Henderson International Income Trust (LSE: HINT)

Last close As at 27/03/2024

GBP1.65

−0.50 (−0.30%)

Market capitalisation

GBP325m

Henderson International Income Trust (HINT) seeks to provide shareholders with a growing total annual dividend, as well as capital appreciation, by investing in a focused and internationally diversified portfolio of c 70 stocks that are either listed in, or whose principal business is in, countries outside the UK. The portfolio is diversified by geography, industry and investment size. In April 2022, HINT adopted the MSCI ACWI (ex UK) High Dividend Yield Index as its new benchmark.

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Equity Analyst

Joanne Collins

Joanne Collins

Analyst, Investment Trusts

Key Management

  • Ben Lofthouse

    Fund manager

  • Dan Howe

    Head of investment trusts, Janus Henderson

  • Simon Jeffreys

    Chairman

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 5.4 2.2 (4.2)
Relative 2.2 (0.5) (10.5)
52 week high/low 180.5p/148.5p

Overview

Henderson International Income Trust (HINT) is meeting its long-term objectives to provide both rising income and capital appreciation. It adopted a more generous dividend policy in 2021 and its 4.7% dividend yield is the highest among its peers. HINT has also delivered average annualised gains of 8.4% in NAV terms over the 10 years ended December 2023. However, the manager’s cautious, balanced stance, which favours value and defensive names and underweights the US, has underperformed recently due to the AI-driven rally in a handful of tech stocks and the improvement in the United States’ economic outlook, which has benefited cyclical names. However, HINT’s manager is using what he believes to be unjustifiably low valuations to add good companies with the capacity to grow dividends, at attractive prices. This includes businesses exposed to structural trends such as decarbonisation and the rapid spread of technology. He expects such acquisitions to outperform as the market comes to fully appreciate their merits.

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