REG - City of Lon Inv Grp - PRE-CLOSE TRADING UPDATE

City of London InvestmentAnnouncement

25/07/2024 07:00

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RNS Number : 7154X  City of London Investment Group PLC  25 July 2024

City of London Investment Group PLC

25 July 2024

 

The information contained within this announcement is deemed by the Group to
constitute inside information stipulated under the Market Abuse Regulation
(EU) No. 596/2014. Upon the publication of this announcement via the
Regulatory Information Service, this inside information is now considered to
be in the public domain.



CITY OF LONDON INVESTMENT GROUP PLC

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

PRE-CLOSE TRADING UPDATE for the year to 30 June 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 ("CEFs"), provides a pre-close trading update for its
financial year ended 30 June 2024. The numbers that follow are unaudited.

 

Funds under Management (FuM) were $10.2 billion at 30 June 2024, an increase
of 8.7% as compared to $9.4 billion at 30 June 2023.  A breakdown by strategy
follows:

 

           FuM ($ million)
           Jun-23   Net flows  Market & investment performance      Jun-24

           Actual                                                   (estimate)

 EM        3,580    (424)      413                                         3,568
 KIM       3,520    (4)        408                                         3,924
 INTL      1,983    153        257                                         2,394
 OV        244      (33)       40                                             251
 Other*    97       (12)       19                                             104
           9,424    (320)      1,137                                    10,241

* includes Frontier and seed investments

Funds under Management figures are rounded

 

IM Performance

 

Investment performance was ahead of the benchmark for the majority of the
Group's strategies during the financial year. CLIM's International Equity,
Opportunistic Value and Frontier Markets outperformed, while Emerging Markets
(EM) equity lagged its index over the period. KIM's fixed income strategies,
international equity, conservative balanced and SPAC strategies outperformed
their market indices over the period, while the US equity strategy lagged its
benchmark.

 

Flows

 

Net investment outflows reduced significantly to $26 million in the second
half of the financial year, from $294 million in the first six months ending
December 2023. Net investment outflows totaled $320 million for the Group over
the twelve-month financial year as clients reduced exposure to EM due to
ongoing geopolitical volatility. International equity strategies attracted
more than $150 million in net new inflows over the period. Attractive
discounts in the strategies continue to be the focus of marketing efforts
across the Group's asset classes.

 

Dividend

 

The Board expects the final dividend for the year ended 30 June 2024 to be in
line with the previous year.

Following the completion of the year-end audit, the Board will announce the
final dividend and results alongside publication of its Accounts for the year
ended 30 June 2024 on 17 September 2024.

 

The Group's Annual General Meeting will be held on 28 October 2024 and the
Group expects the dividend payment date to be in November 2024 similar to last
year's timing.

 

 

 

For further information, please visit https://www.clig.com/ 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

 

This release includes forward-looking statements, which may differ from actual
results.  Any forward-looking statements are based on certain factors and
assumptions, which may prove incorrect, and are subject to risks,
uncertainties and assumptions relating to future events, the Group's
operations, results of operations, growth strategy and liquidity.

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