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
Actual
|
Net flows
|
Market & investment performance
|
Sep-24
(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/ 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