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Friday 17 October, 2008

City of London IT

Interim Management Statement

RNS Number : 1560G
City of London Investment Trust PLC
17 October 2008
 



The issuer advises that the following replaces the Interim Management Statement announcement released on Friday 17 October 2008 at 15.13 under RNS number 1367G.

Additional wording has been included in the Portfolio paragraph. All other details remain unchanged. The full amended text appears below.


THE CITY OF LONDON INVESTMENT TRUST PLC


HENDERSON GLOBAL INVESTORS 


17 OCTOBER 2008



THE CITY OF LONDON INVESTMENT TRUST PLC


Interim Management Statement 


Review of the period from 1 July 2008 to 30 September 2008 



MATERIAL EVENTS OR TRANSACTIONS DURING THE PERIOD


Portfolio:  during the period there was net disinvestment of £9.541m and the number of holdings in the portfolio decreased from 102 to 98. The stocks that were sold were DSG, Signet, Persimmon and Topps Tiles. The only new stock in the portfolio was Rotork.  In July, exposure to Barclays was increased in the open offer. In August and September, exposure to the banking sector was reduced by a net £3.4m, with reductions in the holdings of Barclays, Lloyds TSB, HBOS and Royal Bank of Scotland.


Gearing:  during the quarter gearing decreased from 10.1% (at 30 June) to 9.0% (at 30 September).  


Discount:  the share price discount to net asset value (with debt at par value) narrowed over the period from 13.2% to 7.8%.


Dividends:  a fourth interim dividend of 2.96p per ordinary share, in respect of the year ending 30 June 2008, was paid on 29 August 2008 to holders registered on 25 July 2008. On 29 August 2008the Company declared a first interim dividend of 3.08p per ordinary share, in respect of the year ending 30 June 2009, to be paid on 28 November 2008 to holders registered at the close of business on 24 October 2008


Share Capital:  there have been no changes to the Company's share capital during the period.


There are no other material events or transactions to report.



PERFORMANCE AND FINANCIAL HIGHLIGHTS


Total Return Performance at 30 September 2008 


3 months

1 year

3 years

5 years

Net Asset Value per ordinary share

-7.8%

-23.1%

+1.4%

+50.8%

FTSE All-Share Index - 4% capped *  

-12.3%

-23.2%

+2.6%

+49.4%

FTSE All-Share Index †

-12.2%

-22.3%

0.0%

+44.5%

Average UK Growth & Income Investment Trust Net Asset Value


-10.0%


-25.8%


-4.6%


+41.5%


Sources: AIC Services Limited /      * Datastream


† since 1 July 2005 the benchmark is the total return of the FTSE All-Share Index - adjusted for a maximum 4% cap for any single stock. Prior to this, it was the total return of the FTSE All-Share Index.

Financial Position 


at 30 September 2008 

at 30 June 2008 

Total assets

£568m

£627m

Net asset value

249.45p

274.39p

Ordinary share price

230.00p

238.25p

Discount

7.8%

13.2%

Gearing

9.0%

10.1%

Yield

5.4%

5.0%

Total Expense Ratio

0.37%

0.37%


THE PORTFOLIO


At 30 September 2008  

Top 10 Investments 

% of total assets


Sector Breakdown

%

HSBC

5.8


Oil & Gas

11.9

British American Tobacco

5.7


Basic Materials

6.0

BP

4.9


Industrials

9.8

GlaxoSmithKline

4.8


Consumer Goods

16.7

Diageo

4.4


Health Care

6.3

Vodafone

4.3


Consumer Services

10.5

Royal Dutch Shell

4.2


Telecommunications

7.4

Barclays

3.3


Utilities

9.1

National Grid

3.2


Financials

21.7

Scottish & Southern Energy

3.2


Technology

0.6

Top 10 =

43.8



100.0


At 30 June 2008 

Top 10 Investments 

% of total assets 


Sector Breakdown

%

BP

5.5


Oil & Gas

13.7

British American Tobacco

4.9


Basic Materials

9.2

Royal Dutch Shell

4.8


Industrials

9.8

Vodafone

4.8


Consumer Goods

15.8

HSBC

4.5


Health Care

5.3

GlaxoSmithKline

4.0


Consumer Services

10.4

Diageo

3.9


Telecommunications

7.9

Scottish & Southern

2.8


Utilities

8.3

National Grid Transco

2.7


Financials

19.0

BT

2.7


Technology

0.6

Top 10 = 

40.6



100.0


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 an 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: 020 7818 4367


James de Sausmarez

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


- ENDS -


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