London, UK, 15 May 2017
Edison issues review on Henderson Far East Income (HFEL)
Henderson Far East Income (HFEL) is a relatively concentrated portfolio of 40-60 Asian equities, aiming to generate high income with the potential of long-term capital growth. Since February 2007, HFEL has been managed by Michael Kerley. Against a backdrop of the recent rebound in Asian stock markets, he suggests that the attraction of income from Asian equities has not diminished even though he believes investors have been focusing on growth rather than income. HFEL's 5.7% dividend yield is the highest in its peer group. Having traded at a modest discount for part of 2016, HFEL has returned to trading at a premium.
During part of 2016, HFEL's share price traded at a modest discount to cum-income NAV, in an environment where investors sought growth rather than income, and HFEL experienced a period of relative underperformance versus its peers. Its current 1.7% premium compares to an average 0.4% discount over the last 12 months (range of a 4.4% premium to an 8.7% discount). HFEL's annual dividend has compounded at 5.9% per annum over the last five years; its current dividend yield is 5.7%.
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