City of London Investment Trust PLC

Fund Information / Factsheet • Mar 21, 2024

Factsheet - at 29 February 2024

Marketing Communication

How to invest

Share price performance	Performance over (%)	6m	1y	3y	5y	10y	Commentary at a glance	Company overview
(total return) Price (rebased) Benchmark	Share price (Total return) NAV	2.0 5.9	-3.7 0.7	27.5 34.5	24.4 30.0	60.0 68.0	Performance In the month under review the Company's NAV total return was 0.0% and the FTSE All-Share Index total return was 0.2%.	Objective growth in income and capital, principally by	The Company's objective is to provide long-term investment in equities listed on the London Stock
NAV (cum income) 140	(Total return)						Contributors/detractors The biggest positive contributor to relative performance was Wincanton, after takeover bids. The biggest relative detractor was Rolls Royce (not held	Exchange. The Board fully recognises the importance of dividend income to shareholders.
120 100	Benchmark (Total return)	3.9	0.6	25.2	27.7	63.0		Highlights Renowned for its record-setting annual dividend increases since 1966, the Company targets long term income and capital growth.
80	Relative NAV	2.0	0.1	9.3	2.2	5.0
60	(Total return)						in the portfolio).	Company information
40 20 0 Feb 19 Feb 20 Feb 21 Feb 22 Feb 23 Feb 24							Outlook	NAV (cum income)	399.0p
	Share price NAV						We think the valuation of UK equities looks compelling compared to their equivalents overseas.	NAV (ex income)	398.4p
	Discrete year performance (%)		(total return)		(total return)		The dividend yield is particularly attractive relative to the main alternatives.	Share price	390.0p
Dividend history	31/12/2022 to		4.8		6.5			Discount(-)/premium(+)	-2.3%
(pence/share)	31/12/2023			See full commentary on page 3.	Yield	5.2%
25.0	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 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.	Net gearing	7%
Income	31/12/2020 to							Net cash	-
20.0	31/12/2021		11.8		20.1			Total assets Net assets	£2,134m £2,006m
15.0	31/12/2019 to 31/12/2020		-11.8		-13.8			Market capitalisation	£1,960m
10.0	31/12/2018 to							Shares in issue	502,664,868
5.0 0.0	31/12/2019		20.5		21.1			Total number of holdings	84
	n/a n/a n/a All performance, cumulative growth and annual growth data is sourced from Morningstar.							Ongoing charges (year end 30 Jun 2023)	0.37%
04 06 08 10 12 14 16 18 20 22	Source: at 29/02/24. © 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							Benchmark	FTSE All-Share Index
Please note that this chart could include dividends that have been declared but not yet paid.								Overall Morningstar RatingTM As of 29/02/2024	
		predict future returns.						Morningstar Medalist RatingTM

Morningstar Medalist RatingTM Effective 19/04/2023

include shares held in Treasury.

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

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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

Factsheet - at 29 February 2024 Marketing Communication

Top 10 holdings	(%)
BAE Systems	4.5
RELX	4.2
Shell	3.9
HSBC	3.8
Unilever	3.4
British American Tobacco	2.9
AstraZeneca	2.9
3i Group	2.8
Diageo	2.7
BP	2.7

References made to individual securities do not constitute a n/a n/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 (%)

-4 -3 -2 -1 0 1 2 3 4

Premium/(discount) of share price

The above geographical breakdown may not add up

to 100% due to rounding.

Utilities 5.9% Basic Materials 4.9% Real Estate 2.7% Telecomms 2.5% Technology 1.0%

The above sector breakdown may not add up to 100% due to rounding.

10 year total return of £1,000

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. Key information

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	0.3% 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 David Smith 2021

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Factsheet - at 29 February 2024 Marketing Communication

Fund Manager commentary Investment environment

The FTSE All Share Index was up 0.2% in February. The announcement that annual inflation for January was unchanged at 4.0% from the previous month (which was better than anticipated) provided some support to the equity market.

There was also confirmation that the UK economy entered a "technical recession" late last year, after shrinking by 0.3% in the fourth quarter compared with the previous three months.

The Bank of England (BoE) kept interest rates unchanged and hinted for the first time since it started the current monetary tightening cycle that it could consider interest rate cuts.

Large-cap companies outperformed mid- and small-caps with the FTSE 100 Index up 0.5% versus the FTSE 250 Index and the FTSE Small-Cap Index which fell 1.3% and 0.3% respectively.

Sectors such as financials (mainly banks and non-life insurers), industrials and technology outperformed while real estate, basic materials and utilities lagged.

Portfolio review

The biggest positive stock contributor was Wincanton, the logistics company, which was subject to takeover bids from a French and a US company. The second best contributor was BAE Systems, the defence company, which reported good results.

The biggest detractor from performance relative to the benchmark was Rolls Royce, the aircraft engine manufacturer, which had a good month and is not held in the portfolio. The second biggest detractor was the holding in St James's Place, the UK's largest wealth manager, which announced a provision for repaying fees to those clients who had not had annual reviews. We reduced this holding but maintain a smaller position for the longer-term recovery potential.

In terms of activity, HSBC and NatWest reported good results and we added to both positions. We also bought a new holding in Aviva, the composite insurer which has market-leading positions in the UK and Canada.

Manager outlook

We think UK inflation is set to fall over the next few months as energy price rises fall out of the 12 month calculation. The next move in interest rates is likely to be down, but the continuing relatively high level of wage growth may lead to a cautious approach from the BoE.

Some 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 elevated 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 29 February 2024

Marketing Communication

Glossary

Discount/Premium

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.

Gearing

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.

Leverage

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.

Market capitalisation

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.

Net Asset Value (NAV)

The total value of a Company's assets less its liabilities.

NAV (Cum Income)

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).

NAV (Ex Income)

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).

NAV total return

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.

Net assets

Total assets minus any liabilities such as bank loans or creditors.

Net cash

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.

Net gearing

A company's total assets (less cash/cash equivalents) divided by shareholders' funds expressed as a percentage.

Ongoing charges

The total expenses for the financial year (excluding performance fee), divided by the average daily net assets, multiplied by 100.

Risk rating

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.

Share price

Closing mid-market share price at month end.

Share price total return

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.

Total assets

Cum Income NAV multiplied by the number of shares, plus prior charges at fair value.

Yield

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/

Source for fund ratings/awards

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.

Company specific risks

• This Company is suitable to be used as one component of several within a diversified investment portfolio. Investors should consider carefully the proportion of their portfolio invested in this Company.
• Active management techniques that have worked well in normal market conditions could prove ineffective or negative for performance at other times.
• The Company could lose money if a counterparty with which it trades becomes unwilling or unable to meet its obligations to the Company.
• Shares can lose value rapidly, and typically involve higher risks than bonds or money market instruments. The value of your investment may fall as a result.
• The return on your investment is directly related to the prevailing market price of the Company's shares, which will trade at a varying discount (or premium) relative to the value of the underlying assets of the Company. As a result, losses (or gains) may be higher or lower than those of the Company's assets.
• If a Company's portfolio is concentrated towards a particular country or geographical region, the investment carries greater risk than a portfolio that is diversified across more countries.
• Where the Company invests in assets that are denominated in currencies other than the base currency, the currency exchange rate movements may cause the value of investments to fall as well as rise.
• The Company may use gearing (borrowing to invest) as part of its investment strategy. If the Company utilises its ability to gear, the profits and losses incurred by the Company can be greater than those of a Company that does not use gearing.
• All or part of the Company's management fee is taken from its capital. While this allows more income to be paid, it may also restrict capital growth or even result in capital erosion over time.

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.

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