Henderson European Focus Trust PLC Results analysis from Kepler Trust Intelligence
25 Maio 2023 - 7:24AM
RNS Non-Regulatory
TIDMHEFT
Henderson European Focus Trust PLC
25 May 2023
Henderson European Focus Trust (HEFT)
25/05/2023
Results analysis from Kepler Trust Intelligence
-- Over the six months to 31/03/2023, Henderson European Focus
Trust (HEFT) produced a NAV and share price total return of 22.8%
and 28.3% respectively. The AIC Europe peer group on average
produced equivalent figures of 22.3% and 25.7%, and the benchmark's
total return was 21.7%.
-- Net gearing rose from 1.9% to end the period at 6.8%, leaving
the Managers with some cash remaining from the long-term gearing
facility to take advantage of further opportunities.
-- The interim dividend has been increased to 1.3p from 1.2p for
the same time last year, with the shares going ex-dividend on 1
June 2023. HEFT's dividend yield is c.2.7%.
Kepler View
As the Henderson European Focus Trust (HEFT) chair notes,
European equities outperforming US equities seemed almost
unthinkable a year ago, with significant capital flows out of
Europe and into the traditional safe haven of the US. but the
propensity for equities to return to long-term average valuations,
or 'mean reversion', is something at the front of Fund Managers Tom
O'Hara and John Bennett's minds at the moment, and European
equities reached an extreme valuation discount to US equities in
the last quarter of 2022. Patient investors have since been
rewarded with a strong recovery and outperformance which is perhaps
the beginning of that mean reversion process.
Tom and John believe the next ten years are unlikely to be a
repeat of the last ten years, and as investors lick their wounds
and try to learn the lessons of another banking crisis and take
stock of a world where factors such as low-cost borrowings and
globalisation don't seem like they will be back any time soon,
their approach seems well suited to a changing environment. What's
just as important as their long-term strategic view is their
flexible approach that can adapt as the evidence changes. One of
the things the team believes will help performance in the coming
years is a focus on companies that 'make stuff', which is in sharp
contrast to the asset-light model that stock markets have favoured
for the last ten years..
Overall we view HEFT as a core European equity trust, with a
long and short-term track record of adapting to different market
cycles, and of identifying long-term investment themes before they
become mainstream. We think an attractive discount of c.12%, and
yield of 2.7%, potentially makes for a good long-term entry
point.
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May 25, 2023 06:24 ET (10:24 GMT)
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