Henderson International Income Trust : Monthly Factsheet as at 30 September 2022

Share price performance (total return)

Price (rebased)		Benchmark

NAV (cum income)

160
140
120
100
80
60
40
20
0
Sep 17	Sep 18	Sep 19	Sep 20	Sep 21	Sep 22

From April 2022, the benchmark changed from the MSCI World (ex UK) Index to the MSCI ACWI (ex UK) High Dividend Yield Index.

Dividend history (pence/share)

Performance		10y		5y		3y		1y		6m
over (%)
	Share price	120.9	20.5	8.5	1.7	-6.9
	(Total return)
	Net asset value		151.4		29.2		16.6		2.7		-4.2
	(Total return)
	Benchmark	168.3	42.2	15.9	4.2	-3.1
	(Total return)
	Relative NAV		-16.9		-13.0		0.8		-1.5		-1.1
	(Total return)

Discrete year	Share price	NAV
performance (%)
	30/9/2021 to	1.71		2.69
30/9/2022
	30/9/2020 to		19.01		20.99
	30/9/2021
	30/9/2019 to

Commentary at a glance

Performance

The Company underperformed the MSCI ACWI ex UK High Dividend Yield Index during the month.

Contributors/detractors (for the quarter)

The Company holds a position in copper miner Oz Minerals, which was bid for by BHP at a significant premium to where the shares had been trading. Several of the industrial companies in the portfolio reported good results and were strong performers, including nVent and Air Products. The most significant deractors were consumer-sensitive stocks, especially those with exposure to China, including VF Corp, JD.com, and Yongda Automobiles.

Outlook

The long-term impact of 2022's events will likely be felt for years to come. From a financial market perspective, they have certainly caused volatility and uncertainty, and markets are in the process of digesting this. Interest rate expectations have increased significantly, and the valuations of many assets have fallen as a result. This

Company overview

Objective

To provide a high and rising level of dividends as well as capital appreciation over the long-term from a focused and internationally diversified portfolio of securities outside the UK.

Highlights

Specifically designed as a complementary diversifier for UK income-driven investors with a global income mandate excluding the UK.

Company information

NAV (cum income)	173.2p
NAV (ex income)	170.6p
Share price	161.0p
Discount(-)/premium(+)	-7.0%
Yield	4.47%
Net gearing	4%
Net cash	-

7.0

6.0

5.0

4.0

3.0

2.0

1.0

0.0

Income

30/9/2020		-10.36	-6.12
	30/9/2018 to		3.55		3.17
	30/9/2019
	30/9/2017 to	7.25	7.36
30/9/2018
n/a	n/a		n/a

All performance, cumulative growth and annual growth data is sourced from Morningstar.

Source: at 30/09/22. © 2022 Morningstar, Inc. All rights reserved. The

information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate,

has presented some opportunities. Consensus earnings forecasts have not yet been significantly downgraded, nevertheless many sectors and companies have already seen substantial falls and some very attractive valuations are starting to appear.

See full commentary on page 3.

References made to individual securities do not constitute a recommendation to buy, sell or hold any security, investment strategy or market sector, and should not be assumed to be profitable. Janus Henderson Investors, its affiliated advisor, or its employees, may have a position in the securities mentioned.

Total assets	£360m
Net assets	£339m
Market capitalisation	£316m
Total voting rights	195,978,716
Total number of holdings	67
Ongoing charges
(year end 31 August	0.83%
2021)

MSCI ACWI ex UK High

12

14

16

18

20

In the 2012 financial year, five interim dividends were paid over a 15 month period totalling 5.4p. Please note that this chart could include dividends that have been declared but not yet paid.

complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Benchmark	Dividend Yield Index

Source: BNP Paribas for holdings information and Morningstar for all other data. Differences in calculation may occur due to the methodology used.

Please remember that past performance does not predict future returns. The value of an investment and the income from it can rise as well as fall as a result of market and currency fluctuations, and you may not get back the amount originally invested.

How to invest		Find out more
Go to www.janushenderson.com/howtoinvest		Go to www.hendersoninternationalincometrust.com

Please note that the total voting rights in the Company does not include shares held in Treasury.

Top 10 holdings	(%)
Microsoft	4.4
Sanofi	3.8
Nestlé	3.1
Coca-Cola	2.9
Roche	2.7
Bristol-Myers Squibb	2.6
Merck	2.6
Cisco Systems	2.4
Air Products and Chemicals	2.2
Novartis	2.1

References made to individual securities do not constitute a recommendation to buy, sell or hold any security, investment strategy or market sector, and should not be assumed to be profitable. Janus Henderson Investors, its affiliated advisor, or its employees, may have a position in the securities mentioned.

Geographical focus (%)

United States	37.18%
Switzerland	9.35%
France	8.53%
Australia	6.06%
China	5.76%
South Korea	4.43%
Hong Kong	3.43%
Sweden	2.96%
Italy	2.82%
Germany	2.50%

The above geographical breakdown may not add up to 100% as this only shows the top 10.

Sector breakdown (%)

 Health Care 18.03%

 Financials 17.60%

 Technology 10.09%

 Telecommunications 9.88%

 ConsumerStaples 9.85%

 ConsumerDiscretionary 8.55%

 Industrials	8.49%
 Basic	6.61%
Materials
 Energy	4.46%
 Real Estate	4.07%
 Utilities	2.38%

Key information

Stock code	HINT
AIC sector	AIC Global Equity Income
Benchmark	MSCI ACWI ex UK High
Dividend Yield Index
Company type	Conventional (Ords)
Launch date	2011
Financial year	31-Aug
Dividend payment	February, May, August,
November
Risk rating	Average
(Source: Numis)
	0.575% per annum of net
Management fee	assets (from 1 September
	2022)

Premium/(Discount) of Share Price to NAV at Fair Value (%)

10
5
0
-5
-10
Sep 19	Sep 20	Sep 21	Sep 22

10 year return of £1,000

3,000		Share Price	Benchmark
2,500
2,000
1,500
1,000
500
0
Sep 12	Sep 14	Sep 16	Sep 18	Sep 20	Sep 22

All performance, cumulative growth and annual growth data is sourced from Morningstar

Performance fee

No

(See Annual Report & Key Information Document for more information)

Regional focus	Global
Fund manager	Ben Lofthouse 2011
appointment
		S
Ben Lofthouse, CFA	H
Fund Manager	O
		W

Please remember that past performance does not predict future returns. The value of an investment and the income from it can rise as well as fall as a result of market and currency fluctuations, and you may not get back the amount originally invested.

	How to invest			Customer services
	Go to www.janushenderson.com/howtoinvest			0800 832 832

Fund Manager commentary (for the quarter)

Investment environment

Global equity markets, as measured by the MSCI World Index, rose by 2.2% in sterling terms in the third quarter of 2022. The positive sterling return was largely due to weakness in the pound, which fell on concerns over UK growth and domestic fiscal policy. The Company's performance comparator, the MSCI ACWI (ex UK) High Dividend Yield Index, returned -0.75%. Major equity indices fell in local currency terms as high inflation increased the chance of further interest rate hikes, but there was a rally in some of the technology and growth stocks on the hopes that the US Federal Reserve (the Fed) might be nearing the end of its interest rate increases. Emerging markets were especially weak due to disappointing growth in China and the extremely strong US dollar.

Portfolio review

The Company's net asset value (total return) declined by 2.1% for the period. Share price volatility belies the fact that the operating performance of companies in the portfolio have in many cases exceeded our expectations in what has been another very difficult environment. Dividends have been paid in line or ahead of expectations. Asia underperformed over the period, particularly the Chinese market, due to continued covid lockdowns. Exposure to the insurance sector was reduced after strong relative outperformance, to invest in existing portfolio holdings where we see greater potential for

capital growth.

Manager outlook

Inflationary pressures, tightening monetary policy and slowing global economic growth, alongside ongoing geopolitical uncertainty, continues to weigh on investor sentiment and we think further market volatility is likely. While the outlook is challenging, with both business and consumer confidence impacted as costs continue to rise, markets have experienced significant falls this year. This has provided an opportunity to invest in well managed, resilient businesses at more attractive valuation levels. We continue to identify companies with robust free cash flow characteristics and strong balance sheets that we believe are well positioned to navigate the challenging global economic environment.

Source: Bloomberg as at 30 September 2022

Glossary

Discount/Premium

The amount by which the price per share of an investment trust is either lower (at a discount) or higher (at a premium) than the net asset value per share (cum income), expressed as a percentage of the net asset value per share.

Gearing

The effect of borrowing money for investment purposes (financial gearing). The amount a company can "gear" is the amount it can borrow in order to invest. Gearing is used in the expectation that the returns on the investments bought will exceed the costs of the borrowings that funded the purchase. This Company can also use synthetic gearing through derivatives and foreign exchange hedging and/or other non-fully funded instruments or techniques.

Leverage

The company's leverage is the sum of financial gearing and synthetic

gearing. Details of the Company's leverage limits can be found in both the Key Information Document and Annual Report. Where a company utilises leverage, the profits and losses incurred by the company can be greater than those of a company that does not use leverage.

Market capitalisation

Month end closing mid-market share price multiplied by the number of shares outstanding at month end.

NAV (Cum Income)

The value of investments and cash, including current year revenue, less liabilities (prior charges such as loans, debenture stock and preference shares at fair value).

NAV (Ex Income)

The value of investments and cash, excluding current year revenue, less liabilities (prior charges such as loans, debenture stock and preference shares at fair value).

Net asset value total return

The theoretical total return on shareholders' funds per share reflecting the change in Net Asset Value (NAV) assuming that dividends paid to shareholders were reinvested at NAV at the time the shares were quoted ex-dividend. A way of measuring investment management performance of investment trusts which is not affected by movements in discounts/premiums.

Net assets

Total assets minus any liabilities such as bank loans or creditors.

Net cash

A company's net exposure to cash/cash equivalents expressed as a percentage of shareholders' funds, after any offset against its gearing. This is only shown for companies that have gearing in place.

Net gearing

A company's total assets (less cash/cash equivalents) divided by shareholders' funds expressed as a percentage.

Ongoing charges

The total expenses for the financial year (excluding performance fee), divided by the average daily net assets, multiplied by 100.

Risk rating

The key measure used to assess risk is volatility of returns, using historic net asset value (NAV) performance of the company over 1 and 3 years. In this instance volatility measures how much a Company's NAV fluctuates over time in relation to the UK Equity market. The higher a volatility figure, the more the NAV has fluctuated (both up and down) over time. Please note that risk categorisations are indicative and based principally on historic data and should not be solely relied upon when making investment decisions.

Share price

Closing mid-market share price at month end.

Share price total return

The theoretical total return to the investor assuming that all dividends received were reinvested in the shares of the company at the time the shares were quoted ex-dividend. Transaction costs are not taken into account.

Total assets

Cum Income NAV multiplied by the number of shares, plus prior charges at fair value.

Yield

Calculated by dividing the current financial year's dividends per share (this will include prospective dividends) by the current price per share, then multiplying by 100 to arrive at a percentage figure.

Inflation

The rate at which the prices of goods and services are rising in an economy. The CPI and RPI are two common measures.

Gearing

Gearing is the measure of a company's debt level. It is also the relationship between a companies leverage, showing how far its operations are funded by lenders versus shareholders. Within investment trusts it refers to how much money the trust borrows for investment purposes.

Monetary policy

The policies of a central bank, aimed at influencing the level of inflation and growth in an economy. It includes controlling interest rates and the supply of money. Monetary stimulus refers to a central bank increasing the supply of money and lowering borrowing costs. Monetary tightening refers to central bank activity aimed at curbing inflation and slowing down growth in the economy by raising interest rates and reducing the supply of money.

Quantitative tightening

Quantitative tightening (QT) refers to monetary policies that contract, or reduce, the Federal Reserve System (Fed) balance sheet. This process is also known as balance sheet normalization. In other words, the Fed (or any central bank) shrinks its monetary reserves by either selling Treasury's (government bonds) or letting them mature and removing them from its cash balances. This removes liquidity, or money, from financial markets

Recession

A recession is a macroeconomic term that refers to a significant decline in general economic activity in a designated region. It had been typically recognized as two consecutive quarters of economic decline, as reflected by GDP in conjunction with monthly indicators such as a rise in unemployment.

Valuation metrics

Metrics used to gauge a company's performance, financial health, and expectations for future earnings eg, price to earnings (P/E) ratio and return on equity (ROE).

For a full list of terms please visit:

www.janushendersoninvestmenttrusts.com

Company specific risks

• This trust is suitable to be used as one component in several in a diversified investment portfolio. Investors should consider carefully the proportion of their portfolio invested into this trust.
• Active management techniques that have worked well in normal market conditions could prove ineffective or detrimental at other times.
• The trust could lose money if a counterparty with which it trades becomes unwilling or unable to meet its obligations to the trust.
• Shares can lose value rapidly, and typically involve higher risks than bonds or money market instruments. The value of your investment may fall as a result.
• Higher yieldings bonds are issued by companies that may have greater difficulty in repaying their financial obligations. High yield bonds are not traded as frequently as government bonds and therefore may be more difficult to trade in distressed markets.
• The return on your investment is directly related to the prevailing market price of the trust's shares, which will trade at a varying discount (or premium) relative to the value of the underlying assets of the trust. As a result losses (or gains) may be higher or lower than those of the trust's assets.
• Global portfolios may include some exposure to Emerging Markets, which tend to be less stable than more established markets and can be affected by local political and economic conditions, reliability of trading systems, buying and selling practices and financial reporting standards.
• The portfolio allows the manager to use options for revenue enhancement purposes. Options can be volatile and may result in a capital loss.
• Where the trust invests in assets which are denominated in currencies other than the base currency then currency exchange rate movements may cause the value of investments to fall as well as rise.
• If the trust seeks to reduce risks (such as exchange rate movements), the measures designed to do so may be ineffective, unavailable or detrimental.
• The trust may use gearing as part of its investment strategy. If the trust utilises its ability to gear, the profits and losses incured by the trust can be greater than those of a trust that does not use gearing.
• All or part of the trust's management fee is taken from its capital. While this allows more income to be paid, it may also restrict capital growth or even result in capital erosion over time.

Not for onward distribution. Before investing in an investment trust referred to in this document, you should satisfy yourself as to its suitability and the risks involved, you may wish to consult a financial adviser. This is a marketing communication. Please refer to the AIFMD Disclosure document and Annual Report of the AIF before making any final investment decisions. Past performance does not predict future returns. The value of an investment and the income from it can fall as well as rise and you may not get back the amount originally invested. Tax assumptions and reliefs depend upon an investor's particular circumstances and may change if those circumstances or the law change. Nothing in this document is intended to or should be construed as advice. This document is not a recommendation to sell or purchase any investment. It does not form part of any contract for the sale or purchase of any investment. [We may record telephone calls for our mutual protection, to improve customer service and for regulatory record keeping purposes.]

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