Interim Management Statement

RNS Number : 5748R

City of London Investment Trust PLC

28 October 2013

 



THE CITY OF LONDON INVESTMENT TRUST PLC

HENDERSON GLOBAL INVESTORS

28 OCTOBER 2013

THE CITY OF LONDON INVESTMENT TRUST PLC

Interim Management Statement

Review of the period from 1 July 2013 to 30 September 2013

MATERIAL EVENTS OR TRANSACTIONS DURING THE PERIOD

Portfolio:  Overall, the portfolio remained biased towards non-cyclical and global companies.  A new holding was purchased in Siemens. Significant additions were made to BskyB and Marks & Spencer, while the holdings in Centrica and SSE were reduced.

Gearing:  During the quarter, gearing decreased from 7.9% (at 30 June 2013) to 6.8% (at 30 September 2013).

Premium:  At 30 September 2013, the share price was trading at a premium of 3.0% to net asset value (income-inclusive with debt at fair value); at 30 June 2013 it was trading at a premium of 1.4%.  

Share Capital: During the quarter, the Company issued 6,375,000 shares for total proceeds of £23.2 million.

Dividends: a fourth interim dividend of 3.63p per ordinary share in respect of the year ending 30 June 2013 was paid on 30 August 2013 to shareholders on the register on 2 August 2013.  On 2 September 2013, the Board declared a first interim dividend of 3.63p per ordinary share in respect of the year ending 30 June 2014 to be paid on 29 November 2013 to shareholders on the register on 25 October 2013.

There are no other material events or transactions to report.

PERFORMANCE AND FINANCIAL HIGHLIGHTS

Total Return Performance at 30 September 2013

	3 months	1 year	3 years	5 years
Net asset value per ordinary share 1	6.3%	24.6%	54.1%	88.9%
Share price 1	6.6%	22.0%	53.3%	101.7%
UK Growth & Income investment trust sector - size weighted average net asset value 1, 2	5.7%	26.5%	54.8%	90.5%
FTSE All Share Index3	5.6%	18.9%	33.4%	66.2%

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 

3 Datastream

 

Financial Position

	at 30 September 2013	at 30 June 2013
Net assets	£943.6m	£886.4m
Net asset value per share (par value)	356.94p	343.58p
Net asset value per share (fair value)	352.57p	339.14p
Ordinary share price	363.20p	344.00p
Premium to NAV (par value)	1.8%	0.1%
Premium to NAV (fair value)	3.0%	1.4%
Gearing	6.8%	7.9%
Yield	3.9%	4.2%

THE PORTFOLIO

Top 10 Investments	% of portfolio			% of portfolio
at 30 September 2013			at 30 June 2013
Vodafone	5.4		HSBC		5.7
HSBC	5.3		British American Tobacco		5.3
British American  Tobacco	4.9		GlaxoSmithKline		5.1
GlaxoSmithKline	4.6		Vodafone		4.9
Royal Dutch Shell	4.5		Royal Dutch Shell		4.8
Diageo	4.2		Diageo		4.2
BP	3.3		BP		3.4
Unilever	2.6		Unilever		2.9
Centrica	1.9		Centrica		2.2
AstraZeneca	1.9		AstraZeneca		2.2
Top 10 =	38.6		Top 10 =		40.7

Sector Breakdown	% at 30 September 2013	% at 30 June 2013
Financials	20.5	20.6
Consumer Goods	16.9	17.8
Consumer Services	12.9	11.9
Industrials	10.6	9.4
Oil & Gas	9.9	10.4
Health Care	8.1	8.8
Utilities	8.0	8.9
Telecommunications	7.2	6.6
Basic Materials	5.0	4.7
Technology	0.9	0.9

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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