Henderson Smaller Cos Inv Tst PLC Edison's update on Henderson Smaller Cos Inv Trust
12 Maio 2023 - 3:15AM
RNS Non-Regulatory
TIDMHSL
Henderson Smaller Cos Inv Tst PLC
12 May 2023
London, UK, 12 May 2023
Edison issues update on Henderson Smaller Companies Investment
Trust (HSL)
Henderson Smaller Companies Investment Trust (HSL) has been
managed by Neil Hermon for the last 20 years. He explains that
small-cap stock price weakness in 2022 was due to valuation
compression and was not a reflection of lower earnings; in essence
macroeconomic events outweighed business trends at the micro level.
However, the manager believes the interest rate cycle is close to
peaking given that inflation is rolling over and the UK economy is
relatively weak. Hermon considers the valuations of small-cap UK
growth stocks to be 'very appealing' and believes that there could
be a significant pickup in merger and acquisition (M&A)
activity in a more robust economic environment when credit is more
freely available.
HSL's 13.5% share price discount to cum-income NAV is wider than
the 9.0% to 12.7% average range of discounts over the last one,
three, five and 10 years. However, once the trust's performance is
back on track and investor risk aversion declines, there is scope
for HSL to be afforded a higher valuation, more befitting of its
strong long-term pedigree.
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