The City of London Investment Trust plc. A guide for financial advisers and investors

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1 The City of London Investment Trust plc A guide for financial advisers and investors

2 Contents Introduction Chairman s introduction page 1 Risks Key Risks page 2 Performance What is The City of London Investment Trust? page 3 Income growth page 4 Income consistency page 5 Total return page 6 Group comparison page 7 Expenses comparison table page 8 Low charges improve performance page 9 Management How is the Trust managed? page 10 Experience counts page 11 Where does City of London invest? page 12 Local but global page 13 Liquidity and discount management page 14 Buying Annual performance return page 15 Benefits of investment trusts page 16 How to invest page 17 Further information page 19 Generic risks page 20

3 Chairman s introduction Following the Retail Distribution Review, Independent Financial Advisers and their clients will be looking further afield for high quality investment opportunities. The consistent returns which City of London, a long established investment trust, has produced for its shareholders over the years meet that need. The City of London formula is simple growth and income from a portfolio of predominantly UK blue chip shares with the aim of growing the dividend and beating our peer group every year. The City of London Investment Trust has an independent Board of Directors protecting the interests of shareholders and ensuring Henderson, our appointed investment manager, delivers performance. Through prudent planning we have been able to increase the dividend every year for the past 46 years and build a substantial revenue reserve which underpins future dividends. Low costs are a constant focus for us and our ongoing charge is now as low as 0.45%, which is significantly better than most other equity investment vehicles available in the market. Job Curtis, our Portfolio Manager, has managed the portfolio for the last 21 years. His conservative and risk aware investment approach has ensured that City of London has been able to navigate successfully all the storms the market has thrown at us over the years. The City of London Investment Trust enjoys a loyal shareholder base many of whom have held the shares happily for many years. I hope that you will join them. Philip Remnant Chairman The City of London Investment Trust plc Introduction Risks Performance Management Buying 1

4 Introduction Key risks Buying Management Performance Risks The value of investments, and the income from them, can fall as well as rise. You may not get back your original investment. Past performance, as shown on pages 3 to 15 of this brochure, is not a guide to future performance. City of London pays dividends which are targeted to be at least 20% higher than the FTSE All Share Index. This is a target, not a guarantee. Not all the investments in the portfolio are made in Sterling, so exchange rates could affect the value and income from your investment. City of London specialises in UK listed investments. The investment carries greater risk than a more internationally diversified portfolio. You can read more about risk on page 20. 2

5 What is The City of London Investment Trust?? A UK Growth and Income trust with at least 80% of the portfolio invested in well known blue chip UK listed companies. A well-diversified portfolio with a global outlook. Long term, consistent dividend track record. Quarterly dividends which are targeted to be 20% higher than the FTSE All Share Index. Low 2012 Ongoing Charge of only 0.45%. Conservatively run by veteran fund manager Job Curtis who has managed the portfolio for over 20 years. In 2010, Job won the Investment Week award for most consistent performer. An active and liquid market in the Company s shares - total assets of 841m (as at 31 December 2012). Investment Adviser 100 Club Member in category of UK Equity Income. Rated as Gold in the Morningstar Analyst Ratings. Introduction Risks Performance Management Buying Experienced manager 21 year record Very low Ongoing Charge 0.45% at 30 June 2012 (Source: Annual report, 2012). Large, liquid company 841m of total assets 46 years of increasing dividends 3

6 Introduction Income growth Buying Management Performance Risks City of London shareholders have enjoyed annual dividend increases every year since 1966 despite: 1967 Sterling devaluation 1974 Bear market / 3 day week 1979 Winter of discontent 1983 Miners strike 1987 Stock market crash 1992 UK leaves the ERM 1999 Technology bubble 2001 Bear market 2008 Global Financial Crisis Company Years dividend growth City of London 46 Bankers Investment Trust 45 Alliance Trust 45 Caledonia Investments 45 F&C Global Smaller Companies 42 Foreign & Colonial Investment Trust 41 Brunner Investment Trust 40 JP Morgan Claverhouse Investment Trust 39 Witan Investment Trust 37 Scottish Mortgage Investment Trust 30 Merchants Trust 30 Murray Income 30 Scottish Investment Trust 28 Temple Bar 28 Source: Company Annual Reports. 46 years of annual dividend increases despite the ups and downs of the market 4

7 Income consistency Earnings per share Dividend per share 01 Revenue Reserve ( m) Dividend (Pence) p 7.48p 7.87p 8.24p 8.88p 10.18p 11.59p 13.53p 13.15p 11.93p 13.17p 14.05p 7.50p 7.94p 8.07p 8.33p 8.62p 9.36p 10.30p 11.60p 12.32p 12.66p 13.20p 13.74p Payout ratio 89.3% 106.1% 102.5% 101.1% 97.1% 91.9% 88.9% 85.7% 93.7% 106.1% 100.2% 97.8% City of London s unsurpassed dividend record has been achieved by: Retaining income from good years in a revenue reserve. Dipping into those revenue reserves in difficult years. Since 1978, the Trust has built up a substantial revenue reserve to underpin future dividends which in 2012 represented dividend cover of 102%. In the equivalent IMA sector (UK Equity Income) for open-ended funds, of the 31 funds over 300m in assets, all except one have cut their dividends at least once since each fund s inception. Source: The City of London Annual Reports Introduction Risks Performance Management Buying Henderson s Job Curtis currently has healthy reserves. The flexibility to use these reserves has helped the Trust increase its dividends in each of the past 46 years. Richard Troue, Analyst, Hargreaves Lansdown 5

8 Introduction Total return Total Return over 20 years on 100 invested Buying Management Performance Risks City of London Investment Trust Growth & Income Sector Average (ex City of London) Source: Morningstar, AIC and Datastream as at 31 Dec IMA UK Equity Income Sector Average (open-ended funds) FTSE All Share Index Retail Prices Index % NAV Performance 1y 3y 5y 10y Total Return City of London AIC UK Growth & Income sector (ex-city of London) IMA UK Equity Income sector (open-ended funds) FTSE All Share Retail Prices Index City of London has consistently outperformed over 20 years 6

9 Group comparison The comparison group shows City of London compared with all other companies in its sector (UK Growth & Income) with gross assets over 300m. Company Morningstar Analyst Rating Price (p) Total Assets ( m) Disc(+)/Prem(-) (%) City of London Gold Edinburgh Investment Gold Perpetual Income & Growth Gold Lowland Silver Dunedin Income Growth Bronze Murray Income Bronze Merchants Neutral JPMorgan Claverhouse Not rated Temple Bar Not rated Company Div yield (%) 5 year div growth (%) Ongoing Charge (%) Net gearing City of London Edinburgh Investment Perpetual Income & Growth Lowland Dunedin Income Growth Murray Income Merchants JPMorgan Claverhouse Temple Bar Introduction Risks Performance Management Buying Source: Association of Investment Companies, 31/12/2012 City of London has been awarded a gold rating in Morningstar s inaugural Analyst Ratings of invesment trusts 7

10 Introduction Charges comparison table Buying Management Performance Risks The average ongoing charge (including performance fees) for investment trusts in the UK Growth & Income Sector for companies with gross assets over 300m is 0.77%, compared with 1.6% in the UK Equity Income sector for open-ended funds. Top 10 UK Equity Income Sector Funds by Total Assets Ongoing Charge 2012* IP High Income Inc 1.7 IP Income Inc 1.7 Artemis Income Inc 1.5 Halifax UK Equity Income 1.5 Newton Higher Income 1.6 Jupiter Income Trust 1.7 Threadneedle UK Eq Inc 1.6 JOHCM UK Equity Income 1.3 M&G Dividend 1.7 SWIP MM UK Equity Income 1.8 Comparison Group Average 1.6 Ongoing Charge 2012 Ongoing Charge (inc. Perf fee) TER (inc. Perf fee) Rank TER (inc. Perf fee) TER (inc. Perf fee) UK Growth & Income Investment Trusts*** % City of London Temple Bar Merchants Dunedin Income Growth JPMorgan Claverhouse** Murray Income Lowland Edinburgh IT Perpetual Income & Gwth Comparison Group Average 0.77 Fund Source: Annual Reports 2012 or Key Investor Information Document. * Investment Trust Source: Association of Investment Companies, 31/12/2012. Please note, in 2012 investment trusts adopted the ongoing charges methodology, replacing TERs. ** JPMorgan Claverhouse Annual Report *** Over 300m gross assets. Within the investment trust UK Growth & Income Sector, City of London has consistently had one of the lowest charges in its peer group. 8 City of London s low Ongoing Charge of 0.45% is significantly better than most other equity investment vehicles

11 Low charges improve performance Example - Assuming 7% compound annual growth rate on 10,000 invested using most recent (and average) values for fees Growth Rates No Fees City of London AIC* Income & Growth Peer Group IMA** UK Equity Income Peer Group Growth rate 7.00% 7.00% 7.00% 7.00% Fees 0.00% 0.45% 0.77% 1.61% Net Growth Rate 7.00% 6.55% 6.23% 5.39% Projected Growth Year No Fees City of London AIC* Income & Growth Peer Group IMA** UK Equity Income Peer Group 1 10,700 10,655 10,623 10, ,250 12,096 11,988 11, ,026 13,733 13,528 13, ,672 18,860 18,301 16,904 Source: Winterflood Securities, Morningstar, Morningstar Direct * Association of Investment Companies ** Investment Management Association No fees CTY Inv Trust Group Open-ended Group 5 Years Introduction Risks Performance Management Buying Higher charges are a drag on returns 9

12 Introduction How is the Trust managed? Buying Management Performance Risks Conservatively run Job Curtis manages the portfolio in a conservative way focusing on companies with: Cash generative businesses Attractive dividend yield Growing dividends Tangible and intangible assets A diverse portfolio constructed predominantly from UK blue chip global companies. Valuation driven investment style based on company research and taking into account macro-economic factors. Independent Board The Board has a policy of maintaining an attractive revenue reserve to underpin future dividends. The Board s aim is for the share price to reflect closely the underlying assets. The Board reviews and challenges the performance of the investment manager and provides insight from each director s diverse business interests. The Board is responsible for negotiating fees with the management house. Taking the long view to build growth in income and capital. Job Curtis, Portfolio Manager 10

13 Experience counts A senior investment professional, Job Curtis has managed City of London since 1 July He joined Touche Remnant in 1987, subsequently acquired by Henderson Global Investors in 1992, and is a key member of Henderson s Global Equity Income team. Job is renowned for his highly successful, conservative investment approach based on intensive analysis of the fundamentals of each stock, and strict control of risk. Awards Winner of Investment Week s Most Consistent Performer Highly commended in the UK Growth and Income Sector by Moneywise in Henderson Global Investors achieved the Highly Commended status for Best UK Mainstream Equity Trust for its management of City of London in the Money Observer Investment Trust Awards Investment Adviser 100 Club Member in UK Equity Income Gold Rated by Morningstar Introduction Risks Performance Management Buying Job Curtis has managed City of London for over 20 years 11

14 Introduction Where does City of London invest? Buying Management Performance Risks Rank Company % of the Portfolio Dividend Yield % 1 British American Tobacco 5.6% 4.1% 2 Royal Dutch Shell 5.4% 4.8% 3 Diageo 5.1% 2.4% 4 HSBC 4.9% 3.7% 5 GlaxoSmithKline 4.7% 5.7% 6 Vodafone 4.0% 6.0% 7 Unilever 3.0% 3.2% 8 BP 2.6% 4.5% 9 Centrica 2.3% 4.6% 10 AstraZeneca 2.3% 5.9% 10 largest investments as at 31 December 2012, Source: Bloomberg. All of the top 10 holdings are multinational companies 12

15 Local but global The chart below shows the international nature of the sources of revenue for the Top 10 stocks in the portfolio. Rest of World 10.5% Middle East 2.9% South America 4.3% Asia 19.0% City of London has the additional flexibility to select international stocks up to a maximum of 20% if the portfolio manager thinks better returns can thereby be achieved. Source: Oriel Securities, 31 December UK 10.8% Europe ex UK 26.8% North America 25.7% Introduction Risks Performance Management Buying In our view City of London is a low risk option for gaining exposure to a diversified portfolio of UK listed multinational companies. Craig s Investment Partners 13

16 Introduction Liquidity and discount management City of London is one of the largest trusts in the sector and there is a ready market in the Trust s shares: Buying Management Performance Risks 841m total assets 911k traded on average per day, compared with an average of 566k for trusts in the same sector with over 300m of assets. The Board s aim is for the share price to reflect closely its underlying net asset value; and also to reduce volatility and have a liquid market in the Company s shares. The Board s ability to influence this is, of course, limited. The Board believes flexibility is important and that it is not in shareholders interests to have a specific issuance and buy-back policy. The Board intends, however, subject always to the overall impact on the portfolio, the pricing of other trusts and overall market conditions, to consider issuance and buy-backs within a narrow band relative to net asset value. Discount/premium (%) with average line Dec 09 Aug 10 Mar 11 Oct 11 May 12 Dec 12 Source: Morningstar, 31 December City of London Investment Trust is a good example of the benefits that the investment trust structure can offer investors. In our view, this fund justifies its premium rating given its unbroken record of 46 years of dividend increases and its well managed investment portfolio. In 2012, the fund has issued 16.6m shares, worth 49.8m. Winterflood Securities

17 Annual performance return Discrete year performance % change to 31 December 2012 (ex-par) Price Nav 30/12/2011 to 31/12/ /12/2010 to 30/12/ /12/2009 to 31/12/ /12/2008 to 31/12/ /12/2007 to 31/12/ Source: Morningstar as at 31 December Introduction Risks Performance Management Buying 15

18 Buying Management Performance Risks Introduction Benefits of investment trusts Longevity investment trusts have been around for over 130 years. Independence investment trusts have an experienced board of directors independent from the management group protecting the interests of shareholders. Revenue reserve investment trusts retain revenue to ensure a smoothing of dividend payments. Gearing investment trusts can borrow money to enhance returns for shareholders in rising markets. Low cost - investment trusts generally have lower charges than other equity based investment vehicles. Long term view - managers can avoid being forced to sell to fund redemptions in a falling market. 16

19 How to invest Name of platform Target distribution channel The City of London Investment Trust plc availability Ascentric Whole of Market wrap Intermediated Yes AXA Elevate Intermediated Yes Cofunds Intermediated No Fidelity FundsNetwork Both No J.P. Morgan WealthManager+ Direct Yes Novia Intermediated Yes Future plans Nucleus Intermediated No Not supplied Raymond James Intermediated Yes 7im Intermediated Yes Skandia Investment Solutions Intermediated No Planning to introduce investment trusts and ETFs in the future Introduction Risks Performance Management Buying 17

20 Introduction How to invest Buying Management Performance Risks Name of platform Target distribution channel The City of London Investment Trust plc availability Standard Life Wrap Intermediated Yes Transact Intermediated Yes Execution-only Stockbrokers Name of platform Target distribution channel The City of London Investment Trust plc availability Future plans Barclays Stockbrokers Direct Yes Alliance Trust Savings Direct Yes Halifax Share Dealing Direct Yes Hargreaves Lansdown Direct Yes Selftrade Direct Yes Interactive Investor Direct Yes Website 18

21 Further information Professional investors If you wish to find out any further information please do not hesitate to contact our Investment Trust Sales Team: Sarah Gibbons-Cook: ; or Mike Wilson: ; Retail investors Call us on or visit our website Introduction Risks Performance Management Buying 19

22 Introduction Generic risks Buying Management Performance Risks Value of Investments The value of investments and the income from them may go down as well as up and you may not get back your original investment. Past Performance Past performance is not a guide to future performance. Inflation Inflation may affect the future buying power of your money. Counterparty Risk The investment trust will be subject to the risk of a counterparty being able to perform its obligations with respect to transactions, whether due to insolvency, bankruptcy or other causes. The investment manager assesses the credit worthiness of the counterparties as a part of the risk management process. Borrowing Investment trusts can borrow money to make additional investments on top of the money invested by shareholders. If the value of these investments falls, borrowing will magnify the negative impact on share performance. Tax Treatment Tax assumptions and reliefs depend on an investor s circumstances and may change if those circumstances or the law change. Discount The discount or premium at which a Trust s shares trade may expand or contract as a result of relative performance and market sentiment. Accounting, Legal and Regulatory A breach of Section 1158 of the Corporation Tax Act 2010 could lead to a loss of investment trust status resulting in capital gains realised within the portfolio being subject to corporation tax. A breach of the UKLA Listing Rules could result in suspension of a trust s shares, while a breach of the Companies Act 2006 could lead to criminal proceedings or financial or reputational damage. 20

23 Operational Disruption to, or failure of the managers accounting, dealing or payment systems or the custodians records could prevent accurate reporting and monitoring of the trust s financial position. Suppliers may not provide the required level of service. Derivatives Derivatives may be used for the purposes of efficient portfolio management. It is not expected that use of derivatives will lead to a higher risk profile. Certain Trusts may use derivatives for investment purposes. Gearing (Borrowing) The effect of borrowing money for investment purposes. The amount a company can gear is the amount it can borrow in order to invest. Gearing is used in the expectation that the returns on the investments bought will exceed the costs of the borrowings that funded the purchase. Introduction Risks Performance Management Buying

24 Issued in the UK by Henderson Global Investors. Henderson Global Investors is the name under which Henderson Global Investors Limited (reg. no ), Henderson Fund Management Limited (reg. no ), Henderson Investment Funds Limited (reg. no ), Henderson Investment Management Limited (reg. no ), Henderson Alternative Investment Advisor Limited (reg. no ), Henderson Equity Partners Limited (reg. no ), Gartmore Investment Limited (reg. no ), (each incorporated and registered in England and Wales with registered office at 201 Bishopsgate, London EC2M 3AE) are authorised and regulated by the Financial Conduct Authority to provide investment products and services. Telephone calls may be recorded and monitored. HGI43528/0113

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