Title: URL Source: https://is.gd/g1cloS Published Time: Wed, 25 Jun 2025 09:41:31 GMT Markdown Content: # Company overview Objective The Company seeks to provide shareholders with a growing total annual dividend per share, as well as capital appreciation, from a diversified portfolio of investments from the Asia Pacific region. Highlights A portfolio of value orientated Asia Pacific equities with a focus on cash flow generation from companies with the ability to sustain and grow dividends. # Company information NAV (cum income) 204.2p NAV (ex income) 195.1p Share price 209.5p Discount( -)/premium(+) 2.6% Yield 11.8% Net gearing - Net cash £4m Total assets Net assets £360m £353m Market capitalisation £362m Total voting rights 172,809,679 Total number of holdings 74 Ongoing charges (year end 31 Aug 2024) 1.08% Benchmark - 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 FAR EAST INCOME LIMITED (HFEL) ISIN: JE00B1GXH751 Factsheet - at 30 April 2025 Marketing Communication # Share price performance # (total return) # Dividend history # (pence/share) 80 85 90 95 100 105 110 115 120 Apr 20 Apr 21 Apr 22 Apr 23 Apr 24 Apr 25 Price (rebased) NAV (cum income) 30.0 Performance over (%) 6m 1y 3y 5y 10y Share price (Total return) -5.0 0.2 -7.5 3.4 27.0 NAV (Total return) -4.6 -1.5 -8.1 6.1 27. 4 Discrete year performance (%) Share price (total return) NAV (total return) 31/3/2024 to 31/3/2025 7.6 1.2 31/3/2023 to 31/3/2024 -5.0 0.9 31/3/2022 to 31/3/2023 -3.9 -8.0 31/3/2021 to 31/3/2022 -2.4 2.6 31/3/2020 to 31/3/2021 25.7 22.7 n/a n/a n/a All performance, cumulative growth and annual growth data is sourced from Morningstar. Source: at 30/04/25. © 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 pre dict future returns. # Commentary at a glance Contributors/detractors Quanta Computer was the key positive contributor to performance, while Lenovo Group was a key detractor. Outlook We are observing significant opportunities to accumulate what we see as quality companies that have been growing their earnings and increasing their dividends across many of our markets. 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.hendersonfareastincome.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. # Dividend history (pence/share) 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 07 09 11 13 15 17 19 21 23 Income Key information Stock code HFEL AIC sector AIC Asia Pacific Equity Income Benchmark - Company type Conventional (Ords) Launch date 2006 Financial year 31 -Aug Dividend payment May, August, November, February Management fee 0.75% of net assets pa Performance fee No (See Annual Report & Key Information Document for more information) Regional focus Asia Pacific ex Japan Fund manager appointment Sat Duhra 2019 Sat Duhra Portfolio Manager Customer services 0800 832 832 How to invest Go to www.janushenderson.com/howtoinvest # HENDERSON FAR EAST INCOME LIMITED (HFEL) ISIN: JE00B1GXH751 Factsheet - at 30 April 2025 Marketing Communication # Top 10 holdings (%) HDFC Bank 3.6 Oversea -Chinese Banking 3.5 China CITIC Bank 3.5 Macquarie Korea Infrastructure Fund 3.4 Brilliance China Automotive 3.3 China Construction Bank 3.2 PCCW 3.0 Swire Properties 2.8 First Pacific 2.8 Taiwan Semiconductor Manufacturing 2.7 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 (%) ##  Financials 41.9% ##  Technology 18.0% ##  Consumer Discretionary 14.0% ##  Real Estate 5.8% ##  Telecomms 5.5% ##  Utilities 4.4% ##  Basic Materials 3.9% ##  Consumer Staples 2. 8% ##  Energy 2.7% ##  Industrials 1.0% ##  Health Care -0.0% 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. 0 200 400 600 800 1,000 1,200 1,400 1,600 Apr 15 Apr 17 Apr 19 Apr 21 Apr 23 Apr 25 Share price total return # Geographical focus (%) #  China 25.4% #  South Korea 13.3% #  Hong Kong 12.7% #  Australia 12.6% #  Taiwan 11.8% #  India 9.3% #  Singapore 7.3% #  Indonesia 4. 8% #  Thailand 1.6% #  Japan 1.4% 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 (%) -6 -4 -2 0 2 4 6 Apr 22 Apr 23 Apr 24 Apr 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. HENDERSON FAR EAST INCOME LIMITED (HFEL) ISIN: JE00B1GXH751 Factsheet - at 30 April 2025 Marketing Communication # Fund Manager commentary Investment environment Asian equity markets posted a positive return in US dollar terms given the weakness of the US dollar against most regional currencies. The rise in US-China trade tensions caused significant volatility during the month. Chinese stocks fell as the US announced levies on imports from China, which prompted Beijing to impose retaliatory tariffs. The tit-for-tat announcements eventually led to steep levies of 145% on most Chinese goods, while Chinese retaliatory tariffs went as high as 125%. Meanwhile, China's GDP expanded by a stronger-than-forecast 5.4% year on year in the first quarter, helped by continued monetary stimulus measures. Annual consumer prices declined for a second month in a row in March, with the fall being smaller than in February. Indian equities rose further as demand from foreign equity investors remained strong, while the Reserve Bank of India announced a second interest rate cut in its monetary-policy easing cycle. In Taiwan, equities rose in US dollar terms as the country's first-quarter GDP grew by more than anticipated. South Korean stocks also rose despite news that the domestic economy unexpectedly shrank. By sector, healthcare was the strongest, followed by utilities. Energy was the weakest sector as stocks of Chinese energy companies fell on the back of softer demand for oil products. Financial equities fell overall due to weakness in Chinese banking and insurance shares. Portfolio review Leading positive contributors were Quanta Computer and Macquarie Korea Infrastructure Fund (MKIF). Shares in Taiwanese artificial intelligence (AI) server maker Quanta Computer benefited because of exemptions from any US tariffs on computers, laptops, smartphones and related products announced in mid-April by the US Customs and Border Protection agency. MKIF was another key positive contributor given its highly visible earnings from infrastructure assets in a period of market volatility, with its high yield also attractive as expectations for interest rate cuts gathered pace. Conversely, the holdings in China-based companies Lenovo Group and FinVolution Group detracted from performance. Shares in Lenovo fell sharply after the "Liberation Day" tariff announcements by President Trump on 2 April, but the share price bounced back following the above-mentioned tariff exemptions. Nevertheless, the prior 20% levies on all Chinese exports to the US are still applicable. The share price of FinVolution Group, an online consumer finance platform, weakened broadly in line with shares of other Chinese financial companies. During the month, we exited the position in Woodside Energy amid concerns about weaker global oil prices. Manager outlook While souring global trade relations and challenges faced by China have been dominating headlines, there are still numerous bright spots, with India, Indonesia, Taiwan and South Korea providing strong exposure to growth themes in the region. Companies in these countries are also demonstrating evidence of dividend growth. Areas such as Indonesian banks, firms exposed to South Korean corporate reform and Taiwanese technology firms have been providing high and growing dividends. If the recent stimulus measures in China manage to spur industrial and consumption activity, we think this, along with interest rate cuts in 2025, may provide a boost to Asian markets. The economic growth differential between Asia and the rest of the world remains wide and valuations continue to be attractive in our view. As a result, we are observing significant opportunities to accumulate what we see as quality companies that have been growing their earnings and increasing their dividends across many of our markets. The outlook for dividends in the region remains robust as positive free cash flow generation alongside the strength of balance sheets - with record cash being held by corporates - provides a strong backdrop across a number of sectors and markets across the region. HENDERSON FAR EAST INCOME LIMITED (HFEL) ISIN: JE00B1GXH751 Factsheet - at 30 April 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 FAR EAST INCOME LIMITED (HFEL) ISIN: JE00B1GXH751 Factsheet - at 30 April 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. - The C ompany has significant exposure to Emerging Markets, which tend to be less stable than more established markets. These market s can be affected by local political and economic conditions as well as variances in the reliability of trading systems, buyi ng and selling practices, and financial reporting standards. - The portfolio allows the manager to use options for efficient portfolio management. Options can be volatile and may result in a capital loss. - Where the Company invests in assets that are denomina ted in currencies other than the base currency, the currency exchange rate movements may cause the value of investments to fa ll as well as rise. - The Company may use gearing (borrowing to invest) as part of its investment strategy. If the Company utilise s its ability to gear, the profits and losses incurred by the Company can be greater than those of a Company that does not us e gearing. - All or part of the Company's management fee is taken from its capital. While this allows more income to be paid, it m ay 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 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 Henderson Far East Income Limited is a Jersey fund, registered at IFC -1 The, Esplanade, St Helier JE1 4BP, Jersey, and is regulated by the Jersey Financial Services Commission