20th Dec 2016 07:00
HENDERSON ALTERNATIVE STRATEGIES TRUST PLC
ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2016
This announcement contains regulated information
INVESTMENT OBJECTIVE
The Company exploits global opportunities to provide long-term growth to shareholders via a diversified, international, multi-strategy portfolio which also offers access to specialist funds including hedge and private equity. The Company aims to outperform the FTSE World Total Return Index on a total return basis in Sterling terms.
PERFORMANCE HIGHLIGHTS | 30 September 2016 | 30 September 2015 |
NAV per ordinary share1 | 308.7p | 275.6p |
Total return per ordinary share2 | 36.4p | (14.9)p |
Share price per ordinary share | 249.1p | 221.0p |
Market capitalisation | £107.1m | £95.0m |
Discount3 | 19.3% | 19.8% |
Dividend for year4 | Ordinary 3.8p | 3.3p |
| Special 2.6p | - |
Ongoing charge | 0.89% | 0.97% |
Number of investments | 57 | 57 |
1 Net asset value total return per ordinary share
2 Share price total return using mid-market closing prices
3 Calculated using year-end audited NAVs including current year revenue
4 2016 dividend subject to approval at the AGM to be held on 25 January 2017
Sources: Morningstar Direct, Henderson, Datastream, Association of Investment Companies (AIC)
CHAIRMAN'S STATEMENT
Performance
In last year's Chairman's Statement I made it clear that your Board regarded improved investment performance of the Company's restructured portfolio as the Company's key priority during the year to 30 September 2016.
I am therefore pleased to report that, during what was a volatile 12-month period for global financial markets, the Company delivered robust NAV and share price total returns of 13.4% and 14.5% respectively. This outcome mainly reflects a strong second half performance, which saw the Company produce NAV and share price total returns of 16.1% and 18.6%.
The Company is now part of the Association of Investment Companies' (AIC) Flexible Investment Sector. This is a new AIC category comprising ten funds with differentiated and flexible mandates and provides a useful basis for assessing the Company's performance against a relevant peer group. The Board has therefore decided to adopt the AIC Flexible Investment Sector as an additional informal measure of the Company's relative performance. Over the full year the Company achieved a share price total return of 14.5% compared with 18.4% for the AIC Flexible Investment Sector. During the second half of the year the comparison was much more favourable, with the Company delivering a share price total return of 18.6% against 9.8% for the AIC Flexible Investment Sector.
In keeping with its investment objective, the Company aims to provide investors with a diversified, international, multi-strategy portfolio including hedge, private equity and other specialist funds. An advantage to investors of such a portfolio is its distinctive composition, providing exposure to styles of investment, unquoted or otherwise illiquid opportunities, smaller companies, specialist sectors and emerging market and frontier geographies not typically represented in a generalist investment fund, and possessing only weak correlation to the market as a whole. It is accordingly to be expected that the performance of the Company may deviate from time to time from its global equity benchmark, particularly when the composition of the reference index bears little similarity to the disposition of the Company's assets.
Although the Company's performance improved during the year it fell short of its global equity benchmark, the FTSE World Total Return Index (in Sterling), which returned 31.2%. This very strong performance reflected two main factors. First, the US equity markets, which delivered relatively high returns of approximately 15% during the period, comprise some 55% of the benchmark index. Second, the benchmark index has a UK market weighting of only 7%. As a result the fall in the value of Sterling following the UK's June vote in favour of leaving the EU provided a major boost to the benchmark index return, which is calculated in Sterling. Furthermore, the nature of the Company's diversified portfolio with its holdings in assets whose returns are weighted towards the longer-term, meant that shorter-term returns in the period did not match more immediate stock market performance. However, the Company uses its benchmark index as a long-term total return yardstick against which it judges and will judge its long-term performance for its own alternative and specialist fund investment strategy.
The Fund Managers' Report provides a review of portfolio activity and investment performance during the financial year.
Share Price Discount and 10% Tender Offer
The Company's share price discount to NAV per share narrowed slightly during the year from 19.8% to 19.3%. The Board believes that continued improved portfolio performance is the key to a material and sustained re-rating of the Company's shares and narrowing of the discount over time.
One of the Board's responses to the Company's persistently high discount has been to give shareholders the opportunity to participate in two significant tender offers, each for up to 10% of the Company's outstanding shares. The first of these tender offers was fully subscribed and completed in January 2014, returning a total of £12.8 million to tendering shareholders at a discount of 2% to NAV less costs. The availability of a second tender offer was made conditional upon the Company's discount averaging more than 10% during the financial year ending 30 September 2016, which has indeed proven to be the case. As a result, shareholders will soon receive details of a second tender offer for up 10% of the Company's outstanding shares at, as previously indicated, a 5% discount to the Company's NAV at the time of the tender offer less costs. In addition, the Board will continue to keep under consideration other potential means of enhancing shareholder value, including additional discount control activity in the run up to the continuation vote at the AGM in January 2018.
Dividend
During 2013 the Board announced that, given Henderson's intention to increase the level of income produced by the Company's investment portfolio, it planned to pursue a more progressive dividend policy. I am pleased to report that the Company continues to make good progress in this area. The Board is therefore proposing a 15% increase to the Company's ordinary dividend to 3.8p per share for the year to 30 September 2016.
In addition, due to the unusually high level of income generated during the year, mainly as a result of the receipt of one exceptional dividend and the significant current portfolio weighting to cash generative credit funds, the Board is also proposing to pay a special dividend of 2.6p per share. Total proposed dividends for the year are therefore 6.4p per share and will, subject to shareholder approval, be paid during February 2017.
Annual General Meeting
The Annual General Meeting will be held at the offices of Henderson Global Investors, 201 Bishopsgate, London EC2M 3AE on 25 January 2017 at 11.30am. I would encourage as many shareholders as possible to attend as an opportunity to meet the Board and to watch a presentation from our Fund Managers. The Company's AGM will also be broadcast live on the internet. If you are unable to attend in person, you can watch the meeting as it happens by visiting www.henderson.com/trustslive.
Outlook
As we move towards 2017 global financial markets face major macro-economic and political uncertainties. In such an environment the Board believes that the Company can provide investors with a valuable source of diversification through exposure to a well-managed high-quality portfolio of alternative asset and specialist funds.
The Board also remains confident that the Company's restructured portfolio and its genuinely differentiated mandate has the potential to generate attractive long-term returns. The recent significant improvement in performance is welcome evidence of this, however, it needs to be maintained. The Board, Henderson and the Company's broker will continue to engage in marketing activities over the coming months designed to increase interest in the Company's shares and to broaden its investor base. Encouragingly, at the time of writing, the Company has made a satisfactory start to the new financial year.
I look forward to reporting on further progress as the year unfolds.
Richard Gubbins
Chairman
FUND MANAGERS' REPORT
Market Overview
The year to 30 September 2016 proved to be another eventful 12 months for global financial markets. Concerns over the outlook for global growth, the realisation that the benefit of several years of loose central bank monetary policy was reaching its limits and significantly increased levels of political risk all contributed, in our view, to a general investor mood of uncertainty and lack of conviction.
Despite this unsettling backdrop, which led to some bouts of extreme volatility, developed equity markets produced some surprisingly robust returns over the period. The key US market moved ahead strongly, although this was more derived from higher earnings multiples being applied to its constituents than to growth in earnings. The UK performed well owing mainly to the benefit of Sterling's devaluation following June's vote to leave the EU. Europe (ex-UK) was broadly flat despite experiencing increased political instability and serious concerns regarding the health of its banking sector. Only Japan experienced an actual market decline as Abenomics became perceived increasingly as a spent force.
Emerging equity markets underwent a degree of rehabilitation after several years of poor performance. This reflected the improved macro-economic momentum in some key emerging markets compared with the low growth rates in most developed economies. For example, the BRIC countries contributed to improved investor sentiment as the Chinese economy stabilised, India continued to grow strongly and short-term prospects improved for both Brazil and Russia as a result of currency devaluations and firmer commodity prices.
Global equity markets were once again underpinned by the historically low yields available in fixed income markets, although the beneficial impact of low interest rates on equity valuations arguably reached its peak. Although we expect interest rate increases to be gradual, there is little doubt that financial markets face a rising interest rate environment over the next few years. This will most likely put downward pressure on total returns in both mainstream equity and fixed income markets and also lead to increased volatility.
Company Positioning
We believe that the investment environment described above is one in which investors will increasingly seek diversified sources of return as fully valued mainstream equity and fixed income assets begin to struggle in a world of low developed market growth and rising interest rates. The Company is now well-positioned to capitalise on this investor trend as it gathers momentum.
Since assuming the management of the Company's investment portfolio in April 2013 our aim has been to create a high-quality portfolio of 30 to 40 alternative asset and specialist funds capable of delivering long-term returns consistently above those of global equities. Importantly, in order to maintain the Company's position as a genuinely differentiated investment proposition, we are looking to deliver these returns by investing mainly in funds which are either niche, complex or hard-to-access and which our shareholders may not own directly themselves. The Company's flexible investment mandate allows us to use a broad range of asset types and investment strategies to generate our informal long-term annualised NAV total return target for the Company of 8.0% per annum, which compares favourably with historic long-term global equity returns. In addition, we are endeavouring to deliver these returns with lower long-term annualised volatility than global equity markets.
Given the flexibility of the Company's mandate, our investment universe is large. It is, however, also of very variable quality. Our focus is therefore on identifying good-quality assets or investment strategies which are managed by proven investment teams. We also pay great attention to the price at which we invest and have clear target returns for each individual holding.
Company Performance
The Company produced a NAV total return of 13.4% over the year, well above our informal 8.0% annualised target. The Company's share price total return for the year was 14.5%.
Second half performance was particularly encouraging, with the Company generating a NAV total return of 16.1% in the six months to 30 September. This reflected the strength of the portfolio's recovery from the market setback in January and early February as concerns grew regarding the risk of recession in the US. In addition, the Company gained from its usual policy of not hedging foreign exchange exposures so that it received the full benefit of Sterling's devaluation after the UK voted to leave the EU on 23 June.
These returns were delivered despite the relatively high level of liquidity (held mainly in the Deutsche Global Liquidity Managed Platinum Fund) which we began to build during the second half of the year, partly in anticipation of the second 10% tender offer referred to in the Chairman's Statement.
The Company's share price discount to NAV per share showed a modest improvement over the year, narrowing from 19.8% to 19.3%. We believe a sustained period of good NAV performance combined with an active marketing programme to existing and potential shareholders will prove the best antidote to the Company's persistently high discount.
The Company's formal benchmark, the FTSE World Total Return Index (in Sterling), performed very robustly delivering a return of 31.2%. This reflected two key factors. First, the US equity markets, which had a 55% weighting in the benchmark index at the Company's year-end, delivered strong relative outperformance against other developed markets. Second, the benchmark index had only a 7% UK market weighting at 30 September 2016, and therefore comprises a relatively low level of Sterling-based exposure. The Company's version of the benchmark is, however, expressed in Sterling terms. As a result, Sterling's devaluation following the UK's vote in June to leave the EU produced a very significant boost to the benchmark's total return when calculated in Sterling. In local currency terms, without translating all the components of the index into Sterling, the benchmark delivered a total return of 11.2%.
Given the flexibility of the Company's differentiated alternative and specialist asset mandate, the pursuit of the Company's investment objective can result in the geographical weightings of the investment portfolio differing significantly from those of the benchmark index. This was indeed the case during the financial year ended 30 September 2016. In addition, the investment portfolio may include holdings which are not represented in the benchmark index or else exhibit limited correlation to global equity markets. For these reasons the Company's short-term performance is likely to deviate from its benchmark on a regular basis.
Portfolio Performance and Investment Activity
When we assumed management of the Company's poor-performing and relatively illiquid investment portfolio on 1 April 2013, we made it clear that a properly managed restructuring could take up to three years. This proved to be the case, but the process is now complete. There is, however, still a significant number of inherited holdings which cannot be sold and are themselves in some form of run-off or realisation process. At 30 September 2016 these investments comprised 4.7% of the Company's NAV and, taken as a whole, may ultimately generate at least their current carrying value in cash. They are therefore unlikely to impact negatively on the Company's future performance. The 40 largest holdings now represent 99.9% of the Company's total investment portfolio by value.
Private Equity
The Company's private equity holdings provide investors with access to an asset class which, if well managed, has delivered long-term returns consistently above those of listed equity markets. At the year-end the Private Equity investment category represented 29.3% of the Company's total investments (2015: 30.7%). The investments are well diversified by asset type, investment strategy, vintage and geography. We obtain exposures through listed and unlisted vehicles run by proven managers.
Our listed holdings suffered a setback at the turn of the year as concerns regarding global growth led to increased discounts with markets adopting a "risk-off" stance. As noted in our half-year review, we felt this re-pricing was overdone and therefore maintained our level of exposure. Since then, underlying portfolio company performance for our holdings has generally continued to be strong with realisations regularly being completed above carrying valuations. These factors, combined with recent takeover activity in the listed private equity sector which has been supportive of valuations, meant that a number of the Company's listed holdings rebounded strongly during the second half of the Company's financial year.
Given that the Private Equity investment category contributed 7.5% to the Company's gross total return, it is unsurprising that three of the top five individual contributors were private equity funds. These three investments highlight the diverse and specialist nature of our private equity holdings. Mantra Secondary Opportunities is an unlisted vehicle which is successfully pursuing a niche strategy investing globally in mature private equity limited partnerships at attractive valuations. Riverstone Energy Limited is a UK-listed fund which invests primarily in the North American shale oil and gas sector. It has been able to buy high-quality assets at compelling prices since the oil price fell sharply towards the end of 2014. Finally, Princess Private Equity Holding Limited is a UK-listed vehicle managed by Partners Group, one of the world's leading private equity managers. The fund invests in equity and debt across the buy-out markets, mainly in Europe and the US. The financial performance of its underlying portfolio of companies has been particularly strong and it has recently executed some impressive portfolio realisations.
We made few significant changes to our private equity holdings over the period. Perhaps most notably we made a new investment of £2.5 million into Harbourvest Global Private Equity Limited, a good-quality UK-listed global fund of funds with a strong track record.
Specialist Sector
The Company's Specialist Sector investment category is very flexible. It is used to obtain exposure to any sector, usually through a proven specialist manager, to good-quality fairly-priced assets which can meet the Company's target return. At the year-end this investment category represented 32.5% of the Company's total investments (2015: 30.1%) and contributed 3.9% to the Company's gross total return.
During the year our heaviest weighting in this investment category was in credit-related funds with exposure to a diversified range of developed market debt instruments such as senior secured leveraged bank loans, collateralised loan obligations and other structured credit instruments such as asset-backed debt securities. These types of asset have benefited from continued low default rates and are capable of generating attractive cash yields. Also, as with the private equity sector, periods of market volatility can create interesting valuation anomalies. For example, during the market volatility in January and February we were able to increase our holding in Carador Income Fund PLC, a UK-listed fund that trades senior, mezzanine and equity securities issued by collateralised loan obligation vehicles, at compelling prices. Also, we invested in Voya Prime Rate Trust, a good-quality US-listed senior bank loan fund, at an attractive discount. We subsequently sold our entire holding before the year-end having achieved our target return.
Other investment activity included a £3.3 million investment in Worldwide Healthcare Trust plc, a UK-listed vehicle which invests in quoted pharmaceutical and biotechnology companies. Having followed this sector closely for over a year we were attracted by the fund's outstanding long-term track record, reasonable sector valuations resulting partly from overdone concerns regarding drug pricing in the US and the strong potential for M&A activity. Also, we increased exposure to the financial sector by investing £2.4 million in Axiom European Financial Debt Fund Limited, a small specialist UK-listed vehicle which invests in securities issued by European financial institutions.
Property
The Company's Property investment category is designed to provide access to niche or specialist property opportunities. At the year-end it represented 11.9% of the Company's total investments (2015: 8.4%) and contributed 2.1% to the Company's gross total return.
The main individual contributor to return within the Property sleeve was CEIBA Investments Limited, an unlisted fund which invests in good-quality commercial and hotel properties in Cuba. These assets generate hard currency cash flows and are owned jointly with the Cuban government. The well-publicised thaw in US/Cuban relations has increased investor interest in Cuba and has also helped to boost the fund's asset valuations, something we flagged in our half-year review. The Company also benefited from a short-lived investment in Japan Residential Property Company Limited, then a small UK-listed fund investing in Japanese residential property. Having obtained approximately one-third of our target holding, the fund's shareholders accepted a cash bid at a considerable premium to our entry price.
During the year we invested £3.6m in Summit Germany Limited, a UK-listed fund investing in German property. The fund focuses on major cities and has a bias towards offices and industrial buildings. These markets are experiencing good rental growth due to the very low levels of new property development in recent years combined with robust economic growth. In addition, the manager has clear value creation plans for the fund's property portfolio, has demonstrated the ability to buy well and has also recently secured some very attractive ten-year low cost fixed rate debt financing.
Specialist Geography
This investment category is used to obtain specialist equity or debt market exposure to particular countries or regions which reflects our macro-economic preferences within developed, emerging or frontier markets. Specialist Geography holdings represented 10.0% of the Company's total investments at the year-end (2015: 14.0%) and contributed 1.3% to the Company's gross total return.
In April 2013 the Company's portfolio that we inherited included a heavy weighting towards emerging markets. We reduced this significantly as emerging markets suffered a sustained period of poor performance compared with their developed market counterparts. Since early 2016 investor sentiment has, however, improved towards the asset class as the growth gap - the difference between emerging and developed economic growth rates - has begun to widen again in favour of emerging markets. This not only reflects the anaemic growth in developed economies, but also recent evidence of improved macro-economic performance in certain emerging economies and upgrades to forecasts for emerging market company earnings.
Although this rehabilitation is still embryonic, we felt sufficiently confident to make two new emerging market investments during the year. First, early in 2016, we invested £3.5 million in Genesis Emerging Markets Limited. This is a UK-listed vehicle with a strong long-term track record in bottom-up value-focused emerging market equity investing. Its portfolio is well-diversified geographically, although its significant weighting to India, one of our preferred emerging markets, was particularly interesting.
Our second investment was a £2.5 million holding in Ashmore SICAV Emerging Market Short Duration Fund, an unlisted daily-dealt fund managed by Ashmore Group, an emerging markets specialist. The fund invests in hard currency debt instruments issued by governments and corporates but focuses on short duration positions so that the average weighted portfolio duration is only two to three years. The current yield to maturity for the portfolio is nearly 8.0%. We considered this overall combination of hard currency instruments, short-term credit risk, and attractive visible returns as a sensible way to increase our emerging market risk.
We also made a shorter-term tactical Specialist Geography investment during the financial year. We invested in Euro Stoxx 50 Dividend Futures (December 2017) which allowed us to express our view at the beginning of 2016 that the ability of major European corporates to maintain dividends was being under-estimated by an increasingly bearish market. We were able to invest at an attractive price level but then exited the position in full either side of the UK's EU referendum in June having achieved an acceptable return.
Hedge
The Hedge investment category is used mainly to access long/short absolute return strategies which aim to deliver equity-like returns but with lower levels of volatility than global equities. Hedge holdings were 16.3% of the Company's total investments at the year-end (2015: 16.7%) and contributed -0.2% to the Company's gross total return.
Our search for a suitable long/short listed equities fund focused on Asia reached a conclusion when we invested in Schroder Gaia Indus PacifiChoice Asia Fund. This fund is run by an experienced management team and has a good track record. After the half-year we also invested in the Majedie Asset Management Tortoise Fund, a successful long/short global listed equities vehicle. We believe such funds are well-equipped to deal with any further bouts of equity market volatility.
We had one notable setback in the Hedge investment category during the year which meant that the sleeve's overall contribution to return was slightly negative. This was in relation to Pershing Square Holdings Limited, a listed activist US hedge fund which was the Company's worst performing investment in terms of contribution to the Company's gross total return (-1.0%). The fund
experienced a major blemish against its hitherto excellent track record following well-publicised problems at its largest portfolio investment, Valeant Pharmaceuticals International Inc. We exited our position in full.
Outlook
The global markets face an elevated level of macro-economic, financial and political uncertainty as we move into 2017. We relish the challenge this creates for us, as our job is always to use the Company's flexible mandate to provide our investors with a high-quality alternative to mainstream investment vehicles by offering an attractive and differentiated source of diversified returns.
With the portfolio restructuring behind us, we believe we now have some very positive messages to convey as we market the Company to investors over the coming months. For example, the Company's flexible mandate and alternative and specialist asset focus is a genuinely differentiated proposition and the Company's portfolio is not replicated anywhere in the closed-ended or open-ended fund markets. Performance has improved significantly and we believe there are still multiple growth opportunities across the existing portfolio. Dividends are increasing and a special dividend will also be paid this year. Portfolio restructuring costs have now been taken in full and the remaining "tail" of the inherited portfolio is unlikely to have any negative impact on future returns. We believe these positive developments, combined with rigorous marketing activity, should increase interest in the Company's shares. This, in turn should help narrow the Company's persistently high discount.
Ian Barrass and James de Bunsen
Fund Managers
INVESTMENT PORTFOLIO
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| Market Value | Portfolio | ||||||
Investments | Focus | £'000 | % | ||||||
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BlackRock European Hedge Fund Limited3 | Hedge | 6,759 | 6.0 | ||||||
CEIBA Investments Limited4 | Property | 6,266 | 5.6 | ||||||
Riverstone Energy Limited2 | Private Equity | 5,815 | 5.2 | ||||||
Majedie Asset Management Tortoise Fund3 | Hedge | 5,230 | 4.7 | ||||||
Mantra Secondary Opportunities4 | Private Equity | 5,120 | 4.6 | ||||||
Schroder Gaia Indus PacifiChoice Asia Fund3 | Hedge | 4,894 | 4.4 | ||||||
Blackstone/GSO Loan Financing Limited2 | Specialist Sector | 4,621 | 4.1 | ||||||
Baring Vostok Investments Limited core1 | Private Equity | 3,996 | 3.6 | ||||||
Toro Limited2 | Specialist Sector | 3,966 | 3.5 | ||||||
Eurovestech plc1 | Private Equity | 3,954 | 3.5 | ||||||
Ten largest |
| 50,621 | 45.2 | ||||||
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Genesis Emerging Markets Fund Limited2 | Specialist Geography | 3,934 | 3.5 | ||||||
Summit Germany Limited2 | Property | 3,910 | 3.5 | ||||||
Firebird Republics Fund Limited3 | Specialist Geography | 3,759 | 3.3 | ||||||
NB Distressed Debt Investment Fund Limited - Global shares2 | Specialist Sector | 3,556 | 3.2 | ||||||
Worldwide Healthcare Trust plc2 | Specialist Sector | 3,239 | 2.9 | ||||||
Polar Capital Global Financials Trust plc2 | Specialist Sector | 3,104 | 2.8 | ||||||
Princess Private Equity Holding Limited2 | Private Equity | 2,980 | 2.7 | ||||||
Ediston Property Investment Company Plc2 | Property | 2,911 | 2.6 | ||||||
Oryx International Growth Fund Limited2 | Specialist Sector | 2,892 | 2.5 | ||||||
Harbourvest Global Private Equity Limited2 | Private Equity | 2,785 | 2.5 | ||||||
Twenty largest |
| 83,691 | 74.7 | ||||||
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Chenavari Capital Solutions Limited2 | Specialist Sector | 2,632 | 2.4 | ||||||
Standard Life European Private Equity Trust plc2 | Private Equity | 2,625 | 2.3 | ||||||
Ashmore SICAV Emerging Markets Short Duration Fund3 | Specialist Geography | 2,592 | 2.3 | ||||||
Renewable Energy and Infrastructure Fund II4 | Specialist Sector | 2,567 | 2.3 | ||||||
Axiom European Financial Debt Fund Limited2 | Specialist Sector | 2,435 | 2.2 | ||||||
Tetragon Financial Group Limited2 | Specialist Sector | 2,402 | 2.2 | ||||||
Carador Income Fund PLC2 | Specialist Sector | 1,963 | 1.8 | ||||||
Century Capital Partners IV L.P.4 | Private Equity | 1,697 | 1.5 | ||||||
NB Distressed Debt Investment Fund Limited - Extended Life Shares 2 | Specialist Sector | 1,489 | 1.3 | ||||||
Amber Trust SCA4 | Private Equity | 1,380 | 1.2 | ||||||
Thirty largest |
| 105,473 | 94.2 | ||||||
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ASM Asian Recovery Fund4 | Hedge | 1,379 | 1.2 | ||||||
Apax Global Alpha Limited2 | Private Equity | 1,322 | 1.2 | ||||||
EPE Special Opportunities plc2 | Private Equity | 1,111 | 1.0 | ||||||
Firebird Republics Fund SPV4 | Specialist Geography | 850 | 0.8 | ||||||
Acheron Portfolio Corporation (A shares)1 | Specialist Sector | 627 | 0.6 | ||||||
Ludgate Environmental Fund Limited2 | Specialist Sector | 432 | 0.4 | ||||||
South African Property Opportunities plc2 | Property | 203 | 0.2 | ||||||
Zouk Solar Opportunities Limited4 | Specialist Sector | 164 | 0.1 | ||||||
Prosperity Voskhod Fund Limited4 | Specialist Geography | 126 | 0.1 | ||||||
Value Catalyst Fund Limited4 | Specialist Sector | 96 | 0.1 | ||||||
Forty largest |
| 111,783 | 99.9 | ||||||
Total Investments |
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| 111,935 | 100.0 | |||||
1 Listed on minor market (includes Luxembourg Stock Exchange, Channel Islands Stock Exchange, ISDX and LMMX) | |||||||||
2 Listed on major market (includes London Stock Exchange (full listing & AIM) and Euronext) | |||||||||
3 Unlisted investment - with redemption rights |
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4 Unlisted investment - without redemption rights |
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PRINCIPAL RISKS
The Board, with the assistance of Henderson, has carried out a robust assessment of the principal risks facing the Company including those that would threaten its business model, future performance, solvency or liquidity. In carrying out this assessment, the Board has considered the market uncertainty arising as a result of the UK referendum to leave the EU. The Board has drawn up a matrix of risks and has put in place a schedule of investment limits and restrictions, appropriate to the Company's investment objective and policy, in order to mitigate these risks as far as practicable. The principal risks facing the Company are market related and include market price, foreign exchange, interest rate, liquidity and credit risk. An explanation of these risks and how they are mitigated is detailed in Note 15 to the Financial Statements in the Company's Annual Report.
Some of the Company's investments are in funds, some of which are unquoted, exposed to less developed markets and may be seen as carrying a higher degree of risk. The Board believe that these risks are mitigated through portfolio diversification, in-depth analysis, the experience of Henderson and a rigorous internal control culture. The use of CFDs involves counterparty risk exposure.
Additional risks faced by the Company are summarised below:
Risk | Controls and mitigation |
Investment Strategy The performance of the portfolio may not match the performance of the benchmark through divergent geographic, sector or stock selection. In addition, the Company may be affected by economic conditions.
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Henderson has a clearly defined investment philosophy and manages a broadly diversified portfolio to mitigate this risk. |
Discount The level of the discount varies depending upon performance, market sentiment and investor appetite.
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The Company has the ability to issue and purchase its own shares, including under a tender offer, which can reduce discount volatility. |
Regulatory/Operational Failure to comply with applicable legal and regulatory requirements could lead to a suspension of the Company's shares, fines or a qualified audit report.
A breach of Section 1158 of the Corporation Tax Act 2010 could lead to the Company being subject to corporation tax on realised capital gains.
Failure of Henderson or third party service providers could prevent accurate reporting and monitoring of the Company's financial position.
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The Board regularly considers the risks associated with the Company and receives both formal and regular reports from Henderson and third party service providers addressing these risks. |
The Board considers these risks to have remained unchanged throughout the year under review. | |
VIABILITY STATEMENT
The Directors have assessed the viability of the Company over a three year period, taking account of the Company's current position and the potential impact of the principal risks and uncertainties as
documented in the Strategic Report which can be found in the Company's Annual Report. The assessment has considered the impact of the likelihood of the principal risks and uncertainties facing the Company, in particular the Investment Strategy risk, in severe but plausible scenarios, and the effectiveness of any mitigating controls in place.
The Directors took into account the nature of the investment portfolio, including its liquidity and redemption restrictions that exist on certain investments, and the income stream that the current portfolio generates in considering the viability of the Company over the next three years and its ability to meet liabilities as they fall due.
The Directors conducted this review for a period of three years as they consider this to be an appropriate period over which they do not expect there to be any significant change in the current principal risks and adequacy of the mitigating controls. The Directors do not envisage any change in strategy or objectives or any events that would prevent the Company from continuing to operate over that period as the Company's assets are sufficiently liquid, its commitments are limited and the Company intends to continue to operate as an investment trust. A substantial financial crisis affecting the global economy could have an impact on this assessment.
The Directors recognise that there is a continuation vote due to take place at the AGM following the 30 September 2017 year end. The Directors currently support the continuation of the Company and expect that the Company will continue to exist for the foreseeable future, at least for the period of assessment. However, if such a vote were not passed, the Directors would follow the provisions in the Articles of Association relating to the winding up of the Company and the realisation of its assets.
Based on this assessment, the Directors have a reasonable expectation that the Company will be able to continue in operation and meet its liabilities as they fall due over the next three year period.
STATEMENT OF DIRECTORS' RESPONSIBILITIES (UNDER DTR 4.1.12)
Each of the Directors confirms that, to the best of their knowledge:
• the financial statements, which have been prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards comprising FRS 102 and applicable law), give a true and fair view of the assets, liabilities, financial position and profit of the Company; and
• the Annual Report includes a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that it faces.
The Directors consider that the Annual Report, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the Company's position and performance, business model and strategy.
For and on behalf of the Board
Graham Oldroyd
Director
INCOME STATEMENT
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| Year ended 30 September 2016 | Year ended 30 September 2015 | ||||
Notes |
| Revenue return £'000 | Capital return £'000 |
Total £'000 | Revenue return £'000 | Capital return £'000 |
Total £'000 |
| Gains/(losses) on investments at fair value through profit or loss | - | 12,997 | 12,977 | - | (7,509) | (7,509) |
| Exchange differences | - | 254 | 254 | - | 61 | 61 |
| Gross revenue and capital gains | - | 13,231 | 13,231 | - | (7,448) | (7,448) |
2 | Investment income | 3,685 | - | 3,685 | 2,090 | - | 2,090 |
3 | Investment management fees | (85) | (766) | (851) | (86) | (782) | (868) |
4 | Other expenses | (354) | - | (354) | (351) | - | (351) |
| Net return on ordinary activities before interest and taxation | 3,246 | 12,465 | 15,711 | 1,653 | (8,230) | (6,577) |
|
|
|
|
|
|
|
|
| Finance costs - interest | (7) | (66) | (73) | (3) | (26) | (29) |
| Net return on ordinary activities before taxation | 3,239 | 12,399 | 15,638 | 1,650 | (8,256) | (6,606) |
|
|
|
|
|
|
|
|
5 | Taxation | (16) | - | (16) | - | - | - |
7 | Net return on ordinary activities after taxation | 3,223 | 12,399 | 15,622 | 1,650 | (8,256) | (6,606) |
|
|
|
|
|
|
|
|
7 | Return/(loss) per ordinary share | 7.50p | 28.85p | 36.35p | 3.72p | (18.61)p | (14.89)p |
The total column of this statement represents the Income Statement of the Company. The revenue return and capital return columns are supplementary to this and are prepared under guidance published by the AIC. The Company had no recognised gains or losses other than those recognised in the Income Statement. No operations were acquired or discontinued in the year. All revenue and capital items in the above statement derive from continuing operations.
STATEMENT OF CHANGES IN EQUITY
|
| Year ended 30 September 2016 | ||||||||||
Notes |
| Share capital £'000 | Share premium £'000 | Capital redemption reserve £'000 | Capital reserve £'000 | Revenue reserve £'000 | Total £'000 | |||||
| Balance at 1 October 2015 | 10,744 | 10,966 | 7,709 | 87,108 | 1,917 | 118,444 | |||||
| Return attributable to shareholders | - | - | - | 12,339 | 3,223 | 15,622 | |||||
6 | Ordinary dividends | - | - | - | - | (1,418) | (1,418) | |||||
| Balance at 30 September 2016 | 10,744 | 10,966 | 7,709 | 99,507 | 3,722 | 132,648 | |||||
|
|
|
|
|
|
|
| |||||
|
| Year ended 30 September 2015 | ||||||||||
|
|
Share capital £'000 |
Share premium £'000 | Capital redemption reserve £'000 |
Capital reserve £'000 |
Revenue reserve £'000 |
Total £'000 | |||||
| Balance at 1 October 2014 | 11,938 | 10,966 | 6,515 | 108,289 | 1,700 | 139,408 | |||||
| Return attributable to shareholders | - | - | - | (8,256) | 1,650 | (6,606) | |||||
| Shares bought back - tender offer | (1,194) | - | 1,194 | (12,925) | - | (12,925) | |||||
6 | Ordinary dividends | - | - | - | - | (1,433) | (1,433) | |||||
| Balance at 30 September 2015 | 10,744 | 10,966 | 7,709 | 87,108 | 1,917 | 118,444 | |||||
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| |||||
STATEMENT OF FINANCIAL POSITION
Notes | As at 30 September |
2016 £'000 | 2015 £'000 |
| Fixed Assets |
|
|
| Investments held at fair value through profit or loss | 111,935 | 106,982 |
|
|
|
|
| Current assets |
|
|
| Investments held at fair value through profit or loss | 22,868 | 6,995 |
| Debtors | 689 | 1,990 |
| Cash at bank | - | 220 |
| Cash held as CFD margin deposit | - | 2,692 |
| Total current assets | 23,557 | 11,897 |
| Creditors: amounts falling due within one year | (2,844) | (435) |
| Net current assets | 20,713 | 11,462 |
| Total assets less current liabilities | 132,648 | 118,444 |
|
|
|
|
| Capital and reserves |
|
|
8 | Called up share capital | 10,744 | 10,744 |
| Share premium account | 10,966 | 10,966 |
| Capital redemption reserve | 7,709 | 7,709 |
| Capital reserve | 99,507 | 87,108 |
| Revenue reserve | 3,722 | 1,917 |
| Total equity shareholders' funds | 132,648 | 118,444 |
|
|
|
|
7 | Net asset value per ordinary share (pence) | 308.66p | 275.60p |
The Statement of Financial Position previously reported has been restated to classify money market funds as current asset investments. For further details see Note 1.
CASH FLOW STATEMENT
|
Year ended 30 September 2016 £'000 | (Restated) Year ended 30 September 2015 £'000 |
Cash flows from operating activities |
|
|
Net return on ordinary activities before taxation | 15,638 | (6,606) |
Add back: finance costs | 73 | 29 |
(Gains)/losses on investments held at fair value through profit or loss | (12,977) | 7,509 |
Withholding tax on dividends deducted at source | (16) | - |
(Increase)/decrease in prepayments and accrued income | (47) | 17 |
Increase in accruals and deferred income | (190) | (248) |
Exchange movements: cash and cash equivalents | (6) | (2) |
Net cash inflow from operating activities | 2,475 | 699 |
Cash flows from investing activities |
|
|
Purchases of investments held at fair value through profit or loss | (43,465) | (39,027) |
Sales of investments held at fair value through profit or loss | 55,434 | 43,600 |
Purchases of current asset investments held at fair value through profit or loss | (51,612) | (40,699) |
Sales of current asset investments held at fair value through profit or loss | 35,739 | 49,954 |
Net cash (outflow)/inflow from investing activities | (3,904) | 13,828 |
Cash flows from financing activities |
|
|
Share buybacks | - | (12,925) |
Equity dividends paid | (1,418) | (1,433) |
Interest paid | (73) | (29) |
Net cash outflow from financing activities | (1,491) | (14,387) |
Net (decrease)/increase in cash and equivalents | (2,920) | 140 |
Cash and cash equivalents at beginning of year | 2,912 | 2,770 |
Exchange movements | 6 | 2 |
Cash and cash equivalents at end of period | (2) | 2,912 |
Comprising: |
|
|
Cash (overdrawn)/ held at bank | (2) | 220 |
Cash held as CFD and futures margin deposits | - | 2,692 |
| (2) | 2,912 |
The Cash Flow Statement previously reported has been restated to comply with the new disclosure requirements of FRS 102 and the classification of money market funds as current asset investments. This includes the disclosure of purchases and sales in the money market funds as purchases and sales of current asset investments which were not previously disclosed. For more details see Note 1.
The accompanying notes are an integral part of the financial statements.
NOTES TO THE FINANCIAL STATEMENTS
1 |
Accounting policies |
| |||||||||||||||
| Basis of preparation The Company is a registered investment company as defined in Section 833 of the Companies Act 2006 and is incorporated in the United Kingdom. It operates in the United Kingdom and is registered at the address is in the Annual Report.
The financial statements have been prepared in accordance with the Companies Act 2006, FRS 102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland (which is effective for periods commencing on or after 1 January 2015) and with the Statement of Recommended Practice 'Financial Statements of Investment Trust Companies and Venture Capital Trusts' ("SORP") issued in November 2014. The date of transition to FRS 102 was 1 October 2014. The Company's accounting policies are consistent with the prior year. Following the application of the revised reporting standards there have been no significant changes to the accounting policies compared to those set out in the Company's Annual Report for the year ended 30 September 2015.
The Company has early adopted the amendments to FRS 102 in respect of fair value hierarchy disclosures as published in March 2016.
There has been no impact on the Company's Income Statement or Statement of Changes in Equity (previously called the Reconciliation of Movements in Shareholders' Funds) for periods previously reported. The Cash Flow Statement previously reported has been restated to comply with the new disclosure requirements and the classification of money market funds as current asset investments. The Statement of Financial Position for both periods also reflects the classification, however, there has been no impact on total equity shareholders' funds.
In line with FRS 102 and the revised SORP, transaction costs incidental to the purchase and sale of investments have been re-classified and included as part of the gain on investments held at fair value through profit or loss, and disclosed in Note 8, instead of being shown separately on the face of the Income Statement as a capital expense.
The financial statements have been prepared under the historical cost basis except for the measurement at fair value of investments. In applying FRS 102, financial instruments have been accounted for in accordance with Section 11 and 12 of the Standard. All of the Company's operations are of a continuing nature.
Going concern Having considered the Company's investment objective, risk management and capital management policies, the nature of the portfolio and expenditure projections, the Directors believe that the Company has adequate resources to continue in operational existence for at least 12 months from the date of approval of the financial statements. Having assessed these factors, the principal risks and other matters discussed in connection with the viability statement, the Board has determined that it is appropriate for the financial statements to be prepared on a going concern basis.
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2 | Investment Income | 2016 £'000 | 2015 £'000 |
| |||||||||||||
| Income from equity shares and securities |
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|
| |||||||||||||
UK investment income | 224 | 355 |
| ||||||||||||||
Overseas income | 3,242 | 1,506 |
| ||||||||||||||
Property income distributions | 176 | 166 |
| ||||||||||||||
| 3,642 | 2,027 |
| ||||||||||||||
Other income |
|
|
| ||||||||||||||
| Interest from money market funds | 35 | 25 |
| |||||||||||||
| Bank interest | 7 | 12 |
| |||||||||||||
| Other income | 1 | 26 |
| |||||||||||||
|
| 43 | 63 |
| |||||||||||||
| Total income | 3,685 | 2,090 |
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3 |
Investment Management Fees |
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| 2016 £'000 | 2015 £'000 |
| |||||||||
| Revenue |
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|
|
| |||||||||
| Investment management fee |
|
|
|
| 85 | 86 |
| |||||||||
| Capital |
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|
|
|
| |||||||||
| Investment management fee |
|
|
|
| 766 | 782 |
| |||||||||
| Total |
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|
|
| 851 | 868 |
| |||||||||
4 | Other expenses | 2016 £'000 | 2015 £'000 | ||||||||||||||
| Revenue |
|
| ||||||||||||||
| General expenses | 179 | 179 | ||||||||||||||
| Directors' fees | 105 | 103 | ||||||||||||||
| Auditor's remuneration - audit services1 | 36 | 35 | ||||||||||||||
| Depositary charges | 34 | 34 | ||||||||||||||
|
| 354 | 351 | ||||||||||||||
| 1 These figures include VAT. Fees for audit services excluding VAT were £30,000 (2015: £29,000).
| ||||||||||||||||
5 | Taxation | 2016 £'000 | 2015 £'000 | ||||||||||||||
| Net return on ordinary activities before taxation | 15,638 | (6,606) | ||||||||||||||
| Corporation tax 20% (2015: 20.5%) | 3,128 | (1,354) | ||||||||||||||
| Non-taxable dividends | (658) | (335) | ||||||||||||||
| Non-taxable (gains)/losses on investments | (2,646) | 1,530 | ||||||||||||||
| Gains on disposal of non-qualifying offshore funds | 248 | 414 | ||||||||||||||
| Movement in unutilised management expenses | (72) | (255) | ||||||||||||||
| Overseas withholding tax | 16 | - | ||||||||||||||
| Total taxation charge for the year | 16 | - | ||||||||||||||
|
The Company's profit for the accounting year is taxed at an effective rate of 20.0% (2015:20.5%). The standard rate of corporation tax has been 20% since 1 April 2015.
The Company is subject to taxation on gains arising from the realisation of investments in non-qualifying offshore funds but is otherwise exempt from taxation on chargeable gains. Excess management expenses are available to be offset against future taxable profits including any profits on the disposal of interests in non-qualifying offshore funds. The position at the year end is as follows: | ||||||||||||||||
|
| 2016 £'000 | 2015 £'000 | ||||||||||||||
| Excess management expenses | 5,458 | 6,160 | ||||||||||||||
| Unrealised appreciation on non-qualifying offshore funds | (4,387) | (2,880) | ||||||||||||||
| Excess management expenses | 1,071 | 3,280 | ||||||||||||||
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| No provision for deferred taxation has been made in the current or prior accounting year. The Company has not provided for deferred tax on capital gains or losses arising on the revaluation and disposal of investments as it is exempt from tax on these items because of its investment trust status except for those arising from the realisation of investments in non-qualifying offshore funds. The Company has not recognised a deferred tax asset totalling £182,000 (2015: £656,000) based on a prospective corporation tax rate of 17% (2015: 20%). The UK Government announced in July 2015 that the corporate tax rate is set to be cut to 19% in 2017 and 18% in 2020. These deductions in the standard rate of corporation tax were substantially enacted on 26 October 2015 and became effective from 18 November 2015. The rate for 2020 was subsequently lowered to 17% by the Finance Act 2016. The deferred tax asset arises as a result of having unutilised management expenses in excess of unrealised appreciation on non-qualifying offshore funds. These expenses will only be utilised, to any material extent, if the Company has profits chargeable to corporation tax in the future because changes are made to the tax treatment of the capital gains made by investment trusts, where disposals of non-qualifying offshore funds would otherwise result in a tax charge or there are other changes to the Company's investment profile which require them to be used. | ||||||||||||||||
6 | Dividends on equity shares |
2016 £'000 | 2015 £'000 | ||||||||||||||
| 2015 final dividend paid 3.30p (2014: 3.00p) | 1,418 | 1,433 | ||||||||||||||
|
The proposed final dividend of 3.80p per share and special dividend of 2.60p per share is subject to approval by shareholders at the Annual General Meeting and has not been included as a liability in these financial statements. This dividend of £2,705,000 (2015: £1,418,000) is the basis on which the requirements of Section 1158 of the Corporation Tax Act 2010 are considered. The revenue available for distribution by way of dividend for the year is £3,223,000 (2015: £1,650,000). All dividends have been paid or will be paid out of revenue profits.
Subject to approval at the Annual General Meeting in January 2017, the proposed final dividend of 3.80p and the special dividend of 2.60p per ordinary share will be paid to shareholders on the register of members on at the close of business on 13 January 2017.
| ||||||||||||||||
7 | Returns/Net asset value per ordinary share |
|
| ||||||||||||||
| The return per ordinary share is based on the net return attributable to the ordinary shares of £15,622,000 (2015: £6,606,000 loss) and on 42,976,264 ordinary shares (2015: 44,363,017) being the weighted average number of ordinary shares in issue during the year. The return per ordinary share can be further analysed between revenue and capital, as below: | ||||||||||||||||
|
|
2016 £'000 | 2015 £'000 | ||||||||||||||
| Net revenue return | 3,223 | 1,650 | ||||||||||||||
| Net capital return/(loss) | 12,399 | (8,256) | ||||||||||||||
| Net total return | 15,622 | (6,606) | ||||||||||||||
| Weighted average number of ordinary shares in issue during the year | 42,976,264 | 44,363,071 | ||||||||||||||
|
| 2016 Pence | 2015 Pence | ||||||||||||||
| Revenue return per ordinary share | 7.50 | 3.72 | ||||||||||||||
| Capital return/(loss) per ordinary share | 28.85 | (18.61) | ||||||||||||||
| Total return per ordinary share | 36.35 | (14.89) | ||||||||||||||
|
|
|
| ||||||||||||||
| The Company does not have any dilutive securities, therefore the basic and diluted returns per share are the same.
The net asset values per share are based on the net assets of £132,648,000 (2015: £118,444,000) divided by the number of shares in issue at the year end of 42,976,264 (2015: 42,976,264).
| ||||||||||||||||
|
| 2016 £'000 | 2015 £,000 | ||||||||||||||
| Total net assets at 1 October | 118,444 | 139,408 | ||||||||||||||
| Total net return on ordinary activities after taxation | 15,622 | (6,606) | ||||||||||||||
| Ordinary dividends paid in the year | (1,418) | (1,433) | ||||||||||||||
| Ordinary shares bought back - tender offer | - | (12,925) | ||||||||||||||
| Net assets attributable to the ordinary shares at 30 September | 132,648 | 118,444 | ||||||||||||||
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|
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8 | Share capital | Shares in issue | Nominal value of total shares in issue £'000 | ||||||||||||||
| Allotted, issued and fully paid ordinary shares of 25p |
|
| ||||||||||||||
| At 1 October 2015 | 42,976,264 | 10,744 | ||||||||||||||
| Shares bought back and cancelled | - | - | ||||||||||||||
| At 30 September 2016 | 42,976,264 | 10,744 | ||||||||||||||
| Allotted, issued and fully paid ordinary shares of 25p |
|
| ||||||||||||||
| At 1 October 2015 | 47,751,404 | 11,938 | ||||||||||||||
| Shares bought back and cancelled | (4,775,140) | (1,194) | ||||||||||||||
| At 30 September 2015 | 42,976,264 | 10,744 | ||||||||||||||
|
In December 2014, a tender offer, for up to 10% of the Company's shares, was fully subscribed. As a result, 4,775,140 ordinary shares were bought back and subsequently cancelled. The cost of the purchases amounted to £12,771,000 and a further £154,000 of costs were incurred in connection with the tender offer. The total costs incurred of £12,925,000 were charged to Capital Reserve as shown in Note 12 of the financial statements.
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9 | Related Party Transactions Under the terms of an agreement effective from 22 July 2014 the Company has appointed subsidiaries of Henderson Group plc ("Henderson") to provide investment management, accounting, secretarial and administration services. Henderson has contracted BNP Paribas Securities Services to provide accounting and administration services.
Details of the fee arrangements for these services are given in note 3. The total of management fees paid or payable to Henderson under this agreement in respect of the year ended 30 September 2016 was £851,000 (2015: £868,000). The amount outstanding at 30 September 2016 was £232,000 payable to Henderson (2015: £207,000).
In addition to the above services, Henderson has provided the Company with sales and marketing services during the year. The total fees, excluding VAT, for the year ended 30 September 2016 amounted to £24,000 (2015: £24,000).
Fees paid to Directors are considered to be related party transactions. Details of the amounts paid are included in Note 4 to the financial statements in the Annual Report.
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10 | 2016 financial statements |
| |||||||||||||||
| The figures and financial information for the year ended 30 September 2016 are compiled from an extract of the latest financial statements of the Company and do not constitute the statutory accounts for that year. Those financial statements included the report of the auditors which was unqualified and did not contain a statement under either section 498(2) or section 498(3) of the Companies Act 2006. They have not yet been delivered to the Registrar of Companies.
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11 | 2015 financial statements |
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| The figures and financial information for the year ended 30 September 2015 are compiled from an extract of the published financial statements of the Company and do not constitute the statutory accounts for that year. Those financial statements have been delivered to the Registrar of Companies and included the report of the auditors which was unqualified and did not contain a statement under either section 498(2) or section 498(3) of the Companies Act 2006.
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12 | Annual Report |
| |||||||||||||||
| Copies of the Annual Report for the year ended 30 September 2016 will be posted to shareholders in December and will be available on the Company's website www.hendersonalternativestrategies.com or in hard copy from the Corporate Secretary, Henderson Secretarial Services Limited, 201 Bishopsgate, London EC2M 3AE.
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13 | Annual General Meeting |
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| The Annual General Meeting will be held on Wednesday 25 January 2017 at 11.30am at 201 Bishopsgate, London EC2M 3AE |
| |||||||||||||||
Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.
For further information please contact:
Ian Barrass Fund Manager Henderson Alternative Strategies Trust plc Telephone: 020 7818 2964
| James de Sausmarez Director and Head of Investment Trusts Henderson Investment Funds Limited Telephone: 020 7818 3349
|
James de Bunsen Fund Manager Henderson Alternative Strategies Trust plc Telephone: 020 7818 3869 | Sarah Gibbons-Cook Investor Relations and PR Manager Henderson Investment Funds Limited Telephone: 020 7818 3198 |
Related Shares:
HAST.L