Fund Information / Factsheet • Mar 21, 2023
Fund Information / Factsheet
Open in ViewerOpens in native device viewer
but not yet paid.
| Performance over (%) |
6m | 1y | 3y | 5y | 10y |
|---|---|---|---|---|---|
| Share price (Total return) |
9.4 | 11.0 | 30.1 | 32.5 | 97.4 |
| NAV (Total return) |
8.7 | 9.7 | 29.7 | 32.6 | 98.2 |
| Benchmark (Total return) |
8.7 | 7.3 | 28.9 | 29.2 | 83.6 |
| Relative NAV (Total return) |
0.0 | 2.4 | 0.9 | 3.4 | 14.6 |
All performance, cumulative growth and annual growth data is sourced from Morningstar.
Source: at 28/02/23. © 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.
The Company underperformed the FTSE All-Share Index during the month.
The biggest stock contributor was the underweight position in Glencore, the miner, followed by the holding in M&G, the fund manager and life assurer, along with not holding Experian, the credit and marketing services company. The biggest stock detractor was the underweight position in Shell, the oil and gas company, followed by the holding in BHP, the miner, and not holding Rolls Royce, the aircraft engine manufacturer. Conversely, our holding in BAE Systems, the defence contractor, was a notable positive contributor after announcing good financial results.
The problems in the US regional banking sector are likely to cause a general tightening of financial conditions. On both sides of the Atlantic, labour markets are strong, with full employment and rising wages, which would seem to suggest that inflation will struggle to reach target levels and interest rates will remain elevated. The valuation of UK equities, including dividend yield, appears 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.
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. Please refer to glossary for definition of share price total return.
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) | 417.0p |
|---|---|
| NAV (ex income) | 416.6p |
| Share price | 426.0p |
| Discount(-)/premium(+) | 2.2% |
| Yield | 4.7% |
| Net gearing | 8% |
| Net cash | - |
| Total assets Net assets |
£2,140m £2,004m |
| Market capitalisation | £2,047m |
| Total voting rights | 480,544,868 |
| Total number of holdings | 88 |
| 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 |
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 do not include shares held in Treasury.
Find out more Go to www.cityinvestmenttrust.com
| Top 10 holdings | (%) |
|---|---|
| Shell | 4.0 |
| British American Tobacco | 3.8 |
| BAE Systems | 3.3 |
| BP | 3.3 |
| Diageo | 3.2 |
| HSBC | 3.1 |
| RELX | 3.0 |
| Unilever | 3.0 |
| AstraZeneca | 2.7 |
| Imperial Brands | 2.7 |
The above geographical breakdown may not add up to 100% due to rounding.
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.
calculated using mid-market share price with dividends reinvested.
Sector breakdown (%)
Financials 25.3%
Consumer Staples 20.1% Industrials 11.1% Energy 9.3% Health Care 7.9%
Consumer Discretionary 6.4%
Telecommuni cations 3.4% Real Estate 2.5% Technology 1.0%
Basic Materials 6.7% Utilities 6.4%
| CTY | ||
|---|---|---|
| AIC UK Equity Income | ||
| FTSE All-Share Index | ||
| Conventional (Ords) | ||
| 1891 | ||
| 30-Jun | ||
| November, February, May, August |
||
| Average | ||
| 0.325% per annum of net assets |
||
| No | ||
| (See Annual Report & Key Information Document for more information) | ||
| UK | ||
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.
How to invest Go to www.janushenderson.com/howtoinvest Customer services 0800 832 832
The UK inflation rate dropped to 10.1% in January, compared with 10.5% in the previous month. The economy achieved no growth in the fourth quarter of 2022 following a 0.2% contraction in the third quarter. The Bank of England raised the base rate by 50 basis points to 4.0% - the highest since 2008 - but hinted that it could be close to slowing monetary tightening. The FTSE All-Share Index produced a total return of 1.5%, helped by some positive corporate results.
The Company produced a net asset value total return of 1.2% in February, underperforming the FTSE All-Share Index return of 1.5%.
The biggest detracting sector was being underweight banks, which performed strongly in February. Banks have benefited from the shift in interest rates over the last year, a low level of impairments and pleasing dividend increases. We made additions to the positions in Barclays, HSBC and NatWest. The biggest stock detractor was being underweight Shell, even though it is our largest holding.
Conversely, our holding in BAE Systems, the defence contractor, was a notable positive contributor after announcing good financial results.
We added a new holding in Glencore, the miner, which reported good results, including a healthy increase in its dividend, and it has a favourable mix of commodities going forward. We reduced the position in Direct Line, the insurer, due to its short-term trading issues, but retained a position given the strength of its franchise and recovery potential. We also reduced the holding in Microsoft after exceptional longterm performance and its high valuation.
The problems in the US regional banking sector are likely to cause a general tightening of financial conditions. On both sides of the Atlantic, labour markets are strong, with full employment and rising wages, which would seem to suggest that inflation will struggle to reach target levels and interest rates will remain elevated. The valuation of UK equities, including dividend yield, appears attractive relative to the main alternatives.
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. Morningstar Analyst Rating™ 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
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.