THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC The Henderson Smaller Companies Investment
Trust plc
Annual Report 2023
The Henderson Smaller Companies Investment Trust plc | Annual Report 2023 |
Investment objective
The Company aims to maximise shareholders' total returns (capital and income) by investing in smaller companies that are quoted in the United Kingdom.
Keeping in touch
We know how important it is to receive up-to-date information about the Company. Visit our website at www.hendersonsmallercompanies.com
Register for updates, insights and factsheets about the Company:
Register here to watch this year's Annual General Meeting by webinar:
The Board also welcomes you in person to the AGM. Please see more details about the AGM, attending in person or by webinar, in the Chair's Statement.
Please send your general enquiries about the Company to the Company Secretary at: itsecretariat@janushenderson.com.
Strategic Report
Performance | 2-3 |
Portfolio Information | 4 |
Chair's Statement | 5-7 |
Fund Manager's Report | 8-13 |
Investment Portfolio | 14-16 |
Historical Record | 16 |
Historical Performance | 17 |
Business Model | 18-27 |
Environmental, Social and Governance | |
("ESG") Matters | 28-32 |
Governance
Corporate Governance Report | 34-42 |
Board of Directors | 34-35 |
Audit and Risk Committee Report | 43-45 |
Management Engagement Committee Report | 46 |
Nomination Committee Report | 47-49 |
Directors' Remuneration Report | 50-52 |
Report of the Directors | 53-54 |
Statement of Directors' Responsibilities | 55 |
Financial Statements
Independent Auditor's Report | |
to Members | 57-63 |
Financial Statements | 64-67 |
Notes to the Financial Statements | 68-82 |
Additional Information
Glossary | 84-85 |
Alternative Performance Measures | 86-87 |
General Shareholder Information | 88-89 |
Corporate Information | 90 |
Notice of Annual General
Meeting ("AGM")
Notice of AGM | 92-93 |
Explanation of AGM resolutions | 94-95 |
Notes explaining AGM processes | 95-97 |
Strategic Report
Photo: Oxford Instruments' ProteoxMX dilution refrigerator used for quantum applications
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The Henderson Smaller Companies Investment Trust plc | Annual Report 2023 |
Performance
Total return performance to 31 May 20231
105 | ||||||||||||
100 | ||||||||||||
95 | ||||||||||||
90 | ||||||||||||
85 | ||||||||||||
80 | ||||||||||||
75 | ||||||||||||
70 | ||||||||||||
May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Jan | Feb | Mar | Apr | May |
22 | 22 | 22 | 22 | 22 | 22 | 22 | 22 | 23 | 23 | 23 | 23 | 23 |
NAV2 | Share price3 | Benchmark4 |
Discount data to 31 May 2023
0 | ||||||||||||
-4 | ||||||||||||
-8 | ||||||||||||
% | ||||||||||||
-12 | ||||||||||||
-16 | ||||||||||||
-20 | ||||||||||||
May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Jan | Feb | Mar | Apr | May |
22 | 22 | 22 | 22 | 22 | 22 | 22 | 22 | 23 | 23 | 23 | 23 | 23 |
Company | Sector average |
Total return performance for the year ended | Dividends for years ended 31 May |
31 May 2023 |
0 | 30 | ||||||
-2 | 25 | ||||||
-4 | -5.5 | 20 | |||||
-6.5 | |||||||
-6 | -7.4 | pence | |||||
% | 15 | ||||||
-8 | |||||||
-10 | 10 | ||||||
-12 | -12.0 | 5 | |||||
-13.8 | 0 | ||||||
-14 | |||||||
NAV2 | Average | Share | Average | Benchmark4 | |||
sector | price3 | sector | |||||
NAV5 | share price6 |
2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 20237 |
Final | Interim | |
Total return performance for the period ended 31 May 2023
1 year | 3 years | 5 years | 10 years | |
% | % | % | % | |
NAV2 | -13.8 | 12.4 | -3.4 | 108.0 |
Benchmark4 | -6.5 | 30.4 | 3.1 | 73.9 |
Average sector NAV5 | -7.4 | 26.1 | 5.5 | 100.8 |
Share price3 | -12.0 | 8.8 | -7.9 | 118.7 |
AIC sector share price6 | -5.5 | 31.4 | 5.6 | 107.2 |
FTSE All-Share Index | 0.4 | 33.9 | 15.2 | 67.5 |
- Net asset value ("NAV") total return per ordinary share and share price total return compared to the total return of the benchmark over the year to 31 May 2023 rebased to 100
- NAV per ordinary share total return with income reinvested
- Share price total return using mid-market closing price with income reinvested
- Numis Smaller Companies Index (excluding investment companies) total return
- Average NAV total return of the Association of Investment Companies ("AIC") UK Smaller Companies sector
- Average share price total return of the AIC UK Smaller Companies sector
- The 2023 final dividend is subject to shareholder approval
A glossary of terms and explanations of alternative performance measures are included on pages 84-87
Sources: Morningstar Direct, Janus Henderson, Refinitiv Datastream
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The Henderson Smaller Companies Investment Trust plc | Annual Report 2023 |
Performance(continued)
Year to 31 May | ||||
NAV per share at year end | Share price at year end | |||
2023 | 2022 | 2023 | 2022 | |
904.1p | 1,074.4p | 785.0p | 917.5p | |
Discount at year end1 | Gearing at year end | |||
2023 | 2022 | 2023 | 2022 | |
13.2% | 14.6% | 12.6% | 11.2% | |
Dividend for year | Revenue return per share | |||
2023 | 2022 | 2023 | 2022 | |
26.00p2 | 24.00p | 29.38p | 24.57p | |
Dividend yield3 | Total net assets | |||
2023 | 2022 | 2023 | 2022 | |
3.3% | 2.6% | £675m | £803m |
Ongoing charge4
20232022
0.44% 0.42%
1 | Calculated using the NAV and mid-market share price at year end |
2 | This represents an interim dividend of 7.00p and a proposed final dividend of 19.00p. See page 6 for more details |
- Based on the ordinary dividends paid and payable for the year and the mid-market share price at year end
- No performance fee is included in this calculation as no performance fee was paid in 2023 or 2022
A glossary of terms and explanations of alternative performance measures are included on pages 84-87, including calculation of the AIC and Key Information Document ongoing charge methodologies
Sources: Morningstar Direct, Janus Henderson, Refinitiv Datastream
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Henderson Smaller Companies Investment Trust plc published this content on 11 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 August 2023 10:16:24 UTC.
