I didn't check the HML prospectus but did with the BHD and they explicitly mention leverage and risks with derivatives, futures trading in particular.
IMO it is the leverage associated with derivatives trading that permitted the special dividend last fiscal with HML, and will be the basis of the potential 'normal dividend' with HML soon.
I have purchased some BHD for future dividends from their derivatives trading - as far as 12 months away.
So, you will not see any borrowings of note in a balance sheet or annul report but the potential superior performance will/has been due to leverage.
I didn't check the HML prospectus but did with the BHD and they...
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