Henderson International Fund - Henderson Global Investors

Henderson
International Fund
Authorised Corporate Director’s Short Report
For the six months ended 30 April 2010
Investment objective and policy
To aim to provide capital growth by investing in
companies in any economic sector and any area of
the world.
Risk profile
This fund invests in equity securities of companies
in any economic sector and any area of the world.
It has exposure to market risk and foreign exchange
risk which may affect the performance of the fund.
Manager’s commentary
The fund outperformed its index during the sixmonth
period, returning 21.3% versus18.1% for the
MSCI World index, both in sterling terms. Stock
selection in all regions added positively to returns,
with positions in Continental Europe, the UK and
Asia-Pacific ex-Japan adding the most to value. By
sector, consumer discretionary, healthcare, energy
and industrials were most positive, offsetting
weakness in financials.
At the stock level, which, as a bottom-up, growthbiased
manager, is the key driver of our investment
process, a position in Sands China added the most
to returns: the fund participated in the initial public
offering (IPO) of the Hong Kong-listed but Chineseorientated
resorts and casino operator in November.
The stock rallied strongly early in the new year as
analysts initiated coverage with positive ratings and
Macau gaming data surprised on the upside. A
position in Chinese Sports retailer 361 Degrees
was also positive as the company continued
delivering stellar earnings growth with strong samestore
sales growth and improved disclosure over
working capital. Over the period, we continued the
fund’s bias towards these Asian and emerging
markets stocks as the best source of earnings
growth in the current environment, positions in Axis
Bank in India, oil rig constructor Keppel Corporation
in Singapore, and C-trip.com, an on-line hotel and
flight aggregator in China, also added positively to
returns.
Our stock positions in Europe and North America
were purposefully more defensive in nature, albeit
positioned to benefit from a maturing of the
economic recovery through positions in quality
cyclical companies that had lagged the sharp equity
market rally. In North American positions in
industrial conglomerate Emerson Electrical, railroad
company CSX, and DIY store Lowe’s all added
positively to returns. Within Europe, temporary
employment agency Randstad, oil services company
Saipem, and pharmaceutical company Fresenius SE
were the main sources of added value. Within the
UK, a position in oil exploration company Cairn
Energy was most positive as the company increased
its production outlook for India and provided details
on drilling prospects in Greenland. The main
negatives were European financial positions,
although the portfolio is underweight versus its
benchmark, positions in Swiss bank UBS and Greek
bank NBG (which was sold early in 2010)
underperformed the broader market.
Japan was an interesting market over the period,
initially continuing its downward trend only to have
that sharply reversed at the end of November. The
fund had been significantly underweight during
most of 2009; however, we reduced this
considerably, to close to a neutral benchmark
weight during the period; as such, the fund
participated in much of the rally. Our investments
centred on two themes: overseas exposure and
consumer exposure; the first to benefit from a
weakening Yen and a global economic recovery, the
second to benefit from policies the new Japanese
government were introducing to boost domestic
demand. The most positive contributor was a
Henderson International Fund

position in Yamada Denki, a consumer electronics
retailer, whose share price responded positively to
its cost restructuring measures and the
government’s incentives to boost demand.
Discrete annual performance
Summary of fund performance
Share class
Henderson International Fund
1 May 09-
30 Apr 10
%
1 May 08-
30 Apr 09
%
Source: Morningstar, mid to mid, net income reinvested net of fees, GBP
* Average Morningstar Global Growth unit trust.
Figures in brackets are negative.
Net asset value
30/04/10
p
1 May 07-
30 Apr 08
%
Net asset value
31/10/09
p
1 May 06-
30 Apr 07
%
1 May 05-
30 Apr 06
%
Henderson International Fund 37.0 (22.3) 10.4 4.4 36.2
* Sector average 33.4 (21.9) (1.0) 6.4 37.2
MSCI World Index 33.4 (18.4) (1.0) 6.9 31.2
Net asset value
% change
Class X accumulation n/a 435.21 n/a
Class A accumulation 552.36 455.20 21.34
Class I accumulation 593.62 487.14 21.86
X accumulation share class was liquidated on 11/01/2010 and moved to A accumulation share class.
Net income distribution
There have been no dividend distributions for the period under review or for the same period last year.

Trust facts
Accounting dates Payment dates
30 April, 31 October 31 December
Total expense ratio 30/04/10 31/10/09
%
%
Class X accumulation* n/a 2.08
Class A accumulation 1.75 1.58
Class I accumulation 1.18 1.11
* Share Class X merged with Share Class A on 11 January 2010
The total expense ratio (TER) of a fund is the ratio of the fund’s total operating costs to its average net assets for twelve months.
Portfolio turnover rate 30/04/10
%
155.00
Performance record
Calendar Year
Net income
per share
p
Past performance is not a guide to future performance.
Highest price
per share
p
Lowest price
per share
p
Class X accumulation
2005 - 426.00 327.00
2006 - 454.10 384.30
2007 - 537.70 429.90
2008 - 536.20 325.30
2009 0.94 483.80 328.50
2010#
Class A accumulation
- 494.60 476.10
2005 - 437.10 334.40
2006 - 466.50 395.20
2007 - 557.30 443.40
2008 0.45 555.70 338.60
2009 3.06 506.50 342.50
2010+
Class I accumulation
- 564.90 480.30
2005 - 454.70 346.10
2006 - 486.30 412.60
2007 - 588.40 465.00
2008 4.48 587.70 359.80
2009 6.57 542.60 364.70
2010+ - 606.80 514.90
# to 11 January
+ to 30 April
31/10/09
%
209.00
The portfolio turnover rate (PTR) of a fund is the ratio of the fund’s transactions to its average net assets for twelve months.
Henderson International Fund

Major holdings
as at 30/04/10 %
Apple 3.17
7UBS 3.08
Emerson Electric 2.90
Lowe's 2.84
Cisco Systems 2.82
Essar Energy 2.54
Fresenius 2.52
Sands China 2.52
361 Degrees International 2.45
Microsoft 2.44
Henderson International Fund
Major holdings
as at 31/10/09 %
UBS 3.70
Apple 2.81
Wilmar International 2.68
Cisco Systems 2.66
Makita 2.45
CapitaLand 2.34
Covidien 2.22
Tesco 2.10
Emerson Electric 2.10
Pepsico 2.09

Asset allocation
as at 30/04/10 %
United States 42.70
United Kingdom 12.82
Japan 10.27
Singapore 6.72
Switzerland 6.19
Hong Kong 4.97
China 3.17
Germany 2.52
Ireland 2.27
India 1.96
Netherlands 1.69
Taiwan 1.64
Italy 1.17
Panama 1.14
Belgium 0.91
Indonesia 0.63
Spain 0.00
Greece 0.00
Canada 0.00
Brazil 0.00
Net other liabilities (0.77)
Total 100.00
Asset allocation
as at 31/10/09 %
United States 35.60
United Kingdom 9.92
Singapore 8.58
Japan 7.46
Switzerland 6.64
Brazil 3.90
Hong Kong 3.14
Taiwan 3.05
Canada 2.93
Netherlands 2.42
Ireland 2.22
China 2.11
Germany 2.08
Greece 1.65
Spain 1.35
Belgium 1.28
Indonesia 1.04
Italy 1.03
India 0.96
Panama 0.00
Net other assets 2.64
Total 100.00
Henderson International Fund

Report and financial statements
This document is a short report of the Henderson
International Fund for the six months ended
30 April 2010.
Copies of the annual and half yearly long form report
and financial statements of this fund are available on
our website www.henderson.com or contact investor
services on the telephone number provided.
Issued by:
Henderson Investment Funds Limited
Registered office:
201 Bishopsgate,
London EC2M 3AE
Member of the IMA and authorised and regulated
by the Financial Services Authority.
Registered in England No 2678531
Depositary
The Royal Bank of Scotland plc
Trustee & Depositary Services
The Broadstone
50 South Gyle Crescent
Edinburgh EH12 9UZ
Henderson International Fund
Other information
The information in this report is designed to enable
you to make an informed judgement on the activities
of the fund during the period it covers and the
results of those activities at the end of the period.
Risk warning
Please remember that past performance is not
a guide to future performance. The value of an
investment and the income from it can fall as
well as rise as a result of market and currency
fluctuations and you may not get back the amount
originally invested.
Auditor
PricewaterhouseCoopers LLP
141 Bothwell Street
Glasgow G2 7EQ

Contact us
Customer Services 0800 832 832 Head Office address:
www.henderson.com 201 Bishopsgate, London EC2M 3AE
Changes of address – regulatory requirements
FSA regulation requires us to send this report mailing to the address held on file
on the ex-dividend date of 30 April 2010. If you have confirmed a change of
address with us since that date we will ensure all future correspondence will be
sent to your new address.
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of shares.
Mr A Sample
10 Sample Street
Sampledistrict
Sampletown
SM1 2PL
Any questions?
Further information about the activities and performance of the fund for this and
previous periods can be obtained from the Investment Manager. If you have any
questions please call our Client Services Team on 0800 832 832 or email
support@henderson.com.
Important Information
Henderson Global Investors is the name under which Henderson Global Investors Limited (reg. no. 906355), Henderson Fund Management plc (reg. no. 2607112), Henderson Investment
Funds Limited (reg. no. 2678531), Henderson Investment Management Limited (reg. no. 1795354), Henderson Alternative Investment Advisor Limited (reg. no. 962757) and Henderson
Equity Partners Limited (reg. no. 2606646) (each incorporated and registered in England and Wales with registered office at 201 Bishopsgate, London EC2M 3AE and authorised and
regulated by the Financial Services Authority) provide investment products and services. Telephone calls may be recorded and monitored.
Unless otherwise stated, all data is sourced by Henderson Global Investors.