Title: 242383966.pdf URL Source: https://documentscdn.financialexpress.net/Literature/1621F18C9C737E559F3697B3EA0B4A13/242383966.pdf Number of Pages: 6 Markdown Content: # Company overview Objective The Company aims to maximise shareholders’ total returns (capital and income) by investing in smaller companies that are quoted in the United Kingdom. # Company information NAV (cum income) 954.3p NAV (ex income) 937.6p Share price 870.0p Discount( -)/premium(+) -8.8% Yield 3.2% Net gearing 11% Net cash - Total assets Net assets £601m £538m Market capitalisation £491m Total voting rights 56,411,530 Total number of holdings 86 Ongoing charges (year end 31 May 2025) 0.45% Benchmark Deutsche Numis Smaller Companies ex Investment Companies Index Source: BNP Paribas for holdings information and Morningstar for all other data. Differences in calculation may occur due to the methodology used. Please note that the total voting rights in the Company do not include shares held in Treasury. # THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC (HSL) ISIN: GB0009065060 Factsheet - at 30 April 2026 Marketing Communication # Share price performance # (total return) 50 70 90 110 130 Apr 21 Apr 22 Apr 23 Apr 24 Apr 25 Apr 26 Price (rebased) Benchmark NAV (cum income) Performance over (%) 1m 3m 6m 1y 3y 5y 10y Share price (Total return) 10.1 -5.6 2.5 18.1 16.8 -18.5 85.8 NAV (Total return) 9.2 -5.0 0.4 13.9 10.5 -16.0 72.5 Benchmark (Total return) 6.3 -5.1 0.3 15.0 28.3 15.1 81.0 Relative NAV (Total return) 2.8 0.1 0.0 -1.1 -17.7 -31.1 -8.5 Discrete year performance (%) Share price (total return) NAV (total return) 31/3/2025 to 31/3/2026 7.6 6.1 31/3/2024 to 31/3/2025 1.7 -3.8 31/3/2023 to 31/3/2024 -1.8 2.2 31/3/2022 to 31/3/2023 -16.3 -17.0 31/3/2021 to 31/3/2022 -12.9 -3.8 n/a n/a n/a Source: at 30/04/26. © 2026 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its cont ent providers are responsible for any damages or losses arising from any use of this information. Past performance does not predict future returns. All performance, cumulative growth and annual growth data is sourced from Morningstar. Find out more Go to www.hendersonsmallercompanies.com How to invest Go to www.janushenderson.com/howtoinvest 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. Please refer to the glossary f or the definition of share price total return. Please note that this chart could include dividends that have been declared but not yet paid. 0.0 5.0 10.0 15.0 20.0 25.0 # Dividend history (pence/share) 30.0 05 07 09 11 13 15 17 19 21 23 25 Income Income Special Key information Stock code HSL AIC sector AIC UK Smaller Companies Benchmark Deutsche Numis Smaller Companies ex Investment Companies Index Company type Conventional (Ords) Launch date 1887 Financial year 31 -May Dividend payment March, October Management fee 0.35% of net assets Performance fee Yes (See Annual Report & Key Information Document for more information) Regional focus UK Fund manager appointment Indriatti van Hien 2016 Cassie Herlihy 2025 Indriatti van Hien, ACA, CFA Portfolio Manager Cassie Herlihy Portfolio Manager Customer services 0800 832 832 How to invest Go to www.janushenderson.com/howtoinvest # THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC (HSL) ISIN: GB0009065060 Factsheet - at 30 April 2026 Marketing Communication # Top 10 holdings (%) Balfour Beatty 3.5 Oxford Instruments 3.1 Paragon Banking 3.0 OSB Group 2.8 Vesuvius 2.4 SigmaRoc 2.3 Serica Energy 2.2 Mitchells & Butlers 2.2 Serco Group 2.2 Bellway 2.2 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. # Sector breakdown (%) ##  Industrials 37.8% ##  Consumer Discretionary 18.2% ##  Financials 15.9% ##  Technology 9.2% ##  Health Care 6.0% ##  Energy 4.8% ##  Real Estate 3.6% ##  Basic Materials 3.0% ##  Consumer Staples 0.9% ##  Telecomms 0.8% The above sector breakdown may not add up to 100% due to rounding. # 10 year total return of £1,000 All performance, cumulative growth and annual growth data is sourced from Morningstar. Share price total return is calculated using mid -market share price with dividends reinvested. 0500 1,000 1,500 2,000 2,500 3,000 Apr 16 Apr 18 Apr 20 Apr 22 Apr 24 Apr 26 Share price total return Benchmark # Geographical focus (%) #  United Kingdom 100.0% # Premium/(discount) of share price # to NAV at fair value (%) -20 -15 -10 -5 0 5 10 15 20 Apr 23 Apr 24 Apr 25 Apr 26 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. Please refer to the glossary for the definition of share price total return. For the award/achievement source, refer to page 6.THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC (HSL) ISIN: GB0009065060 Factsheet - at 30 April 2026 Marketing Communication # Fund Manager commentary Investment environment UK equities made gains in April as investors cheered the prospect of a potential end to the conflict in the Middle East. However, uncertainty about the ceasefire pressured share prices towards the end of the month, while investors also worried about the conflict’s economic impact and the possibility of tighter monetary policy. The Bank of England (BoE) left interest rates on hold at 3.75%, although it said it could shift to rate hikes should high energy prices persist. The 10-year yield on UK gilts rose above 5.0% (prices fell, reflecting their inverse correlation), with the energy shock expected to hit the country hard. Speculation about Prime Minister Keir Starmer’s future added further pressure. The heightened geopolitical tensions started to feed through to economic data. Annual inflation increased to 3.3% in March from 3.0% in February, consumer confidence hit the weakest level in two and a half years, and business confidence sank to the lowest point since 2020. However, the economy unexpectedly expanded by 0.5% in February, which was much better than the 0.1% growth predicted. Sterling strengthened against the US dollar in April. Oil prices were mixed, as they remained elevated and volatile given uncertainty about the truce between the US/Israel alliance and Iran. In this environment, the Deutsche Numis Smaller Companies Index outperformed the FTSE All-Share Index. Portfolio review Key contributors to performance were engineering firm Renishaw, power supplies manufacturer XP Power, and technology and services provider Computacenter. Renishaw’s share price rose strongly during the month after the company upgraded its 2026 profit (before tax) and revenue forecasts as a result of increased aerospace and semiconductor demand. XP Power’s shares benefited from favourable analyst upgrades. Computacenter’s share price rallied following a strong trading update that highlighted solid revenue growth from increased data centre demand. Its shares were also boosted by upgrades to its earnings outlook. Key detractors were North Sea oil and gas producer Serica Energy and housebuilder Crest Nicholson. Shares in Serica Energy pulled back after the strong performance in March, driven by lower oil prices amid hopes of a resolution to the conflict in the Middle East. El sewhere, Crest Nicholson’s share price fell on the back of a weaker outlook for land sales and concerns around its balance sheet. In terms of activity, we opened a new holding in Elixirr International, a founder-led challenger consultancy with an entrepreneurial culture. Diversification across geography and end markets has supported resilient double-digit organic growth despite the macro headwinds, alongside strong margins and disciplined merger and acquisition (M&A) activity. Despite this, the shares were trading at a discount to more recent levels (at the time of purchase), which we considered an attractive entry point. Elsewhere, we switched the holding in Bytes Technology Group into Computacenter. Manager outlook Geopolitics remain challenging with the ongoing conflicts in the Middle East and Ukraine, and heightened tensions between China and the US. In the US, Donald Trump’s full agenda, focused on cutting domestic taxes and government spending, raising trade tariffs, cutting immigration and de-regulation, has brought significant uncertainty to governments, corporates and consumers globally. This has already led to significant volatility in global financial markets. We believe a new world order is likely to emerge, triggering significant policy responses from governments in Europe and globally. We expect these changes to catalyse both inflationary and reflationary impulses, adding uncertainty to the path for monetary policy. Sticky inflation, which remains above target in both the US and UK, is likely to be further exacerbated by the oil and gas supply shock stemming from the latest conflict in the Middle East. Damage to Middle Eastern energy infrastructure and the continued closure of the Strait of Hormuz, through which around 20% of global oil exports THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC (HSL) ISIN: GB0009065060 Factsheet - at 30 April 2026 Marketing Communication pass, have heightened energy price risks. Together, these factors sustain uncertainty over the path of interest rates, leaving central banks with the challenging task of balancing potentially elevated inflation with softening labour markets globally. The sp eed at which the conflict in the Middle East might be resolved, in conjunction with fiscal policy responses by governments, is likely to be a determinant of near -term global economic growth forecasts. In the UK, the government faces the unenviable challeng e of reviving economic growth while walking a fiscal tightrope. The building blocks are in place (such as a resetting of the UK’s trading relationship with Europe, the deregulation of financial services and planning reform) and there are signs that the gov ernment understands the need to get the private sector back onside and attract foreign investment. But political pressure and the government’s inability to put growth at the heart of new policy have hampered tangible progress so far. After two heavy -handed tax -raising budgets, the Labour Party government remains deeply unpopular and there is a possibility of a change in leadership after the local elections this May. After a lost decade in UK smaller companies, starting with uncertainty about the EU referend um vote, we see good reasons why fortunes could change. We think history could demonstrate that small -caps perform best after periods of economic dislocation. UK small -cap valuations remain attractive to us and sit well below their long -term averages, whil e earnings forecasts have shown a positive change in momentum following the sharp adjustment in economic activity which came with the rising interest rates seen in recent years. Valuations also remain depressed versus other developed markets, even on a sec tor -adjusted basis. The persistent in -bound M&A activity the market is experiencing suggests that market participants have noticed. In the corporate sector, we are encouraged by the fact that conditions are intrinsically stronger than they were during the Global Financial Crisis of 2008 -2009. Companies’ balance sheets are more robust and, in recognition of the deep undervaluation of their own equity, we are seeing an increasing number of companies buying back stock. Finally, there are green shoots in the in itial public offering (IPO) market, signalling that confidence in the UK equity market is rebuilding. We acknowledge the uncertainty around economic conditions but feel confident that our long -standing investment process can yield a well -diversified portfo lio of companies, trading on attractive valuations, with the potential to deliver investment growth over the long term. There is no shortage of investment opportunities in our market. We remain confident in our ability to generate value from a consistent a nd disciplined investment approach, which has delivered over the longer term. > 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. # THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC (HSL) ISIN: GB0009065060 Factsheet - at 30 April 2026 Marketing Communication # Glossary Discount/Premium The amount by which the price per share of an investment company 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 Compan y 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 leve rage 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 Sha re price multiplied by the number of shares in issue, excluding treasury shares, at month end. Shares typically priced mid -market at month -end closing. Net Asset Value (NAV) The total value of a Company's assets less its liabilities. 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). NAV 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, mult iplied by 100. 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 qu oted 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. For a full list of terms please visit: https://ww w.janushenderson.com/en - gb/investor/glossary/ THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC (HSL) ISIN: GB0009065060 Factsheet - at 30 April 2026 Marketing Communication Source for fund ratings/awards Overall Morningstar Rating™ is shown for an investment company achieving a rating of 4 or 5. The Henderson Smaller Companies Investment Trust plc has been awarded the AIC Dividend Hero award for 21 years of dividend gr owth. For more information including its methodology, visit https://www.theaic.co.uk/income -finder/dividend -hero es. Source: AIC, Morningstar calculations, 20/03/2025. The Henderson Smaller Companies Investment Trust has been awarded the Kepler Income Rating for 2025. For more information including its methodology, visit https://www.trustintelligence.co.uk/articles/2025 -our -ratings. Source: Morningstar, Kepler calculations, 01/01/2024 – 31/12/2024. Company specific risks - 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. - Active management techniques that have worked well in normal market conditions could prove ineffective or negative for performance at other times. - Most of the investments in this portfolio are in smaller companies shares. They may be more difficult to buy and sell, and t heir share prices may fluctuate more than those of larger companies. - A persistent reduction in d ividend income from investee companies could adversely affect the Company’s ability to maintain its record of paying a growin g dividend each year. - Using derivatives exposes the Company to risks different from - and potentially greater than - the risks associated with investing directly in securities. It may therefore result in additional loss, which could be significantly gr eater than the cost of the derivative. - This Company is suitable to be used as one component of several within a diversified inve stment portfolio. Investors should consider carefully the proportion of their portfolio invested in this Company. - The Company could lose money if a counterparty with which it trades becomes unwilling or unable to meet its obligations to th e Company. - The return on your investment is directly related to the prevailing market price of the Company's shares, which will trade at a varying discount (or premium) relative to the value of the underlying assets of the Company. As a result, losses (or gains) may be higher or lower than those of the Company's assets. - If a Company's portfolio is concentrated towards a particular country or geographical region, the investment carries greater risk than a portfolio that is diversified across more countries. - The C ompany may use gearing (borrowing to invest) as part of its investment strategy. If the Company utilises its ability to gear, the profits and losses incurred by the Company can be greater than those of a Company that does not use gearing. 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 perfor mance 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 g et back the amount originally invested. Tax assumptions and reliefs depend upon an investor’s particular circumstances and ma y change if those circumstances or the law change. Nothing in this document is intended to or should be construed as advice. This d ocument is not a recommendation to sell or purchase any investment. It does not form part of any contract for the sale or pur chase of any investment. We may record telephone calls for our mutual protection, to improve customer service and for regulatory re cord keeping purposes. Issued in the UK by Janus Henderson Investors. 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