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Henderson Diversified Income Trust – Death rattle for bull market

After a serious wobble in the last few months of 2018, the resurgence in markets that we have seen in 2019 may be the death-rattle of what is now a 10-year bull market. The managers of Henderson Diversified Income (HDIV) have been warning that markets are heading for falls as the economic cycle turns, and that we are likely to slip back into a prolonged period of low-no growth and low-to-no inflation. That would suit HDIV’s high quality, long duration portfolio (the expected cash flows from its investments are weighted towards the longer-term, making it more sensitive to changes in long-term interest rates).

High income from a flexible fixed income portfolio

HDIV’s objective is to seek income and capital growth such that, on a rolling annual basis, the total return on the NAV (including the reinvestment of dividends) exceeds three-month sterling LIBOR plus 2%. It invests in a diversified portfolio of global assets including secured loans, government bonds, high yield (sub-investment grade) corporate bonds, unrated corporate bonds, investment grade corporate bonds and asset backed securities. The trust may also invest in high-yielding equities and derivatives. The managers use gearing to enhance returns.

Dividends, which make up the bulk of returns for investors, are paid quarterly.



wdt_ID Year ended Share price total return (%) NAV total return (%) Three-month LIBOR plus 2%/1.25%*(%)
1 31/03/15 8.5 8.3 2.1
2 31/03/16 (2.1) 1.4 2.6
3 31/03/17 12.1 9.7 2.5
4 31/03/18 5.2 2.4 2.3
5 31/03/19 0.7 3.8 2.8

HDIV : Henderson Diversified Income Trust – Death rattle for bull market