David Smith, Fund Manager for Henderson High Income Trust, discusses the latest portfolio activity, the Trust’s recent performance and highlights the companies driving this performance. David also explains why he believes that by gaining the much-anticipated clarification on Brexit and COVID-19 vaccines, the UK equity market should look towards a positive recovery in 2021.


Net asset value (NAV): the total value of a fund's assets less its liabilities.

Cyclical stocks: Companies that sell discretionary consumer items, such as cars, or industries highly sensitive to changes in the economy, such as miners. The prices of equities and bonds issued by cyclical companies tend to be strongly affected by ups and downs in the overall economy, when compared to non-cyclical companies.

Fiscal stimulus: an increase in government spending and/or a reduction in taxes.

Monetary stimulus: an effort to increase economic activity by increasing the amount of money in the economy