The City of London Investment Trust Plc

UK Equity Income

Rated Fund 2015-19. Managed by ‘safe and accomplished’ 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 up its 53rd consecutive year of rising dividends in March 2019. Shares in the trust have produced an excellent yield of 4.8%, paid quarterly.

Morningstar’s conviction in City of London is primarily built on its regard for Job Curtis, who has been at the helm for 27 years, a length of tenure that’s exceptionally rare to see. “Investors are in safe and accomplished hands here,” says analyst David Holder.

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

Curtis, head of value and income at Janus Henderson Investors, is a value investor who looks for companies that are undervalued on a medium-term basis that he can invest in for the long term.

He has, however, been focusing on overseas earners, as opposed to UK domestic names, despite the former’s valuations being higher. That’s because of what he views as an unprecedented level of economic uncertainty in the UK.

The portfolio is well diversified, currently across 100 holdings. The manager likes to run his winners, so portfolio turnover is low. Shares in the trust typically trade at a small premium to net asset value.

Investors benefit from the trust’s very low costs. This is one of the largest UK equity income trusts with one of the lowest ongoing charges, 0.41%.

Narrative and ratings content all as of 01 January 2019.

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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
4.6 %
AIC UK Growth&Inc Sec Wgt NAV TR
Fund Size
£ 1.63 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 4.64 %
Diageo PLC 4.12 %
BP PLC 4.10 %
Royal Dutch Shell PLC Class A 4.02 %
Royal Dutch Shell PLC B 3.55 %
Unilever PLC 3.48 %
Prudential PLC 3.08 %
RELX PLC 3.00 %
British American Tobacco PLC 2.99 %
Lloyds Banking Group PLC 2.90 %
Region %
United Kingdom 87.77 %
United States 6.97 %
Sector %
Financial Services 20.84 %
Consumer Defensive 17.36 %
Consumer Cyclical 13.24 %
Energy 11.09 %
Basic materials 8.66 %
Industrials 8.55 %
Healthcare 7.23 %
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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