Craig Siegenthaler

John Dunn

Kenneth Worthington

Michael Cyprys

William Katz

Alexander Blostein

Daniel Fannon

Michael Brown

Bill Katz

Brennan Hawken

Dan Fannon

Ken Worthington

Patrick Davitt

- The Henderson Smaller Companies Investment Trust experienced a challenging financial year ending **May 31, 2025**, with its net asset value declining by **5.1%** and share price falling by **2.3%** on a total return basis, underperforming its benchmark by **10.1%**.  **[1274173_2146096_0]** **[1274173_2146096_1]** 
- Despite performance challenges, the company declared a full-year dividend of **£0.28**, representing **3.7%** year-on-year growth and marking the **22nd consecutive year of dividend growth**.  **[1274173_2146096_0]** **[1274173_2146096_1]** 
- **Neil Hermon** retired as Portfolio Manager after 22 years of service, with **Indriyati Van Heen** taking over as sole Fund Manager, and a new team member is expected to join in November.  **[1274173_2146096_0]** **[1274173_2146096_1]** **[1274173_2146096_2]** 
- The Trust has been actively buying back shares, repurchasing almost **11 million shares** (just under **15%** of total share capital) since October 2024, and its discount was **9%** yesterday (September 16, 2025), which is tighter than the peer group average of over **10%**.  **[1274173_2146096_10]** 
- Management is implementing refinements to the investment process, including cutting the tail of the portfolio, increasing earnings momentum, diversifying sector exposure, and reducing exposure to highly leveraged companies, while maintaining an optimistic outlook for the undervalued UK small-cap market.  **[1274173_2146096_4]** **[1274173_2146096_7]** **[1274173_2146096_8]** **[1274173_2146096_11]**

Henderson Smaller Companies Investment Trust Reports Challenging FY2025 Performance and Announces Management Transition

JANUS HENDERSON GROUP (JHG)