Title: URL Source: https://is.gd/N4X3fJ Published Time: Wed, 25 Jun 2025 09:42:20 GMT Markdown Content: # Company overview Objective The Company invests in a prudently diversified selection of both well known and smaller companies to provide investors with a high dividend income stream while also maintaining the prospect of capital growth. Highlights A Company providing investors with a high dividend income stream while also maintaining the prospect of capital growth. # Company information NAV (cum income) 191.8p NAV (ex income) 188.6p Share price 179.0p Discount( -)/premium(+) -6.7% Yield 6.0% Net gearing 19% Net cash - Total assets Net assets £390m £327m Market capitalisation £306m Total voting rights 170,705,636 Total number of holdings 107 Ongoing charges (year end 31 Dec 2024) 0.74% Benchmark 80% FTSE All -Share Index/20% ICE BofA Sterling Non -Gilts 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. # HENDERSON HIGH INCOME TRUST PLC (HHI) ISIN: GB0009580571 Factsheet - at 31 May 2025 Marketing Communication # Share price performance # (total return) # Dividend history # (pence/share) Please note that this chart could include dividends that have been declared but not yet paid. 0 50 100 150 200 May 20 May 21 May 22 May 23 May 24 May 25 Price (rebased) Benchmark NAV (cum income) 0.0 2.0 4.0 6.0 8.0 10.0 12.0 04 06 08 10 12 14 16 18 20 22 24 Income Performance over (%) 6m 1y 3y 5y 10y Share price (Total return) 12.4 17.5 22.4 70.2 65.2 NAV (Total return) 9.4 13.1 30.2 72.0 78.8 Benchmark (Total return) 6.1 8.4 21.9 51.4 68.1 Relative NAV (Total return) 3.3 4.7 8.3 20.6 10.7 Discrete year performance (%) Share price (total return) NAV (total return) 31/3/2024 to 31/3/2025 14.7 11.3 31/3/2023 to 31/3/2024 -2.2 7.9 31/3/2022 to 31/3/2023 2.3 3.0 31/3/2021 to 31/3/2022 16.1 12.7 31/3/2020 to 31/3/2021 42.7 26.8 n/a n/a n/a All performance, cumulative growth and annual growth data is sourced from Morningstar. Source: at 31/05/25. © 2025 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 content providers are responsible for any damages or losses arising from any use of this information. Past performance does not predict future returns. # Commentary at a glance Performance In the month under review the Company’s NAV total return was 4.3% and the 80% FTSE All -Share Index/20% ICE BofA Sterling Non -Gilts Index total return was 3.3%. Contributors/detractors Holdings in Johnson Matthey and Chemring benefited performance, while gearing was also beneficial given the more positive market backdrop. Outlook The portfolio is well diversified, owning what we see as more resilient businesses as well as cyclical companies that we think are attractively valued. 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. Find out more Go to www.hendersonhighincome.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 b ack the amount originally invested. Please refer to the glossary for the definition of share price total return. Key information Stock code HHI AIC sector AIC UK Equity & Bond Income Benchmark 80% FTSE All -Share Index/20% ICE BofA Sterling Non -Gilts Index Company type Conventional (Ords) Launch date 1989 Financial year 31 -Dec Dividend payment April, July, October, January Management fee 0.45% of average adjusted gross assets. Performance fee No (See Annual Report & Key Information Document for more information) Regional focus UK Fund manager appointment David Smith 2014 David Smith, CFA Portfolio Manager Customer services 0800 832 832 How to invest Go to www.janushenderson.com/howtoinvest # HENDERSON HIGH INCOME TRUST PLC (HHI) ISIN: GB0009580571 Factsheet - at 31 May 2025 Marketing Communication # Top 10 holdings (%) British American Tobacco 5.3 HSBC 3.3 Imperial Brands 2.9 RELX 2.8 Unilever 2.6 Phoenix Group 2.5 Shell 2.5 Rio Tinto 2.3 NatWest Group 2.3 Lloyds Banking Group 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 emplo yees, may have a position in the securities mentioned. # 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. 0 500 1,000 1,500 2,000 May 15 May 17 May 19 May 21 May 23 May 25 Share price total return Benchmark # Premium/(discount) of share price # to NAV at fair value (%) -15 -10 -5 0 5 10 15 May 22 May 23 May 24 May 25 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. Plea se refer to the glossary for the definition of share price total return. # Sector breakdown (%) 28.5% 19.6% 8.9% 8.4% ##  Financials ##  Consumer Staples ##  Fixed Interest ##  Industrials ##  Consumer Discretionary 7.5% ##  Basic Materials 5.5% 5.4%  Utilities ##  Technology 4.4% ##  Energy 4.4% ##  Real Estate 3.3% ##  3.0% ##  Telecomms 1.3% The above sector breakdown may not add up to 100% due to rounding. # Geographical focus (%) 86.8%  United Kingdom #  France 5.5% #  United States 4.0% #  Sweden 1.3% #  Netherlands 1.3% #  Multinational 0.6% 0.3% 0.1% #  Czech Republic #  Israel #  Ireland 0.1% Health Care The above geographical breakdown may not add up to 100% as this only shows the top 10. HENDERSON HIGH INCOME TRUST PLC (HHI) ISIN: GB0009580571 Factsheet - at 31 May 2025 Marketing Communication # Fund Manager commentary Investment environment The FTSE All -Share Index rose 4.1% during May as improved global trade relations, some positive corporate results and cautious optimism about the economy put the index within touching distance of its record high. The UK announced an agreement to forge clos er ties with the European Union (EU), including on trade, and also signed a trade pact with the US. This boosted investor sentiment. The Bank of England (BoE) lowered its benchmark rate by 25 basis points (bps) to 4.25%. GDP growth of 0.7% over the first q uarter was slightly better than predicted, and was up from 0.1% expansion in the previous quarter. However, annual inflation increased to a worse -than - anticipated 3.5% in April - the highest in more than a year - from 2.6% in March. This was in part due to energy and water price rises. The news prompted investors to trim their expectations for interest rate cuts. Meanwhile, retail sales increased unexpectedly strongly in April, with the rise largely attributed to favourable weather. Sterling gained further against the US dollar, hitting a more -than -three -year high as it benefited from economic optimism and unease about the US fiscal position and trade policy. Mid -cap companies outperformed with the FTSE 250 Index returning 6.1% versus the FTSE 100 Index whic h was up 3.8%. Cyclical sectors outperformed, given the improvement in global trade relations, with industrials, basic materials and consumer discretionary outperforming. Defensive sectors lagged with consumer staples, utilities and healthcare all underperforming. Portfolio review The equity holdings in Johnson Matthey, Chemring and M&G benefited performance. Chemical company Johnson Matthey announced the sale of its Catalyst Technologies division to Honeywell for £1.8 billion, which was materially more than analysts estimate its value to be. Defence contractor Chemring continued to benefit from increased geopolitical tensions as talks over a Russia -Ukraine ceasefire made no progress. M&G announced a long -term strategic partnership with Japanese insurer Dai -Ichi Life, which is expected to deliver at least $6 billion of new business flows for M&G, while Dai -Ichi will also acquire a 15% stake in the company. Elsewhere, the equity holdings in Imperial Brands and Sanofi were detrimental to performance. Shares in Imperial Brands sold off after the well -regarded CEO announced he was retiring. After meeting the Chair, we were reassured that the appointment of the current CFO to succeed him was part of a well -planned succession policy and that he had all the necessary skills to execute the current strategy. French pharmaceutical company Sanofi reported a disappointing trail result for its pipeline drug for lung disease. Trading activity was low during the month but we added to the positions in Whitbread, Bunzl and DCC where we believe the valuations were particularly attractive at the time of purchase. Manager outlook Although the US has so far temporarily suspended the worst tariff levels, the uncertainty this has caused, as well as the increase in disruption and cost of global trade, seems likely to slow global economic growth. In the UK, the economy is slowly starting to show signs of recovery, while further interest rate cuts could see an improvement in consumer confidence. We also think that valuations in the UK are attractive with the equity market trading at a discount to both its own long -term average and versus overseas indices. We therefore maintain a balanced approach, owning what we see as more resilient businesses as well as cyclical companies that we think are attractively valued. HENDERSON HIGH INCOME TRUST PLC (HHI) ISIN: GB0009580571 Factsheet - at 31 May 2025 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 o f 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 gearin g 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 Share 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 Compan y'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 investm ents 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 equ ivalents) 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. Share price Closing mid -market share pr ice 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. For a full list of terms please visit: https://www.janushenderson.com/en -gb/investor/glossary/ HENDERSON HIGH INCOME TRUST PLC (HHI) ISIN: GB0009580571 Factsheet - at 31 May 2025 Marketing Communication Source for fund ratings/awards Overall Morningstar Rating™ is shown for an investment company achieving a rating of 4 or 5. Company specific risks - This Company is suitable to be used as one component of several within a diversified investment portfolio. Investors should c onsider carefully the proportion of their portfolio invested in this Company. - Active management techniques that have worked well in normal market conditions could prove ineffective or negative for perfor mance at other times. - The Company could lose money if a counterparty with which it trades becomes unwilling or unable to meet it s obligations to the Company. - Shares can lose value rapidly, and typically involve higher risks than bonds or money market instruments. The value of your i nvestment may fall as a result. - 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. - Some of the investments in this portfolio are in smaller company shares. They may be more difficult to buy and sell, and their sha re prices may fluctuate more than those of larger companies. - The Company may use gearing (borrowing to invest) as part of its in vestment 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. - All or part of the Company'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 yoursel f as to its suitability and the risks involved, you may wish to consult a financial adviser. This is a marketing communicatio n. Ple ase refer to the AIFMD Disclosure document and Annual Report of the AIF before making any final investment decisions. Past pe rformance does not predict future returns. The value of an investment and the income from it can fall as well as rise and you may n ot get back the amount originally invested. Tax assumptions and reliefs depend upon an investor’s particular circumstances an d may change if those circumstances or the law change. Nothing in this document is intended to or should be construed as advice. Th is 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 regulator y record keeping purposes. Issued in the UK by Janus Henderson Investors. Janus Henderson Investors is the name under which investment products and serv ices are provided by Janus Henderson Investors International Limited (reg no. 3594615), Janus Henderson Investors UK Limited (reg. no. 906355), Janus Henderson Fund Management UK Limited (reg. no. 2678531), (each registered in England and Wales at 201 Bishops gate, London EC2M 3AE and regulated by the Financial Conduct Authority), Tabula Investment Management Limited (reg. no. 11286 661 at 10 Norwich Street, London, United Kingdom, EC4A 1BD and regulated by the Financial Conduct Authority) and Janus Hender son Investors Europe S.A. (reg no. B22848 at 78, Avenue de la Liberté, L -1930 Luxembourg, Luxembourg and regulated by the Commissio n de Surveillance du Secteur Financier). Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc