The trust reports that revenue grew 21.4% to £6.5m in the six months to 28 February from £5.5m in the previous first half. A second quarterly dividend of 2.2p makes 4.4p so far this year, up from 4.2p last time.
Henderson is now reckoning on paying 9p in the full year, stockmarket conditions permitting, which implies two further dividend of 2.3p each.
Net asset value per share improved over the six months from 210.5p to 231.3p and the shares spent most of the period trading between 215p and 235p. The premium was at a lower level than in recent years because income oriented shares tended to underperform and competing funds were launched. Nonetheless, Henderson managed to issue 1.6m new shares at an average premium of 6.8%.
They have, however, now moved back to a small discount, easing back to 233p. They have hovered either side of 230p this year.
The investment strategy for the trust is to focus on attractively valued companies offering sound potential and above average yields.
Fund manager Michael Watt believes that with long term bond yields at low levels around the world, the appetite of investors for higher risk has increased. The portfolio tends to avoid risk in order to achieve its objectives and as a result its performance, although still positive, has suffered in comparison.
He says: ‘Stockmarkets have continued to climb as long term interest rates remain low by historic standards. The US economy has performed very well, despite rising short term interest rates and high commodity and energy prices. Imbalances in the US economy have not only continued, but have reached new extremes, raising risks around the world, and not least in emerging markets.’
