Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

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City of London IT (CTY)

  Print      Mail a friend       Annual reports

Monday 10 May, 2010

City of London IT

Interim Management Statement

RNS Number : 6472L
City of London Investment Trust PLC
10 May 2010
 



THE CITY OF LONDON INVESTMENT TRUST PLC

 

HENDERSON GLOBAL INVESTORS

 

10 MAY 2010

 

 

THE CITY OF LONDON INVESTMENT TRUST PLC

 

Interim Management Statement

Review of the period from 1 January 2010 to 31 March 2010

 

 

MATERIAL EVENTS OR TRANSACTIONS DURING THE PERIOD

 

Dividends:A third interim dividend of 3.25p per ordinary share in respect of the year ending 30 June 2010 will be paid on 28 May 2010 to holders registered on 30 April 2010.  The Board also intends to pay a fourth interim dividend of 3.25p per share (this does not represent a profits forecast) for the year to 30 June 2010.  The fourth interim dividend will make a total dividend for the year to 30 June 2010 of 12.66p per share, an increase of 2.8% over the previous year.

 

Portfolio:  The holding in Cadbury was sold after its board recommended the takeover bid from Kraft of the US. Overall, the portfolio remained biased toward multinational companies.

 

Gearing: During the quarter, gearing decreased slightly from 9% (at 31 December 2009) to 8% (at 31 March 2010) due to market movements.  A net £2.3 million was invested during the period.

 

Discount:  the share price discount to net asset value (income-inclusive, with debt at par value) narrowed over the period from 5.4% to 4.0%.  

 

Board:  Miss Anita Frew stood down from the Board with effect from 31 March 2010.

 

Banking and Custody Arrangements: During the quarter, the Board appointed HSBC Bank as the new custodian Furthermore, HSBC has granted the Company a borrowing facility of £50m on attractive terms. 

 

There are no other material events or transactions to report.

 

 

 

PERFORMANCE AND FINANCIAL HIGHLIGHTS

 

Total Return Performance at 31 March 2010


3 months

1 year

3 years

5 years

Net asset value per ordinary share

5.9%

51.6%

-8.1%

36.5%

UK Growth & Income investment trust sector - size weighted average net asset value †

5.7%

53.3%

-10.5%

29.3%

FTSE All-Share Index - 4% capped *  †

7.6%

54.8%

-1.2%

46.3%

FTSE All-Share Index †

6.4%

52.3%

-0.7%

41.3%

 

Sources:  AIC Information Services Limited / * Datastream

†  since 1 July 2009 the benchmark is the size weighted average net asset value total return of the UK Growth & Income investment trust sector.  Between 1 July 2005 and 30 June 2009 the benchmark was 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 31 March 2010

at 31 December 2009

Net assets

£567m

£464m

Net asset value (income-inclusive)

272.0p

260.0p

Ordinary share price

261.0p

246.0p

Discount

4.0%

5.4%

Gearing

8%

9%

Yield

4.72%

5.01%

Total Expense Ratio

0.37%

0.37%

 

THE PORTFOLIO

 

Top 10 Investments

% of portfolio



% of portfolio

at 31 March 2010

 

at 31 December 2009

BP

6.7


BP

6.7

British American Tobacco

6.5


Royal Dutch Shell

6.0

Royal Dutch Shell

5.8


British American Tobacco

6.0

Vodafone                                   

5.1


GlaxoSmithKline

5.4

GlaxoSmithKline

5.0


Vodafone

5.1

Diageo                                       

4.8


HSBC

5.0

HSBC

4.4


Diageo

4.9

BHP Billiton

3.0


Scottish & Southern Energy

3.0

Tesco

2.8


Tesco

2.9

Scottish & Southern Energy

2.7


National Grid

2.9

Top 10 =

46.8



47.9

 

Sector Breakdown

% at 31 March 2010

% at 31 December 2009

Consumer Goods

17.6

18.5

Financials

14.3

14.8

Oil & Gas

13.5

13.6

Consumer Services

12.2

11.9

Industrials

10.5

9.7

Utilities

9.3

9.4

Health Care

8.2

8.5

Telecommunications

7.4

7.1

Basic Materials

6.4

5.9

Technology

0.7

0.7

Options

-0.1

-.1

 

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: 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
 
END
 
 
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