HFEL

[Arborbridge]

I feel that we need to compare SOI, MYI & HFEL on a total return (TR) basis. Certainly, the order of TR in the last 5 yrs currently still puts SOI in top position in this comparison, but when dividends are factored in, the " gap" closes.

I find it interesting that for 4 years ( 2016-20) there was not a marked difference between the three and we only start to see divergence in early 2020. It would seem that HFEL is holding shares that are still suffering from the mark down from Covid-19.


Source https://www.hl.co.uk/funds/fund-discoun ... ion/charts

TR is fine as a useful final arbitor, but the reason I used share price without investment was to look at the point Dod raised - that is to say, the concern about what's left of your capital after taking out dividends - which therefore could not be re-invested.

Arb.

[Arborbridge]

Sorry Mods

All graphs posted by myself were produced using free comparator tool at Hargreaves Lansdown.

https://www.hl.co.uk/funds/fund-discoun ... ion/charts

Edit..Thank you, Mod!

Well, I've just been contacted about this too, and I had no idea some sort of sin was being committed. I produced all mine from TRustnet, but I don't see what all the fuss is about. Producing different charts everyday is common place, free and we do it all the time: so what's the big deal?

[Arborbridge]

Aberdeen Asian Income Fund ( AAIF) and JP Morgan Asia Income and Growth (JAGI). I wonder why JAGI is doing so well, comparatively?




Source: https://www.hl.co.uk/funds/fund-discoun ... ion/charts

But not in 2021 it'a not. Another one which has performed well on a TR basis is Pacific Assets.

[mc2fool]

Sorry Mods

All graphs posted by myself were produced using free comparator tool at Hargreaves Lansdown.

https://www.hl.co.uk/funds/fund-discoun ... ion/charts

Edit..Thank you, Mod!

Well, I've just been contacted about this too, and I had no idea some sort of sin was being committed. I produced all mine from TRustnet, but I don't see what all the fuss is about. Producing different charts everyday is common place, free and we do it all the time: so what's the big deal?

https://www.lemonfool.co.uk/app.php/rules
3. Copyright Rules
:
All embedded images (including data and graphs) in posts must:- ...

There's no big deal about the charts themselves, it's the lack of attribution as per the site rules that's the issue. Yeah, sure, it's probably true that most here recognise Trustnet, HL, etc charts on sight, but it's really a matter of covering the site owners' rear ends ...

[bonrepos]

This is an interesting thread.

I wonder if anyone has researched Invesco Asia Trust (IAT) which was originally in the Asia Pacific sector on the AIC website.
It has followed JP Morgan Asia Growth and Income trust (JAGI) and now pays 4% yield from revenue and capital if necessary.

I now see that it has been transferred to Asia Pacific Equity sector on the AIC website presumably because of this change of
yield policy.

It looks as though it is worth a look in comparison to JAGI (above), SOI ( Schroder Oriental Income) and AAIF (Aberdeen Asian
Income) and Henderson Far East (HFEL) as it appears to have a favourable total return over 1 to 5 years.

IAT share price is at a discount of 7.6% to NAV whilst HFEL is at a premium of 0.78% to NAV today.

One drawback to IAT is that it only pays dividends twice a year unlike the others in the sector but I suppose that might change.

Oddly, I note that IAT is still in the original Asia Pacific sector on the Trustnet site.

I wait with interest to hear the views of others on this thread.

[monabri]

Invesco Asia Trust (IAT) added..I think one can tell straight away that it is quite heavy "China" (~28%) and the tail off in TR is evident in 2021.
(top curve, light blue)

Factsheet:

https://www.fundslibrary.co.uk/FundsLib ... VmYK8D&r=1

Comparison of Total returns (SOI/MYI/HFEL/IAT)


source: https://www.hl.co.uk/funds/fund-discoun ... ion/charts

AIC link
https://www.theaic.co.uk/companydata/0P00000WJI/overview/dividends

A glance at the AIC website suggests that the dividend for IAT is being paid from "Income" rather than capital and that divi cover is 0.38yrs. I'm not up to speed on IAT so there well might be the option to fund the dividend using revenue & capital. The discount is attractive and the yield is >4%. I also note the relatively high percent holding in "India" (e.g. ICICI - we had some cash deposited with the ICICI bank once upon a time).

[dundas666]

A glance at the AIC website suggests that the dividend for IAT is being paid from "Income" rather than capital and that divi cover is 0.38yrs. I'm not up to speed on IAT so there well might be the option to fund the dividend using revenue & capital. The discount is attractive and the yield is >4%. I also note the relatively high percent holding in "India" (e.g. ICICI - we had some cash deposited with the ICICI bank once upon a time).

The Hargreaves Lansdown website says IAT's dividends per share are 15.1p but earnings per share are 5.78p, so it won't be from the income of their holdings.
https://www.hl.co.uk/shares/shares-sear ... nd-reports

Though as you can also see, in previous years that was the case.

[monabri]

Interest piqued...I had a look at the annual report, yr ending 30th April 2021 from the HL website.

https://www.hl.co.uk/shares/shares-sear ... dinary-10p

"First, a new enhanced dividend policy:
The Board now aims to pay, in the absence of unforeseen circumstances, a regular six-monthly dividend equivalent to 2% of the Company’s NAV, calculated on the last business day of September and February. The dividends will be paid to shareholders in November and April.
Dividends will be paid from a combination of the Company’s revenues, revenue reserves and capital reserves as required. So shareholders will be able to look forward to an annual dividend yield of approximately 4% of NAV. Shareholders should note that the new dividend policy of paying dividends calculated as a percentage of NAV means that dividends will fall if NAV falls."

[funduffer]

Without want to totally derail this thread, the 'China' effect can be seen by plotting a China IT.

If you plot Fidelity China Special Situations (FCSS) for example, it has gained 66% since October 2016 - more than all the general Asian funds. It also shows a steep decline since June of this year. (This is just the IT price - TR should be a bit better, although the yield is only 1.5%

I think the performance of the different Asian IT's shown here do reflect the extent they are invested in China.

FD

[monabri]

I might as well add the China funds which shows the recent reversal in price.

Fidelity China Special Situations (FCSS)
BG China Growth (BGCG)
JP Morgan China Income & Growth (JCGI)





source: https://www.hl.co.uk/funds/fund-discoun ... ion/charts

[Arborbridge]

What we are seeing is around a 50% fall in china facing stocks - so, rather than making me feel despondent, this points to investing money - dripped in over a period of time, or waiting for a turn-around in those charts, depending on one's approach.

China isn't going anywhere in a hurry, though the naysayers will regard its story as being "over".

Arb.

[monabri]

https://www.investegate.co.uk/henderson ... 00080840W/

A review of HFEL by the Edison group.

[monabri]

Page 2 from HFEL's latest annual report emphasises how the importance of the economies of Europe are in decline and in such a short time frame.

source : https://www.janushenderson.com/en-gb/in ... e-limited/




I read in the Telegraph just today that

"US investors launched an unprecedented raid on British technology companies last year, according to figures compiled ahead of the biggest overhaul of foreign takeovers for two decades. A total of 130 UK tech firms were acquired by American companies between January and mid-December 2021, data from start-up monitor Beauhurst shows - up from 87 the year before and above the previous record of 105 in 2018.

I suspect that China is also snaffling up interesting companies throughout Europe.

https://www.telegraph.co.uk/business/20 ... -security/

I suspect that the decline is likely to continue as Europe squabbles for the hell of it.

[absolutezero]

Page 2 from HFEL's latest annual report emphasises how the importance of the economies of Europe are in decline and in such a short time frame.

source : https://www.janushenderson.com/en-gb/in ... e-limited/




I read in the Telegraph just today that

"US investors launched an unprecedented raid on British technology companies last year, according to figures compiled ahead of the biggest overhaul of foreign takeovers for two decades. A total of 130 UK tech firms were acquired by American companies between January and mid-December 2021, data from start-up monitor Beauhurst shows - up from 87 the year before and above the previous record of 105 in 2018.

I suspect that China is also snaffling up interesting companies throughout Europe.

https://www.telegraph.co.uk/business/20 ... -security/

I suspect that the decline is likely to continue as Europe squabbles for the hell of it.

Further good reasons for not keeping all your eggs in the FTSE HYP basket.
Am I allowed to say that here or will I get told off?

[monabri]

Further good reasons for not keeping all your eggs in the FTSE HYP basket.
Am I allowed to say that here or will I get told off?

I believe you got away with it , after all, this is not HYPland

[1nvest]

Page 2 from HFEL's latest annual report emphasises how the importance of the economies of Europe are in decline and in such a short time frame.

source : https://www.janushenderson.com/en-gb/in ... e-limited/




I read in the Telegraph just today that

"US investors launched an unprecedented raid on British technology companies last year, according to figures compiled ahead of the biggest overhaul of foreign takeovers for two decades. A total of 130 UK tech firms were acquired by American companies between January and mid-December 2021, data from start-up monitor Beauhurst shows - up from 87 the year before and above the previous record of 105 in 2018.

I suspect that China is also snaffling up interesting companies throughout Europe.

https://www.telegraph.co.uk/business/20 ... -security/

I suspect that the decline is likely to continue as Europe squabbles for the hell of it.

So Europe including UK 25% has declined to a Europe excluding UK of 8%. EU political squabbling in disregard of economic agenda has indeed be costly to both sides, however its primary political agenda has been all too apparent one of a long term (century+) German domination of Europe agenda. A prime example is as per post 2009 when the rest of the EU bailed out massive bad German bets (debts swapped over to the ECB along with a reduction in German share of ECB liabilities).

[GrahamPlatt]

So Europe including UK 25% has declined to a Europe excluding UK of 8%.

Interesting way of looking at it. I see it as EU has dropped from 20% to 8% while UK has dropped from 5% to 1%.

[JuanDB]

Thanks for posting monabri.

I notice the report includes a 0.15% reduction in the management fee from 0.9% on assets up to £400m to 0.75%. Effective 1/9/21. Lower fees are always welcome.

[lansdown]

Dividend Declaration

20 January 2022

HENDERSON FAR EAST INCOME LIMITED

The directors have declared the first interim dividend of 5.90p (five point nine zero pence) per ordinary share in respect of the year ending 31 August 2022. The dividend will be paid on 25 February 2022 to shareholders on the register on 28 January 2022 (the record date). The shares will be quoted ex-dividend on 27 January 2022.

Regards
Lansdown

[lansdown]

HENDERSON FAR EAST INCOME LIMITED

2nd Interim dividend for year ending 31 August 2022

The directors have declared the second interim dividend of 5.90p (five point nine zero pence) per ordinary share in respect of the year ending 31 August 2022. The dividend will be paid on 27 May 2022 to shareholders on the register on 29 April 2022 (the record date). The shares will be quoted ex-dividend on 28 April 2022.

Regards
Lansdown