HFL – Results for the half-year to 28 February 2021

Page 1 of 17
LEGAL ENTITY IDENTIFIER: 2138008DIQREOD38O596
HENDERSON FAR EAST INCOME LIMITED
Unaudited results for the half-year ended 28 February 2021
This announcement contains regulated information
Investment Objective
The Company seeks to provide shareholders with a growing total annual dividend per share, as well as capital
appreciation from a diversified portfolio of investments from the Asia Pacific region.
Performance highlights for the six months to 28 February 2021
•Net asset value per ordinary share total return
1
was 7.4% compared to a total return of the FTSE All-World Asia
Pacific ex Japan Index of 17.5% and MSCI AC Asia Pacific ex Japan High Dividend Yield Index of 12.8% (both on a
sterling adjusted basis)
•Share price total return
2
was 6.8%
•Shares trading at a premium
3
of 2.7% at the period end
•Share issuance in the period totalling 2.8m shares raising £9.1m for investment
•Two quarterly dividends of 5.80p each were paid or payable during the period, representing a 1.8% increase on the
same period last year
Financial highlights at
28 February 2021
at
31 August 2020
NAV per ordinary share 311.52p 301.02p
Share price 320.00p 311.00p
Net assets £449,505,000 £425,927,000
Premium
3
2.7% 3.3%
Dividend yield 7.3%
4
7.4%
5
Total return performance (including dividends reinvested and excluding transaction costs)
6 months
%
1 year
%
3 years
%
5 years
%
10 years
%
NAV
1
7.4 5.0 3.0 53.0 89.7
Share price
2
6.8 11.1 5.6 59.7 89.3
AIC sector average
6
17.3 21.2 21.6 94.3 143.6
FTSE All-World Asia Pacific ex Japan Index 17.5 28.4 28.8 111.1 135.5
MSCI AC Pacific ex Japan High Dividend Yield Index 12.8 10.1 7.0 66.3 93.8
The Company does not have a formal benchmark. It uses the FTSE All-World Asia Pacific ex Japan and MSCI AC Asia Pacific
ex Japan High Dividend Yield indices (sterling adjusted with dividends reinvested) for reference purposes only.
1.Net asset value per ordinary share total return (including dividends reinvested and excluding the cost of reinvestment)
2.Share price total return (with dividends reinvested) using mid-market closing price
3.The premium expresses, as a percentage, the difference between the closing mid-market share price and net asset value, including current year
revenue, as at the period end date
4.Dividend yield based on a share price of 320.00p and dividends for the twelve months to 28 February 2021 totalling 23.2p per ordinary share
5.Dividend yield based on a share price of 311.00p and dividends for the twelve months to 31 August 2021 totalling 23.0p per ordinary share
6.The AIC sector is the Asia Pacific Equity Income sector
Sources: Morningstar Direct, Refinitiv Datastream

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INTERIM MANAGEMENT REPORT
CHAIRMAN’S STATEMENT
Introduction
Your Company has delivered a solid start to the financial year, posting a positive NAV total return of 7.4% for the six
months to 28 February 2021. We have declared two interim dividends during the period, delivering a 1.8% increase on
the same period for the prior year. This is not an insignificant increase against the backdrop for dividends over the
period. At 28 February 2021, the ordinary shares yielded a very attractive 7.3%.
The Company funded the dividends for the year ended 31 August 2020 entirely from revenue and added a small
amount to the revenue reserve, which remains in excess of £17m. This leaves the Company well placed to maintain its
dividend track record.
As they had done in 2020, markets continued to focus on growth and momentum rather than cash flows and dividends,
which impacted the capital performance. However, valuation is once again starting to matter and this bodes well for
the portfolio - your Fund Managers have always cared about the price they pay for an asset, as well as the underlying
fundamentals of the companies in which they invest your money. This discipline has stood the Company in good stead
over the long term.
Performance
The NAV total return performance for the six months to 28 February 2021 was 7.4% and the share price total return
was 6.8%, reflecting a small contraction in the premium to NAV. This compares with returns from the FTSE All World
Asia Pacific ex-Japan Index of 17.5% and MSCI AC Asia Pacific ex Japan High Dividend Yield Index of 12.8% for the
same period. The strength of high valuation and low yield technology names was responsible for the underperformance
against the broad index while the recent rally in banks and unsustainable recovery plays impacted the returns relative
to the high yield index.
Dividends
The first and second interim dividends for the year ending 31 August 2021 in the amount of 5.80p per ordinary share
each were paid or became payable during the period. This is a 1.8% increase on the dividends paid for the same
period last year and well above the annual consumer price inflation figure of 0.7% at the end of February 2021.
Share issuance
In contrast to much of the AIC Asia Pacific Equity Income sector, the Company continued to trade at a premium and we
issued a total of 2.8m shares in the six months to 28 February 2021. This raised £9.1m for further investment. In the
period since the end of the half-year, we issued a further 2.3m shares.
As ever, all shares were issued at a premium to the net asset value.
Outlook
The near term outlook for the global economy will largely depend on the coronavirus vaccine roll out and its efficacy. In
2020 the global economy contracted by 3.3%
1
although now the International Monetary Fund (‘IMF’) is forecasting a
strong recovery with growth of 6.0%
1
this year. There will be significant variations between countries and regions and
economic forecasts are subject to further revisions, but current evidence suggest they will be on the upside.
From the perspective of your Company, the outlook remains positive for two primary reasons. Firstly, the IMF is
forecasting growth of 8.6%
1
this year for Emerging and Developing Asia following a decline of 1.0%
1
in 2020 and
growth in China this year of 8.4%
1
following a very creditable performance of 2.3%
1
growth in 2020. The second
reason is that after a decade of underperformance relative to growth stocks, a sharp global cyclical recovery should
benefit value shares at the expense of growth shares, perhaps reversing the trend. A return to value as opposed to
growth, where valuations are very extended, will enhance the value of our portfolio which, by necessity, is heavily
weighted towards value to achieve our income mandate. Despite all the uncertainties, we were able to raise the total
dividend for the year ended 31 August 2020 by 2.7% without utilising the revenue reserve, but investor preferences for
growth impacted our NAV performance. As an equity income portfolio our primary focus must be income generation,
but, if after ten years of underperformance of value relative to growth, value becomes more attractive to investors, our
NAV performance will benefit.
Despite Covid-19 induced poor global growth in 2020, the economic drivers in Asia remain predominately in place. The
negative economic impact has been largely confined to India, Indonesia and the Philippines. North Asia, in particular,
suffered less damage and recovered more quickly. While the US has a new president, who will adopt very different
policies to President Trump, trade tensions with China will almost certainly remain. However, so far, attempts to slow
globalisation do not seemed to have worked. According to the NikkeiAsia news agency in November 2020
2
the port of
Los Angeles saw the busiest month in its history with goods valued at US$52 billion coming across the Pacific, mostly
from China. As well, intraregional trade in Asia remains very robust with China-ASEAN trade levels now exceeding
trade with both the US and the European Union (‘EU’). Opportunities in the Asian region will remain compelling to
western business and, despite political pressures, will not be ignored.

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China remains an important trade partner for the EU resulting in the recently signed Comprehensive Investment
Agreement. EU overall trade with Asia currently stands at US$1.6 trillion annually exceeding trade with the US.
Current events and forecasts in our region give us every reason to have confidence that the Company will continue to
meet its income mandate and be attractive to investors seeking regular income and international diversification.
John Russell
Chairman
22 April 2021
1 IMF World Economic Outlook, April 2021
2 https://asia.nikkei.com/Spotlight/The-Big-Story/The-next-wave-of-globalization-Asia-in-the-cockpit

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FUND MANAGERS’ REPORT
Overview
In the Fund Managers’ report at the end of the financial year in August 2020, we wrote about the uncertainty
surrounding the Covid-19 pandemic and the material impact it was having on the world’s health and wealth. Six months
on and the virus is still with us, although the successful development of effective vaccines is providing a light at the end
of the tunnel. The impact on economic activity has been material with many of the world’s major economies likely to
take a number of years to recover to pre Covid-19 levels.
Asia Pacific has fared better than most with North Asia, in particular, weathering the storm relatively successfully to the
extent that Taiwan and China actually managed positive Gross Domestic Product (‘GDP’) growth in 2020. This was
due to early and draconian lockdown measures, which contained the coronavirus, while the recovery in manufacturing,
and especially demand for work from home technology, boosted industrial production and insulated these economies
from the worst of the pandemic slowdown. The progress of containing the coronavirus has been less successful in
southern Asia and India, where lockdown measures imposed by central government tended to be less vehemently
followed at the provincial level, delaying the pace of recovery. Tourism dependent economies, such as Thailand, were
particularly hard hit with GDP falling 6.1%
3
in 2020.
The performance of individual markets broadly reflected the success in dealing with the pandemic. The best performing
markets were Korea and Taiwan, which both rose by more than 30%
4
in sterling terms over the period, surprisingly
followed by India which burst into life following a better than expected budget in early February 2021. The Chinese
market lagged its North Asian peers, dragged down by the highly weighted internet sector which faced headwinds as
the regulator investigated some of the prominent platforms for monopolistic practices. Malaysia, Indonesia and the
Philippines, although positive, lagged the average return due to lingering coronavirus concerns and a lack of market
exposure to cyclically sensitive sectors. At the sector level, technology and materials led the way followed by financials,
with banks rallying strongly in the last three months. Defensive sectors continued to underperform led by
telecommunications, utilities and health care.
Aside from Covid-19, the most significant news over the period was the US Presidential election where Joe Biden
succeeded Donald Trump to become the 46
th
US president. Although we are still in the early days of the new
president’s term it is refreshing to have an incumbent who is predictable rather than the ‘scatter gun’ approach adopted
by his predecessor. The method may be different, but the impact on the region, and China in particular, is the same
with the US continuing its policy of containment through tariffs and sanctions while taking a more multilateral rather
than unilateral approach to negotiation. It is safe to say that the relationship between China and the US will remain
fraught for many years to come which will have implications for investment in the region as a whole as countries may
be forced to choose sides in the ongoing dispute.
Despite the uncertainty, the support provided by fiscal and monetary policy has provided a positive back-drop for asset
prices with many equity markets reaching all-time highs over the period. Excess liquidity and the desire to look through
the valley to the recovery beyond has prompted a change in market leadership as cyclically sensitive sectors start to
claw back some of the underperformance from structural growth. The last three months in particular have seen
financials, materials and industrials start to outperform internet related technology stocks and consumer sectors as
investors start to question the valuation of ‘darling’ stocks when they are only growing marginally faster than the out of
favour value sectors which are more operationally leveraged to recovery.
The optimism is supported by the expected strong rebound in corporate earnings. Asia Pacific ex Japan is forecast to
have 28%
4
earnings growth in 2021, driven by some of the sectors hard hit in 2020, but also by the materials sector
which is benefiting from ever increasing commodity prices. These levels of growth make the current price to earnings
valuation more palatable despite the fact that these are trading some way above their long-term averages. On a
relative basis, the case is more attractive with the valuation of the MSCI Asia Pacific ex Japan Index relative to the
MSCI World Index trading below its long-term average.
The outlook for dividends in the region remains compelling. The consensus expects ‘mid-teens’ dividend growth, but
from what we have seen in the results for the first three months of the year, this number may prove to be conservative
especially considering that earnings growth is forecast to be much higher. Analysts in the region tend to be slower to
raise dividend forecasts than earnings forecasts, but as more companies announce results and surprise with dividends
either being reinstated or dividend pay-out ratios increasing, we expect these forecasts to rise. The backdrop for higher
dividends is firmly in place with companies generating excess cash, having little or no debt and paying out a lower
percentage of their net profits as dividends than their developed market peers.
Performance
In absolute and relative terms, the last twelve months have been a difficult period for the capital performance of the
portfolio. In the last six months the NAV total return is 7.4% in sterling terms compared to 17.5% for the FTSE All World
Asia Pacific ex Japan Index and 12.8% for the MSCI Asia Pacific ex Japan High Dividend Yield Index. Although the
Company does not have a formal benchmark some explanation is due as to why the numbers look so different in
recent times when historically the performance has broadly been between these two indices over time.

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Although both value and growth styles have had their time in the sun over the last six months, dividend yield has
remained one of the worst performing factors. The high growth, high valuation companies which have driven the
outperformance of the broad index are, unsurprisingly, not suited to our process while the high yield index tends to
have a large exposure to financials where we remain sceptical of the sustainability of growth and dividends once the
initial euphoria of re-opening has subsided. It should also be noted that the Company has a higher dividend yield than
the broad index, the high yield index and other income peers, so it is not a big surprise to see a degree of
underperformance considering how badly yield as a style has performed.
The stocks in the portfolio are chosen based on their valuation and cash flow generation and their ability to sustain and
grow dividends over time. Although there is clearly a value bias to the portfolio (high valuation companies don’t pay
high dividends) we wouldn’t consider ourselves to be purely value managers. We look for companies with the ability to
surprise through higher dividends than the market expects as a way to crystalize value. This process has stood us in
good stead in the past and will again in the future, but it is fair to say that while the market is focused on themes,
whether its structural growth, value, ESG, re-opening or cyclicals, fundamentals tend to be ignored.
We are encouraged, however, by the more recent moves in the portfolio since the period end. We have had strong
results from some of the companies owned and these have been rewarded with supportive price action. We are
optimistic that the market will continue this trend of rewarding good companies for good results.
Revenue
It may have been a difficult period for capital performance, but the revenue generation remains robust. Over the period
total income increased by 6%, aided somewhat by share issuance, compared to the same period last year, with
dividend income increasing by 5.1% and option income by 13.3%. These numbers are encouraging especially
considering that sterling appreciated by 2.5% compared to Asian currencies over the period. Revenue per share was
down slightly due to the increase in issued share capital over the period. The revenue reserve remains at just over half
of a full year’s distribution.
Over the period we wrote five options and generated £1.2m in premia. All the options written were put options where
the income received allowed access to companies which are not high yielding as yet, but are expected to be in the
future. At the end of the period, four options were outstanding. Gearing was used sparingly over the period with a
range of between 0% and just over 5% of net asset value. This had a positive, albeit marginal, impact on capital and
revenue performance.
Strategy
The ideal stock for inclusion in the portfolio has a combination of growth, value and yield. With strong earnings
expected this year, growth is not scarce, but finding opportunities that haven’t already priced in these expectations, is
more of a challenge. It is fair to say that certain areas of technology and anything to do with green energy and electric
vehicles are at valuations that are difficult to justify, whereas some of the enablers of these transitions have been
somewhat ignored. The commodity and materials sectors are a prime example of this and have the combination of
growth, value and yield. In the portfolio we have increased our exposure to BHP Group Limited and Rio Tinto Limited,
and added Fortescue Metals and OZ Minerals as we believe the lack of new supply and strong demand for metals for
electric vehicles and alternative energy, as well as improving demand from traditional sources as economies recover,
will keep prices buoyant.
We continue to have exposure to technology and, again, prefer the enablers rather than the frontline providers.
Samsung Electronics and Taiwan Semiconductor Manufacturing have served us well, although we have been trimming
the latter on valuation grounds and increased our exposure to structural growth areas where valuations are more
acceptable. Over the period, we have added Chinese software companies Chinasoft International and Venustech,
along with gaming company Netease.
We have increased our exposure to financials across the region on a selective basis. Banks have valuation support
and arguably better growth prospects as economies recover, but, in some cases, dividends have been restricted by
regulator intervention and will take some time to recover to pre Covid-19 levels. This is particularly true of Australia and
Singapore so we continue to avoid commercial banks in these two countries. We do find opportunity elsewhere,
though, and we have added banks in China, Indonesia, Hong Kong and Korea over the period.
Other notable changes include adding Thai Beverage to the portfolio. This Thai and Vietnamese brewer has been hit
hard by the lack of tourism spend in Thailand, but is now at attractive valuations and is a beneficiary of continued
strong growth of beer consumption in Vietnam and the eventual re-opening of international travel. Swire Pacific has
been added to the portfolio as a re-opening beneficiary. This Hong Kong conglomerate has a 45% stake in Cathay
Pacific as well as interests in airline services, oil services and office and retail property in Hong Kong and is trading at a
record discount to the sum of its parts.
To fund these acquisitions, we have reduced exposure to telecommunications and Real Estate Investment Trusts,
which are attractive from a yield perspective, but are lacking in growth and are susceptible to underperformance as
inflation and interest rate expectations increase.

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The portfolio remains focused on North Asia and Australia compared to ASEAN and India with a barbell strategy of
high and sustainable yield alongside dividend growth opportunities. The characteristics of the portfolio as at the end of
March 2021 show a forward price to earnings ratio of 11.2x with 22.6%
5
earnings per share growth forecast. These
numbers are based on consensus estimates and are compelling compared to history.
Outlook
We remain positive on the outlook for Asian equities in the months ahead. Asian economies are recovering from Covid-
19 quicker than most other regions with impressive growth forecast for the next couple of years. Although valuations on
the face of it look expensive compared to history, these are distorted by bubble like excesses in some structural growth
areas while some of the value and yield dominated sectors offer numerous opportunities.
Dividend yield as a style looks very interesting at current levels. Despite incredibly low interest rates, the 20% highest
yielding stocks in Asia are trading at a record discount to the market price to earnings multiple. We believe this gap will
close and expect interest to return to these areas as the need for income from aging populations in a low interest rate
environment is an ongoing theme. While the strong markets have allowed some investors to fulfil their income
requirements from capital gains, any volatility in returns will focus minds to the benefits of sustainable income, which
should be beneficial for the stocks owned by the Company.
We remain focused on cash flow generative businesses with sustainable and growing dividends which play into the
growth dynamics of the Asia Pacific region at reasonable valuations.
Mike Kerley and Sat Duhra
Fund Managers
22 April 2021
3 Thai Office of National Economic and Social Development Council
4 Factset, MSCI
5 Janus Henderson Investors

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PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties associated with the Company’s business can be divided into the following main
areas:
•Investment and strategy – adopting an inappropriate investment strategy or underperformance for an
extended period leading to a wide discount and hostile shareholders;
•Accounting, legal and regulatory – failure to maintain accurate accounting records or a breach of legal or
regulatory requirements resulting in financial or reputational loss;
•Operational – disruption to or failure of a third-party service provider leading to loss of shareholder value or
reputational damage;
•Financial – changes in market prices, currency exchange rates, interest rates or poor liquidity or counterparty
management leading to a loss of shareholder value.
Further information on these risks and how they are managed is given in the annual report for the year ended 31
August 2020. In the view of the Board these principal risks and uncertainties are as applicable to the remaining six
months of the financial year as they were to the six months under review.
DIRECTORS’ RESPONSIBILITY STATEMENT
The directors (listed in note 13) confirm that, to the best of their knowledge:
•the unaudited condensed set of financial statements has been prepared in accordance with IAS 34 – Interim
Financial Reporting (‘IAS 34’) and gives a true and fair view of the assets, liabilities, financial position and profit or
loss of the Company as required by Disclosure Guidance and Transparency Rule (‘DTR’) 4.2.4R;
•the interim management report includes a fair review of the information required:
−by DTR 4.2.7R (indication of important events during the first six months of the financial year, and their impact
on the unaudited condensed set of financial statements, and a description of principal risks and uncertainties
for the remaining six months of the year); and
−by DTR 4.2.8R (disclosure of related party transactions that have taken place in the first six months of the
current financial year and that have materially affected the financial position or the performance of the
Company during the period; and any changes in related party transactions described in the latest annual report
that could have an impact in the first six months of the current financial year).
Legislation in Jersey governing the preparation and dissemination of financial statements may differ from legislation in
other jurisdictions. The directors remain responsible for establishing and controlling the process for doing so, and for
ensuring that the financial statements are complete and unaltered in any way.
For and on behalf of the Board
John Russell
Chairman
22 April 2021

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Investment portfolio at 28 February 2021
Company
Country of
incorporation Sector
Valuation
£'000
% of
Portfolio
1 Samsung Electronics
1
South Korea Technology 19,901 4.22
2 Rio Tinto Limited Australia Basic Materials 18,835 3.99
3 Taiwan Semiconductor Manufacturing
2
Taiwan Technology 18,296 3.87
4 BHP Group Limited Australia Basic Materials 18,124 3.84
5 Yageo Taiwan Technology 13,705 2.90
6 Macquarie Korea Infrastructure Fund South Korea Financials 13,673 2.90
7 VinaCapital Vietnam Opportunity Fund Vietnam Financials 13,040 2.76
8 LG Corporation South Korea Industrials 12,979 2.75
9 Sun Hung Kai Properties Hong Kong Property 12,973 2.75
10 AIA Group Hong Kong Financials 12,299 2.61
Top Ten Investments 153,825 32.59
11 Ping An Insurance China Financials 11,724 2.48
12 Telekom Indonesia Persero Indonesia Telecommunications 11,578 2.45
13 HKT Trust & HKT Hong Kong Telecommunications 11,265 2.39
14 SK Telekom
2
South Korea Telecommunications 11,115 2.36
15 Thai Beverage Thailand Consumer Goods 10,956 2.32
16 Macquarie Group Australia Financials 10,897 2.31
17 Swire Pacific Hong Kong Industrials 10,828 2.29
18 Kweichow Moutai China Consumer Goods 10,715 2.27
19 China Resources Cement China Industrials 10,501 2.22
20 Telstra Australia Telecommunications 10,489 2.22
Top Twenty Investments 263,893 55.90
21 Netease China Technology 10,226 2.17
22 Topsports International China Consumer Goods 9,944 2.11
23 Bank Mandiri Indonesia Financials 9,890 2.09
24 KB Financial Group South Korea Financials 9,737 2.06
25 CITIC Securities China Financials 9,703 2.06
26 Quanta Computers Taiwan Technology 9,622 2.04
27 Fortescue Metals Australia Basic Materials 9,600 2.03
28 PTT Thailand Oil & Gas 9,509 2.01
29 China Yangtze Power China Utilities 9,443 2.00
30 Hengan International China Consumer Goods 9,285 1.97
Top Thirty Investments 360,852 76.44
31 Taiwan Cement Taiwan Industrials 9,264 1.96
32 Dexus Australia Property 8,986 1.90
33 Samsung Fire & Marine South Korea Financials 8,911 1.89
34 China Yongda Automobiles China Consumer Services 8,720 1.85
35 Digital Telecommunications Infrastructure
Fund
Thailand Telecommunications 8,701 1.84
36 Spark New Zealand New Zealand Telecommunications 8,682 1.84
37 China Construction Bank China Financials 8,472 1.80
38 Stockland Australia Property 8,385 1.78
39 Industrial and Commercial Bank of China China Financials 8,120 1.72
40 Ascendas REIT Singapore Property 8,111 1.72
Top Forty Investments 447,204 94.74
41 Mapletree Logistics Trust REIT Singapore Property 7,531 1.59
42 Chinasoft International China Technology 7,203 1.53
43 OZ Minerals Australia Basic Materials 5,456 1.16
44 Woodside Petroleum Australia Oil & Gas 4,581 0.97
45 Mapletree Industrial Trust REIT Singapore Property 669 0.14

Page 9 of 17
46 China Forestry Holdings China Basic Materials --
47 China Yongda Automobiles Put Option
(Expiry 21/04/21)
China Consumer Services (95)(0.02)
48 OZ Minerals Put Option (Expiry 10/05/21) Australia Basic Materials (110)(0.02)
49 China Construction Bank Put Option (Expiry
23/04/21)
China Financials (181)(0.04)
50 Venustech Put Option (Expiry 10/05/21) China Technology (212)(0.05)
Total Investments 472,046 100.00
(1) Preferred Shares
(2) American Depositary Receipts
Sector and Geographic exposure
Geographic
Exposure
Portfolio at
28 February 2021
%
Portfolio at
31 August 2020
%
Australia 20.2 16.8
China 24.1 25.5
Hong Kong 10.0 11.0
Indonesia 4.5 2.3
New Zealand 1.8 2.8
Singapore 3.4 5.4
South Korea 16.2 10.0
Taiwan 10.8 18.2
Thailand 6.2 5.6
Vietnam 2.8 2.4
Total 100.0 100.0
Sector Exposure
Portfolio at
28 February 2021
%
Portfolio at
31 August 2020
%
Financials 24.6 21.3
Technology 16.7 16.9
Telecommunications 13.1 17.1
Basic Materials 11.0 8.3
Property 9.9 14.3
Industrials 9.2 7.6
Consumer Goods 8.7 5.4
Oil & Gas 3.0 1.4
Utilities 2.0 4.0
Consumer Services 1.8 3.7
Total 100.0 100.0

Page 10 of 17
CONDENSED STATEMENT OF COMPREHENSIVE INCOME
Half-year ended
28 February 2021
(Unaudited)
Half-year ended
29 February 2020
(Unaudited)
Year ended
31 August 2020
(Audited)
Revenue
return
£’000
Capital
return
£’000
Total
return
£’000
Revenue
return
£’000
Capital
return
£’000
Total
return
£’000
Revenue
return
£’000
Capital
return
£’000
Total
return
£’000
Investment income 9,492 -9,4929,031 -9,03135,344 -35,344
Other income 1,223 -1,2231,079 -1,0793,410 -3,410
Gains/(losses) on
investments held at
fair value through
profit or loss -23,32823,328 -(45,277)(45,277) -(78,516)(78,516)
Net foreign
exchange
gain/(loss)
excluding
gains/(losses) on
investments -670670 -(341)(341)-(836)(836)
-------- ---------------------- -------- ---------------------- ------------------- -----------
Total income 10,715 23,998 34,713 10,110 (45,618)(35,508) 38,754(79,352) (40,598)
-------- ----------- ----------- -------- ---------------------- ------------------- -----------
Expenses
Management fees (988)(988)(1,976) (1,030) (1,030) (2,060) (1,942) (1,942) (3,884)
Other expenses (232)(232)(464)(283)(283)(566)(494)(494)(988)
-------- ----------------- ---------------- ------------------ --------------------
Profit/(loss) before
finance costs and
taxation 9,495 22,778 32,273 8,797 (46,931) (38,134) 36,318 (81,788) (45,470)
Finance costs (28)(28)(56)(74)(74)(148)(101)(100)(201)
-------- ---------------------- ------------------- -------------------- -----------------
Profit/(loss) before
taxation 9,467 22,750 32,217 8,723 (47,005) (38,282) 36,217 (81,888) (45,671)
Taxation (1,367) 237 (1,130) (993)252(741)(3,630)482 (3,148)
-------- ----------- ----------- -------- ---------------------- ------------------- -----------
Profit/(loss) for the
period and total
comprehensive
income 8,100 22,987 31,087 7,730 (46,753) (39,023) 32,587 (81,406) (48,819)
-------- ----------- ----------- -------- ----------- ----------- --------- --------- ----------
Earnings/(losses)
per ordinary share
basic and diluted
(note 2) 5.68p 16.12p 21.80p 5.75p (34.74p) (28.99p) 23.71p (59.23p) (35.52p)
===== ======= ======= ===== ===== ===== ====== ====== ======
The total column of this statement represents the Condensed Statement of Comprehensive Income of the Company, prepared in accordance with
IAS 34.
The revenue return and capital return columns are supplementary to this and are prepared under guidance published by the Association of Investment
Companies. All items in the above statement derive from continuing operations.
All income is attributable to the equity shareholders of the Company. There are no minority interests.

Page 11 of 17
CONDENSED STATEMENT OF CHANGES IN EQUITY
Half-year ended 28 February 2021 (Unaudited)
Stated
capital
£’000
Distributable
reserve
£’000
Capital
reserves
£’000
Revenue
reserve
£’000
Total
£’000
Total equity at 31 August 2020 204,875 180,471 14,653 25,928 425,927
Total comprehensive income:
Profit for the period - - 22,987 8,100 31,087
Transaction with owners,
recorded directly to equity:
Dividends paid - - - (16,580) (16,580)
Shares issued 9,089 - - - 9,089
Share issue costs (18) - - -(18)
------------- ------------- ------------- ------------- -------------
Total equity at 28 February 2021 213,946 180,471 37,640 17,448 449,505
======= ======= ======= ======= =======
Half-year ended 29 February 2020 (Unaudited)
Stated capital
£’000
Distributable
reserve
£’000
Capital
reserves
£’000
Revenue
reserve
£’000
Total
£’000
Total equity at 31 August 2019 167,599 180,471 96,059 24,992 469,121
Total comprehensive income:
(Loss)/profit for the period - - (46,753) 7,730 (39,023)
Transaction with owners,
recorded directly to equity:
Dividends paid - - - (15,449) (15,449)
Shares issued 27,442 - - - 27,442
Share issue costs (56) - - -(56)
------------- ------------- ------------- ------------- -------------
Total equity at 29 February 2020 194,985 180,471 49,306 17,273 442,035
======= ======= ======= ======= =======
Year ended 31 August 2020 (Audited)
Stated capital
£’000
Distributable
reserve
£’000
Capital
reserves
£’000
Revenue
reserve
£’000
Total
£’000
Total equity at 31 August 2019 167,599 180,471 96,059 24,992 469,121
Total comprehensive income:
(Loss)/profit for the year - - (81,406) 32,587 (48,819)
Transaction with owners,
recorded directly to equity:
Dividends paid - - - (31,651) (31,651)
Shares issued 37,458 - - - 37,458
Share issue costs (182) - - -(182)
---------- ---------- ---------- ---------- ----------
Total equity at 31 August 2020 204,875 180,471 14,653 25,928 425,927
====== ====== ====== ====== ======

Page 12 of 17
CONDENSED BALANCE SHEET
28 February 2021
(Unaudited)
£’000
29 February 2020
(Unaudited)
£’000
31 August 2020
(Audited)
£’000
Non-current assets
Investments held at fair value through profit or
loss (note 8) 472,644 458,039 423,694
----------- ----------- -----------
Current assets
Other receivables 11,747 6,986 14,384
Cash and cash equivalents 6,974 14,063 3,879
----------- ----------- -----------
18,721 21,049 18,263
----------- ----------- -----------
Total assets 491,365 479,088 441,957
----------- ----------- -----------
Current liabilities
Investments held at fair value through profit or
loss - written options (note 8) (598) (3,370) (1,090)
Deferred taxation (34) (59) (64)
Other payables (11,174) (10,099) (7,407)
Bank loans and overdrafts (30,054) (23,525) (7,469)
----------- ----------- -----------
(41,860) (37,053) (16,030)
----------- ----------- -----------
Net assets 449,505 442,035 425,927
====== ====== ======
Equity attributable to equity shareholders
Stated share capital 213,946 194,985 204,875
Distributable reserve 180,471 180,471 180,471
Retained earnings:
Capital reserves 37,640 49,306 14,653
Revenue reserve 17,448 17,273 25,928
----------- ----------- -----------
Total equity 449,505 442,035 425,927
====== ====== ======
Net asset value per ordinary share (note 3) 311.52p 319.60p 301.02p
======= ======= =======

Page 13 of 17
CONDENSED STATEMENT OF CASH FLOWS
Half-year ended
28 February 2021
(Unaudited)
£’000
Half-year ended
29 February 2020
(Unaudited)
£’000
Year ended
31 August 2020
(Audited)
£’000
Operating activities
Profit/(loss) before taxation 32,217 (38,282) (45,671)
Add back:
Finance costs 56 148 201
(Gains)/losses on investments held at fair value
through profit or loss (23,328) 45,277 78,516
Net foreign exchange (gains)/losses excluding
foreign exchange losses on investments (670) 341 836
Sales of investments 197,958 160,538 524,714
Purchases of investments (224,080) (184,011) (549,180)
Decrease in prepayments and accrued income 11 2,025 795
Decrease/(increase) in amounts due from brokers 2,707 (4,177) (10,318)
(Decrease)/increase in other payables (310) (62) 41
Decrease in amounts due to brokers 4,129 8,069 5,231
Stock dividends included in investment income - - (180)
-------------- -------------- --------------
Net cash (outflow)/inflow from operating activities
before interest and taxation (11,310) (10,134) 4,985
Interest paid (51) (147) (200)
Increase in corporation tax payable - - 166
Withholding tax on investment income (1,196) (740) (3,170)
-------------- -------------- --------------
Net cash (outflow)/inflow from operating activities
after interest and taxation (12,557) (11,021) 1,781
-------------- -------------- --------------
Financing activities
Net loans drawdown/(repayment) 23,222 7,099 (8,886)
Equity dividends paid (16,580) (15,449) (31,651)
Share issue proceeds 9,089 27,442 37,458
Share issue costs (18) (56) (182)
-------------- -------------- --------------
Net cash inflow/(outflow) from financing 15,713 19,036 (3,261)
-------------- -------------- --------------
Increase/(decrease) in cash and cash equivalents 3,156 8,015 (1,480)
Cash and cash equivalents at the start of the
period / year 3,879 6,360 6,360
Exchange movements (61) (312) (1,001)
-------------- -------------- --------------
Cash and cash equivalents at the end of the
period / year 6,974 14,063 3,879
======== ======== ========
Net debt
Cash and cash equivalents 6,974 14,063 3,879
Bank loans and overdraft repayable within one year (30,054) (23,525) (7,469)
-------------- -------------- --------------
Net debt (23,080) (9,462) (3,590)
======== ======= ========

Page 14 of 17
Notes to the condensed financial statements
1. Accounting Policies:
(a)Basis of preparation
The condensed interim financial statements have been prepared in accordance with IAS 34 and the Disclosure
Guidance and Transparency Rules of the UK's Financial Conduct Authority. The interim financial statements have
been prepared on a going concern basis (see note 9).
The annual report and financial statements for the year ended 31 August 2020 were prepared in accordance with
International Financial Reporting Standards (‘IFRS’) as adopted by the European Union. Where presentational
guidance as set out in the Statement of Recommended Practice (the 'SORP') for investment trusts issued by the
Association of Investment Companies (the 'AIC') in October 2019 is consistent with the requirements of IFRS, the
directors have sought to prepare the financial statements on a basis consistent with the recommendations of the
SORP. The unaudited results for the half-year ended 28 February 2021 have been prepared in accordance with the
same accounting policies as those applied in the Company’s financial statements for the year ended 31 August 2020.
There has been no change to the segmental reporting assessment compared to the 31 August 2020 financial
statements.
These condensed financial statements do not include all information required for a full set of financial statements. The
figures and financial information for the year ended 31 August 2020 are an extract based on the published financial
statements and should be read in conjunction with them.
The condensed financial statements for the half-years ended 28 February 2021 and 29 February 2020 have not been
audited.
(b)Investments held at fair value through profit or loss
All investments are classified upon initial recognition as held at fair value through profit or loss and are measured
initially and subsequently at fair value. These financial assets are designated on the basis that they are part of a group
of financial assets which are managed and have their performance evaluated on a fair value basis. Financial assets are
recognised/de-recognised at the trade date of the purchase/disposal. Proceeds will be measured at fair value, which
will be regarded as the proceeds of sale less any transaction costs. The fair value of the financial assets is based on
their quoted bid price at the balance sheet date, without deduction of the estimated future selling costs. The fair value
of option contracts is determined by reference to the Black-Scholes model. The fair values of unquoted financial
instruments within the portfolio are based on their last audited net asset values discounted where necessary to arrive at
a fair value.
Changes in the fair value of investments held at fair value through profit or loss and gains and losses on disposal,
including exchange gains and losses, are recognised in the Statement of Comprehensive Income as ‘Gains/(losses) on
investments held at fair value through profit or loss’. Also included within this caption are transaction costs in relation to
the purchase or sale of investments, including the difference between the purchase price of an investment and its bid
price at the date of purchase.
Significant accounting judgments and estimates
The preparation of the Company’s financial statements requires management to make judgements, estimates and
assumptions that affect the amounts recognised in the financial statements; however, uncertainty about these
assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of the
asset or liability affected in the future. As the majority of the Company’s financial assets are quoted securities, in the
opinion of the directors, the amounts included as assets and liabilities in the financial statements are not subject to
significant judgements, estimates or assumptions.
The obligations relating to the options valued at £598,000 (liability) (29 February 2020: £3,370,000 (liability), 31 August
2020: £1,090,000 (liability)) are valued by reference to the Black-Scholes model.
2. Earnings per ordinary share
The earnings per ordinary share figure is based on the net profit after taxation of £31,087,000 (half-year ended 29
February 2020: loss £39,023,000; year ended 31 August 2020: loss £48,819,000) and on 142,594,393 ordinary shares
(half-year ended 29 February 2020: 134,588,399; year ended 31 August 2020: 137,436,515) being the weighted
average number of ordinary shares in issue during each of the periods.
The earnings per ordinary share detailed above can be further analysed between revenue and capital, as below:
Half-year ended
28 February 2021
(Unaudited)
£’000
Half-year ended
29 February 2020
(Unaudited)
£’000
Year ended
31 August 2020
(Audited)
£’000
Net revenue profit 8,100 7,730 32,587

Page 15 of 17
Net capital profit/(loss) 22,987 (46,753) (81,406)
Net total profit/(loss) 31,087 (39,023) (48,819)
Weighted average number of ordinary shares
in issue during the period / year 142,594,393 134,588,399 137,436,515
Pence Pence Pence
Revenue earnings per ordinary share 5.68 5.75 23.71
Capital earnings per ordinary share 16.12 (34.74) (59.23)
Total earnings per ordinary share 21.80 (28.99) (35.52)
The Company does not have any dilutive securities therefore the basic and diluted returns per share are the same.
3.Net asset value per ordinary share
The net asset value per ordinary share is based on a net asset value of £449,505,000 (29 February 2020:
£442,035,000; 31 August 2020: £425,927,000) and on 144,293,564 (29 February 2020: 138,308,564; 31 August 2020:
141,493,564) ordinary shares, being the number of ordinary shares in issue at each period end.
4. Transaction costs
Purchase transaction costs for the half-year ended 28 February 2021 were £248,000 (half-year ended 29 February
2020: £174,000; year ended 31 August 2020: £655,000). Sales transaction costs for the half-year ended 28 February
2021 were £344,000 (half-year ended 29 February 2020: £216,000; year ended 31 August 2020: £773,000).
Transaction costs for both purchases and sales principally consist of commission fees.
5. Share capital
During the six months under review the Company issued a total of 2,800,000 shares (half-year ended 29 February
2020: 7,630,000; year ended 31 August 2020: 10,815,000) for net proceeds of £9,071,000 (half-year ended 29
February 2020: £27,386,000; year ended 31 August 2020: £37,276,000) net of costs. A further 2,345,000 shares have
been issued since the period end.
6. Dividends
The Company pays dividends on a quarterly basis. On 27 November 2020, a fourth interim dividend of 5.80p per share
was paid in respect of the year ended 31 August 2020. A first interim dividend, in respect of the year ended 31 August
2021, of 5.80p per share was paid on 26 February 2021. The second interim dividend of 5.80p per share will be paid
on 28 May 2021 to shareholders on the register on 30 April 2021. The Company’s shares will be quoted ex-dividend on
29 April 2021. Based on the number of shares in issue on 21 April 2021, the cost of this dividend will be £8,505,036.71.
7. Management Fees
Management fees are charged in accordance with the terms of the management agreement at a rate of 0.9% per
annum of the first £400,000,000 of net assets and 0.75% per annum of the balance of net assets greater than
£400,000,000.
8. Financial Instruments
At the period end the carrying value of financial assets and financial liabilities approximates their fair value.
Financial instruments carried at fair value
Fair value hierarchy
The table below analyses recurring fair value measurements for financial assets and financial liabilities. These fair
value measurements are categorised into different levels in the fair value hierarchy based on the inputs to valuation
techniques used. The different levels are defined as follows:
•Level 1: inputs are quoted prices in active markets for identical assets or liabilities that the entity can access at the
measurement date.
•Level 2: inputs other than quoted market prices included within Level 1 that are observable for the asset or liability,
either directly or indirectly.
•Level 3: inputs are unobservable inputs for the asset or liability.
Financial assets and financial liabilities at fair value through profit
or loss at 28 February 2021
Level 1
£'000
Level 2
£'000
Level 3
£’000
Total
£’000
Investments including derivatives:
-Equity investments472,644 - - 472,644
-OTC derivatives (options)-(598)-(598)
472,644 (598)-472,046
Financial assets and financial liabilities at fair value through profit or
loss at 29 February 2020
Level 1
£'000
Level 2
£'000
Level 3
£’000
Total
£’000

Page 16 of 17
Investments including derivatives:
-Equity investments458,039 - - 458,039
-OTC derivatives (options)-(3,370)-(3,370)
458,039 (3,370) -454,669
Financial assets and financial liabilities at fair value through profit or
loss at 31 August 2020
Level 1
£'000
Level 2
£'000
Level 3
£’000
Total
£’000
Investments including derivatives:
-Equity investments423,694 - - 423,694
-OTC derivatives (options)-(1,090)-(1,090)
423,694 (1,090) -422,604
Level 3 investments relate to one holding of China Forestry, transferred into Level 3 in 2012, written down to zero
during the year ended 31 August 2014.
There have been no transfers into/out of and no movements in Level 3 investments during the half-year ended 28
February 2021 and 29 February 2020 and the year ended 31 August 2020.
The Company’s holdings in options are included within Level 2.
The valuation techniques used by the Company are explained in note 1(b).
Premiums from written options during the half-year ended 28 February 2021 were £1,223,000 (half-year ended 29
February 2020: £1,068,000; year ended 31 August 2020: £3,396,000) and is included within other income.
9. Going concern
The assets of the Company consist of securities that are readily realisable. The directors have considered the impact of
the Covid-19 pandemic, including cash flow forecasting, a review of covenant compliance covering the headroom
above the most restrictive covenants and an assessment of the liquidity of the portfolio. Having done so, the directors
have concluded that the Company has adequate resources to meet its financial obligations, including the repayment of
the loan facility, as it falls due for a period of at least twelve months from the date of approval of the financial
statements. Taking account of these factors and the principal risks the Board has determined that it is appropriate for
the financial statements to be prepared on a going concern basis and confirm that there are no uncertainties of which
they are aware that should be conveyed to shareholders.
10.Net debt reconciliation
Bank loans and
Cash and overdraft repayable
cash equivalents within one year Total
£'000 £'000 £'000
Net debt as at 31 August 2020 3,879 (7,469) (3,590)
Cash flows 3,156 (23,222) (20,066)
Exchange movements (61) 637 576
Net debt as at 28 February 2021 6,974 (30,054) (23,080)
Cash and cash
equivalents
£'000
Bank loans and overdraft
repayable within one
year
£'000
Total
£'000
Net debt as at 31 August 2019 6,360 (16,520) (10,160)
Cash flows 8,015 (7,099) 916
Exchange movements (312) 94 (218)
Net debt as at 29 February 2020 14,063 (23,525) (9,462)
Cash and cash
equivalents
£'000
Bank loans and overdraft
repayable within one
year
£'000
Total
£'000
Net debt as at 31 August 2019 6,360 (16,520) (10,160)

Page 17 of 17
Cash flows (1,480) 8,886 7,406
Exchange movements (1,001) 165 (836)
Net debt as at 31 August 2020 3,879 (7,469) (3,590)
11.Related party transactions
The Company’s current related parties are its directors and Janus Henderson. There have been no material
transactions between the Company and its directors during the period and the only amounts paid to them were in
respect of expenses and remuneration, for which there were no outstanding amounts payable at the period end.
In relation to the provision of services by Janus Henderson, other than fees payable by the Company in the ordinary
course of business and the provision of marketing services, there have been no material transactions with Janus
Henderson affecting the financial position of the Company during the period under review.
12. Half-year report
The half-year report is available on the Company’s website (www.hendersonfareastincome.com). Shareholders will
be sent a copy of the abridged version of the half-year results in early May 2021.
13. General information
a)Company Status
The Company is a Jersey domiciled closed end investment company, number 95064, which was incorporated in 2006
and is listed on the London and New Zealand stock exchanges. The Company became UK tax resident with effect from
1 September 2018.
SEDOL/ISIN number: JE00B1GXH751
London Stock Exchange (TIDM) code: HFEL
New Zealand Stock Exchange code: HFL
Global Intermediary Identification Number (GIIN): NTTIYP.99999.SL.832
Legal Entity Identifier (LEI): 2138008DIQREOD38O596
The Company is a Jersey fund which is regulated by the Jersey Financial Services Commission.
b)Directors, Secretary and Registered Office
The directors of the Company are John Russell (Chairman), David Mashiter, Julia Chapman, Nicholas George and
Timothy Clissold. The Corporate Secretary is Henderson Secretarial Services Limited. The registered office is IFC1,
The Esplanade, St Helier, Jersey, JF1 4BP. The Company’s principal place of business is 201 Bishopsgate, London,
EC2M 3AE.
c)Website
Details of the Company’s share price and net asset value, together with general information about the Company,
monthly factsheets and data, copies of announcements, reports and details of general meetings can be found at
www.hendersonfareastincome.com
For further information please contact:
Mike Kerley
Fund Manager
Henderson Far East Income Limited
Telephone: 020 7818 5053
Sat Duhra
Fund Manager
Henderson Far East Income Limited
Telephone: +65 6813 1035
James de Sausmarez
Director and Head of Investment Trusts
Henderson Investment Funds Limited
Telephone: 020 7818 3349
Laura Thomas
Investment Trust PR Manager
Janus Henderson Investors
Telephone: 020 7818 2636
Neither the contents of the Company’s website nor the contents of any website accessible from hyperlinks on the Company’s website
(or any other website) are incorporated into, or form part of, this announcement.