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
Actual
|
Net flows
|
Market & investment
performance
|
Jun-24
(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.