Interim Management Statement

RNS Number : 0271E

City of London Investment Trust PLC

03 May 2013

 



THE CITY OF LONDON INVESTMENT TRUST PLC

HENDERSON GLOBAL INVESTORS

3 MAY 2013

THE CITY OF LONDON INVESTMENT TRUST PLC

Interim Management Statement

Review of the period from 1 January 2013 to 31 March 2013

MATERIAL EVENTS OR TRANSACTIONS DURING THE PERIOD

Portfolio:  Overall, the portfolio remained biased towards non cyclical and global companies.  Additions were made to BP and HSBC. New holdings were purchased in Munich Re and Nestlé. France Telecom was sold.

Gearing:  during the quarter, gearing decreased from 9.0% (at 31 December 2012) to 7.9% (at 31 March 2013).

Premium:  at 31 March 2013 the share price was trading at a premium of 1.3% to the net asset value (income-inclusive, with debt at fair value); at 31 December 2012 it was trading at a premium of 3.4%.  

Share Capital: during the quarter, the Company issued 4,000,000 shares for total proceeds of £13.3m.

Dividends:  a second interim dividend of 3.52p per ordinary share in respect of the year ending 30 June 2013 was paid on 28 February 2013 to shareholders on the register on 25 January 2013.  On 20 March 2013 the Board declared a third interim dividend of 3.63p per ordinary share in respect of the year ending 30 June 2013 to be paid on 31 May 2013 to shareholders on the register on 3 May 2013.

There are no other material events or transactions to report.

PERFORMANCE AND FINANCIAL HIGHLIGHTS

Total Return Performance to 31 March 2013

	3 months	1 year	3 years	5 years
Net asset value per ordinary share 1	12.7%	25.0%	48.6%	51.8%
Share price 1	10.4%	23.3%	52.7%	62.6%
UK Growth & Income investment trust sector - size weighted average net asset value 1, 2	11.5%	24.2%	48.8%	54.7%
FTSE All-Share Index 3	10.3%	16.8%	28.7%	38.5%

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 31 March 2013	at 31 December 2012
Net assets	£871.4m	£770.8m
Net asset value (par value)	347.30p	312.18p
Net asset value (fair value)	341.91p	306.75p
Ordinary share price	346.50p	317.10p
(Discount)/premium to NAV (par value)	(0.2%)	1.6%
Premium to NAV (fair value)	1.3%	3.4%
Gearing	7.9%	9.0%
Yield	4.1%	4.4%

THE PORTFOLIO

Top 10 Investments	% of portfolio			% of portfolio
at 31 March 2013			at 31 December 2012
British American Tobacco	5.6		Royal Dutch Shell	5.7
HSBC	5.4		British American Tobacco	5.5
Royal Dutch Shell	5.2		Diageo	5.1
GlaxoSmithKline	4.9		HSBC	4.8
Diageo	4.9		GlaxoSmithKline	4.7
Vodafone	4.3		Vodafone	3.9
BP	3.1		Unilever	2.9
Unilever	3.1		BP	2.6
Centrica	2.3		Centrica	2.3
AstraZeneca	2.2		AstraZeneca	2.2
Top 10 =	41.0		Top 10 =	39.7

Sector Breakdown	% at 31 March 2013	% at 31 December 2012
Consumer Goods	18.9	18.2
Financials	20.3	19.8
Consumer Services	11.8	11.9
Industrials	9.9	10.3
Oil & Gas	10.2	10.1
Utilities	8.2	8.9
Health Care	8.7	8.6
Telecommunications	6.1	5.6
Basic Materials	5.0	5.9
Technology	0.9	0.7

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

 

 

IMSEXLFBXEFFBBK