REG - City of Lon Inv Grp - Trading Update

City of London InvestmentAnnouncement

22/04/2024 07:00

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RNS Number : 3887L  City of London Investment Group PLC  22 April 2024

City of London Investment Group PLC

22 April 2024



 CITY OF LONDON INVESTMENT GROUP PLC

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

 

FUNDS UNDER MANAGEMENT ("FuM") AS AT 31 MARCH 2024,

TRADING UPDATE

 

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, announces that as at 31 March 2024, FuM were $10.1 billion.
This compares with $9.6 billion as at 31 December 2023, an increase of 5.5%.
 A breakdown by strategy follows:

 

         FuM ($ million)                             Strategy Index
         Mar-24      Dec-23  %            Net                                      %
         (estimate)          inc/dec      Flows                                    inc/dec
 EM      3,601       3,578   1%           (49)       MSCI EM Net TR                2.1%
 KIM     3,827       3,618   6%           54         Not applicable
 INTL    2,285       2,004   14%          213        MSCI ACWI ex US               4.5%
 OV      302         278     9%           16         ACWI/Barclays Global Agg      2.9%
 Other*  87          98      -11%         (10)
         10,102      9,576                224

* includes Frontier and seed investments.

Funds under Management figures are rounded

 

IM Performance

 

Relative investment performance of the Group's strategies was mixed over the
period, with most Emerging Market and Fixed Income strategies outperforming,
while Opportunistic Value and International Equity strategies
underperformed.   The investment teams continue to find value in the
closed-end fund (CEF) universe as discounts remain historically wide across a
number of asset classes.

 

Flows

 

Over the three-month period, there were net inflows of $224 million across the
Group's strategies, led by International Equity strategies at CLIM and
Municipal Bond strategies at KIM. We are pleased that there has been a return
to growth after a challenging period in capital markets.

 

Sales activity continues to gain momentum as CEF discounts are at compelling
levels and there is significant capacity. Our marketing efforts are focused on
new mandates in a number of the Group's asset classes that have very good
long-term performance.

 

Dividend

 

The interim dividend of 11 pence per share was paid on 28 March 2024. As
previously announced, savings of c.$2.5 million of costs per annum will be
fully realised in the next financial year. The Board will announce the final
dividend on Thursday 25 July 2024 in its pre-close trading update. 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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