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Annual Report 2020 Henderson European Focus Trust plc – Annual Report 2020 Henderson European Focus Trust plc Registered as an investment company in England and Wales with registration number 427958 Registered office: 201 Bishopsgate, London EC2M 3AE SEDOL/ISIN number: Ordinary Shares: 0526885/GB0005268858 Annual Report 2020 London Stock Exchange (TIDM) Code: HEFT Global Intermediary Identification Number (GIIN): THMNPN.99999.SL.826 Legal Entity Identifier (LEI): 213800GS89AL1DK3IN50 Henderson Telephone: 0800 832 832 Email: [email protected] www.hendersoneuropeanfocus.com European Focus Trust plc Shareholder Shareholder Communication Communication Awards Awards 2019 2020 Front Cover image: Aerial view of the Fuerwigge Dam near Meinerzhagen in the Sauerland in Germany This report is printed on Revive 100 Silk cover board containing 100% recycled waste and Revive 50 Silk paper containing 50% recycled waste and 50% virgin fibre and manufactured at a mill certified with ISO 14001 environmental management standard. The pulp used in this product is bleached using an Elemental Chlorine Free process. ® This product is made of material from well-managed FSC – certified forests, recycled JHI9218/2020 materials, and other controlled sources. Designed and typeset by 2112 Communications, London Printed by Pureprint, Sussex JHI9218/2020 Strategic Report Governance Financial Statements Performance 2-3 Board of Directors 30 Independent Auditor’s Report Chair’s Statement 4-7 Corporate Governance Report 31-37 to the Members 49-54 Portfolio Information 8 Audit and Risk Committee Financial Statements 55-58 Fund Managers’ Report 9-13 Report 38-41 Notes to the Financial Statements 59-72 Investment Portfolio 14 Directors’ Remuneration Report 42-44 Warning to shareholders Directors’ Report 45-46 Top Ten Holdings 15-16 Additional Information Many companies are aware that their shareholders have received unsolicited phone calls or correspondence concerning Historical Information 17 Statement of Directors’ investment matters. These are typically from overseas based “brokers” who target UK shareholders offering to sell them what Responsibilities 47 Glossary 74 Business Model 18-28 often turn out to be worthless or high-risk shares in US or UK investments. They can be persistent and extremely persuasive. Alternative Performance Shareholders are therefore advised to be wary of any unsolicited advice, offers to buy shares at a discount or offers of free Section 172 statement 20-22 Measures 75-76 company reports. Please note that it is unlikely that either the Company or the Company’s registrar, Equiniti, would make Measuring performance 24 General Shareholder Information 77 Managing our risks 24-27 unsolicited telephone calls to shareholders. Any such calls would relate only to official documentation already circulated to Service Providers 78 shareholders and never in respect of investment “advice”. If you are in any doubt about the veracity of an unsolicited phone Viability statement 27-28 call, please call the corporate secretary at the number provided on page 78. Strategic Report 1 Henderson European Focus Trust plc Annual Report 2020 Performance Year to 30 September 2020 Total return performance 10 200 187.4 182.2 180 8 160 5.9 140 6 120 111.9 % 98.5 4 3.7 100 % 81.2 80 65.0 2 61.9 60 69.8 0.4 44.4 40 0 1 year 20 12.7 8.9 Company net asset value (“NAV”) per ordinary share total return (including 0 dividends reinvested and excluding costs of reinvestment) -2.2 FTSE World Europe ex UK index on a total return basis in sterling terms -20 Company share price total return using mid-market closing prices 3 years 5 years 7 years 10 years Discount at year end1 Discount2 15 0 -2 12 12.6 -4 -6 10.5 9 % -8 -10 % -12 6 -14 -16 3 Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep 19 19 19 19 20 20 20 20 20 20 20 20 20 0 Company AIC Europe sector 2020 2019 Net assets at year end Performance versus the benchmark over one year3 350 115 110 300 308.2 299.0 105 250 100 200 % 95 £ millions 150 90 100 85 80 50 Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep 19 19 19 19 20 20 20 20 20 20 20 20 20 0 2020 2019 NAV Benchmark Share price 1 Calculated using published daily NAVs per ordinary share including current year revenue 2 Graph shows the Company’s share price discount per ordinary share compared to the AIC Europe Sector of eight companies over the year to 30 September 2020 3 Graph shows the company’s NAV total return per ordinary share and share price total return compared to the total return of the benchmark (FTSE World Europe ex UK Index) over the year to 30 September 2020 (rebased to 100) Sources: Morningstar Direct, Janus Henderson, Refinitiv Datastream 2 Henderson European Focus Trust plc Annual Report 2020 Performance Year to 30 September 2020 NAV per ordinary share at year end Share price at year end 2020 2020 1,441.20p 1,260.00p 2019 2019 1,390.86p 1,245.00p Dividend for year1 Dividend yield2 2020 2020 31.30p 2.5% 2019 2019 31.30p 2.5% Ongoing charge for year Gearing at year end 2020 2020 0.82% 0.6% 2019 2019 0.84% 4.6% Average number of investments in the year 2020 2019 45 50 1 Comprising an interim dividend of 9.60p paid in June 2020 and a recommended final dividend of 21.7p due for payment in February 2021 2 Based on the dividends paid or recommended for the year and the share price at the year end Sources: Morningstar Direct, Janus Henderson, Refinitiv Datastream A glossary of terms and alternative performance measures is included on pages 74 to 76 3 Chair’s Statement “ This is truly active management... it has delivered positive absolute returns and is well ahead of its benchmark index” Chair of the Board, Vicky Hastings, reporting on the year to 30 September 2020 4 Henderson European Focus Trust plc Annual Report 2020 Chair’s Statement These past twelve months have been unprecedented as Performance1 we all know: the emergence of the Covid-19 pandemic; In the financial year to 30 September 2020, the Company’s governments’ responses to the unfolding health, economic net asset value (“NAV”) total return per share rose by 5.9% and social crisis and the ensuing impact on our daily lives. (2019: 4.3%), considerably ahead of the Company’s With this has come huge uncertainty – both for us as benchmark index, the FTSE World Europe ex UK Index, individuals but also for governments, and corporate which increased by 0.4% (2019: 6.4%). Over the longer term, management teams who are trying to operate and forecast the NAV total return per share is ahead of this benchmark in a highly unpredictable environment. Stock markets do not index on three, five, seven and ten year periods to deal well with uncertainty and we have seen huge volatility 30 September 2020. during the financial year – to give you an idea, our benchmark index of Continental European companies, the FTSE World The share price total return was slightly lower at 3.7% Europe ex UK Index, fell by 27.6% from the highest point (on (2019: 3.1%) as the discount at which the shares traded to NAV 20 February 2020) to trough (16 March 2020) and then widened marginally over the period. I comment further on this showed such a strong recovery that the financial year as below. Over the past 10 years, the share price has returned a whole finished in positive territory. 182.2%, compared to the benchmark index of 111.9%. This is outperformance of 70.3% for our shareholders. As you will see from the performance section below, your fund management team led by John Bennett has navigated this Another yardstick the Board look at regularly is the NAV with aplomb, and their investment philosophy of buying performance relative to other investment companies as well as their open-ended company counterparts in the Investment companies with sound balance sheets and solid cash flow Association Europe sector (“OEICs”): over the past year the potential, integrating environmental, social and governance average return for companies in the AIC Europe sector considerations into their assessment of the management average return has been 6.7% (comprising 8 companies) team and then constructing the portfolio with conviction at whilst the average OEIC has returned 3.2%.2 both the stock and sector level has served them well. This is truly active management – it does not seek to represent an The reduction in our number of holdings to a range of 35-45 index but to provide shareholders with substantial was approved by shareholders at the last annual general outperformance compared to an index basket over the long meeting (“AGM”). The purpose of this further concentration term. Indeed, it is noteworthy that in a period when companies in the portfolio was to offer investors an even clearer with overt growth profiles have been highly sought after, proposition. In other words, the Company has sought to virtually to the exclusion of all else, a well-diversified portfolio evolve, building on its credentials as an actively managed of hand-picked companies with these characteristics has portfolio, fashioned by research and conviction. It is delivered positive absolute returns and is well ahead of its encouraging that this approach has delivered substantial benchmark index. The chart on page 2 highlights this over a outperformance in the year under review, enabling the number of time periods and as a Board we look to the longer Company to strengthen its long-term track record of term to ensure we are adding value for shareholders.
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