19th Apr 2018 18:11
LONDON (Alliance News) - Henderson Far East Income Ltd said on Thursday its net asset value per share fell over the first half of its financial year.
The trust reported a net asset value total return of 1.4% for the six months to February 28, compared with a 2.5% return from the FTSE All-World Asia Pacific ex Japan Index over the same period.
The trust's net asset value per share stood at 369.93 pence as at February 28, down from 375.19p as at August 31, 2017. However the total net assets of the trust rose to GBP449.2 million from GBP442.5 million over the same period.
Share price as at the end of February was 369.00 pence, reflecting a discount to net asset value of 0.3%, swinging from a premium of 1.3%.
Shares in Henderson Far East were up 0.6% at 361.00 pence on Thursday.
The trust said that the biggest contributor to its underperformance was growth stocks outperforming value and yield in Asia Pacific excluding Japan markets, citing Tencent as an example, which with high earnings growth and zero dividend yield did not fit Henderson's objectives but rose considerably in the period.
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