Fund Information / Factsheet • Dec 21, 2023
Fund Information / Factsheet
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Factsheet - at 30 November 2023 Marketing Communication
Please note that this chart could include dividends that have been declared but not yet paid.
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 the glossary for the definition of share price total return.
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 Go to www.cityinvestmenttrust.com
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) | 390.7p |
|---|---|
| NAV (ex income) | 387.4p |
| Share price | 392.5p |
| Discount(-)/premium(+) | 0.5% |
| Yield | 5.1% |
| Net gearing | 6% |
| Net cash | - |
| Total assets Net assets |
£2,056m £1,964m |
| Market capitalisation | £1,973m |
| Shares in issue | 502,664,868 |
| Total number of holdings | 85 |
| Ongoing charges (year end 30 Jun 2023) |
0.37% |
| Benchmark | FTSE All-Share Index |
| Overall Morningstar RatingTM As of 30/11/2023 |
|
| Morningstar Medalist RatingTM Effective 19/04/2023 |
|
| Analyst-Driven %: 100.00 Data Coverage %: 100.00 |
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.
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Factsheet - at 30 November 2023 Marketing Communication
| Top 10 holdings | (%) |
|---|---|
| Shell | 4.2 |
| BAE Systems | 3.9 |
| RELX | 3.8 |
| HSBC | 3.6 |
| Unilever | 3.5 |
| British American Tobacco | 3.3 |
| AstraZeneca | 3.0 |
| BP | 3.0 |
| 3i Group | 2.8 |
| Tesco | 2.8 |
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 sector breakdown may not add up to 100% due to rounding.
All performance, cumulative growth and annual growth data is sourced from Morningstar. Share price total return is calculated using mid-market share price with dividends reinvested.
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 the glossary for the definition of share price total return.
| 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 |
| Job Curtis 1991 David Smith 2021 |
How to invest Go to www.janushenderson.com/howtoinvest Customer services 0800 832 832
Factsheet - at 30 November 2023 Marketing Communication
The FTSE All-Share Index rose 3.0% as the Bank of England (BoE) kept interest rates unchanged and consumer price rises slowed by more than expected. The annual inflation rate fell to a two-year low of 4.6% in October, from 6.7% in September. The UK economy achieved no growth in the third quarter, compared with the previous three months. Sterling strengthened against the US dollar, hitting a three-month high, as it benefited from the US currency's weakness.
The biggest positive stock contributor to relative performance was 3i, the investor in private companies. Some 70% of 3i's assets are invested in Action, a European discount retailer, which has been growing rapidly. The second biggest stock contributor was the underweight position in Shell, as its shares underperformed due to oil price weakness.
The biggest stock detractor was BAE Systems, where there was profit-taking after its very strong share price performance over the last two years. In contrast, not holding Rolls Royce was the second biggest detractor to relative returns, as its shares benefited from the recovery of the airline sector.
We bought a new position in Burberry, the luxury fashion house, as it was trading at what we saw as an attractive
valuation relative to history. We sold out of Sanofi, the pharmaceutical company, after the company downgraded its profit expectations. We reinvested the proceeds by adding to the existing holdings in GSK and AstraZeneca.
Inflation seems likely to remain well above the BoE's 2% target because of the strength of the labour market and scale of wage increases. In our view, interest rates are likely to remain elevated, which will put pressure on consumer spending. Over two-thirds of revenues earned by companies that we are invested in come from overseas, which provides useful diversification, but there is also considerable uncertainty for the global economy with tight monetary policy and political tensions. Nonetheless, we think the valuation of UK equities looks compelling compared to their equivalents overseas, possibly due to the low allocation from domestic institutional investors. In particular, we think the dividend yield of UK equities is attractive relative to the main alternatives.
Factsheet - at 30 November 2023
Marketing Communication
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.
Share price multiplied by the number of shares in issue, excluding treasury shares, at month end. Shares typically priced mid-market at month-end closing.
The total value of a Company'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/engb/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 an investment company achieving a rating of 4 or 5.
Morningstar Medalist Rating™
Ratings should not be taken as a recommendation. For more detailed information about Morningstar Ratings, including its methodology, please go to www.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), (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).
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