Fund Information / Factsheet • Jan 22, 2024
Fund Information / Factsheet
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Performance
Share price
Benchmark
Relative NAV
NAV
Factsheet - at 31 December 2023 Marketing Communication
Share price performance
| Discrete year performance (%) |
Share price (total return) |
NAV (total return) |
Outlook We think the valuation of UK equities looks compelling compared to their equivalents overseas, while dividend yields are attractive relative to the main alternatives. |
|---|---|---|---|
| 31/12/2022 to 31/12/2023 |
4.8 | 6.5 | See full commentary on page 3. |
| 31/12/2021 to 31/12/2022 |
9.4 | 5.1 | References made to individual securities do not constitute a recommendation to buy, sell or hold any security, investment strategy |
| 31/12/2020 to 31/12/2021 |
11.8 | 20.1 | 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. |
| 31/12/2019 to 31/12/2020 |
-11.8 | -13.8 | |
| 31/12/2018 to 31/12/2019 |
20.5 | 21.1 | |
| n/a All performance, cumulative growth and annual growth data is sourced from Morningstar. |
n/a | n/a |
over (%) 6m 1y 3y 5y 10y
(Total return) 5.8 4.8 28.1 36.3 70.0
(Total return) 6.5 6.5 34.4 40.3 73.2
(Total return) 5.2 7.9 28.1 37.7 68.2
(Total return) 1.3 -1.5 6.2 2.6 5.1
Source: at 31/12/23. © 2024 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (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.
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.
| Find out more | |
|---|---|
| Go to www.cityinvestmenttrust.com |
Commentary at a glance
The biggest positive contributor to relative performance was Phoenix, the life assurer. The biggest detractor was Imperial Brands, the tobacco
In the month under review the Company's NAV total return was 3.9% and the FTSE All-Share Index total
Performance
return was 4.5%.
company.
Contributors/detractors
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) | 405.9p | |||
|---|---|---|---|---|
| NAV (ex income) | 402.2p | |||
| Share price | 409.5p | |||
| Discount(-)/premium(+) | 0.9% | |||
| Yield | 4.9% | |||
| Net gearing | 5% | |||
| Net cash | - | |||
| Total assets | £2,135m | |||
| Net assets | £2,041m | |||
| Market capitalisation | £2,058m | |||
| Shares in issue | 502,664,868 | |||
| Total number of holdings | 84 | |||
| Ongoing charges (year end 30 Jun 2023) |
0.37% | |||
| Benchmark | FTSE All-Share Index | |||
| Overall Morningstar RatingTM As of 31/12/2023 |
| |||
| 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.
to 100% due to rounding.
AIC sector AIC UK Equity Income Benchmark FTSE All-Share Index Company type Conventional (Ords)
Dividend payment November, February,
May, August
net assets
Key information Stock code CTY
Launch date 1891 Financial year 30-Jun
Factsheet - at 31 December 2023
Marketing Communication
| Top 10 holdings | (%) |
|---|---|
| Shell | 4.1 |
| BAE Systems | 4.0 |
| RELX | 3.7 |
| HSBC | 3.6 |
| Unilever | 3.4 |
| AstraZeneca | 3.1 |
| 3i Group | 2.9 |
| British American Tobacco | 2.9 |
| BP | 2.8 |
| Tesco | 2.7 |
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.
to NAV at fair value (%)
-6
-4
-2
0
2
4
6
Premium/(discount) of share price
Health Care 8.0% Discretionary 7.3% Utilities 6.5% Basic Materials 5.8% Real Estate 3.0% Telecomms 2.4%
The above sector breakdown may not add up to 100% due to rounding.
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.
The above geographical breakdown may not add up
Risk rating
Regional focus UK Fund manager appointment Job Curtis 1991 David Smith 2021
How to invest Go to www.janushenderson.com/howtoinvest
Dec 20 Dec 21 Dec 22 Dec 23
Customer services 0800 832 832
Factsheet - at 31 December 2023 Marketing Communication
The FTSE All-Share Index rose 4.5% due to growing expectations that major central banks, including the Bank of England (BoE), would loosen monetary policy in 2024. UK annual inflation slowed to a lower-than-expected 3.9% in November, from 4.6% in October. The UK economy contracted by 0.1% in the third quarter, a slight downgrade from the initial estimate of no growth. Sterling strengthened against the US dollar and hit a five-month high towards the end of the month, as it benefited from general weakness in the US dollar.
The biggest positive individual stock contributor was Phoenix, the life assurer. Its high dividend yield was attractive given the possible fall in interest rates in 2024. The second biggest positive contributor was Swire Pacific, the Hong Kong based conglomerate, which announced a share buy-back. The biggest detractor from performance was Imperial Brands, the tobacco company, after its shares fell following some profit-taking from investors. Not owning Ashtead, the equipment rental company, was also negative for relative performance.
We sold out of the position in Woodside Energy, the Australian oil and gas company, given its rising capital expenditure requirements. In recent months we have been building a new position in ENI, which has a particularly good record for oil exploration. We also
added to the position in Rio Tinto, the international mining company, a leader in iron ore with growing copper interests.
We think inflation seems likely to remain above the BoE's 2% target because of the strength of the labour market and scale of wage increases. 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 and rising geopolitical 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, the dividend yield of UK equities is attractive relative to the main alternatives.
Factsheet - at 31 December 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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