Henderson Smaller Companies Investment Trust (HSL) recently reported a 19.9 per cent rise in its net asset value (NAV) and 22.7 per cent rise in its share price over the 12 months to 31 May 2014, against 19.1 per cent for its benchmark, Numis Smaller Companies (ex Investment Companies) Index.
525p
Stock selection helped performance, and in particular gearing (debt), which currently stands at 9 per cent. As the trust's manager, Neil Hermon, expects positive returns he will maintain some gearing over the trust's coming year.