Half Yearly Report

RNS Number : 9204O
City of London Investment Trust PLC
12 February 2016
 

 

THE CITY OF LONDON INVESTMENT TRUST PLC

Unaudited Results for the Half Year Ended 31 December 2015

 

This announcement contains regulated information

 

Investment Objective

The Company's objective is to provide long-term growth in income and capital, principally by investment in equities listed on the London Stock Exchange. The Board continues to recognise the importance of dividend income to shareholders.

 

 

Performance Highlights

 

Dividend yields

As at

31 December 2015

As at

30 June 2015

The City of London Investment Trust plc

4.0%

3.9%

AIC UK Equity Income Sector (Benchmark)

3.7%

3.6%

FTSE All-Share Index

4.0%

3.5%

UK Equity Income OEIC Sector

4.7%

4.5%

 

Sources: Morningstar, Bloomberg

 

 

 

As at

31 December 2015

As at

30 June 2014

Net asset value per ordinary share

384.2p

386.3p

Premium

0.7%

1.6%

Net asset value per ordinary share (debt at market value)

380.7p

382.7p

Premium (debt at market value)

1.7%

2.6%

Share price

387.0p

392.5p

Gearing (at par value)

9.8%

6.0%

 

 

 

 

                       

Total return performance (including dividends reinvested and excluding transaction costs)

 

6 months

%

 

 1 year

%

 

3 years
%

 

5 years
%

 

10 years

%

Net asset value per ordinary share1

1.5

5.8

40.1

68.1

107.9

AIC UK Equity Income sector average - net asset value2

1.7

6.7

44.5

68.5

102.2

Ordinary share price

0.6

6.1

37.4

63.7

131.7

FTSE All-Share Index

-2.0

1.0

23.4

33.8

71.8

UK Equity Income OEIC sector average3

0.8

6.1

37.1

52.2

76.8

 

Sources: Morningstar for the AIC, Henderson, Datastream

 

1. Using cum income fair value NAV for 6 months, one, three and five years and capital NAV plus income reinvested for 10 years

2. AIC UK Equity Income sector size weighted average NAV total return (shareholders' funds)

 

 

INTERIM MANAGEMENT REPORT

 

Chairman's Statement

 

Net Asset Value Total Return

of London's net asset value total return was 1.5% which was slightly behind the average for the UK Equity Income Investment Trust sector (1.7%) but ahead of the UK Equity Income OEIC sector (0.8%) and the FTSE All- Share Index (-2.0%).

 

A key investment theme was the continuing weakness in the price of oil and other commodities which adversely affected the oil and mining sectors.  City of London's portfolio remained significantly under represented relative to the market average in the oil and mining sectors and this was an important contributor to relative performance.  Among the biggest stock contributors held in the portfolio were Amlin (in non-life insurance which received a takeover bid), RELX (in media) and Berkeley (in housebuilding).

 

The weakness in the oil price had a beneficial effect on UK inflation and expectations for a rise in UK interest rates receded.  On the other hand, the US increased interest rates for the first time in a decade reflecting the confidence of its central bank in the growth of its economy.  European growth continued to recover helped by quantitative easing and the weaker Euro as well as the lower oil price.  Sentiment toward emerging markets was poor given the slowdown in Chinese growth and problems for those countries that are commodity exporters

 

Earnings and Dividends

City of London's earnings per share fell marginally by 0.6% to 6.72p partly reflecting a decline in special dividends from £459,000 to £164,000 and also a mixed period for dividends across the UK market.  So far this financial year, City of London has declared two interim dividends of 3.90p each. City of London's diverse portfolio, strong cash flow and revenue reserves give the Board confidence that they will be able to increase its dividend for a fiftieth consecutive year. The quarterly rate will be reviewed by the Board before the third interim is declared in March 2016.

 

Expenses

The ongoing charge which represents the investment management fee and other non-interest bearing expenses as a percentage of shareholder's funds remains low compared with most other equity products.  The ongoing charge for the six months indicates a full year rate of 0.42% of net assets.

 

Material Events and Transactions during the period

A total of 13,075,000 new shares were issued in the six months to 31 December 2015 at a premium to net asset value.  A further 2,575,000 shares have been issued since the period end.

 

The proceeds have been invested in existing holdings as well as three new holdings. Ibstock, which is the UK's leading brick manufacturer, appears well placed given the likely growth in new houses being built in the UK.  GKN is experiencing robust demand for its auto and aerospace components.  Johnson & Johnson is a US listed global healthcare group with an outstanding dividend growth record. 

 

Turning to disposals from the portfolio, exposure to the mining sector was reduced through the sale of Anglo American.  Sales were also made of Weir and Rotork which are likely to suffer from the sharp reduction in capital expenditure from oil and mining companies.  In addition, sales were made of Zurich Insurance, which experienced poor trading, and BBA which made a large acquisition.

 

Given attractive returns in prospect across the portfolio compared with City of London's marginal cost of borrowing of 1.75%, gearing was increased by 3.8 percentage points over the six months to end the period at 9.8%.

 

Outlook for the six months to 30 June 2016

Growth in developed economies should continue to be underpinned by the positive effect on consumers' expenditure of the lower oil price.  In addition, central banks seem to be inclined to keep interest rates very low or only increase gradually in the case of the US.  For the UK, the run-up to the referendum on membership of the European Union could lead to additional volatility.

 

There are likely to be dividend cuts from some companies but City of London's portfolio is well diversified.  Overall, the dividend yield from UK equities remains attractive relative to the main alternatives and a portfolio of high quality income investments should deliver a competitive return.

 

Philip Remnant CBE

Chairman

11 February 2016

 

 

Principal Risks and Uncertainties

The principal risks and uncertainties associated with the Company's business can be divided into the following main areas:

 

·           Portfolio and market price

·           Investment activity, gearing and performance

·           Tax and regulatory

·           Operational

 

Information on these risks and how they are managed are given in the Annual Report for the year ended 30 June 2015.  In the view of the Board these principal risks and uncertainties are as applicable to the remaining six months of the financial year as they were to the six months under review.

 

 

Directors' Responsibility Statement

The Directors confirm that, to the best of their knowledge:

 

a)  the condensed set of financial statements has been prepared in accordance with "FRS 104 Interim Financial Reporting";

 

b)  the Interim Management Report includes a fair review of the information required by Disclosure and Transparency Rule 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and

 

c)  the Interim Management Report includes a fair review of the information required by Disclosure and Transparency Rule 4.2.8R (disclosure of related party transactions and changes therein).

 

 

For and on behalf of the Board

Philip Remnant CBE

Chairman

11 February 2016

 

 

 

 Income Statement

 

(Unaudited)

Half year ended

31 December 2015

(Unaudited)

Half year ended

31 December 2014

(Audited)

Year ended

30 June 2015

 

Revenue

return

£'000

Capital

return

£'000

 

Total

£'000

Revenue

return

£'000

Capital

return

£'000

 

Total

£'000

Revenue

return

£'000

Capital

return

£'000

 

Total

£'000

 

 

 

 

 

 

 

 

 

 

Gains on investments held at fair value through profit or loss

-

485

485

-

9,170

9,170

-

28,010

28,010

 

 

 

 

 

 

 

 

 

 

Income from investments held at fair value through profit or loss

23,269

-

23,269

21,673

-

21,673

54,171

-

54,171

 

 

 

 

 

 

 

 

 

 

Other interest receivable and similar income

91

-

91

140

-

140

302

-

302

 

--------

--------

--------

--------

--------

--------

--------

--------

--------

Gross revenue and

capital gains

23,360

485

23,845

21,813

9,170

30,983

54,473

28,010

82,483

 

 

 

 

 

 

 

 

 

 

Management fees

(656)

(1,530)

(2,186)

(603)

(1,409)

(2,012)

(1,254)

(2,926)

(4,180)

 

Other administrative expenses

(371)

-

(371)

(307)

-

(307)

(653)

(5)

(658)

 

--------

--------

--------

--------

--------

--------

--------

--------

--------

Net return/(loss) before finance costs and taxation

22,333

(1,045)

21,288

20,903

7,761

28,664

52,566

25,079

77,645

 

 

 

 

 

 

 

 

 

 

Finance costs

(957)

(2,048)

(3,005)

(970)

(2,078)

(3,048)

(1,836)

(3,917)

(5,753)

 

--------

--------

--------

--------

--------

--------

--------

--------

--------

Net return/(loss)

on ordinary activities before taxation

            21,376

             (3,093)

            18,283

19,933

5,683

25,616

            50,730

            21,162

            71,892

 

 

 

 

 

 

 

 

 

 

Taxation on net return on ordinary activities

(169)

-

(169)

(178)

-

(178)

(604)

-

(604)

 

--------

--------

--------

--------

--------

--------

--------

--------

--------

Net return/(loss)

on ordinary activities after taxation

            21,207

             (3,093)

            18,114

19,755

5,683

25,438

            50,126

            21,162

            71,288

 

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Return/(loss)

per ordinary share (note 2)

6.72p

(0.98p)

5.74p

6.76p

1.95p

8.71p

16.84p

7.11p

23.95p

 

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=====

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The columns of this statement headed "Total" represent the Company's Income Statement, prepared in accordance with FRS 104. The revenue and capital columns are supplementary to this and are published under guidance from the Association of Investment Companies.

 

The Company has no recognised gains or losses other than those disclosed in the Income Statement and Statement of Changes in Equity.

 

All items in the above statement derive from continuing operations. No operations were acquired or discontinued during the period.

 

The accompanying notes are an integral part of these financial statements.

 

 

 

Statement of Changes in Equity

 

 

 

Half  year ended 31 December 2015 (Unaudited)

Called-up share capital

£'000

Share premium account

£'000

Capital redemption reserve

£'000

Other

capital reserves

£'000

 

Revenue reserve £'000

 

 

Total

£'000

 

 

 

 

 

 

 

At 1 July 2015

76,921

346,149

2,707

724,379

38,356

1,188,512

Net (loss)/return on ordinary activities after taxation

-

 

-

(3,093)

21,207

18,114

Issue of 13,075,000 new ordinary shares

3,269

46,936

-

-

-

50,205

Fourth interim dividend (3.90p per share) for year ended 30 June 2015

paid 28 August 2015

-

-

-

-

(12,119)

(12,119)

First interim dividend (3.90p per share) for year ended 30 June 2016

paid 30 November 2015

-

-

-

-

(12,376)

(12,376)

Reclaimed dividends from previous years

-

-

-

-

(12)

(12)

 

-----------

------------

-----------

------------

-----------

 -------------

At 31 December 2015

80,190

393,085

2,707

721,286

35,056

1,232,324

 

======

=======

======

=======

======

========

 

 

 

 

 

 

 

 

Half  year ended 31 December 2014 (Unaudited)

Called-up share capital

£'000

Share premium account

£'000

Capital redemption reserve

£'000

Other

capital reserves

£'000

 

Revenue reserve £'000

 

 

Total

£'000

 

 

 

 

 

 

 

At 1 July 2014

71,202

265,004

2,707

703,217

33,120

1,075,250

Net return on ordinary activities after taxation

-

-

-

5,683

19,755

25,438

Issue of  16,075,000 new ordinary shares

4,019

55,860

-

-

-

59,879

Fourth interim dividend (3.75p per share) for year ended 30 June 2014

paid 29 August 2014

-

-

-

-

(10,763)

(10,763)

First interim dividend (3.75p per share) for year ended 30 June 2015

paid 28 November 2014

-

-

-

-

(11,014)

(11,014)

Unclaimed dividends over 12 years old

-

-

-

-

48

48

 

-----------

------------

-----------

------------

-----------

 -------------

At 31 December 2014

75,221

320,864

2,707

708,900

31,146

1,138,838

 

======

=======

======

=======

======

========

 

 

 

 

 

 

 

 

 

Year ended 30 June 2015

(Audited)

Called-up share capital

£'000

Share premium account

£'000

Capital redemption reserve

£'000

Other

capital reserves

£'000

 

Revenue reserve £'000

 

 

Total

£'000

 

 

 

 

 

 

 

At 1 July 2014

71,202

265,004

2,707

703,217

33,120

1,075,250

Net return on ordinary activities after taxation

-

-

-

21,162

50,126

71,288

Issue of 22,875,000 new ordinary shares

5,719

81,145

-

-

-

86,864

Fourth interim dividend (3.75p per share) for year ended 30 June 2014

paid 29 August 2014

-

-

-

-

(10,763)

(10,763)

First interim dividend (3.75p per share) for year ended 30 June 2015

paid 28 November 2014

-

-

-

-

(11,014)

(11,014)

Second interim dividend (3.75p per share) for year ended 30 June 2015

paid 27 February 2015

-

-

-

-

(11,345)

(11,345)

Third interim dividend (3.90p per share) for year ended 30 June 2015

paid 29 May 2015

-

-

-

-

(11,816)

(11,816)

Unclaimed dividends over 12 years old

-

-

-

-

48

48

 

-----------

------------

-----------

------------

-----------

 -------------

At 30 June 2015

76,921

346,149

2,707

724,379

38,356

1,188,512

 

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The accompanying notes are an integral part of these financial statements.

 

 

 

 

Statement of Financial Position

 

 

(Unaudited)

31 December

2015

£'000

(Unaudited)

31 December

2014

£'000

(Audited)

30 June

2015

£'000

 

 

 

 

Investments held at fair value through

profit or loss

 

 

 

Listed at market value in the United Kingdom

1,212,546

1,106,853

1,127,209

Listed at market value overseas

140,633

123,740

132,106

Investment in subsidiary undertakings

347

347

347

 

-------------

-------------

-------------

 

1,353,526

1,230,940

1,259,662

 

-------------

-------------

-------------

Current assets

 

 

 

Debtors

4,165

3,989

7,243

Cash at bank

-

-

3,150

 

---------

---------

---------

 

4,165

3,989

10,393

 

---------

---------

---------

Creditors: amounts falling due within one year

(49,383)

(20,132)

(5,575)

 

------------

------------

------------

Net current (liabilities)/assets

(45,218)

(16,143)

4,818

 

------------

------------

------------

Total assets less current liabilities

1,308,308

1,214,797

1,264,480

 

 

 

 

Creditors: amounts falling due after more

than one year

(75,984)

(75,959)

(75,968)

 

------------

------------

------------

Net assets

1,232,324

1,138,838

1,188,512

 

=======

=======

=======

Capital and reserves

 

 

 

Called-up share capital (note 3)

80,190

75,221

76,921

Share premium account

393,085

320,864

346,149

Capital redemption reserve

2,707

2,707

2,707

Other capital reserves

721,286

708,900

724,379

Revenue reserve

35,056

31,146

38,356

 

-------------

-------------

-------------

Equity shareholders' funds

1,232,324

1,138,838

1,188,512

 

=======

=======

=======

 

 

 

 

Net asset value per ordinary share - basic and diluted (note 4)

384.2p

378.5p

386.3p

 

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======

 

The accompanying notes are an integral part of these financial statements.

 

 

 

 

 

Notes

 

1.

Accounting Policy - Basis of Preparation

 

 

 

The condensed set of financial statements has been prepared in accordance with FRS 104, Interim Financial Reporting, issued in March 2015, the revised reporting standard for half year reporting that was issued following the introduction of FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland, which is effective for periods commencing on or after 1 January 2015. The Statement of Recommended Practice for "Financial Statements of Investment Trust Companies and Venture Capital Trusts", in accordance with which the Company's financial statements are also prepared, was reissued by the Association of Investment Companies in November 2014 to comply with the revised reporting standards.

 

Following the application of the revised reporting standards, there have been no changes to the accounting policies set out in the Company's Annual Report for the year ended 30 June 2015.

 

The condensed financial statements for the year ended 30 June 2015 and the six months ended 31 December 2014 have been restated where necessary to comply with the new standards and disclosure requirements.

 

There has been no impact on the Company's Income Statement, Statement of Financial Position (previously called the Balance Sheet) or Statement of Changes in Equity (previously called the Reconciliation of Movements in Shareholders' Funds) for periods previously reported. The condensed set of financial statements has been neither audited nor reviewed by the Company's auditors.

 

As an investment fund the Company has the option, which it has taken, not to present a cash flow statement. A cash flow statement is not required when an investment fund meets all the following conditions: substantially all investments are highly liquid and are carried at market value, and where a statement of changes in equity is provided.

 

 

 

 

 

 

2.

Return per Ordinary Share

 

 

 

 

 

 

 

 

 

(Unaudited)

Half year ended

31 December 2015

£'000

 

(Unaudited)

Half year ended

31 December

2014

£'000

 

(Audited)

Year ended

30 June

2015

 £'000

 

 

 

The return per ordinary share is based on the following figures:

 

 

 

 

 

 

 

 

Revenue return

21,207

 

19,755

 

50,126

 

 

 

Capital (loss)/return

(3,093)

 

5,683

 

21,162

 

 

 

 

----------

 

----------

 

----------

 

 

 

Total

18,114

 

25,438

 

71,288

 

 

 

 

======

 

======

 

======

 

 

 

Weighted average number of ordinary shares in issue for each period

315,548,864

 

292,028,481

 

297,668,020

 

 

 

 

 

 

 

 

 

 

 

 

Revenue return per ordinary share

6.72p

 

6.76p

 

16.84p

 

 

 

Capital (loss)/return per ordinary share

(0.98p)

 

1.95p

 

7.11p

 

 

 

 

----------

 

----------

 

----------

 

 

 

Total return per ordinary share

5.74p

 

8.71p

 

23.95p

 

 

 

 

======

 

======

 

======

 

 

 

The Company does not have any dilutive securities, therefore, the basic and diluted returns per share are the same.

 

 

 

 

 

 

 

 

 

 

 

3.

Share Capital

 

 

 

During the half year ended 31 December 2015, 13,075,000 ordinary shares were issued for total proceeds of £50,205,000 (half year ended 31 December 2014: 16,075,000 ordinary shares issued for total sale proceeds of £59,879,000; year ended 30 June 2015: 22,875,000 for total proceeds of £86,864,000). The number of ordinary shares in issue at 31 December 2015 was 320,759,868.                                       

 

 

 

 

 

 

4.

Net Asset Value per Ordinary Share

 

 

 

The net asset value per ordinary share is based on the net assets attributable to the ordinary shares of £1,232,324,000 (31 December 2014: £1,138,838,000; 30 June 2015: £1,188,512,000) and on 320,759,868 ordinary shares (31 December 2014: 300,884,868; 30 June 2015: 307,684,868) being the number of ordinary shares at period end.

 

5.

Investments held at fair value through profit or loss

 

The table below analyses fair value measurements for investments held at fair value through profit or loss. These fair value measurements are categorised into different levels in the fair value hierarchy based on the valuation techniques used and are defined as follows under FRS 102:

 

 

Level A: The best evidence of fair value is a quoted price for an identical asset in an active market.

 

Level B: When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place.

 

Level C: If the market for the asset is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, an entity estimates the fair value by using a valuation technique.

 

 

Financial assets at fair value through profit or loss at 31 December 2015

 

 

 

 

Level A

Level B

Level C

Total

 

 

£'000

£'000

£'000

£'000

 

Equity investments

1,353,179

            -  

347

1,353,526

 

Total financial assets carried at fair value

1,353,179

            -  

347

1,353,526

 

 

 

 

 

 

 

The investments were previously reported as Level 1 & Level 3 investments under the FRS 29 fair value hierarchy. Following the introduction of FRS 102, the category definitions have been amended. All investments previously categorised at both 31 December 2014 and 30 June 2015 as "Level 1" under FRS 29 would have been categorised as "Level A" and investments categorised as "Level 3" would have been categorised as "Level C" under FRS 102. There have been no transfers between levels of the fair value hierarchy during the period.

 

The valuation techniques used by the Company are explained in the accounting policies note 2 (c) in the Company's Annual Report for the year ended 30 June 2015 and are equally applicable under both FRS 29 and FRS 102.

 

6.

Transaction Costs

Purchase transaction costs for the half year ended 31 December 2015 were £608,000 (31 December 2014: £648,000; 30 June 2015: £1,015,000). These comprise mainly stamp duty and commissions. Sale transaction costs for the half year ended 31 December 2015 were £38,000 (31 December 2014: £55,000; 30 June 2015: £126,000).

 

7.

Dividends

A first interim dividend of 3.90p was paid on 30 November 2015. The second interim dividend of 3.90p (declared on 10 December 2015) will be paid on 29 February 2016 to shareholders on the register on 29 January 2016. The Company's shares went ex-dividend on 28 January 2016.

 

8.

Management Arrangements and Related Party Transactions

Other than the relationship between the Company and its Directors, the provision of services by Henderson is the only related party arrangement currently in place. Other than fees payable by the Company in the ordinary course of business and the provision of sales and marketing services, there have been no material transactions with this related party affecting the financial position of the Company during the period under review.

 

9.

Going concern

Having reassessed the principal risks and uncertainties, the Directors consider that it is appropriate to continue to adopt the going concern basis in preparing the financial statements. The assets of the Company consist almost entirely of securities that are readily realisable and, accordingly, the Company has adequate financial resources to continue in existence for the foreseeable future.

 

10.

Comparative information

The financial information contained in this half year report does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. The figures and financial information for the year ended 30 June 2015 are extracted from the latest published accounts, restated where necessary to comply with FRS 102 and FRS 104 as explained in note 1, and do not constitute the statutory accounts for that year. Those accounts have been delivered to the Registrar of Companies and included the Report of the Independent Auditors, which was unqualified and did not include a statement under either section 498(2) or 498(3) of the Companies Act 2006.    

  

11.

Company Status

The City of London Investment Trust plc is registered in England and Wales, No 34871, has its registered office at 201 Bishopsgate, London EC2M 3AE and is listed on the London and New Zealand Stock Exchanges. The SEDOL/ISIN number is GB0001990497. The London Stock Exchange (TIDM) Code is CTY. The Company's Global Intermediary Identification Number (GIIN) is S55HF7.99999.SL.826 and its Legal Entity Identifier number (LEI) is 213800F3NOTF47H6AO55.        

 

12.

Directors and Secretary

The Directors of the Company are Philip Remnant CBE (Chairman), Richard Hextall (Chairman of the Audit Committee), Simon Barratt, David Brief, Martin Morgan and Sam Wren. The Corporate Secretary is Henderson Secretarial Services Limited, represented by Rachel Peat ACIS.

 

13.

Website

Details of the Company's share price and net asset value, together with general information about the Company, monthly fact sheets and data, copies of announcements, reports and details of general meetings can be found at www.cityinvestmenttrust.com

 

14.

Half Year Report

An update extracted from the Company's report for the half year ended 31 December 2015 will be posted to shareholders in February 2016. Copies of the half year announcement and the half year update will be available on the website www.cityinvestmenttrust.com. Copies can also be requested thereafter from the Corporate Secretary at the Registered Office, 201 Bishopsgate, London EC2M 3AE.

 

                           

                                                        

 

Largest Investments

The sixty largest investments at 31 December 2015, convertibles and all classes of equity in any one company being treated as one investment, were as follows:

 

Market value

Company                                   31 December 2015

£'000

 

Market value

Company                  31 December 2015

£'000

 

British American Tobacco

57,894

 

Standard Life

14,618

 

HSBC

49,664

 

Phoenix

14,562

 

Royal Dutch Shell

48,796

 

Croda International

14,329

 

Vodafone

40,128

 

United Utilities

13,284

 

Diageo

33,583

 

Novartis

13,253

 

BP

33,202

 

Compass

13,235

 

National Grid

28,799

 

Capita

12,988

 

GlaxoSmithKline

28,118

 

Segro

12,666

 

Unilever

27,719

 

Hiscox

11,800

 

Prudential

26,749

 

Centrica

11,686

 

Imperial Tobacco

26,691

 

Rio Tinto

11,627

 

RELX

25,107

 

Amlin

11,322

 

SSE

22,669

 

Pearson

10,890

 

AstraZeneca

22,592

 

Britvic

10,273

 

Land Securities

21,453

 

Whitbread

10,140

 

British Land

21,417

 

Next

10,077

 

Taylor Wimpey

20,797

 

Old Mutual

9,801

 

BT

20,769

 

Swire Pacific

9,718

 

Lloyds Banking Group

20,722

 

ITV

9,630

 

Berkeley

20,570

 

Nestle

9,024

 

Legal & General

20,566

 

TUI Travel

8,928

 

Persimmon

20,010

 

Marks & Spencer

8,802

 

Verizon Communications

19,416

 

Kingfisher

8,435

 

BAE Systems

18,649

 

Nationwide Building Society

8,400

 

Reckitt Benckiser

18,421

 

Sage

8,343

 

Provident Financial

18,100

 

Merck

8,072

 

Sky

17,344

 

Ibstock

8,053

 

Barclays Bank

17,272

 

Connect

7,863

 

Greene King

16,189

 

Spirax-Sarco Engineering

7,804

 

Schroders

16,142

 

Seven Trent

7,802

 

 

 

These investments total £1,096,973,000 or 81.07% of the portfolio.

 

             

 

  

Sector exposure

As a percentage of the investment portfolio excluding cash

 

 

%

 Financials                              

26.4

 Consumer Goods                          

19.2

 Consumer Services                       

14.0

 Industrials                             

10.0

 Telecommunications                      

6.9

 Utilities                               

6.9

 Oil & Gas                               

6.0

 Health Care                             

5.7

 Basic Materials                         

3.4

 Technology                              

1.5

 

--------

Total

100.0

 

=====

 

 

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.

 

 

 

 

For further information please contact:

 

Job Curtis

Fund Manager, The City of London Investment Trust plc

Telephone: 020 7818 4367

 

James de Sausmarez

Director and Head of Investment Trusts, Henderson Global Investors

Telephone: 020 7818 3349

 

Sarah Gibbons-Cook

Investor Relations and PR Manager, Henderson Global Investors

Telephone: 020 7818 3198

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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