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Contact details

ManagerGroupLogo
201 Bishopsgate, London, EC2M 3AE
0845 608 8703 (Dealing)
0800 832 832 (Main Number)

Support@henderson.com

Fund managers

* Job Curtis»01-Jan-1991 to Present


Investment objectives

The Company’s objective is to provide long term growth in income and capital, principally by investment in UK equities. The board continues to recognise the importance of dividend income to shareholders.

Key Information

Fund vs sector

  1y 3y
Position 11 / 24 16 / 24
Quartile 2 3

Fund ratings

FE Crown Rating: 4 FE
Crown Rating
(Quantitative)

Ratios

  1y 3y
Volatility 7.92 9.77
Alpha 1.85 -1.28
Beta 1.03 0.98
Sharpe 0.55 1.23
InfoRatio 1.19 -0.53
R2 0.96 0.90
Quartiles:   1  2   3  4   help with ratios
vs. UK Equity Income»

Performance

performance chart
chart
    1y 3y 5y 12m-24m 24m-36m 36m-48m 48m-60m
+6.7 +56.6 +102.3 +20.5 +21.7 -0.4 +29.7
  NAV +6.8+56.6+87.5+20.7 +21.5-0.4+20.2
  UK Equity Income +3.9+63.9+89.3+26.9+24.3-3.5+19.8
Share Price
 SharePriceDatePrem/DiscDiluted NAVGearingDiv yield
EstimLast pub.NetGross
pdf THE CITY OF LONDON INVESTMENT TRUST ORD 382.05 (p) 19-Dec-2014 +1.74 373.12 369.80
18-Dec-2014
109 3.93 3.93
Capital structure & income
Share Type Exchange Nominal value Issued Market value (m) Wind-up date Splits News
THE CITY OF LONDON INVESTMENT TRUST ORD UNIT LONDON 25 300,785,000 1141.78 n/a n/a company announcements
Share identifiers: TIDM: CTY; SEDOL: 0199049; ISIN: GB0001990497
Detailed fund information
Fund type flag United Kingdom-registered Investment Trusts
Launched1901
Gross assets£1,222.2m / $1,908.5m
Sector UK Equity Income
Asset ClassEquity
Own ISA wrapper Fund has ISA Wrapper help with ISA
Savings plan Fund has Savings Plan Minimum: £ 50.0 Monthly
Annual accountsannual (Click to order)
Last report / accounts30-Sep-2014
Last AGM27-Oct-2014
Next AGMOctober 2013
EGM23-Jun-2011
Stockbroker(s)Cenkos Securities Limited
Management contractManagement, UK custodial, accounting, administrative and company secretarial services are provided to the Fund by Henderson Investors Plc and BNP Paribas Fund Services UK Ltd under a Management Agreement reviewed annually and has a 6 months notice period. The base management fee is calculated at the rate of 0.30% on the first GBP400 million of assets under management and 0.25% on assets under management in excess of GBP400 million. Such fees are payable quarterly in arrears. In addition, a performance fee is payable annually equivalent to 0.1% for every 1% outperformance against its benchmark subject to a cap of 0.5% of the average assets under management during the year (including the base management fee). With effect from 1 July 2005, an adjustment to the performance fee was introduced. if sufficient performance has been achieved, the cap of 0.5% will be applied. In the event of a significant movement in the share price, the performance fee will be decreased or increased in line with a sliding scale. Should the Company's share price decrease over the year in question by between 10.00% and 14.99%, the performance 15.00% and 19.99% in the share price would result in a reduction of 15% of the performance fee; and a decline of 20% in the performance fee. This arrangement is symmetrical and, should the share price increase over the period, the same thresholds and increases to the performance fee would apply. This could mean that the total fee paid may exceed the 0.5% cap by up to 20% of the performance fee.
Borrowing limitn/a
Continuation / Wind-up provisionThe Fund has an unlimited life. It has been authorised to allot shares and to repurchase up to 14.99% of its own issued share capital (either for cancellation or to be held in treasury) and the Company's preference stock; and this authority will be renewed again at the next AGM.
Dividend policyn/a
Investment restrictionsn/a
Reconstruction proposaln/a
Settlement detailsn/a
Tax policyn/a
Peer groups
Region Asset Class Investment Focus Sector
United Kingdom Equity Mixed UK Equity Income
Largest holdings, 31-Oct-2014
Holding (%) Rank Holding (%) Rank
ROYAL DUTCH SHELL5.201VODAFONE GROUP2.906
HSBC HLDGS5.002DIAGEO2.707
BRITISH AMERICAN TOBACCO4.503NATIONAL GRID2.308
GLAXOSMITHKLINE3.304ASTRAZENECA PLC2.309
BP3.305UNILEVER2.3010
 Total33.80 
Regional weightings, 31-Oct-2014
Region (%) Rank  
UK 89.50 1 89.50% UK
USA 3.80 2 3.80% USA
Switzerland 2.80 3 2.80% Switzerland
Germany 1.50 4 1.50% Germany
Netherlands 1.20 5 1.20% Netherlands
Norway 0.60 6 0.60% Norway
Hong Kong 0.50 7 0.50% Hong Kong
Others 0.50 8 0.50% Others
Italy 0.30 9 0.30% Italy
Money Market -0.70 10 -0.70% Money Market
Total100.00 
Sector weightings, 31-Oct-2014
Sector (%) Rank  
Financials 24.72 1 24.72% Financials
Consumer Goods 16.70 2 16.70% Consumer Goods
Consumer Services 12.48 3 12.48% Consumer Services
Industrials 9.78 4 9.78% Industrials
Oil & Gas 9.41 5 9.41% Oil & Gas
Utilities 7.54 6 7.54% Utilities
Health Care 7.06 7 7.06% Health Care
Telecommunications 6.96 8 6.96% Telecommunications
Basic Materials 4.74 9 4.74% Basic Materials
Technology 1.31 10 1.31% Technology
Money Market -0.70 11 -0.70% Money Market
Total100.00 


All prices in Pence Sterling (GBX) unless otherwise specified. Price total return performance figures are calculated using closing mid prices and with net income (dividends) reinvested. NAV total return performance figures are calculated using fully diluted (where applicable) daily estimated NAV figures from Thomson Financial Datastream and with gross income (dividends) reinvested.

 
 
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jaffa May 31st, 2014 at 01:16 PM

Can someone tell me what impact the almost continuous issue of new shares is having on the dividend? Surely these are diluting the dividends received as these are now spread over an ever increasing number of shares. If so, how can they possibly increase the payout without surrendering capital.

Reply
pop64 Jul 25th, 2014 at 09:45 AM

None at all. They are what are known as ‘tap issues’ and City of London only issues such relatively small numbers of shares into the secondary market to maintain liquidity and satisfy market-maker demand. Effectively, City of London is using tap issues as a means of premium control as opposed to that of discount control. When done with the frequency that City of London appears to be doing it then the relatively small (albeit regular) inflows of cash raised from such tap issues are easily absorbed onto the portfolio’s balance sheet. If not required for investment, such tap issue cash raised invariably ends up being set aside to cover costs associated with running the trust. That way the fund manager is less inclined to trim holdings to raise cash to meet costs. And, if holdings are not being trimmed back then it follows that the bits that remain untrimmed are generating revenues that in turn becomes dividends – hence no dilution if such tap issues are managed correctly.

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Latest Fundswire  

Asset allocation

UK Equities, 89.50%
89.5000% ofUK Equities
US Equities, 3.80%
3.8000% ofUS Equities
Swiss Equities, 2.80%
2.8000% ofSwiss Equities
German Equities, 1.50%
1.5000% ofGerman Equities
Dutch Equities, 1.20%
1.2000% ofDutch Equities
Norwegian Equities, 0.60%
0.6000% ofNorwegian Equities
Hong Kong Equities, 0.50%
0.5000% ofHong Kong Equities
International Equities, 0.50%
0.5000% ofInternational Equities
Italian Equities, 0.30%
0.3000% ofItalian Equities
Money Market, -0.70%
-0.7000% ofMoney Market

Sector analysis

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