Fund Information / Factsheet • Jan 23, 2023
Fund Information / Factsheet
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Discrete year
| Performance over (%) |
6m | 1y | 3y | 5y | 10y |
|---|---|---|---|---|---|
| Share price (Total return) |
5.1 | 9.4 | 7.9 | 19.0 | 101.3 |
| NAV (Total return) |
4.5 | 5.1 | 8.8 | 18.4 | 105.1 |
| Benchmark (Total return) |
5.1 | 0.3 | 7.1 | 15.5 | 88.2 |
| Relative NAV (Total return) |
-0.6 | 4.8 | 1.7 | 2.9 | 16.9 |
The Company outperformed the FTSE All-Share Index during the month.
The Company's net asset value returned -0.8% in December, outperforming the FTSE All-Share Index which returned -1.4%. The three biggest stock contributors were not holding London Stock Exchange, the underweight position in Shell and the holding in defence company BAE Systems. The three biggest detractors were not holding Haleon, the consumer health care products company, and the underweight positions in Prudential, the Asia Pacific life insurer, and AstraZeneca, the pharmaceutical company.
The relatively warm winter in Europe has led to a fall in natural gas prices and is helpful for inflation and consumer spending prospects. However, rising wages may prevent UK inflation falling as fast as some expect. As ever, we believe stock selection is important given the varying degree to which companies can cope with inflationary cost pressures and uncertain demand. The dividend yield of UK equities remains attractive relative to the main alternatives.
References made to individual securities do not constitute a recommendation to buy, sell or hold any security, investment strategy or market sector, and should not be assumed to be profitable. Janus Henderson Investors, its affiliated advisor, or its employees, may have a position in the securities mentioned.
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 fully recognises the importance of dividend income to shareholders.
Renowned for its record-setting annual dividend increases since 1966, the Company targets longterm income and capital growth.
| NAV (cum income) | 400.9p |
|---|---|
| NAV (ex income) | 397.2p |
| Share price | 410.5p |
| Discount(-)/premium(+) | 2.4% |
| Yield | 4.8% |
| Net gearing | 7% |
| Net cash | - |
| Total assets Net assets |
£2,023m £1,909m |
| Market capitalisation | £1,955m |
| Total voting rights | 476,199,868 |
| Total number of holdings | 86 |
| Ongoing charges (year end 30 June 2022) |
0.37% |
| Overall Morningstar RatingTM |
|
| Benchmark | FTSE All-Share Index |
Source: BNP Paribas for holdings information and Morningstar for all other data. Differences in calculation may occur due to the methodology used.
Please note that the total voting rights in the Company does not include shares held in Treasury.
Please note that this chart could include dividends that have been declared but not yet paid.
performance (%) Share price NAV 31/12/2021 to 31/12/2022 9.4 5.1 31/12/2020 to 31/12/2021 11.8 20.1 31/12/2019 to 31/12/2020 -11.8 -13.8 31/12/2018 to 31/12/2019 20.5 21.1 31/12/2017 to 31/12/2018 -8.5 -10.1
All performance, cumulative growth and annual growth data is sourced from Morningstar.
Source: at 31/12/22. © 2023 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance does not predict future returns.
How to invest Go to www.janushenderson.com/howtoinvest Find out more Go to www.cityinvestmenttrust.com
| Top 10 holdings | (%) |
|---|---|
| British American Tobacco | 4.2 |
| Shell | 3.9 |
| Diageo | 3.5 |
| BAE Systems | 3.3 |
| Unilever | 3.0 |
| AstraZeneca | 3.0 |
| BP | 3.0 |
| RELX | 2.9 |
| Imperial Brands | 2.9 |
| Rio Tinto | 2.6 |
References made to individual securities do not constitute a recommendation to buy, sell or hold any security, investment strategy or market sector, and should not be assumed to be profitable. Janus Henderson Investors, its affiliated advisor, or its employees, may have a position in the securities mentioned.
The above geographical breakdown may not add up
to 100% as this only shows the top 10.
Real Estate 2.3% Technology 1.5%
| Stock code | CTY | |||
|---|---|---|---|---|
| AIC sector | AIC UK Equity Income | |||
| Benchmark | FTSE All-Share Index | |||
| Company type | Conventional (Ords) | |||
| Launch date | 1891 | |||
| Financial year | 30-Jun | |||
| Dividend payment | November, February, May, August |
|||
| Risk rating (Source: Numis) |
Average | |||
| Management fee | 0.325% per annum of net assets |
|||
| Performance fee | No | |||
| (See Annual Report & Key Information Document for more information) | ||||
| Regional focus | UK | |||
| Fund manager appointment |
Job Curtis 1991 | |||
Please remember that past performance does not predict future returns. The value of an investment and the income from it can rise as well as fall as a result of market and currency fluctuations, and you may not get back the amount originally invested.
1,000
1,500
2,000
2,500
How to invest Go to www.janushenderson.com/howtoinvest Customer services 0800 832 832
10 year return of £1,000
Dec 12 Dec 14 Dec 16 Dec 18 Dec 20 Dec 22
Share Price Benchmark
The FTSE All-Share Index was down 1.4% as the Bank of England (BoE) raised interest rates and signalled further interest rate hikes in 2023. The BoE increased its base rate by 50 basis points (bps) to 3.5%, marking a 14-year high and the ninth consecutive rise. However, BoE Governor, Andrew Bailey, said inflation appeared to have peaked after it emerged that consumer price rises had eased to 10.7% year-on-year in November from 11.1% in October. Sterling weakened against the US dollar, which benefited from the US Federal Reserve (Fed)'s more hawkish stance compared with the BoE.
The relatively warm winter in Europe has led to a fall in natural gas prices and is helpful for inflation and consumer spending prospects. However, rising wages may prevent UK inflation falling as fast as some expect. As ever, we believe stock selection is important given the varying degree to which companies can cope with inflationary cost pressures and uncertain demand. The dividend yield of UK equities remains attractive relative to the main alternatives.
We added two new holdings in December. The first was DS Smith, a global packaging, paper and recycling business, which has a track record of innovation and cash generation. The other was Morgan Advanced Materials, which develops, manufactures and markets technological materials and components. It is a globally diversified company and has been repositioning its business towards markets where there seems to be above average growth prospects. These two new positions were partly financed by reducing positions in Vodafone, the telecommunications company, and Munich Re, the reinsurer.
The amount by which the price per share of an investment company is either lower (at a discount) or higher (at a premium) than the net asset value per share (cum income), expressed as a percentage of the net asset value per share.
The effect of borrowing money for investment purposes (financial gearing). 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. This Company can also use synthetic gearing through derivatives and foreign exchange hedging and/or other non-fully funded instruments or techniques.
The Company's leverage is the sum of financial gearing and synthetic gearing. Details of the Company's leverage limits can be found in both the Key Information Document and Annual Report. Where a company utilises leverage, the profits and losses incurred by the company can be greater than those of a company that does not use leverage.
Month end closing mid-market share price multiplied by the number of shares outstanding at month end.
The total value of a fund's assets less its liabilities.
The value of investments and cash, including current year revenue, less liabilities (prior charges such as loans, debenture stock and preference shares at fair value).
The value of investments and cash, excluding current year revenue, less liabilities (prior charges such as loans, debenture stock and preference shares at fair value).
The theoretical total return on shareholders' funds per share reflecting the change in Net Asset Value (NAV) assuming that dividends paid to shareholders were reinvested at NAV at the time the shares were quoted ex-dividend. A way of measuring investment management performance of investment trusts which is not affected by movements in discounts/premiums.
Total assets minus any liabilities such as bank loans or creditors.
A company's net exposure to cash/cash equivalents expressed as a percentage of shareholders' funds, after any offset against its gearing. This is only shown for companies that have gearing in place.
A company's total assets (less cash/cash equivalents) divided by shareholders' funds expressed as a percentage.
The total expenses for the financial year (excluding performance fee), divided by the average daily net assets, multiplied by 100.
The key measure used to assess risk is volatility of returns, using historic net asset value (NAV) performance of the company over 1 and 3 years. In this instance volatility measures how much a company's NAV fluctuates over time in relation to the UK Equity market. The higher a volatility figure, the more the NAV has fluctuated (both up and down) over time. Please note that risk categorisations are indicative and based principally on historic data and should not be solely relied upon when making investment decisions.
Closing mid-market share price at month end.
The theoretical total return to the investor assuming that all dividends received were reinvested in the shares of the company at the time the shares were quoted ex-dividend. Transaction costs are not taken into account.
Cum Income NAV multiplied by the number of shares, plus prior charges at fair value.
Calculated by dividing the current financial year's dividends per share (this will include prospective dividends) by the current price per share, then multiplying by 100 to arrive at a percentage figure.
For a full list of terms please visit:
https://www.janushenderson.com/en-gb/investor/glossary/
Overall Morningstar Rating™ is a measure of a fund's risk-adjusted return, relative to similar funds. Fund share classes are rated from 1 to 5 stars, with the best performers receiving 5 stars and the worst performers receiving a single star. Overall Morningstar Rating™ is shown for Janus Henderson share classes achieving a rating of 4 or 5. Ratings should not be taken as a recommendation. For more detailed information about Morningstar Ratings, including its methodology, please go to global.morningstar.com/managerdisclosures.
Not for onward distribution. Before investing in an investment trust referred to in this document, you should satisfy yourself as to its suitability and the risks involved, you may wish to consult a financial adviser. This is a marketing communication. Please refer to the AIFMD Disclosure document and Annual Report of the AIF before making any final investment decisions. Past performance does not predict future returns. The value of an investment and the income from it can fall as well as rise and you may not get back the amount originally invested. Tax assumptions and reliefs depend upon an investor's particular circumstances and may change if those circumstances or the law change. Nothing in this document is intended to or should be construed as advice. This document is not a recommendation to sell or purchase any investment. It does not form part of any contract for the sale or purchase of any investment. We may record telephone calls for our mutual protection, to improve customer service and for regulatory record keeping purposes.
Issued in the UK by Janus Henderson Investors. Janus Henderson Investors is the name under which investment products and services are provided by Janus Henderson Investors International Limited (reg no. 3594615), Janus Henderson Investors UK Limited (reg. no. 906355), Janus Henderson Fund Management UK Limited (reg. no. 2678531), Henderson Equity Partners Limited (reg. no.2606646), (each registered in England and Wales at 201 Bishopsgate, London EC2M 3AE and regulated by the Financial Conduct Authority) and Janus Henderson Investors Europe S.A. (reg no. B22848 at 2 Rue de Bitbourg, L-1273, Luxembourg and regulated by the Commission de Surveillance du Secteur Financier). Janus Henderson, Knowledge Shared and Knowledge Labs are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc
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