Interim Management Statement

RNS Number : 7892P

City of London Investment Trust PLC

29 October 2012

 



THE CITY OF LONDON INVESTMENT TRUST PLC

HENDERSON GLOBAL INVESTORS

29 OCTOBER 2012

THE CITY OF LONDON INVESTMENT TRUST PLC

Interim Management Statement

Review of the period from 1 July 2012 to 30 September 2012

MATERIAL EVENTS OR TRANSACTIONS DURING THE PERIOD

Portfolio:  Overall, the portfolio remained biased towards non-cyclical and global companies.  The holding in Standard Chartered was sold and the proceeds reinvested into additions to the Trust's holding in HSBC.

Gearing: During the quarter, gearing reduced from 9.5% (at 30^th June 2012) to 7.7% (at 30 September 2012).

Premium:  At 30 September 2012, the share price was trading at a premium of 3.8% to net asset value (income-inclusive with debt at fair value); at 30 June 2012 it was trading at a premium of 3.3%.  

Share Capital: during the quarter, the Company issued 3,025,000 shares for total proceeds of £9.2 million.

Dividends:  a fourth interim dividend of 3.52p per ordinary share in respect of the year ending 30 June 2012 was paid on 31 August 2012 to shareholders on the register on 10 August 2012.

There are no other material events or transactions to report.

PERFORMANCE AND FINANCIAL HIGHLIGHTS

Total Return Performance at 30 September 2012

	3 months	1 year	3 years	5 years
Net asset value per ordinary share 1	5.67	21.58	43.73	15.23
Share price 1	6.18	23.66	53.94	32.26
UK Growth & Income investment trust sector - size weighted average net asset value 1, 2	5.18	19.91	39.85	12.41
FTSE All-Share Index 3	4.70	17.25	26.13	8.65

Sources: 

1  Morningstar for the AIC using cum income fair value NAV for 3 months, 1 and 3 years, and capital NAV plus income reinvested for 5 years

2  Since 1 July 2009 the benchmark is the size weighted average net asset value total return of the UK Growth & Income investment trust sector 

3Datastream

Financial Position

	at 30 September 2012	at 30 June 2012
Net assets	£737m	£699m
Net asset value per share (par value)	304.5p	292.9p
Net asset value per share (fair value)	299.1p	286.4p
Ordinary share price	310.5p	295.8p
(Discount)/premium to NAV (par value)	2.0%	1.0%
Premium to NAV (fair value)	3.8%	3.3%
Gearing	9.1%	9.5%
Yield	4.5%	4.8%
Total expense ratio	0.45%	0.45%

THE PORTFOLIO

Top 10 Investments	% of portfolio			% of portfolio
at 30 September 2012			at 30 June 2012
British American Tobacco	6.2		British American Tobacco	6.7
Royal Dutch Shell	5.8		Royal Dutch Shell	6.4
Diageo	5.5		Diageo	5.6
GlaxoSmithKline	5.2		GlaxoSmithKline	5.2
Vodafone	4.7		Vodafone	4.9
HSBC	4.3		HSBC	3.6
Unilever	3.0		Unilever	3.0
AstraZeneca	2.5		AstraZeneca	2.6
BP	2.4		National Grid	2.4
Centrica	2.3		Scottish & Southern Energy	2.4
Top 10 =	41.9		Top 10 =	42.8

Sector Breakdown	% at 30 September 2012	% at 30 June 2012
Consumer Goods	19.1	19.9
Financials	17.6	16.4
Consumer Services	11.3	10.7
Oil & Gas	10.2	10.4
Industrials	9.9	9.7
Utilities	9.6	9.9
Health Care	9.4	9.5
Telecommunications	6.4	6.8
Basic Materials	5.8	5.9
Technology	0.7	0.8

The objective of The City of London Investment Trust plc is to provide long-term growth in income and capital, principally by investment in UK equities.  The Manager is Henderson Global Investors Limited.   Further information on the Company, including a monthly factsheet and up to date NAV and share price information, can be found at www.cityinvestmenttrust.com

For further information, please contact:

Job Curtis Portfolio Manager The City of London Investment Trust plc Telephone: [phone]	James de Sausmarez Director and Head of Investment Trusts Henderson Global Investors Telephone: [phone]
Sarah Gibbons-Cook Investor Relations and PR Manager Henderson Global Investors Telephone: [phone]

- ENDS -

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

 

END

 

 

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