**Summary of Henderson Far East Income Limiteds Final Results for the Year Ended 31 August 2025**
**Investment Objective and Performance**
Henderson Far East Income Limited aims to provide shareholders with a growing total annual dividend and capital appreciation from a diversified portfolio of investments in the Asia Pacific region. For the year ended 31 August 2025
**NAV Total Return**12.7%, slightly behind the FTSE World Asia Pacific ex Japan Index (14.1%) and the MSCI AC Asia Pacific ex Japan High Dividend Yield Index (13.9%).
**Share Price Total Return**13.6%.
**Dividend Yield**Maintained at 10.8%, outperforming peers in the AIC sector.
**Financial Highlights**
**Net Assets**Increased to £407.6 million from £366.1 million in 2024.
**NAV per Share**Rose to 223.32p from 221.97p.
**Share Price**Increased to 231.00p from 227.00p.
**Profit for the Year**£45.1 million, up from £39.3 million in 2024.
**Revenue Return per Share**: 24.98pdown from 27.83p in 2024.
**Capital Return per Share**Positive at 1.42p, compared to a loss of 3.68p in 2024.
**Dividends**
Declared four interim dividends totaling 24.90p per share, a 1.2% increase over the previous year.
Maintained an 18-year track record of increasing dividends.
Dividends were substantially covered by portfolio revenues, with only £1.5 million drawn from reserves.
**Portfolio Activity**
Shifted focus from deep value, high-yield names to a balance between high yield and high growth, enabling the portfolio to match growth indices while maintaining a higher dividend yield.
Reduced exposure to Australia and India, reallocating funds to China.
Key contributors included high-yield value companies in China (e.g., China Hongqiao) and financial holdings (e.g., China CITIC Bank).
Utilized an options strategy to generate income from growth companies like SEA Limited and TSMC.
**Board and Governance**
Julia Chapman retired from the Board, succeeded by Carole Ferguson as Senior Independent Director.
Steven Wilderspin joined the Board, bringing accounting and auditing expertise.
**Outlook**
Positive outlook for Asia Pacific equities, driven by technological innovation, financial inclusion, corporate reform, and a growing middle class.
Potential for higher dividend payouts and attractive equity performance despite challenges like US trade tariffs.
The Company is adopting the MSCI AC Asia Pacific ex Japan Index as its new comparator index, reflecting its balanced growth and income approach.
**Share Issuance**
Issued 17.6 million shares at a premium to NAV, raising £39.1 million.
Traded at a premium throughout the period, a rarity in the AIC Asia Pacific Equity Income sector.
**Conclusion**
Henderson Far East Income Limited demonstrated resilience and strategic adaptability in 2025, achieving solid performance and maintaining its dividend growth record. The Company is well-positioned to capitalize on the positive outlook for the Asia Pacific region, with a focus on balancing income and capital growth.