REG - City of Lon Inv Grp - TRADING UPDATE - Quarter to 30 September 2024

City of London InvestmentAnnouncement

21/10/2024 07:00

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RNS Number : 8585I  City of London Investment Group PLC  21 October 2024

City of London Investment Group PLC

21 October 2024



 CITY OF LONDON INVESTMENT GROUP PLC

("City of London" or "the Group" or "the Company" or "CLIG")

TRADING UPDATE for the quarter to 30 September 2024

 

City of London (LSE: CLIG), a leading specialist asset management group
offering a range of institutional and retail products investing primarily in
closed-end funds, provides a trading update for its quarter ended 30 September
2024. The numbers that follow are unaudited.

 

Funds under Management (FuM) were $10.7 billion at 30 September 2024, an
increase of 4.8% as compared to $10.2 billion at 30 June 2024. A breakdown by
strategy follows:

 

             FuM ($ million)
             Jun-24                  Net flows  Market & investment performance      Sep-24

             Actual                                                                  (estimate)

 EM                 3,568            46         292                                  3,907
 KIM                3,924            (73)       194                                  4,045
 INTL               2,394            (186)      178                                  2,386
 OV                    251           18         21                                   290
 Other*                104           -          2                                    105
             10,241                  (195)      687                                  10,733

* Includes Frontier and alternatives

 

IM Performance

 

Investment performance calendar year-to-date remains strong with the majority
of CLIM & KIM core strategies outperforming. Over the most recent quarter,
Opportunistic Value outperformed its benchmark while the other CLIM strategies
underperformed. KIM's municipal bond, US equity, and international equity
strategies outperformed whilst fixed income, conservative balanced, growth
balanced, and SPAC strategies underperformed versus benchmarks over the
quarter.

 

Flows

 

Emerging Market net inflows of $46 million, on the back of a new $70 million
account and a $20 million Listed Private Equity account, led sales efforts in
the first quarter of the financial year. Net investment outflows were $195
million for the Group over the period led by rebalancing of International
Equity mandates after strong market performance. The bulk of outflows at
Karpus were from a cash management account client using the funds to make an
acquisition.

 

Dividend

 

On 24 September 2024 the Company (LSE: CLIG) announced a final dividend for
the year ended 30 June 2024 of 22p per share. Subject to approval at the AGM
on 28 October 2024, this will be paid on 7 November 2024 to shareholders on
the register as at 4 October 2024. This will bring the total dividend for FY24
to 33p (FY23: 33p).

 

For further information, please visit http://www.clig.co.uk/
(http://www.clig.co.uk/) or contact:

 

Tom Griffith, CEO

City of London Investment Group PLC

Tel: 001-610-380-0435

 

Martin Green, James Hornigold

Zeus Capital Limited

Financial Adviser & Broker

Tel: +44 (0)20 3829 5000

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