Title: URL Source: https://is.gd/EOjKrU Published Time: Wed, 25 Jun 2025 09:40:26 GMT Markdown Content: # Company overview Objective The Company aims to maximise total return from a portfolio of stocks predominantly listed in Europe (excluding the UK). Highlights A focused investment trust of between 35 and 45 companies in Europe with an emphasis on maximising total return. # Company information NAV (cum income) 207.0p NAV (ex income) 204.1p Share price 188.0p Discount( -)/premium(+) -9.2% Yield 1.44% Net gearing 2% Net cash - Total assets Net assets £669m £640m Market capitalisation £581m Total voting rights 309,108,191 Total number of holdings 42 Ongoing charges (year end 30 Sep 2024) 0.70% Benchmark FTSE World Europe (Ex UK) Index Overall Morningstar Rating TM  As of 31/05/2025 Morningstar Medalist Rating TM Effective 27/03/2025 Analyst -Driven %: 100.00 Data Coverage %: 100.00 > 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 EUROPEAN TRUST PLC (HET) ISIN: GB00BLSNGB01 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 1.0 2.0 3.0 4.0 5.0 6.0 04 06 08 10 12 14 16 18 20 22 24 Income Income Special Performance over (%) 6m 1y 3y 5y 10y Share price (Total return) 11.6 2.0 43.3 86.7 118.8 NAV (Total return) 7.4 0.9 34.9 74.7 140.1 Benchmark (Total return) 12.7 7.4 37.6 71.7 135.0 Relative NAV (Total return) -5.3 -6.5 -2.7 3.0 5.1 Discrete year performance (%) Share price (total return) NAV (total return) 31/3/2024 to 31/3/2025 2.6 -1.4 31/3/2023 to 31/3/2024 16.5 19.3 31/3/2022 to 31/3/2023 11.0 10.8 31/3/2021 to 31/3/2022 3.8 4.0 31/3/2020 to 31/3/2021 50.3 42.3 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. # Merger of interests The Company was renamed Henderson European Trust plc on 11 July 2024, following the combination of Henderson European Focus Trust plc and Henderson EuroTrust plc on 4 July 2024. Historical data on this factsheet reflects the pre -combination position for Henderson European Focus Trust plc as the continuing corporate legal entity. For more background, please see the prospectus on the website at www.hendersoneuropeantrust.com. # Commentary at a glance Performance In the month under review the Company’s NAV total return was 4.3% and the FTSE World Europe (Ex UK) Index total return was 3.9%. Contributors/detractors Positive contributors to performance included the underweight position in the healthcare sector and an overweight position in the industrials sector. Single equity holdings were also positive. Outlook We think a combination of positive economic and market factors should provide a more benign environment for European economies than we have seen in recent years. 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.hendersoneuropeantrust.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 HET AIC sector AIC Europe Benchmark FTSE World Europe (Ex UK) Index Company type Conventional (Ords) Launch date 1947 Financial year 30 -Sep Dividend payment June, February Management fee 0.60% for net assets up to £500m. 0.475% for net assets from £500m up to £1bn. 0.45% for net assets equal to and above £1bn. Performance fee No (See Annual Report & Key Information Document for more information) Regional focus Europe Fund manager appointment Robert Schramm -Fuchs 2025 Nick Sheridan 2025 Robert Schramm -Fuchs Portfolio Manager Nick Sheridan Portfolio Manager Customer services 0800 832 832 How to invest Go to www.janushenderson.com/howtoinvest # HENDERSON EUROPEAN TRUST PLC (HET) ISIN: GB00BLSNGB01 Factsheet - at 31 May 2025 Marketing Communication # Top 10 holdings (%) UniCredit 5.2 SAP 4.6 Siemens 4.2 ASML 3.9 TotalEnergies 3.8 Deutsche Boerse 3.6 Muenchener Rueckver 3.5 BNP Paribas 3.5 Safran 3.2 Erste Group Bank 3.0 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. # Sector breakdown (%) ##  Industrials 26.7% ##  Financials 25.1% ##  Technology 12.2% ##  Consumer Discretionary 12.1% ##  Health Care 10.0% ##  Consumer Staples 4.4% ##  Energy 3.8% ##  Telecomms 2.7% ##  Basic Materials 1.8% ##  Utilities 1.3% 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. 0 500 1,000 1,500 2,000 2,500 May 15 May 17 May 19 May 21 May 23 May 25 Share price total return Benchmark # Geographical focus (%) #  France 26.1% #  Germany 21.8% #  Switzerland 11.4% #  United Kingdom 10.6% #  Netherlands 8.8% #  Spain 6.1% #  Italy 5.2% #  Denmark 4.9% #  Austria 3.0% #  Ireland 2.3% The above geographical breakdown may not add up to 100% as this only shows the top 10. # Premium/(discount) of share price # to NAV at fair value (%) -20 -15 -10 -5 0 5 10 15 20 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 fluctua tions, and you may not get back the amount originally invested. Please refer to the glossary for the definition of share pric e total return. On 3 February 2025, Robert Schramm-Fuchs and Nick Sheridan assumed interim joint responsibility for management of the Company’s portfolio. HENDERSON EUROPEAN TRUST PLC (HET) ISIN: GB00BLSNGB01 Factsheet - at 31 May 2025 Marketing Communication # Fund Manager commentary Investment environment European equities delivered a positive return in May, as easing trade tensions fuelled investor hopes that the US and global economies will avoid a downturn. Midway through the month, equities rallied after the US and China agreed to reduce levies on goods from each other's countries for 90 days. Later on, the US administration's threat to raise the tariff on EU goods to 50% unnerved investors, although equities recovered as the US delayed the deadline to allow more time for a deal to be reached. In late May, a US trade court ruled against President Donald Trump's "Liberation Day" tariff scheme announced in early April. The ruling increased doubts about President Trump's ability to continue increasing levies against US trading partners. However, a federal court temporarily reinstated the tariffs after the Trump administration appealed against the ruling. In Europe, the minutes of the European Central Bank (ECB)'s April meeting, released in May, underpinned expectations that policymakers will ease borrowing conditions again in June. They also suggested that the monetary easing cycle is nearing an end. Portfolio review Positive contributors to performance included the underweight position in the healthcare sector and an overweight position in the industrials sector. Single equity holdings were also positive. Shares in Austrian bank Erste Group contributed positively. Investors were encouraged by news that the firm had acquired a 49% stake in Banco Santander's Polish business. The deal will help to cement Erste Bank's position in Poland and the wider Central and Eastern European market. Ryanair was the next biggest positive contributor. Its results were broadly in line with market expectations, but the company forecasts a stronger pricing environment for the year ahead. Munich Re was the biggest detractor. The company announced solid results but lagged a rising market owing to its defensive profile and higher share price valuation. Eyecare specialist Alcon underperformed. Its share price came under pressure after the company announced disappointing first -quarter results, and also announced a downgrade to its guidance (forecasts) for 2025. However, we remain optimistic about Alcon's near -term prospects. Shares in multinational diversified building materials group CRH also weighed on fund performance. With approximately 80% of its profits generated in the US, the company's share price weakness reflects market concerns about slower US infrastructure spending. The main activity was that we exited the position in LVMH to fund a position in Switzerland -based luxury goods holding company Richemont, given our preference for hard versus soft luxury goods. Price increases on soft luxury (primarily leather handbags) have been far more aggressive in recent years and that is now evident in growth rates and demand. Manager outlook European equities have fared well so far in 2025 (outperforming US counterparts). The question now is whether this can translate into something more meaningful and longer -lasting. European equities have continued to trade close to record discounts compared to US equities, while international investors remain underexposed - two elements we feel provide a safety net. Furthermore, we think a combination of positive economic and market factors should provide a more benign environment for European economies than we have seen in recent years. Germany's announcement of €1 trillion in infrastructure and defence spending - effectively overriding its self -imposed debt break - is an encouraging sign of renewed commitment to tackling some of Europe's most pressing issues. More time is undoubtedly needed for true structural reforms to enhance Europe's competitiveness, but initiatives in multiple areas - such as easing financial regulation, capital markets union, and the reduction of general bureaucracy, are underway. HENDERSON EUROPEAN TRUST PLC (HET) ISIN: GB00BLSNGB01 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 EUROPEAN TRUST PLC (HET) ISIN: GB00BLSNGB01 Factsheet - at 31 May 2025 Marketing Communication Source for fund ratings/awards Overall Morningstar Rating™ is a measure of a fund's risk -adjusted return, relative to similar funds. Fund share classes are rated from 1 to 5 stars, with the best performers receivin g 5 stars and the worst performers receiving a single star. Overall Mor ningstar Rating™ is shown for an investment company achieving a rating of 4 or 5. Morningstar Medalist Rating™ Ratings should not be taken as a recommendation. For more detailed information about Morningstar Ratings, including its metho dology, please go to https://shareholders.morningstar.com/investor -relations/governance/Compliance --Disclosure/default.aspx . 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. - The C ompany may have a particularly concentrated portfolio (low number of holdings) relative to its investment universe - an adverse event impacting only a small number of holdings can create significant volatility or losses for the Company. - Where the Compan y invests in assets that are denominated in currencies other than the base currency, the currency exchange rate movements may cause the value of investments to fall as well as rise. - The Company may use gearing (borrowing to invest) as part of its invest ment strategy. If the Company utilises its ability to gear, the profits and losses incurred by the Company can be greater tha n 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 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 Managem ent Limited (reg. no. 11286661 at 10 Norwich Street, London, United Kingdom, EC4A 1BD and regulated by the Financial Conduct Authority) and Janus H enderson Investors Europe S.A. (reg no. B22848 at 78, Avenue de la Liberté, L -1930 Luxembourg, Luxembourg and regulated by the Commission de Surveillance du Secteur Financier). Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc