022 ReportAnnual
Henderson European Focus Trust plc
Objective
The Company seeks to
maximise total return
(a combination of income and capital growth) from a portfolio of stocks listed in Europe.
Strategic Report
Performance | 2-3 |
Chair's Statement | 4-7 |
Portfolio Information | 8 |
Fund Managers' Report | 9-12 |
Investment Portfolio | 13 |
Top Ten Holdings | 14-15 |
Historical Information | 16 |
Business Model | 17-29 |
Governance
Board of Directors | 31 |
Corporate Governance Report | 32-38 |
Audit and Risk Committee Report | 39-42 |
Directors' Remuneration Report | 43-45 |
Directors' Report | 46-47 |
Statement of Directors' Responsibilities | 48 |
Financial Statements
Independent Auditor's Report to the Members | 50-56 |
Financial Statements | 57-60 |
Notes to the Financial Statements | 61-74 |
Additional Information
Glossary | 76 |
Alternative Performance Measures | 77-78 |
General Shareholder Information | 79 |
Service Providers | 80 |
Front cover image: Louvre Museum, Paris, France
Holcim
Strategic
Report
1
Henderson European Focus Trust plc | Annual Report 2022 |
Performance
Year to 30 September
Total return performance over one year
0
-4
-8
%
-12
-13.1-12.8
Total return performance over multiple years
200 | |
174.2 | 176.2 |
150 | |
132.0 | |
%100 |
-16
-20
-18.3
75.8 72.3 | |
50 | 52.1 |
1 year
Company net asset value ("NAV") per ordinary share
FTSE World Europe ex UK Index in sterling terms
Company share price using mid-market closing prices
Total returns include dividends reinvested and exclude any costs of reinvestment
12.8 | 20.1 | 15.9 | ||||||||||||
6.8 | 9.2 | 2.9 | ||||||||||||
0 | ||||||||||||||
3 years | 5 years | 7 years | 10 years | |||||||||||
Discount at year end1
Discount over one year2
15
12
9
%
6
3
0
14.0
2022
0 | |
-2 | |
-4 | |
-6 | |
% | -8 |
8.3 | -10 |
-12 | |
-14 | |
-16 |
Sep | Oct | Nov | Dec | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | |||
21 | 21 | 21 | 21 | 22 | 22 | 22 | 22 | 22 | 22 | 22 | 22 | 22 | |||
2021 | Company | AIC Europe sector average | |||||||||||||
Net assets at year end | Performance versus the benchmark over one year3 |
£ millions
400 | 110 | ||||||||||||||
350 | 370.7 | 105 | |||||||||||||
300 | 314.4 | 100 | |||||||||||||
250 | 95 | ||||||||||||||
200 | 90 | ||||||||||||||
150 | |||||||||||||||
85 | |||||||||||||||
100 | |||||||||||||||
50 | 80 | ||||||||||||||
Sep | Oct | Nov | Dec | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | |||
0 | 21 | 21 | 21 | 21 | 22 | 22 | 22 | 22 | 22 | 22 | 22 | 22 | 22 | ||
2022 | 2021 | NAV | Benchmark | Share price | |||||||||||
- Calculated using the mid-market closing price
- Graph shows the Company's share price discount per ordinary share as at each month end compared to the AIC Europe sector average of seven companies over the year to 30 September 2022, including the Company
- Graph shows the Company's NAV total return per ordinary share and share price total return compared to the total return of the benchmark (FTSE World Europe ex UK Index) over the year to 30 September 2022 (rebased to 100)
Sources: Morningstar Direct, Janus Henderson, Refinitiv Datastream
2
Henderson European Focus Trust plcAnnual Report 2022
Performance
Year to 30 September
NAV per ordinary share at year end1Share price at year end
2022 | 2022 | ||
147.7p | 127.0p | ||
20212 | 20212 | ||
173.4p | 159.0p | ||
Dividend for year3 | Dividend yield4 | ||
2022 | 2022 Special | 2022 | |
4.35p | 0.50p | 3.4% | |
20212 | 2021 | ||
3.31p | 2.1% | ||
Ongoing charge for year | Net gearing at year end | ||
2022 | 2022 | ||
0.77% | 1.9% | ||
2021 | 2021 | ||
0.80% | 3.1% |
Average number of investments in the year
2022 2021
45 45
1 NAV is calculated with debt at par value
2 Comparative figures have been restated due to the subdivision of each ordinary share of 50p into 10 ordinary shares of 5p each on 7 February 2022
3 Comprising an interim dividend of 1.20p paid in June 2022, a recommended final dividend of 3.15p and special dividend of 0.50p due for payment on 6 February 2023 4 Based on the dividends paid or recommended for the year and the share price at the year end, being the interim of 1.20p and final dividend of 3.15p, and excluding
the special dividend for the year of 0.50p
Sources: Morningstar Direct, Janus Henderson, Refinitiv Datastream
A glossary of terms and alternative performance measures is included on pages 76-78
3
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Henderson European Focus Trust plc published this content on 16 December 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 December 2022 10:22:03 UTC.