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/ 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