Results analysis from Kepler Trust Intelligence
12/12/2024 11:15
For best results when printing this announcement, please click on link below: https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20241212:nRSL8916Pa&default-theme=true RNS Number : 8916P Henderson European Trust Plc 12 December 2024 Henderson European Trust (HET) 12/12/2024 Results analysis from Kepler Trust Intelligence Henderson European Trust's (HET) annual results to 30/09/2024 report NAV and share price total returns of 16.6% and 20.5% respectively, outperforming the benchmark, the FTSE World Europe (ex UK) index, which produced a total return of 15.3%. In July 2024, HET, formerly called Henderson European Focus Trust (HEFT), completed a combination (merger) with stablemate Henderson EuroTrust (HNE). The combined trust was promoted to the FTSE 250 index in July and at the year-end had net assets of c. £664m (2023: £379m). The combination provided both sets of shareholders with a partial exit opportunity and was implemented at no cost to ongoing shareholders, largely due to the exit being at 2% below FAV, and in small part due to a contribution to costs from the manager. Lead fund manager John Bennett retired during the year after managing the trust (as HEFT) for ten years, and the board is confident that his ex-colleagues and now co-managers Tom O'Hara and Jamie Ross will continue with the same approach to active management. The last few weeks have seen a general widening of discounts in European equity trusts including HET. This volatility is not limited to European trusts and broadly it appears that investors are worried about the approach that the incoming US administration will take to global trade. This came on the back of market concerns in the run up to October's Autumn budget. The key takeaway for HET investors is that, in the short term, the board has continued with buybacks in response to the discount, and in the medium term HET's portfolio is centred on companies that are global leaders in their fields and, in our view, well-positioned to navigate whatever transpires. As such, we think investor sentiment could rapidly turn around and HET's current discount could provide a good opportunity to acquire this flagship trust at an attractive level. CLICK HERE TO READ THE FULL REPORT (https://www.trustintelligence.co.uk/investor/articles/news-investor-results-analysis-henderson-european-trust-retail-dec-2024?utm_source=RNS&utm_medium=news) Visit Kepler Trust Intelligence (http://www.trustintelligence.co.uk/investor?utm_source=RNS&utm_medium=news) for more high quality independent investment trust research. Important information This report has been issued by Kepler Partners LLP. The analyst who has prepared this report is aware that Kepler Partners LLP has a relationship with the company covered in this report and/or a conflict of interest which may impair the objectivity of the research. Past performance is not a reliable indicator of future results. The value of investments can fall as well as rise and you may get back less than you invested when you decide to sell your investments. It is strongly recommended that if you are a private investor independent financial advice should be taken before making any investment or financial decision. Kepler Partners is not authorised to make recommendations to retail clients. This report has been issued by Kepler Partners LLP, is based on factual information only, is solely for information purposes only and any views contained in it must not be construed as investment or tax advice or a recommendation to buy, sell or take any action in relation to any investment. The information provided on this website is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject Kepler Partners LLP to any registration requirement within such jurisdiction or country. In particular, this website is exclusively for non-US Persons. Persons who access this information are required to inform themselves and to comply with any such restrictions. The information contained in this website is not intended to constitute, and should not be construed as, investment advice. No representation or warranty, express or implied, is given by any person as to the accuracy or completeness of the information and no responsibility or liability is accepted for the accuracy or sufficiency of any of the information, for any errors, omissions or misstatements, negligent or otherwise. Any views and opinions, whilst given in good faith, are subject to change without notice. This is not an official confirmation of terms and is not a recommendation, offer or solicitation to buy or sell or take any action in relation to any investment mentioned herein. Any prices or quotations contained herein are indicative only. Kepler Partners LLP (including its partners, employees and representatives) or a connected person may have positions in or options on the securities detailed in this report, and may buy, sell or offer to purchase or sell such securities from time to time, but will at all times be subject to restrictions imposed by the firm's internal rules. A copy of the firm's Conflict of Interest policy is available on request. PLEASE SEE ALSO OUR TERMS AND CONDITIONS (http://www.trustintelligence.co.uk/investor/terms?utm_source=RNS&utm_medium=news) Kepler Partners LLP is authorised and regulated by the Financial Conduct Authority (FRN 480590), registered in England and Wales at 70 Conduit Street, London W1S 2GF with registered number OC334771. This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com (mailto:rns@lseg.com) or visit www.rns.com (http://www.rns.com/) . RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy) . END NRAMZMMZMZDGDZM