marginally over the last year, this style environment has been
tough for us. Our inclination throughout the period has been to
increase our exposure to high quality companies at a time when they
have been out of favour. Each of our purchases and sales over the
past twelve months can be seen as moving us in this direction. I
will illustrate this with two of our new positions highlighting why
we think these are high quality businesses with very attractive
long-term prospects.
In March, we initiated a new position in Alcon, the Swiss listed
manufacturer of ophthalmic equipment and contact lenses. Over the
long term, the industry has experienced healthy growth of 4-5% per
annum. Alcon, after years of underinvestment under Novartis
ownership, is playing catch up. They have been growing faster than
the overall market and expect to continue to do so. Margin
potential since the spin-out from Novartis has been clear but the
delivery has been slower than hoped for. Recently, however, margin
progress has started to come through and the outlook for further
margin gains is strong. Finally, on valuation, in MedTech,
investors tend to pay for durable growth, i.e. organic revenue
growth and the sector trades on around 25 times forward price to
earnings. Alcon has usually traded at a 0-10% premium, but when we
bought our position, it traded at a small discount. Over the next
few years, revenue growth should be faster than the sector (6%
versus 4%) and so should earnings per share growth (greater than
15% versus 11%) if they achieve margin progress as guided. We thus
see Alcon as a superior growth business capable of margin
improvement and a valuation rerating over time.
In May, we bought a position in the Swiss testing company SGS.
We have long liked the characteristics of the testing sector. The
companies provide a cheap, but essential function to a number of
businesses across a wide range of end markets. Often their work is
mandated by regulation. The industry is fragmented but is
increasingly being consolidated by the large, listed companies,
with smaller players disadvantaged in a world where customers want
broad, global services. This means that the large companies can
consistently acquire the smaller ones at inexpensive valuations,
taking advantage of inherent scale benefits to create shareholder
value over the medium term. We also believe that increasingly
stringent environmental testing regulation is resulting in a boost
to testing intensity and this should bring higher growth rates for
SGS and their peers especially in the consumer goods-facing part of
the business. SGS are the global leader in consumer testing and are
in the strongest position to benefit.
Our most notable sales during the period were Enel, CNH
International and Kion (a utility company, a tractor company and a
forklift truck company respectively).
Largest New Investments Largest Divestments
-------------------------------------- ----------------------------------
Company name Position Company name Position size
size at year at start of
end (% of year (% of
the portfolio) the portfolio)
-------------------- ---------------- ---------------- ----------------
SGS 2.62 Koninklijke KPN 3.05
ASM International 2.25 Kion 2.00
Alcon 1.91 CNH Industrial 1.87
BNP Paribas 1.85 Enel 1.29
Heineken 1.71
Schneider Electric 1.66
Euronext 1.52
Brenntag 0.95
Industrie De Nora 0.81
Zealand Pharma 0.61
Our medium term outlook
I am pleased that we have managed to outperform modestly in yet
another year of value outperformance. We have used the last few
years to increase our exposure to growth and quality and I am
confident that our companies are well-placed to deliver strong
growth, attractive margins and robust return on capital.
Classification of holdings as at 31 July 2023
Compounders(1) Average Improvers(2) Average Company Average Index Average
Market Capitalisation (GBPm) 112,902 43,178 94,024 81,677
---------------------------------- --------------------- ---------------- --------------
Price/book (x) 3.6 1.4 2.6 2.0
Trailing 12 month dividend yield
(%) 2.2 2.6 2.3 3.0
Trailing 12 month price/earnings
(x) 24.8 13.4 20.2 14.6
Forward 2024 price/earnings (x) 17.5 12.9 16.0 12.9
----------------------- --------------------- ---------------- --------------
Historical 3-year earnings per
share growth per annum (%) 11.5 16.3 12.8 23.9
Forecast next 12 months earnings
per share growth (%) 12.7 8.4 11.5 9.4
Return on equity (%) 27.4 5.7 21.5 19.6
Operating margin (%) 25.1 13.5 22.0 18.3
Long term debt to capital (%) 31.0 33.9 31.8 33.1
Number of securities 32 15 47 577
--------------------- ---------------- --------------
Weight (%)(3) 76.6 28.4
----------------------- ---------------------
Fundamentals are based on weighted averages at the stock level,
excluding net cash/borrowing
1 Compounders - high-return businesses
2 Improvers - companies whose return profile should materially
improve over time
3 The weight percentages of Compounders and Improvers are shown
including net cash/borrowing
Net cash/(borrowing) was -5.1% at 31 July 2023
OW Bunker, a nil value position, is not included in the
analysis
Source: Factset/Fundamentals in Sterling and Janus Henderson
Top ten contributors to and bottom detractors from relative
performance
Data illustrating the top ten contributors to relative
performance is set out below:
%
UniCredit 2.82
-----
Munich Re. 1.54
-----
Hermès 0.81
-----
ASM International 0.77
-----
Safran 0.70
-----
Besi 0.57
-----
Metso 0.48
-----
Novo Nordisk 0.37
-----
Moncler 0.37
-----
Alcon 0.36
-----
Data illustrating the bottom ten detractors from relative
performance is set out below:
%
Partners Group -0.31
------
Sartorius -0.40
------
Siemens -0.41
------
DSM Firmenich -0.41
------
Roche -0.49
------
Kion -0.61
------
Allfunds -0.65
------
Cellnex -0.86
------
EDP Renovaveis -0.95
------
Koninklijke DSM (prior to the merger
with Firmenich) -1.60
------
Jamie Ross
Fund Manager
27 September 2023
PRINCIPAL RISKS AND UNCERTAINTIES
Managing our risks
The Board, with the assistance of the Manager, has carried out a
robust assessment of the principal risks and uncertainties facing
the Company, including those that would threaten its business
model, future performance, solvency and liquidity.
With the assistance of the Manager, the Board has drawn up a
risk register facing the Company and has put in place a schedule of
investment limits and restrictions, appropriate to the Company's
Investment Objective and Policy, in order to mitigate these risks
as far as practicable. The Board monitors the Manager, other
suppliers and the internal and external environments in which the
Company operates to identify new and emerging risks. The Board's
policy on risk management has not materially changed from last
year. The principal risks which have been identified and the steps
taken by the Board to mitigate these are as follows:
Risk Mitigation
Investment activity and performance The Board monitors investment
An inappropriate investment performance at each Board meeting
strategy (for example, in terms and regularly reviews the extent
of stock or sector attribution of its borrowings.
or the level of gearing) may
result in underperformance against The Board receives monthly updates
the Company's benchmark index from the Fund Manager.
and the companies in its peer
group.
-------------------------------------------
Portfolio and market The Board reviews the portfolio
Although the Company invests at each meeting, regularly considers
almost entirely in securities relevant political, economic and
that are quoted on recognised environmental changes and mitigates
markets, share prices may move risk through diversification of
rapidly. The companies in which investments in the portfolio.
investments are made may operate
unsuccessfully, or fail entirely.
Significant economic, political
or environmental changes in
Europe and globally may impact
investment returns. A fall in
the market value of the Company's
portfolio would have an adverse
effect on shareholders' funds.
-------------------------------------------
Regulatory The Manager is contracted to provide
A breach of Section 1158 could investment, company secretarial,
lead to a loss of investment administration and accounting
trust status, resulting in capital services through qualified professionals.
gains realised within the portfolio The Board receives internal controls
being subject to corporation reports produced by Janus Henderson
tax. A breach of the FCA's Listing on a quarterly basis, which confirm
Rules could result in suspension regulatory compliance.
of the Company's shares, while
a breach of the Companies Act
2006 could lead to criminal
proceedings, or financial or
reputational damage.
-------------------------------------------
Operational and cyber The Board monitors the services
Disruption to, or failure of, provided by the Manager and its
the Manager's accounting, dealing other suppliers and receives reports
or payment systems or the Custodian's on the key elements in place to
records could prevent the accurate provide effective internal control.
reporting and monitoring of During the year the Board received
the Company's financial position. reports on the Manager's approach
The Company is also exposed to information security and cyber
to the operational risk that attack defence. The Board considers
one or more of its service providers the loss of the Fund Manager as
may not provide the required a risk but this is mitigated by
level of service. The Company the experience of the Equities
may also be exposed to the risk team at Janus Henderson.
of cyber attack on its service
providers.
-------------------------------------------
ESG For those companies with a MSCI
The Company is an Article 8 Laggard rating, the Board requires
company under SFDR. Decisions the Manager to formally explain
on ESG matters can be subjective the rationale for the potential
and criteria may change as knowledge, improvement of the MSCI risk rating
technology and science evolves. to a minimum of 'medium' within
There is a risk that an investment, three years. See the Annual Report
assessed as appropriate at a for more detail.
point in time, subsequently
does not meet ESG criteria, The Company's ESG criteria are
and exposes the Company to reputational considered to be sufficiently
risk. clear and measurable. These criteria
and the Company's adherence to
them are monitored and reviewed
on a regular basis. Should the
Board or the Manager consider
it appropriate to review or alter
the criteria, this would be considered
on a case by case basis against
known factors prevailing at the
time.
-------------------------------------------
Details of how the Board monitors the services provided by Janus
Henderson and its other suppliers, and the key elements designed to
provide effective internal control, are explained further in the
internal controls section of the Corporate Governance report of the
2023 Annual Report. Further details of the Company's exposure to
market risk (including market price risk, currency risk and
interest rate risk), liquidity risk and credit and counterparty
risk and how they are managed are contained in the Notes to the
Financial Statements within the Annual Report.
VIABILITY STATEMENT AND GOING CONCERN
The Company is a long-term investor. The Board believes it is
appropriate to assess the Company's viability over a five year
period in recognition of the Company's long-term horizon and what
the Board believes to be investors' horizons, taking account of the
Company's current position and the potential impact of the
principal risks and uncertainties as documented in the Strategic
Report within the Annual Report.
The Directors do not expect there to be any significant change
in the current principal risks and adequacy of the mitigating
controls in place. In addition, the Directors do not envisage any
change in strategy or objectives or any events that would prevent
the Company from continuing to operate over that period, as the
Company's assets are liquid, its commitments are limited and the
Company intends to continue to operate as an investment trust. In
coming to this conclusion, the Board has considered the potential
impact of the principal risks and uncertainties facing the Company,
in particular the impact of the rise in inflation, COVID-19, the
risks arising from the wider ramifications of the conflict between
Russia and Ukraine, investment strategy and performance against the
benchmark (whether from stock or sector attribution or the level of
gearing) and market risk, materialising in severe but plausible
scenarios, and the effectiveness of any mitigating controls in
place.
The Directors took into account the liquidity of the portfolio
and the borrowings in place when considering the viability of the
Company over the next five years and its ability to meet
liabilities as they fall due. This included consideration of the
duration of the Company's borrowing facilities and how a breach of
any covenants could impact on the Company's net asset value and
share price. Based on this assessment, the Board has a reasonable
expectation that the Company will be able to continue in operation
and meet its liabilities as they fall due over the next five year
period.
The Directors consider it appropriate to adopt the going concern
basis of accounting in preparing the Financial Statements (see note
1(b) for further details).
BORROWINGS
During the year under review, the Company had in place an
unsecured loan facility of GBP25 million (2022: GBP25 million)
which allowed it to borrow as and when appropriate. The maximum
amount drawn down in the year under review was GBP17.7 million
(2022: GBP12.8 million), with borrowing costs for the year
totalling GBP217,000 (2022: GBP84,000). GBP8.6 million of the
facility was in use at the year end (2022: GBP12.6 million). Actual
gearing at 31 July 2023 was 4.6% (2022: 2.5%) of NAV. Since the
year end the Company has put in place an unsecured loan facility of
EUR30 million to replace the previous facility. The Board has
delegated responsibility for day to day gearing levels to the Fund
Manager. The Fund Manager expects to maintain some level of gearing
in most conditions and the normal level of gearing is expected to
be between 2% and 6% of NAV, but at times it may be above or below
these levels. The Fund Manager does not use gearing in an attempt
to time prospective market moves. Instead, the Company's gearing
will increase when the Fund Manager sees attractive, stock
specific, opportunities to deploy capital and will reduce gearing
when the Fund Manager is a net seller of existing positions, again
for stock specific reasons.
RELATED PARTY TRANSACTIONS
The Company's transactions with related parties in the year were
with its Directors and the Manager. There have been no material
transactions between the Company and its Directors during the year
and the only amounts paid to them were in respect of expenses and
remuneration for which there were no outstanding amounts payable at
the year end. Directors' shareholdings are disclosed in the 2023
Annual Report.
In relation to the provision of services by the Manager, other
than fees payable by the Company in the ordinary course of business
and the facilitation of marketing activities with third parties,
there have been no material transactions with the Manager affecting
the financial position of the Company during the year under review.
More details on transactions with the Manager, including amounts
outstanding at the year end, are given in the Notes to the
Financial Statements within the Annual Report.
STATEMENT OF DIRECTORS' RESPONSIBILITIES
In accordance with Disclosure Guidance and Transparency Rule
4.1.12, each of the Directors confirms that, to the best of his or
her knowledge:
(a) the Company's Financial Statements, which have been prepared
in accordance with UK Accounting Standards, give a true
and fair view of the assets, liabilities, financial position
and profit of the Company; and
(b) the Annual Report and Financial Statements include a fair
review of the development and performance of the business
and the position of the Company, together with a description
of the principal risks and uncertainties that it faces.
The Directors consider that the Annual Report and Financial
Statements, taken as a whole, are fair, balanced and understandable
and provide the information necessary for shareholders to assess
the Company's performance, business model and strategy.
On behalf of the Board
Nicola Ralston
Chairman
27 September 2023
TWENTY LARGEST HOLDINGS AS AT 31 JULY 2023
Market Percentage
Value 2023 of Portfolio
Company Country Sector GBP'000 2023
--- ---------------------- ------------ -------------------------- ------------ ---------------
Pharmaceuticals
1 Novo Nordisk Denmark and Biotechnology 20,336 5.69
2 Nestlé Switzerland Food Producer 17,817 4.99
3 TotalEnergies France Oil, Gas and Coal 17,261 4.83
Pharmaceuticals
4 Roche Switzerland and Biotechnology 15,766 4.41
Pharmaceuticals
5 Sanofi France and Biotechnology 14,465 4.05
Technology Hardware
6 ASML Netherlands and Equipment 13,009 3.64
7 Hermès France Luxury Goods 12,403 3.47
LVMH Moët
Hennessy Louis
8 Vuitton France Personal Goods 12,156 3.40
Aerospace and
9 Safran France Defence 10,072 2.82
Software and Computer
10 SAP Germany Services 9,968 2.79
--- ---------------------- ------------ -------------------------- ------------ ---------------
Top 10 143,253 40.09
--------------------------------------------------------------------- ------------ ---------------
11 DSM Firmenich Switzerland Food Producer 9,860 2.76
12 Cellnex Spain Mobile Telecommunications 9,762 2.73
Aerospace and
13 Airbus France Defence 9,642 2.70
Industrial Support
14 SGS Switzerland Services 9,353 2.62
Private Equity
15 Partners Group Switzerland Asset Manager 9,028 2.53
Personal Care,
Drug and Grocery
16 Beiersdorf Germany Store 8,650 2.42
17 Munich Re. Germany Insurance 8,441 2.36
18 Deutsche Börse Germany Financial Services 8,400 2.35
Technology Hardware
19 ASM International Netherlands and Equipment 8,033 2.25
20 UniCredit Italy Banks 7,913 2.21
--- -------------------- -------------- -------------------------- ------------ ---------------
Top 20 232,335 65.02
--------------------------------------------------------------------- ------------ ---------------
Market capitalisation (excluding cash) of the portfolio by
weight at 31 July 2023
Market cap % Portfolio weight % Benchmark weight
------------------- ------------------- -------------------
>EUR20bn 74.9 73.7
EUR10bn - EUR20bn 8.2 12.0
EUR5bn - EUR10bn 11.5 9.7
EUR1bn - EUR5bn 4.7 4.4
EUR0bn - EUR1bn 0.7 0.2
------------------- ------------------- -------------------
Performance drivers over the year ended 31 July 2023
%
---------------------------------------- -------
Benchmark Return 16.1
Sector Allocation(1) (2.0)
Stock Selection 3.1
Currency Movements (relative to index) 0.9
Effect of Cash and Gearing (0.1)
Effect of Ongoing Charge (0.8)
Residual (due to timing and rounding) (0.5)
---------------------------------------- -------
NAV Total Return 16.7
---------------------------------------- -------
(1) Sector allocation is the effect of asset allocation, less
the effects of gearing, share buy-backs / issues and currency.
Source: Morningstar Direct, Janus Henderson
AUDITED INCOME STATEMENT
Year ended 31 July Year ended 31 July
2023 2022
Revenue Capital Total Revenue Capital Total
return return return return return return
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Gains/(losses) on investments
held
at fair value through profit
or loss
(note 2) - 43,816 43,816 - (54,923) (54,923)
Investment income (note
3) 8,877 - 8,877 9,298 - 9,298
Other income 71 - 71 1 - 1
--------- ---------- --------- --------- ---------- ---------
Gross revenue and capital
Gains/(losses) 8,948 43,816 52,764 9,299 (54,923) (45,624)
Management fee (407) (1,628) (2,035) (410) (1,642) (2,052)
Other administrative expenses (553) - (553) (553) - (553)
--------- ---------- --------- --------- ---------- ---------
Net return/(loss) before
finance costs and taxation 7,988 42,188 50,176 8,336 (56,565) (48,229)
Finance costs (43) (174) (217) (17) (67) (84)
--------- ---------- --------- --------- ---------- ---------
Net return/(loss)before
taxation 7,945 42,014 49,959 8,319 (56,632) (48,313)
Taxation on net return (1,120) - (1,120) (69) (11) (80)
--------- ---------- --------- --------- ---------- ---------
Net return/(loss)after
taxation 6,825 42,014 48,839 8,250 (56,643) (48,393)
===== ===== ===== ===== ===== =====
Return/(loss) per ordinary
share
(basic and diluted) (note
4) 3.22p 19.83p 23.05p 3.89p (26.73p) (22.84p)
===== ===== ===== ===== ===== =====
The total return column of this statement represents the Income
Statement of the Company.
All revenue and capital items in the above statement derive from
continuing operations.
The revenue return and capital return columns are supplementary
to this and are prepared under guidance published by the AIC.
The Company had no recognised gains or losses other than those
disclosed in the Income Statement.
AUDITED STATEMENT OF CHANGES IN EQUITY
Called
up Share Capital
share premium redemption Capital Revenue Total shareholders'
Year ended 31 July capital account reserve reserves reserve funds
2023 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 August 2022 1,060 41,032 263 251,065 7,590 301,010
Net return after
taxation - - - 42,014 6,825 48,839
Final dividend paid
in respect of the
year ended 31 July
2022 (paid 23 November
2022) - - - - (6,356) (6,356)
Interim dividend paid
in respect of the
year ended 31 July
2023 (paid 28 April
2023) - - - - (1,695) (1,695)
---------- ----------- ---------- ----------- ---------- ------------
At 31 July 2023 1,060 41,032 263 293,079 6,364 341,798
====== ====== ====== ======= ====== =======
Called
up Share Capital
share premium redemption Capital Revenue Total shareholders'
Year ended 31 July capital account reserve reserves reserve funds
2022 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 August 2021 1,060 41,032 263 307,722 4,633 354,710
Net (loss)/return
after taxation - - - (56,643) 8,250 (48,393)
Costs relating to
sub-division of shares - - - (14) - (14)
Final dividend paid
in respect of the
year ended 31 July
2021 (paid 24 November
2021) - - - - (3,602) (3,602)
Interim dividend paid
in respect of the
year ended 31 July
2022 (paid 22 April
2022) - - - - (1,695) (1,695)
Refund of unclaimed
dividends over 12
years old - - - - 4 4
---------- ----------- ---------- ----------- ---------- ------------
At 31 July 2022 1,060 41,032 263 251,065 7,590 301,010
====== ====== ====== ======= ====== =======
AUDITED STATEMENT OF FINANCIAL POSITION
As at 31 As at 31
July 2023 July 2022
GBP'000 GBP'000
--------------------------------------- ------------ ----------------------
Fixed assets
Fixed asset investments held at fair
value through profit or loss
Listed at market value - overseas 357,406 308,398
---------- ----------
Current assets
Debtors 3,445 6,192
Cash at bank and in hand 2,687 2,482
---------- ----------
6,132 8,674
Creditors: amounts falling due within
one year (21,740) (16,062)
---------- ----------
Net current liabilities (15,608) (7,388)
---------- ----------
Total assets less current liabilities 341,798 301,010
---------- ----------
Net assets 341,798 301,010
====== ======
Capital and reserves
Called up share capital 1,060 1,060
Share premium account 41,032 41,032
Capital redemption reserve 263 263
Capital reserves 293,079 251,065
Revenue reserve 6,364 7,590
----------- -----------
Total shareholders' funds 341,798 301,010
====== ======
Net asset value per ordinary share
(basic and diluted) 161.3p 142.1p
====== ======
NOTES TO THE FINANCIAL STATEMENTS
1 Accounting policies
.
(a) Basis of preparation
The Company is a registered investment company as defined
in Section 833 of the Companies Act 2006 and is incorporated
in the United Kingdom. It operates in the United Kingdom
and is registered at 201 Bishopsgate, London EC2M 3AE.
The Financial Statements have been prepared in accordance
with the Companies Act 2006, FRS 102 'The Financial Reporting
Standard applicable in the UK and Republic of Ireland' and
with the Statement of Recommended Practice: Financial Statements
of Investment Trust Companies and Venture Capital Trusts
(the 'SORP') issued in July 2022 by the Association of Investment
Companies.
The principal accounting policies applied in the presentation
of these Financial Statements are set out below. These policies
have been consistently applied to all the years presented.
There have been no significant changes to the accounting
policies compared to those set out in the Company's Annual
Report for the year ended 31 July 2022.
As an investment company the Company has the option, which
it has taken, not to present a cash flow statement. A cash
flow statement is not required when an investment company
meets all the following conditions: substantially all of
the entity's investments are highly liquid, substantially
all of the entity's investments are carried at market value,
and the entity provides a statement of changes in equity.
The Directors have assessed that the Company meets all of
these conditions.
The Financial Statements have been prepared under the historical
cost basis except for the measurement at fair value of investments.
In applying FRS 102, financial instruments have been accounted
for in accordance with Section 11 and 12 of the standard.
All of the Company's operations are of a continuing nature.
The preparation of the Company's Financial Statements on
occasion requires the Directors to make judgements, estimates
and assumptions that affect the reported amounts in the
primary Financial Statements and the accompanying disclosures.
These assumptions and estimates could result in outcomes
that require a material adjustment to the carrying amount
of assets or liabilities affected in the current and future
periods, depending on circumstance.
The Directors do not believe that any accounting judgements
or estimates have been applied to this set of Financial
Statements that have a significant risk of causing a material
adjustment to the carrying amount of assets and liabilities
within the next financial year.
(b) Going concern
The assets of the Company consist of securities that are
primarily readily realisable and, accordingly, the Directors
believe that the Company has adequate resources to continue
in operational existence for at least 12 months from the
date of approval of the Financial Statements. Having assessed
these factors and the principal risks, as well as considering
the impact of the rise in inflation, COVID-19 and the risks
arising from the wider ramifications of the conflict between
Russia and Ukraine, the Directors consider it appropriate
to adopt the going concern basis of accounting in preparing
the Financial Statements.
2. Gains/(losses)on investments held at fair value through
profit or loss
2023 2022
GBP'000 GBP'000
Gains on sale of investments based on
historical cost 10,558 4,271
Less: Revaluation gains recognised in
previous years (591) (32,176)
------------ ------------
Gains/(losses)on investments sold in
the year based on carrying value at previous
statement of financial position date 9,967 (27,905)
------------ ------------
Revaluation of investments held at 31
July 34,001 (27,108)
Exchange (losses)/gains(1) (152) 90
---------- ----------
43,816 (54,923)
====== ======
(1) Includes exchange losses of GBP34,000 (2022: GBP20,000)
on bank loans
3. Investment income 2023 2022
GBP'000 GBP'000
----------------------------------------------- ------------- ---------------
Overseas dividend income 8,877 9,298
---------- ----------
8,877 9,298
===== =====
4. Return/(loss) per ordinary share (basic and diluted)
The total return per ordinary share is based on the net
gain attributable to the ordinary shares of GBP48,839,000
(2022: loss GBP48,393,000) and on 211,855,410 ordinary shares
(2022: 211,855,410), being the weighted average number of
shares in issue during the year. The total return can be
further analysed as follows:
2023 2022
GBP'000 GBP'000
----------------------------------------------- ------------- ---------------
Revenue return 6,825 8,250
Capital return/(loss) 42,014 (56,643)
---------- ----------
Total return/(loss) 48,839 (48,393)
====== ======
Weighted average number of ordinary shares 211,855,410 211,855,410
2023 2022
Pence Pence
----------------------------------------------- ------------- ---------------
Revenue return per ordinary share 3.22 3.89
Capital return/(loss) per ordinary share 19.83 (26.73)
---------- ----------
Total return/(loss) per ordinary share 23.05 (22.84)
====== ======
The Company has no securities in issue that could dilute
the return per ordinary share. Therefore the basic and diluted
return per ordinary share are the same.
5. Dividends on ordinary shares
Register date Payment date 2023 2022
GBP'000 GBP'000
------------------------------ -------------------------- ---------------------- ------------ -----------
Final dividend (1.7p)
for the year ended 31 22 October
July 2021 2021 24 November 2021 - 3,602
Interim dividend (0.8p)
for the year ended 31
July 2022 8 April 2022 22 April 2022 - 1,695
Final dividend (3.0p)
for the year ended 31 21 October
July 2022 2022 23 November 2022 6,356 -
Interim dividend (0.8p)
for the year ended 31
July 2023 11 April 2023 28 April 2023 1,695 -
Refund of unclaimed
dividends over 12 years
old - (4)
----------- ----------
8,051 5,293
======= =======
The proposed final dividend of 3.0p per share for the year ended
31 July 2023 is subject to approval by shareholders at the AGM
and has not been included as a liability in these Financial
Statements. The final dividend will be paid on 22 November 2023
to shareholders on the register of members at the close of business
on 20 October 2023. The shares will be quoted ex-dividend on
19 October 2023.
All dividends have been paid or will be paid out of revenue
profits and revenue reserves.
The total dividends payable in respect of the financial year
which form the basis of Section 1158 of the Corporation Tax
Act 2010 are set out below:
2023 2022
GBP'000 GBP'000
---------------------------------------------------------------------------------- ------------ -----------
Revenue available for distribution by way of
dividend for the year 6,825 8,250
Interim dividend of 0.8p (2022: 0.8p) paid 28
April 2023 (2022: 22 April 2022) (1,695) (1,695)
Proposed final dividend for the year ended 31
July 2023 of 3.0p (2022: 3.0p) (based on 211,855,410
ordinary shares in issue at 27 September 2023
(2022: 211,855,410)) (6,356) (6,356)
----------- ----------
Transfer (from)/to revenue reserve(1) (1,226) 199
======= =======
(1) There is no undistributed revenue in the current year (2022:
GBP199,000 of undistributed revenue).
6 Net asset value per ordinary share (basic and diluted)
.
The net asset value per ordinary share of 161.3p (2022: 142.1p)
is based on the net assets attributable to ordinary shares of
GBP341,798,000 (2022: GBP301,010,000) and 211,855,410 (2022:
211,855,410) ordinary shares in issue at the year end. There
were also 200,000 shares held in Treasury at the year end (2022:
200,000).
The movements during the year of the assets attributable to
the ordinary shares were as follows:
2023 2023
GBP'000 GBP'000
---------------------------------------------------------------------------------- ------------ -----------
Net assets attributable to the ordinary shares
at start of year 301,010 354,710
Net return/(loss) after taxation 48,839 (48,393)
Costs relating to sub-division of shares - (14)
Dividends paid on ordinary shares in the year (8,051) (5,297)
Refund of unclaimed dividends over 12 years old - 4
----------- ----------
Total net assets attributable to the ordinary
shares at 31 July 341,798 301,010
======= =======
7 Called up share capital
.
Nominal
Number of value of
shares entitled Total number shares
to dividend of shares GBP'000
------------------------------------------- --- -------------------- ------------------------ -----------
Allotted and issued ordinary
shares of 0.5p each at 31 July
2022 211,855,410 212,055,410 1,060
----------------- ---------------- ----------
At 31 July 2023 211,855,410 212,055,410 1,060
========== ========== =====
During the year the Company issued no shares (2022: none).
During the year the Company repurchased no shares (2022: none).
Shares held in treasury (2023: 200,000; 2022: 200,000) are not
entitled to receive a dividend.
There is a single class of ordinary share. Reserves that can
be distributed as a dividend are detailed in the Annual Report.
Since 31 July 2023, no shares have been repurchased or issued.
8. 2023 financial information
The figures and financial information for the year ended 31
July 2023 are extracted from the Company's Annual Financial
Statements for that period and do not constitute statutory financial
statements for that period. The Company's Annual Financial Statements
for the year ended 31 July 2023 have been audited but have not
yet been delivered to the Registrar of Companies. The Independent
Auditor's Report on the 2023 Financial Statements was unqualified,
did not include a reference to any matter to which the Auditors
drew attention without qualifying the report, and did not contain
any statements under sections 498(2) and 498(3) of the Companies
Act 2006.
9 2022 financial information
.
The figures and financial information for the year ended 31
July 2022 are extracted from the Company's Annual Financial
Statements for that period and do not constitute statutory financial
statements for that period. The Company's Annual Financial Statements
for the year ended 31 July 2022 have been audited and delivered
to the Registrar of Companies. The Independent Auditor's Report
on the 2022 Financial Statements was unqualified, did not include
a reference to any matter to which the Auditors drew attention
without qualifying the report, and did not contain any statements
under sections 498(2) and 498(3) of the Companies Act 2006.
10. Annual Report and Annual General Meeting
The Annual Report for the year ended 31 July 2023 will be posted
to shareholders in October 2023 and copies will be available
from the Corporate Secretary at the Company's Registered Office,
201 Bishopsgate, London EC2M 3AE.
The Company's Annual General Meeting ('AGM' or 'Meeting') is
currently scheduled to take place at the registered office at
2.30pm on Wednesday 15 November 2023. The Notice of the AGM
will be posted to shareholders with the Annual Report and will
be available on the Company's website.
11. Website
This document, and the Annual Report for the year ended 31 July
2023, will be available on the following website: www.hendersoneurotrust.com
.
For further information please contact:
Jamie Ross Dan Howe
Fund Manager Head of Investment Trusts
Henderson EuroTrust plc Janus Henderson Investors
Telephone: 020 7818 5260 Telephone: 020 7818 4458
Harriet Hall
Investment Trust PR Manager
Janus Henderson Investors
Tel: 020 7818 2919
Neither the contents of the Company's website nor the contents
of any website accessible from hyperlinks on the Company's website
(or any other website) is incorporated into, or forms part of, this
announcement.
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END
FR SESFAWEDSEFU
(END) Dow Jones Newswires
September 28, 2023 02:00 ET (06:00 GMT)
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