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Henderson International Income Trust

One-stop shop for ex-UK equity income

Review | Investment trusts | 27 Jul 2018

Henderson International Income Trust (HINT) invests in companies outside the UK, in order to provide a source of income diversification for investors who may already have sufficient exposure to the domestic market. It is the only fund in the AIC Global Equity Income sector with a specifically ex-UK remit. Relative performance has dipped recently, largely as a result of HINT’s structural underweight to the US, which dominates the MSCI World ex-UK index. However, manager Ben Lofthouse is finding attractive opportunities in less favoured markets such as those in Europe, which could benefit from the asymmetry between their attractive fundamentals and poor investor perceptions. The portfolio is broadly diversified by geography and sector, with a mix of high-yielding stocks and those with superior dividend growth potential. HINT currently yields c 3%.

Henderson International Income Trust

Value and income from focused ex-UK specialist

Review | Investment trusts | 30 Nov 2017

Henderson International Income Trust (HINT) is the only global equity income investment trust offering a portfolio invested wholly outside the UK. Its aim is to provide a focused yet diversified selection of overseas companies offering attractive, sustainable yields and the potential for both dividend growth and capital appreciation. Manager Ben Lofthouse has recently increased the cyclical bias of the portfolio, seeing attractively valued opportunities in areas such as financial and consumer stocks. The trust is structurally underweight the US versus its MSCI World ex-UK benchmark, with the manager finding better growth and value dynamics elsewhere. Strong recent share price and NAV performance has been achieved with very low gearing and the trust currently yields 3.0%.

Henderson International Income Trust

Growing income from all-overseas portfolio

Review | Investment trusts | 10 May 2017

Henderson International Income Trust (HINT) seeks to provide investors with more diversified sources of income, by investing exclusively outside the UK. Managed by Ben Lofthouse, the trust received a significant boost to its assets in 2016 when it was selected as a rollover vehicle for Henderson Global Trust (HGL). Demand has remained strong, and HINT has recently raised a further £21.5m through a ‘C' share issue, with the new shares listed on 8 May. The manager focuses on well-managed companies with strong competitive positions and sustainable dividends in order to secure income and long-term capital growth. Absolute performance has been favourable, with annualised NAV and share price total returns of 10%+ since launch in 2011.

Henderson International Income Trust

Ex-UK income specialist boosted by rollover

Review | Investment trusts | 21 Jun 2016

Henderson International Income Trust (HINT) seeks a high and growing income as well as capital growth potential; it is unusual in that it invests exclusively outside the UK. The trust has produced annualised total returns (NAV and share price) of 8-9% since launch in 2011 and is comfortably ahead of most peers over one, three and five years. Following the rollover of stablemate Henderson Global Trust (HGL) in April 2016, HINT has doubled its asset base, which should widen its appeal to some investor groups, as well as reducing the impact of fixed costs. Manager Ben Lofthouse currently favours European companies over those in the Americas and Asia, with continental stocks making up almost half the portfolio at 31 May.

Henderson Global Trust

Proposed rollover with choice of strategies

Review | Investment trusts | 31 Mar 2016

On 1 February 2016 the directors of Henderson Global Trust (HGL) announced that they had agreed in principle to combine the trust with stablemate Henderson International Income Trust (HINT), with an option for shareholders in HGL to roll their investment over into the Henderson-managed Bankers Investment Trust (BNKR) if they wished to continue to follow a global growth strategy. HGL had a market capitalisation of £138.9m at 23 March and had traded at an average discount of c 10% over one, three and five years in spite of an active share buyback programme. HINT has traded at an average premium of 1.1% since launch in 2011, and it was felt that combining to create a bigger trust under the HINT strategy would be in the interests of current and future shareholders. In this note we explain the rollover options for HGL investors and outline the timescale for action.

Bankers Investment Trust (The)

Global portfolio with 49 years of dividend growth

Review | Investment trusts | 14 Mar 2016

The Bankers Investment Trust (BNKR) is a long-established, globally invested fund with a focus on achieving long-term capital growth greater than that of the FTSE All-Share index, and above-inflation dividend growth. Lead manager Alex Crooke makes use of the substantial resources of Henderson Global Investors, delegating ex-UK stock selection to regional specialists. BNKR has recently achieved its 49th consecutive annual dividend increase, the joint-longest record in the investment company sector. A proposal to merge its stablemate Henderson Global Trust with Henderson International Income Trust could see BNKR o which will be offered as a rollover option to investors who wish to retain a global growth mandate o receive a boost to its assets under management.

Henderson International Income Trust

Dividends and growth from all-overseas portfolio

Review | Investment trusts | 16 Dec 2015

Henderson International Income Trust (HINT) is the only investment trust specifically targeting income by investing in companies outside the UK. Launched in 2011, it has provided year-on-year dividend growth and is also building a revenue reserve. While a structural underweight to the US and Japan (because these markets are low yielding) has dented relative performance in the period since launch, the trust has achieved its objective of providing capital and income returns at least equivalent to those available from the FTSE All Share. Manager Ben Lofthouse describes the trust as a “global best ideas” portfolio, with a flexible allocation between three main geographical areas of the Americas, Europe and Asia.

Henderson International Income Trust

A 'best ideas' portfolio for ex-UK income

Initiation | Investment trusts | 21 Apr 2015

Henderson International Income Trust (HINT) invests outside the UK to provide investors (who may already have sufficient UK exposure) with a high and growing dividend income as well as the potential for capital growth. With 60 stocks drawn from three broad regions o Europe, Asia Pacific and the Americas o its manager describes it as a “global best ideas portfolio”, drawing on the long experience of the firm's global equity income team. A relatively new trust, launched in April 2011, HINT is the only member of its Global Equity Income sector to exclude the UK, and has outperformed all but one of its peers over one and three years.

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