Informe de medio año
GESTIÓN DE FONDOS JANUS HENDERSON UK LIMITED
HENDERSON INTERNATIONAL RENTA TRUST PLC
IDENTIFICADOR DE ENTIDAD LEGAL: 2138006N35XWGK2YUK38
HENDERSON INTERNATIONAL RENTA TRUST PLC
UNAUDITED RESULTS FOR THE HALF-YEAR ENDED 29 FEBRUARY 2024
Este anuncio contiene información regulada.
OBJETIVO DE INVERSIÓN
Your Company's investment objective is to provide shareholders with a growing total annual dividend, as well as capital appreciation.
DESTACADOS
· | Dividends for the half year increased by 3.8%. NAV total return 5.1% (debt at par) and 4.8% (debt at fair value), slightly underperforming the 6.6% return of the benchmark |
· | Your Company has been recognised by the AIC as a "next generation dividend hero" |
· | Returns from all regions over the period were positive, but strong performance in North America was offset by weak relative performance in the Asia Pacific region |
· | Many of the portfolio's holdings have performed well, and dividend growth and buybacks have exceeded expectations across the portfolio |
· | The board remains hopeful that interest rates will decline later in the year leading to an improved investment environment |
RESUMEN DE DESEMPEÑO
SIX MONTHS TO 29 FEBRUARY 2024
| 2024 | 2023 |
Dividends in respect of the six months to 29 February | 3.84p | 3.70p |
Total return for the period (debt at par)1 | 5.1% | 2.2% |
Dividend growth since launch to 29 February 2024 |
| |||
Año hasta 31 agosto | Dividendo total (peniques por acción) |
| Año hasta 31 agosto | Dividendo total (peniques por acción) |
20112 | 1.40 | 2018 | 5.30 | |
2012 | 4.00 | 2019 | 5.70 | |
2013 | 4.05 | 2020 | 6.00 | |
2014 | 4.25 | 2021 | 6.30 | |
2015 | 4.50 | 2022 | 7.25 | |
2016 | 4.65 | 2023 | 7.47 | |
2017 | 4.90 | 2024 | 3.84* |
* Represents the first and second interim dividends that have been declared for the year ending 31 August 2024
Your Company has recently been recognised by the Association of Investment Companies as a Next Generation Dividend Hero, reflecting its record of having consistently grown its dividend for 10 consecutive years.
Rentabilidad por dividendo
| 29 de febrero de 2024 | 31 de agosto de 2023 |
Acciones ordinarias3 | 4.8% | 4.6% |
4 | 3.8% | 3.9% |
Sector de renta variable global de AIC5 | 3.4% | 3.6% |
Rendimiento
29 de febrero de 2024 | 31 de agosto de 2023 | |
NAV per share at period end (debt at par) | 180.7p | 175.7p |
NAV per share at period end (debt at fair value) | 183.2p | 178.6p |
Precio de la acción al final del período | 156.0p | 161.5p |
Descuento (deuda a la par) | (13.7)% | (8.1)% |
Descuento (deuda a valor razonable) | (14.8)% | (9.6)% |
Gearing at period end | 1.9% | 3.9% |
Total return performance to 29 February 2024
6 meses % | un año % | 3 años % | 10 años % | Desde el lanzamiento % | |
Diluted NAV (debt at par)1 | 5.1 | 3.8 | 25.5 | 126.5 | 194.5 |
Diluted NAV (debt at fair value)1 | 4.8 | 3.3 | 28.8 | 129.7 | 198.6 |
Precio de la acción6 | (1.0) | (8.8) | 18.6 | 103.7 | 158.2 |
4 | 6.6 | 8.5 | 32.2 | 163.0 | 227.1 |
Sector de renta variable global (NAV) de AIC5 | 8.6 | 11.0 | 41.4 | 175.7 | 234.5 |
1 Calculated using published daily NAVs including current year revenue
2 Four month period from launch on 28 April 2011 to 31 August 2011
3 Calculated using the closing share price at the period end and the last four dividends paid
4 MSCI ACWI (ex UK) High Dividend Yield Index (sterling adjusted)
5 Excludes British & American Investment Trust plc
6 The Company's share price total return (assuming the reinvestment of all dividends excluding dealing expenses). Since inception share price return - launch price including discount (97.25p)
Sources: Morningstar Direct and Janus Henderson
INFORME DE GESTIÓN INTERMEDIO
DECLARACIÓN DEL PRESIDENTE
Performance and markets
During the six months to 29 February 2024, the net asset value ("NAV") total return per ordinary share was 5.1% (debt at par) and 4.8% (debt at fair value). This included dividends totalling 3.84p per share (2023: 3.70p), an increase of 3.8% year on year. The total return of the Company's comparator index (MSCI ACWI (ex UK) High Dividend Yield Index (sterling adjusted)) was 6.6%. The Company's return on the ordinary share price was -1.0%.
Inflation remains the key influencer of interest rate policy in Western economies. It does, however, now appear that the top of the interest rate cycle has been reached and that the next moves will be downwards. The question is when these moves will begin? Most policy makers will look to the US to lead the way and will be cautious of taking a pre-emptive decision.
Over the past year the world has moved on considerably, with new worries replacing previous ones. It appears that the holiday from history which followed the fall of the Berlin Wall is over and we are back to the ideological struggle between capitalism and communism. The West will inevitably have to re-arm to combat Russia in Europe and China in the Pacific. If Mr Trump is elected as the US President, then rearmament in Europe may be quicker and greater than anticipated. Meanwhile, there seems to be a growing realisation that nuclear energy is not such a concern after all and with most of the uranium in the world lying outside of the major oil producing centres this becomes a strategically strong energy option. As long as we avoid a major war then our current state of high alert is not necessarily a bad thing.
Ganancias y dividendos
The revenue return per ordinary share during the six months to 29 February 2024 was 1.80p (2023: 1.96p). A fourth interim dividend of 1.92p per ordinary share, for the year ended 31 August 2023, was paid to shareholders on 30 November 2023, bringing the total dividend paid in respect of the year to 7.47p per ordinary share (year ended 31 August 2022: 7.25p per ordinary share).
The board declared a first interim dividend payment for the year ending 31 August 2024 of 1.92p per ordinary share and this was paid to shareholders on 29 February 2024. Subsequently, we have declared a second interim dividend of 1.92p per ordinary share that will be paid on 31 May 2024 to shareholders on the register on 10 May 2024.
The long-term objective of your Company since launch is to provide shareholders with a growing total annual dividend, as well as capital appreciation. To date, we have increased the dividend each year and we are very pleased this achievement has now been recognised by the Association of Investment Companies ("AIC"), naming us as a "next generation dividend hero".
engranaje
Well-judged gearing enhances returns to shareholders. The board's current policy is to permit the fund manager to gear up to 25% of net assets at the time of drawdown. Borrowing limits for this purpose include implied gearing through the use of derivatives. The gearing at the period end was 1.9% (31 August 2023: 3.9%).
control de descuento
The Company's share price has traded at a discount of between 8% and 15% over the period. As at 24 April 2024, the discount was 11.3% (with debt at par) and 12.4% (with debt at fair value). The board monitors the premium/discount to NAV closely. The factors that usually influence the discount most are the performance of the Company and that of world stock markets. Both of these are covered fully, later on in the fund manager's review. Two other factors have also been at work, but these are more technical. Concerns over current legislation that show the costs of managing an investment trust to be much higher in theory than in reality have led the average discount of the UK investment trust sector to rise markedly over the past 12 months. Secondly, with higher interest rates than in the recent past, bonds have become a more attractive alternative to higher yielding investment trusts where prices have weakened in response. When interest rates, in due course, start to decline we would expect discounts to start to narrow too.
While we understand the importance of dividend income to our shareholders we equally appreciate that they also want to see their capital grow over time and for the current discount to reduce. To that end, the fund manager has made changes to the portfolio and is working with the board to consider ways of better achieving these objectives.
As has been stated before, there is a distinct limit to the board's ability to influence and maintain the premium or discount to NAV over the short term. Further, we continue to believe that it is not in shareholders' interests to have a specific share buy-back or issuance policy, but retain flexibility to consider share buy-backs and/or issuance where appropriate (and actively do so).
Outlook
One new set of worries soon replaces the previous set. It does seem however that the optimist is always the long-term winner. We keep a watching eye on world politics and economics but we can only respond to changing circumstances to a degree and we must guard against chopping and changing short-term strategy to fit each day's changing circumstances. In the meantime, the board remains hopeful that interest rates will decline later in the year leading to an improved investment environment.
ricardo colinas
Presidente
25 de abril de 2024
PRINCIPALES RIESGOS E INCERTIDUMBRES
The principal risks and uncertainties associated with the Company's business can be divided into the following main categories:
• | Geopolitical risks; |
• | Political risks; |
• | Investment activity and performance risks; |
• | Portfolio and market price risks; |
• | Tax and regulatory risks; |
• | Operational and cyber risks; and |
• | Consolidación de la industria de gestión patrimonial |
Information on these risks and how they are managed are given in the annual report for the year ended 31 August 2023. In the view of the board, the principal risks and uncertainties at the year end remain and are as applicable to the remaining six months of the financial year as they were to the six months under review.
DECLARACIÓN DE RESPONSABILIDADES DE LOS DIRECTORES |
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Los directores confirman que, a su leal saber y entender: |
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(A) | the financial statements for the half-year ended 29 February 2024 have been prepared in accordance with 'FRS 104 Interim Financial Reporting'; | |
(B) | the Interim Management Report includes a fair review of the information required by Disclosure Guidance and Transparency Rule 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and | |
(C) | the Interim Management Report includes a fair review of the information required by Disclosure Guidance and Transparency Rule 4.2.8R (disclosure of related party transactions and changes therein). | |
En nombre de la junta
ricardo colinas
Presidente
25 de abril de 2024
Para más información, por favor contacte:
casa de loft de ben Gestor de fondos Henderson International Income Trust plc Teléfono: 020 7818 5187
| sala de harriet Director de Relaciones Públicas, Fideicomisos de Inversión Inversores Janus Henderson Teléfono: 020 7818 2919
|
dan howe Responsable de Fideicomisos de Inversión Inversores Janus Henderson Teléfono: 020 7818 4458 |
INFORME DEL GESTOR DEL FONDO
Revisión de desempeño
Over the last six months the portfolio produced a total return of 4.8% in NAV per ordinary share over the period (debt at fair value). This return includes dividends totalling 3.84p per share, a 3.8% increase year on year. The portfolio has slightly underperformed its performance comparator, the MSCI ACWI (ex UK) High Dividend Yield Index.
Resumen del mercado
Equity markets have rallied over the period. Economic data continues to be mixed; the US economy has been stronger than expected despite the significant increases in interest rates around the world over the last three years. Meanwhile the economies of Japan, Germany and the United Kingdom were weak enough to register some quarters of negative economic growth. The Chinese economy has continued to grow but ongoing concerns remain around the property market and weak consumer sentiment. Generally investors have become increasingly optimistic that inflation has peaked and that central banks will be able to reduce interest rates this year. The combination of stronger US growth and expectations of interest rate cuts have driven a recovery in the performance of cyclically exposed sectors, such as industrials and financials. Companies with less cyclically sensitive, defensive earnings have generally underperformed. Many companies' recent quarterly reports suggest that business activity is not deteriorating but still remains lacklustre and, in some cases (chemicals, staffing companies, consumer staples), marginally worse.
The area of Artificial Intelligence ("AI") remains a bright spot due to an increasing number of companies rolling out their AI focussed semiconductor offerings. It has been a period during which higher yielding stocks have lagged the wider market; the MSCI ACWI (ex UK) High Dividend Yield Index returned 6.6% compared to 13.2% for the MSCI World (ex UK) Index (both sterling adjusted). One of the primary drivers of this has been the fact that markets have been led by these low yielding technology stocks. The market rally in the US has been driven by a relatively small number of the largest technology companies, which are expected to benefit the most from new Generative Artificial Intelligence developments. These have become known as the 'Magnificent Seven' (Nvidia, Microsoft, Meta, Amazon, Alphabet, Apple and Tesla). The extent to which these companies are generating actual revenues from AI varies. Nvidia and Microsoft are already reporting revenues from AI, for the others the opportunities are more speculative.
Desempeño de la cartera
Exposiciones y rentabilidades de la cartera por región
Exposición promedio % | Regreso trotal % | |
Norteamérica | 37.3 | 8.1 |
Europa (ex Reino Unido) | 36.8 | 4.6 |
Asia Pacífico (excepto Japón) | 21.9 | 3.3 |
Japón | 2.5 | 7.6 |
Returns from all regions over the period were positive, but strong performance in North America was offset by weak relative performance in the Asia Pacific region. There has been a significant dispersion between sectors and regions over the period. Many of the portfolio's holdings have performed well, and dividend growth and buybacks have exceeded expectations across the portfolio. With the benefit of hindsight though, the portfolio has had too much exposure to defensive sectors such as health care, telecommunications and consumer staples which have lagged the market rally. These sectors have generated good dividend yields and are growing earnings but their share prices have underperformed during the cyclical rotation in the equity market that has occurred since October.
Sector and stock performance review
Technology stocks now make up 15.2% of the portfolio and have provided the greatest absolute and relative performance over the period. The largest position is Microsoft which has emerged as one of the leaders in AI by virtue of its investment in OpenAI, the creator of ChatGPT, and its leading positions in cloud computing and business software. Microsoft was the biggest positive contributor to performance over the period. Semiconductor companies Qualcomm and Taiwan Semiconductor Manufacturing were also significant positive contributors to performance because of signs that the semiconductor cycle has bottomed. AI activity is starting to broaden out from semiconductor chip demand to wider computing infrastructure investments. US industrial company nVent, for example, saw its share price increase significantly over the period. It is a leader in electrification related products and is benefiting from the additional demand for data centre cooling systems.
Technology stocks have not been the only good performers. The portfolio's largest sector exposure is the financial sector (18.2% of the portfolio) and it was one of the best performers over the period. Many companies in the sector benefit from higher interest rates. Higher rates coupled with low credit losses are driving strong profit growth across much of the sector. The portfolio's insurance companies are also benefiting from rising insurance premiums and improving profitability. US insurance company Travelers was one of the top performers and the positions in AXA, Zurich and Dai-ichi Life also performed well.
As discussed earlier, there has been a wide dispersion between sector performance. At a sector level the biggest detractors to performance have been the materials, energy and consumer staples sectors. Commodity prices have been falling as Covid supply chain issues got resolved and emergency inventory was run down and this short-term weakness has weighed on companies in the sector. Whilst investors in technology like the idea of investing for future growth, in other sectors they seem less enthusiastic. Two examples of this are oil and gas company Woodside and pharmaceutical company Sanofi. Both companies raised their investment budgets to invest in growth projects and both saw their share prices react negatively in response to the increased short-term costs of the investments. Air Products, an industrial gases company, was the biggest single stock detractor. The company is investing heavily in low carbon hydrogen projects (known as green and blue hydrogen technologies) but the projects will not be ready for a few years and the market would like to see evidence of demand before rewarding the company for investment.
At a country level the portfolio's exposure to consumer discretionary stocks in Hong Kong and China was a detractor. The country has not seen the recovery from the easing of Covid lockdown that the rest of the world experienced and positions such as internet retailer Alibaba, insurer AIA and sportswear retailer Li-Ning underperformed the market. The positioning in the Asia Pacific portfolio has been changed significantly and this exposure has been reduced (covered below).
The Company's long-term financing means that a fair value and par value return is quoted. The fair value of the debt reflects a theoretical market price and is impacted by changes in interest rate expectations in the financial markets. The fall in interest rate expectations during the period has increased the fair value of the debt, reducing the fair value net asset value return.
Posicionamiento de cartera
The most significant change to the portfolio was the 6.8% increase in exposure to the technology sector. Many companies in the technology sector benefited during Covid from increased demand as companies and individuals updated their systems but suffered a hangover in 2023 as supply chains eased and sales normalised. Many of these companies' long-term growth is driven by the trend of increasing technology adoption across all industries. This trend should accelerate as AI moves from the testing phase into real world use. We have taken the opportunity of short-term weakness to add to some of these companies. The existing technology positions in semiconductor companies Taiwan Semiconductor Manufacturing and Qualcomm were added to. New positions were initiated in equipment manufacturers TE Connectivity (connectors and sensors), Lenovo (PCs and servers) and Hon Hai (smart phones, tablets and servers) and technology software and services companies Oracle and Infosys. This increased exposure was funded by closing a number of positions in consumer discretionary stocks in China and Hong Kong, and a reduction in exposures to telecommunications and consumer staples via sales of Brazilian brewer Ambev, telecommunication company HKT Trust and a reduction in telecoms equipment company Cisco.
Tendencias de ingresos
The underlying dividend growth from the portfolio's holdings has been good but the income return for the period is slightly lower than last year. One of the reasons for this is that there have been fewer special dividends from companies. In recent years the portfolio has benefited from approximately £1m of special dividends per year from companies that paused payments during the Covid period but paid catch up payments later, in particular financial sector companies. The other reason for the fall in income is that more opportunities have presented themselves in some lower yielding areas of the market (often at substantially lower yield levels) and the team are using the flexibility of the investment structure to hold some lower yielding stocks with more capital upside potential.
Outlook
The global economy has weathered increased interest rates better than expected and falling inflation might allow central banks to cut rates without a significant increase in unemployment. Falling interest rates with improving growth has historically been a relatively rare combination but one that can be positive for equity markets. Irrespective of interest rate trends we remain positive about the portfolio's potential for growth due to a number of ongoing trends that are driving activity. These trends include investments focused on reshoring manufacturing activity, especially in the technology space, modernisation of energy supply and increasing AI capabilities.
casa de loft de ben
Gestor de fondos
25 de abril de 2024
CARTERA DE INVERSIONES
al 29 de febrero de 2024
Empresa |
País | Valor de mercado 000 £ | % de cartera |
Materiales basicos |
|
|
|
Productos de aire y productos químicos | US | 7,424 | 2.1 |
UPM-Kimmene | Finlandia | 4,034 | 1.1 |
Minerales Pilbara | Australia | 2,605 | 0.7 |
14,063 | 3.9 | ||
| |||
consumo discrecional | |||
Compañía Financiera Richemont | Suiza | 6,351 | 1.8 |
Sony | Japón | 5,468 | 1.5 |
Samsonite | 香港 | 4,482 | 1.2 |
Midea | China | 4,465 | 1.2 |
Aptiv | US | 3,969 | 1.1 |
Mercedes-Benz | Alemania | 3,540 | 1.0 |
Hyundai | Corea | 3,282 | 0.9 |
deportes | China | 2,689 | 0.7 |
Astra Internacional | Indonesia | 1,318 | 0.4 |
35,564 | 9.8 | ||
Productos básicos de consumo |
|
| |
Coca-Cola | US | 8,772 | 2.4 |
Nestlé | Suiza | 7,387 | 2.1 |
Mondelez | US | 6,924 | 1.9 |
Pepsico | US | 5,186 | 1.4 |
Pernod Ricard- | Francia | 4,175 | 1.2 |
32,444 | 9.0 | ||
|
| ||
Energía | |||
Energías Totales | Francia | 5,398 | 1.5 |
Petróleo Woodside | Australia | 3,769 | 1.1 |
BP | Noruega | 3,726 | 1.0 |
12,893 | 3.6 | ||
Financieros: | |||
Seguros de Zurich | Suiza | 10,139 | 2.8 |
Amundi | Francia | 8,156 | 2.3 |
Empresas de viajeros | US | 8,065 | 2.2 |
extensión cm | US | 7,035 | 1.9 |
AXA | Francia | 4,932 | 1.4 |
Banco Mandiri | Indonesia | 4,907 | 1.4 |
Macquarie | Australia | 4,468 | 1.2 |
Banco OCBC | Singapur | 4,004 | 1.1 |
Banco BFF | Italia | 3,887 | 1.1 |
HDFC Bank | India | 3,788 | 1.1 |
Seguro marítimo y contra incendios de Samsung | Corea | 3,332 | 0.9 |
Vida Dai-ichi | Japón | 2,991 | 0.8 |
65,704 | 18.2 | ||
Sanidad | |||
Merck & Co | US | 12,670 | 3.5 |
Sanofi | Francia | 12,161 | 3.4 |
Novartis | Suiza | 9,287 | 2.6 |
Roche | Suiza | 9,284 | 2.6 |
Medtronic | US | 6,017 | 1.6 |
Novo Nordisk | Dinamarca | 5,065 | 1.4 |
Bristol-Myers Squibb | US | 4,692 | 1.3 |
Johnson & Johnson | US | 3,967 | 1.1 |
63,143 | 17.5 | ||
Acciones industriales | |||
nVentilación eléctrica | US | 8,043 | 2.2 |
Honeywell International | US | 7,118 | 2.0 |
Camiones Daimler | Alemania | 6,700 | 1.9 |
Sandvik | Suecia | 6,513 | 1.8 |
Volvo | Suecia | 5,086 | 1.4 |
Nari Tecnología Co | China | 2,986 | 0.8 |
36,446 | 10.1 | ||
Bienes raíces | |||
Fideicomiso Comercial Integrado CapitaLand | Singapur | 3,795 | 1.1 |
Buen hombre | Australia | 3,170 | 0.9 |
Propiedades de Swire | 香港 | 3,055 | 0.8 |
10,020 | 2.8 | ||
Tecnología | |||
Microsoft | US | 17,227 | 4.8 |
Qualcomm | US | 7,446 | 2.1 |
Fabricación de semiconductores de Taiwan | Taiwán | 6,638 | 1.8 |
Samsung | Corea | 5,593 | 1.5 |
Oracle | US | 4,381 | 1.2 |
TE Connectivity | US | 4,172 | 1.2 |
Tecnologías Infosys | India | 3,780 | 1.0 |
Lenovo | China | 2,961 | 0.8 |
Precisión Hon Hai | Taiwán | 2,932 | 0.8 |
55,130 | 15.2 | ||
Telecomunicaciones | |||
Deutsche Telekom | Alemania | 5,698 | 1.6 |
Telus | Ubicación: Canadá | 4,995 | 1.4 |
Tele2 | Suecia | 4,750 | 1.3 |
Cisco Systems | US | 4,501 | 1.2 |
Verizon Communications | US | 4,299 | 1.2 |
Telecomunicación | Indonesia | 1,290 | 0.4 |
25,533 | 7.1 | ||
Departamento de Servicios Públicos | |||
Iberdrola | España | 6,099 | 1.7 |
Enel | Italia | 4,025 | 1.1 |
10,124 | 2.8 | ||
Inversiones totales | 361,064 | 100.0 |
LAS DIEZ MAYORES INVERSIONES
al 29 de febrero de 2024
Empresa | Sector | País | Valor de mercado 000 £ | % de cartera |
Microsoft | Tecnología | US | 17,227 | 4.8 |
Merck & Co | Sanidad | US | 12,670 | 3.5 |
Sanofi | Sanidad | Francia | 12,161 | 3.4 |
Seguros de Zurich | Financieros: | Suiza | 10,139 | 2.8 |
Novartis | Sanidad | Suiza | 9,287 | 2.6 |
Roche | Sanidad | Suiza | 9,284 | 2.6 |
Coca-Cola | Productos básicos de consumo | US | 8,772 | 2.4 |
Amundi | Financieros: | Francia | 8,156 | 2.3 |
Empresas de viajeros | Financieros: | US | 8,065 | 2.2 |
nVentilación eléctrica | Acciones industriales | US | 8,043 | 2.2 |
These investments total £103,804,000 which represents 28.8% of the portfolio.
SECTOR EXPOSURE as a percentage of the investment portfolio excluding cash
| 29 de febrero de 2024 % | 31 de agosto de 2023 % |
Financieros: | 18.2 | 18.7 |
Sanidad | 17.5 | 17.9 |
Tecnología | 15.2 | 8.4 |
Acciones industriales | 10.1 | 10.0 |
consumo discrecional | 9.8 | 9.2 |
Productos básicos de consumo | 9.0 | 11.8 |
Telecomunicaciones | 7.1 | 9.7 |
Materiales basicos | 3.9 | 4.3 |
Energía | 3.6 | 3.9 |
Departamento de Servicios Públicos | 2.8 | 3.0 |
Bienes raíces | 2.8 | 3.1 |
100.0 | 100.0 |
EXPOSICIÓN GEOGRÁFICA as a percentage of the investment portfolio excluding cash
29 de febrero de 2024 | 31 de agosto de 2023 | |
% | % | |
US | 36.4 | 34.8 |
Suiza | 11.9 | 11.3 |
Francia | 9.8 | 9.4 |
Suecia | 4.5 | 2.6 |
Alemania | 4.5 | 4.9 |
Australia | 3.9 | 3.2 |
China | 3.5 | 5.4 |
Corea | 3.3 | 3.3 |
Taiwán | 2.6 | 1.0 |
Japón | 2.3 | 1.4 |
Italia | 2.2 | 2.2 |
Singapur | 2.2 | 1.9 |
Indonesia | 2.2 | 1.9 |
India | 2.1 | 0.9 |
香港 | 2.0 | 4.9 |
España | 1.7 | 1.8 |
Ubicación: Canadá | 1.4 | 1.5 |
Dinamarca | 1.4 | 1.1 |
Finlandia | 1.1 | 0.9 |
Noruega | 1.0 | 1.1 |
Países Bajos | - | 2.7 |
Brasil | - | 1.8 |
100.0 | 100.0 |
Fuente: Janus Henderson
ESTADO DE RESULTADOS CONDENSADO
| (No auditado) Semestral terminado | (No auditado) Semestral terminado | (Auditado) Año terminado |
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| Ingresos | Capital | Total | Ingresos | Capital | Total | Ingresos | Capital | Total | |
Ganancias / (pérdidas) de inversiones mantenidas a valor razonable con cambios en resultados | - | 14,652 | 14,652 | - | 5,496 | 5,496 | - | (8,984) | (8,984) | |
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Ingresos de inversiones mantenidas a valor razonable con cambios en resultados | 4,308 | - | 4,308 | 4,884 | - | 4,884 | 16,641 | - | 16,641 | |
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Ganancias/(pérdidas) en divisas | - | 130 | 130 | - | (621) | (621) | - | (84) | (84) | |
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Otros ingresos | 509 | - | 509 | 172 | - | 172 | 894 | - | 894 | |
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Gross revenue and capital gains/ (losses) | 4,817 | 14,782 | 19,599 | 5,056 | 4,875 | 9,931 | 17,535 | (9,068) | 8,467 | |
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Comisión de gestión (nota 3) | (251) | (755) | (1,006) | (245) | (736) | (981) | (500) | (1,502) | (2,002) | |
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Otros gastos administrativos | (364) | - | (364) | (334) | - | (334) | (609) | - | (609) | |
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Rentabilidad neta antes de costes financieros e impuestos | 4,202 | 14,027 | 18,229 | 4,477 | 4,139 | 8,616 | 16,426 | (10,570) | 5,856 | |
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Costos financieros | (79) | (235) | (314) | (81) | (243) | (324) | (162) | (488) | (650) | |
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Rentabilidad neta antes de impuestos | 4,123 | 13,792 | 17,915 | 4,396 | 3,896 | 8,292 | 16,264 | (11,058) | 5,206 | |
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Tributación sobre el rendimiento neto | (599) | - | (599) | (553) | - | (553) | (2,020) | - | (2,020) | |
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Rentabilidad neta después de impuestos (nota 5) | 3,524 | 13,792 | 17,316 | 3,843 | 3,896 | 7,739 | 14,244 | (11,058) | 3,186 | |
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Rentabilidad por acción ordinaria | 1.80p | 7.04p | 8.84p | 1.96p | 1.99p | 3.95p | 7.27p | (5.64p) | 1.63p | |
The total columns of this statement represent the Income Statement of the Company, prepared in accordance with FRS 104. The revenue and capital columns are supplementary to this and are published under guidance from the Association of Investment Companies.
The Company has no recognised gains or losses other than those disclosed in the Income Statement and Statement of Changes in Equity.
Todos los elementos de la declaración anterior se derivan de operaciones continuas. No se adquirieron ni discontinuaron operaciones durante el período.
Las notas adjuntas son parte integral de los estados financieros condensados.
ESTADO CONDENSADO DE CAMBIOS EN EL PATRIMONIO
Half-year ended 29 February 2024 (unaudited) | Convocado | Compartir | Especiales | Otro capital | Ingresos | Total |
A 31 de agosto de 2023 | 1,960 | 194,550 | 45,732 | 94,919 | 7,209 | 344,370 |
Rentabilidad neta después de impuestos | - | - | - | 13,792 | 3,524 | 17,316 |
Dividendos pagados (nota 6) | - | - | - | - | (7,526) | (7,526) |
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Al 29 de febrero de 2024 | 1,960 | 194,550 | 45,732 | 108,711 | 3,207 | 354,160 |
Half-year ended 28 February 2023 (unaudited) | Convocado | Compartir | Especiales | Otro capital | Ingresos | Total |
A 31 de agosto de 2022 | 1,960 | 194,550 | 45,732 | 105,977 | 7,468 | 355,687 |
Rentabilidad neta después de impuestos | - | - | - | 3,896 | 3,843 | 7,739 |
Dividendos pagados | - | - | - | - | (7,251) | (7,251) |
Al 28 de febrero de 2023 | 1,960 | 194,550 | 45,732 | 109,873 | 4,060 | 356,175 |
Year ended 31 August 2023 (audited) | Convocado | Compartir | Especiales | Otro capital | Ingresos | Total |
A 31 de agosto de 2022 | 1,960 | 194,550 | 45,732 | 105,977 | 7,468 | 355,687 |
Rentabilidad neta después de impuestos | - | - | - | (11,058) | 14,244 | 3,186 |
Dividendos pagados | - | - | - | - | (14,503) | (14,503) |
A 31 de agosto de 2023 | 1,960 | 194,550 | 45,732 | 94,919 | 7,209 | 344,370 |
Las notas adjuntas son parte integral de los estados financieros.
ESTADO DE SITUACIÓN FINANCIERA CONDENSADO
(No auditado) At | (No auditado) At | (Auditado) At | |
Inversiones mantenidas a valor razonable con cambios en resultados (nota 4) |
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Inversiones en activos fijos mantenidas a valor razonable con cambios en resultados | 361,064 | 362,248 | 357,671 |
Activos circulantes | |||
Deudores | 4,996 | 3,258 | 3,588 |
Efectivo en el banco | 16,206 | 18,886 | 18,028 |
21,202 | 22,144 | 21,616 | |
Acreedores: cantidades que vencen dentro de un año | (2,592) | (2,094) | (9,375) |
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Red corriente activos | 18,610 | 20,050 | 12,241 |
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Activos totales menos pasivos corrientes | 379,674 | 382,298 | 369,912 |
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Acreedores: cantidades que vencen después de más de un año | (25,514) | (26,123) | (25,542) |
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Activos netos totales | 354,160 | 356,175 | 344,370 |
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Capital y reservas | |||
Capital social solicitado (nota 8) | 1,960 | 1,960 | 1,960 |
Compartir cuenta premium | 194,550 | 194,550 | 194,550 |
Reserva especial | 45,732 | 45,732 | 45,732 |
Otras reservas de capital | 108,711 | 109,873 | 94,919 |
Reserva de ingresos | 3,207 | 4,060 | 7,209 |
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Fondos totales de accionistas | 354,160 | 356,175 | 344,370 |
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Valor liquidativo por acción ordinaria (nota 7) | 180.7p | 181.7p | 175.7p |
Las notas adjuntas son parte integral de los estados financieros.
ESTADO CONDENSADO DE FLUJOS DE EFECTIVO
(No auditado) Semestral terminado | (No auditado) Semestral terminado | (Auditado) Año terminado | |
flujos de efectivo por actividades operacionales |
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Rentabilidad neta antes de impuestos | 17,915 | 8,292 | 5,206 |
Agregar de nuevo: costos financieros | 314 | 324 | 650 |
(Menos)/añadir: (ganancias)/pérdidas en inversiones mantenidas a valor razonable con cambios en resultados | (14,652) | (5,496) | 8,984 |
Less: (gains)/losses on foreign exchange | (130) | 621 | 84 |
Retención de impuestos sobre dividendos deducidos en la fuente | (500) | (553) | (2,432) |
Impuestos recuperados | 53 | - | 56 |
Aumento de deudores | (274) | (167) | (189) |
(Disminución) / aumento de acreedores | (303) | 380 | (104) |
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Entrada neta de efectivo de las actividades operativas | 2,423 | 3,401 | 12,255 |
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Flujos de efectivo de actividades de inversión |
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Compra de inversiones | (74,724) | (43,497) | (105,273) |
Venta de inversiones | 78,216 | 60,235 | 119,914 |
Ingresos por dividendos de capital | 8 | - | 2 |
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Entrada neta de efectivo por actividades de inversión | 3,500 | 16,738 | 14,643 |
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Flujos de efectivo de actividades de financiación |
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Dividendos de capital pagados (neto del reembolso de distribuciones no reclamadas y distribuciones reclamadas) | (7,526) | (7,251) | (14,503) |
Pago interesado | (318) | (322) | (644) |
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Salida neta de efectivo de las actividades de financiación | (7,844) | (7,573) | (15,147) |
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Efectivo neto (disminución)/aumento de efectivo y equivalentes de efectivo | (1,921) | 12,566 | 11,751 |
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Efectivo y equivalentes de efectivo al inicio del año | 18,028 | 6,590 | 6,590 |
Efecto de los tipos de cambio de divisas | 99 | (270) | (313) |
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Efectivo y equivalentes de efectivo al final del año | 16,206 | 18,886 | 18,028 |
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Que comprende: |
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Efectivo en el banco | 16,206 | 18,886 | 18,028 |
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16,206 | 18,886 | 18,028 |
Las notas adjuntas son parte integral de los estados financieros.
NOTAS A LOS ESTADOS FINANCIEROS
The half-year financial statements cover the period from 1 September 2023 to 29 February 2024.
1. | Actividad principal | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company is an investment company as defined in section 833 of the Companies Act 2006 and operates as an investment trust in accordance with section 1158 of the Corporation Tax Act 2010. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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2. | Políticas contables - base de preparación The condensed set of financial statements has been prepared in accordance with FRS 104, Interim Financial Informar y FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland. The financial statements have also been prepared in accordance with the Statement of Recommended Practice ("SORP"), 'Financial Statements of Investment Trust Companies and Venture Capital Trusts' issued in July 2022 by the Association of Investment Companies.
The accounting policies applied are consistent with those of the most recent annual financial statements for the period ended 31 August 2023.
The condensed set of financial statements has been neither audited nor reviewed by the Company's auditor. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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3. | Comisión de gestión The management fee is payable quarterly in arrears at a rate of 0.575% per annum of the Company's net assets. In accordance with the directors' policy on the allocation of expenses between income and capital, in each financial year 75% of the management fee payable is charged to capital and the remaining 25% to income. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4. | Instrumentos financieros The financial assets and financial liabilities are either carried in the Statement of Financial Position at their fair value or the Statement of Financial Position amount is a reasonable approximation of fair value (debtors and creditors falling due within one year).
The table below analyses fair value measurements for investments held at fair value through profit or loss.
No ha habido transferencias entre niveles de la jerarquía del valor razonable durante el período.
The Company's holdings in options are included within Level 2.
Premiums from written options during the half-year ended 29 February 2024 were £198,000 (half-year ended 28 February 2023: £81,000, year ended 31 August 2023: £576,000).
Pasivos financieros The senior unsecured notes are carried in the Statement of Financial Position at par.
As at 29 February 2024, the fair value of the senior unsecured notes was estimated to be £20,723,000 (28 February 2023: £20,075,000; 31 August 2023: £19,808,000).
The fair value of the senior unsecured notes is calculated using a discount rate which reflects the yield of a euro swap of similar maturity plus a suitable credit spread. Within the terms of the senior unsecured notes are clauses that would be enacted in certain scenarios should the notes be prepaid by the Company before maturity. These clauses could impact the total amount repayable.
The directors have assessed these and have concluded that these clauses are highly unlikely to occur. The value of such additional payments has therefore been deemed to be immaterial and has not been recognised in the financial statements.
The senior unsecured notes are categorised as level 3 in the fair value hierarchy.
Fair value hierarchy categories These fair value measurements are categorised into different levels in the fair value hierarchy based on the valuation techniques used and are defined as follows under FRS 102:
Level 1: Valued using quoted prices in active markets for identical assets. Level 2: Valued by reference to valuation techniques using observable inputs other than quoted prices included in level 1. Level 3: Valued by reference to valuation techniques using inputs that are not based on observable market data. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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5. | Rentabilidad por acción ordinaria | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| (No auditado) Semestral terminado 29 de febrero de 2024 000 £ | (No auditado) Semestral terminado 28 de febrero de 2023 000 £ |
(Auditado) Año terminado 31 de agosto de 2023 000 £ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| The return per ordinary share is based on the following figures: |
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| Retorno de ingresos | 3,524 | 3,843 | 14,244 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retorno de capital | 13,792 | 3,896 | (11,058) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | 17,316 | 7,739 | 3,186 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Weighted average number of ordinary shares in issue for each period | 195,978,716 | 195,978,716 | 195,978,716 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Rentabilidad por acción ordinaria | 1.80p | 1.96p | 7.27p | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Rentabilidad de capital por acción ordinaria | 7.04p | 1.99p | (5.64) p | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Rentabilidad total por acción ordinaria | 8.84p | 3.95p | 1.63p | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| The Company does not have any dilutive securities, therefore, the basic and diluted returns per share are the same. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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6. | Dividendos | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fourth interim dividend of 1.92p for the year ended 31 August 2023 (paid 30 November 2023) | 3,763 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First interim dividend of 1.92p for the year ending 31 August 2024 (paid 29 February 2024) | 3,763 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 7,526 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The board has declared a second interim dividend of 1.92p per ordinary share to be paid on 31 May 2024 to shareholders registered at the close of business on 10 May 2024. The shares will be quoted ex-dividend on 9 May 2024. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7. | Valor liquidativo por acción ordinaria The net asset value ("NAV") per ordinary share is calculated on the net assets attributable to shareholders' funds and the number of ordinary shares in issue. The NAV per ordinary share with debt at par and the NAV per ordinary share with debt at fair value is calculated as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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NAV per ordinary share with debt at par |
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Activos netos (miles de libras esterlinas) | 354,160 | 356,175 | 344,370 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Número de acciones ordinarias | 195,978,716 | 195,978,716 | 195,978,716 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NAV per ordinary share with debt at par (p) | 180.7 | 181.7 | 175.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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NAV per ordinary share with debt at fair value |
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Activos netos (miles de libras esterlinas) | 354,160 | 356,175 | 344,370 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Add back debt at par (£'000) | 25,514 | 26,123 | 25,542 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less debt at fair value (£'000) | (20,723) | (20,075) | (19,808) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net assets with debt at fair value (£'000) | 358,951 | 362,223 | 350,104 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Número de acciones ordinarias | 195,978,716 | 195,978,716 | 195,978,716 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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NAV per ordinary share with debt at fair value (p) | 183.2 | 184.8 | 178.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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8. | Llamado capital social |
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Número de acciones en emisión | Valor nominal |
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Acciones ordinarias de 1 peniques cada una |
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In issue at start of year | 195,978,716 | 1,960 |
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Al 29 de febrero de 2024 | 195,978,716 | 1,960 |
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No ordinary shares were issued during the half-year to 29 February 2024 (half-year to 28 February 2023 and year to 31 August 2023: none). |
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9. | Transacciones con partes relacionadas The Company's current related parties are its directors and Janus Henderson Fund Management UK Limited ("Janus Henderson"). There have been no material transactions between the Company and its directors during the period. The only amounts paid to them were in respect of expenses and remuneration for which there were no outstanding amounts payable at the period end.
In relation to the provision of services by Janus Henderson (other than fees payable by the Company in the ordinary course of business and the provision of marketing services) there have been no material transactions with Janus Henderson affecting the financial position of the Company during the period under review. |
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10. | Preocupación continua The assets of the Company consist of securities that are readily realisable and, accordingly, the directors believe that the Company has adequate resources to continue in operational existence for at least twelve months from the date of approval of the financial statements. Having assessed these factors and the principal risks, as well as considering the heightened macroeconomic uncertainties, the board has determined that it is appropriate for the financial statements to be prepared on a going concern basis. |
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11. | Información comparativa |
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The financial information contained in this half-year report does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. The figures and financial information for the year ended 31 August 2023 are extracted from the latest published accounts and do not constitute the statutory accounts for that year. Those accounts have been delivered to the Registrar of Companies and included the report of the independent auditor, which was unqualified and did not include a statement under either section 498(2) or 498(3) of the Companies Act 2006.
A glossary of terms and details of alternative performance measures can be found in the annual report for the year ended 31 August 2023. |
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12. | Informe semestral |
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| The half-year report will shortly be available on the Company's website (www.hendersoninternational Incometrust.com) or in hard copy from the Company's registered office. An abbreviated version of this half-year report, the 'update', will be circulated to shareholders in mid-May 2024.
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13. | Información general estado de la empresa Registered as an investment company in England and Wales. Código de la Bolsa de Valores de Londres (TIDM): SUGERENCIA SEDOL/ISIN number: Ordinary shares B3PHCS8/GB00B3PHCS86 Global Intermediary Identification Number (GIIN): WRGF5X.99999.SL.826 Identificador de entidad jurídica (LEI): 2138006N35XWGK2YUK38
Oficina registrada 201 Bishopsgate, Londres EC2M 3AE
Número de registro de la compañía 7549407
directiva The directors of the Company are Richard Hills (chairman), Jo Parfrey (chair of the audit committee), Lucy Walker (senior independent director), Mai Fenton and Aidan Lisser.
Secretario corporativo Janus Henderson Secretarial Services UK Limited, represented by Sally Porter, ACG.
Página web En www.hendersoninternational Incometrust.com. |
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Ni el contenido del sitio web de la Compañía ni el contenido de ningún sitio web accesible desde hipervínculos en el sitio web de la Compañía (o cualquier otro sitio web) se incorporan o forman parte de este anuncio.
RNS puede usar su dirección IP para confirmar el cumplimiento de los términos y condiciones, para analizar cómo interactúa con la información contenida en esta comunicación y para compartir dicho análisis de forma anónima con otros como parte de nuestros servicios comerciales. Para obtener más información sobre cómo RNS y la Bolsa de Valores de Londres utilizan los datos personales que nos proporciona, consulte nuestra Política de privacidad.