The City of London Investment Trust
Company Notes
Attractive yield and unmatched dividend record
The City of London Investment Trust aims to deliver income and capital growth by investing in listed equities, principally based in the UK. The fund is a posterchild of the investment trust sector, with a record of 54 consecutive years of dividend growth. Job Curtis has managed the portfolio since 1991. He employs a conservative approach to constructing a blue-chip portfolio of cash generative companies with strong balance sheets. The portfolio is diversified with around 85 holdings and current themes include Consumer Staples and Life Insurance. The fund has a strong long-term NAV total return track record, outperforming the FTSE All-Share benchmark by +218% since the manager’s appointment. More recently, however, NAV total returns have underperformed the benchmark on a 5-year (-16%), 3-year (-5%) and 1-year (-7%) basis. The fund has a £1.5bn market cap and the historical dividend yield currently stands at 5.4%.
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