Over the year to the end of October 2013 HDIV’s net asset value increased from 83.3p to 87.9p ( a total return, including income, of 12.0%). The dividend rose slightly from 5p to 5.05p but the Board have said that quarterly dividends will be 1.25p for the current financial year (i.e. back to 5p again). HDIV is benchmarked against LIBOR +1.25% – which generated a return of 1.8% for the period. Henderson get a performance fee of £703,000 for generating this outperformance (it would have been higher but this was subject to a cap of 1.75% on total fees). Henderson has agreed though to cut its management fee from 0.75% per annum to 0.65% and reduce the performance fee cap to 1.5%. Recently shareholders gave HDIV permission to issue up to 50% more shares and the Board intends to get on with this – a prospectus is being published today.