The City of London Investment Trust Plc

UK Equity Income

Rated Fund 2015-20. Managed by 'safe and accomplished' pair of hands

City of London remains a compelling core option for investors. It has a formidable reputation as an income-producing investment trust and is poised to notch its 54th consecutive year of rising dividends in March 2020. Shares in the trust have a robust yield of 4.3% and pay a quarterly dividend. Morningstar's conviction in City of London is primarily built upon its regard for Job Curtis, who has been at the helm for 28 years, a length of tenure that's exceptionally rare to see. "Investors are in safe and accomplished hands here," says Morningstar analyst David Holder.

"Conservative" is a moniker that permeates through the management of the trust. Curtis focuses on high-yielding, cash-generative businesses and generates performance by taking relatively small bets away from the index, rather than aggressive sector and stock positioning.

Head of value and income at Janus Henderson Investors, Curtis is a value investor who looks for companies undervalued on a medium-term basis that he can invest in over the long term. He has, however, been focusing on overseas earners as opposed to UK domestic names, despite the former's valuations being higher, given what he views as an unprecedented level of economic uncertainty in the UK.

The portfolio is well-diversified with around 100 holdings. The manager likes to run his winners, so portfolio turnover is low.

Narrative and ratings content all as of January 2020.

See all Money Observer rated funds
The City of London Investment Trust Plc
Janus Henderson Investors Ltd
Closed Ended Investment Company
UK Equity Income
0.39 %
Risk Rating
3 Year Sharpe
3 Year Alpha
5.5 %
AIC UK Growth&Inc Sec Wgt NAV TR
Fund Size
£ 1.4 billion
Discount Premium
The Company's objective is to provide long-term growth in income and capital, principally by investment in equities listed on the London Stock Exchange. The Board continues to recognise the importance of dividend income to shareholders.
Holding %
HSBC Holdings PLC 4.09 %
British American Tobacco PLC 4.09 %
Diageo PLC 3.94 %
Unilever PLC 3.83 %
GlaxoSmithKline PLC 3.73 %
RELX PLC 3.40 %
BP PLC 3.30 %
Royal Dutch Shell PLC Class A 2.81 %
National Grid PLC 2.62 %
Rio Tinto PLC 2.61 %
Region %
United Kingdom 86.49 %
United States 7.54 %
Sector %
Financial Services 21.46 %
Consumer Defensive 20.92 %
Healthcare 9.08 %
Basic materials 8.66 %
Communication Services 8.08 %
Energy 7.62 %
Industrials 7.53 %
Consumer Cyclical 5.85 %
Utilities 5.63 %
Janus Henderson Investors Ltd
EC2M 3AE, London, United Kingdom
Legal Structure
Closed Ended Investment Company


Job Curtis
Joined 07/01/1991

Job Curtis joined Henderson Global Investors in 1992 following Henderson’s acquisition of Touche Remnant. Henderson Global Investors merged with Janus Capital Group in May 2017. Job started at Touche Remnant in 1987 as a Unit Trust and Investment Trust Manager, he was then appointed Portfolio Manager of the City of London Investment Trust in 1991. Prior to joining Touche Remnant, he was an assistant fund manager at Cornhill Insurance (1985-1987), and a graduate trainee at Grieveson Grant stockbrokers (1983-1985). Job has a MA in Philosophy, Politics and Economics from Oxford University and is an Associate Member of the Society of Investment Professionals (ASIP).

Data provided by Morningstar.

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You should be aware that prices may fall as well as rise and that the income derived can go down as well as up. When buying or selling any investment that fluctuates in price or value you may get back less than you invested. Past performance is not necessarily a guide to future performance.