City of London Investment Trust PLC

Fund Information / Factsheet • Jun 21, 2024

Factsheet - at 31 May 2024

Marketing Communication

Share price performance	Performance over (%)	6m	1y	3y	5y	10y	Commentary at a glance
(total return) Price (rebased)	Share price (Total return)	10.5	11.3	25.2	33.0	72.7	Performance In the month under review the Company's NAV total
Benchmark NAV (cum income) 160	NAV (Total return)	13.7	16.3	31.4	39.7	81.1	return was 2.9% and the FTSE All-Share Index total return was 2.4%. Contributors/detractors (for the quarter) The biggest positive relative contributor was the underweight position in Shell, which underperformed due to the weak oil price. The biggest detractor was not holding Experian.
140 120	Benchmark (Total return)	13.6	15.4	25.5	37.3	77.6
100 80	Relative NAV (Total return)	0.1	0.9	5.8	2.4	3.5
60 40 20 0 May 19 May 20 May 21 May 22 May 23 May 24	Discrete year performance (%)		Share price (total return)		NAV (total return)		Outlook We think the valuation of UK equities is compelling compared to their equivalents overseas, with the dividend yield particularly attractive relative to the main alternatives.
Dividend history	31/3/2023 to 31/3/2024		2.9		8.6		See full commentary on page 3.
(pence/share) 25.0	31/3/2022 to 31/3/2023		4.5		4.1		References made to individual securities do not constitute a recommendation to buy, sell or hold any security, investment strategy
Income 20.0	31/3/2021 to 31/3/2022		15.0		16.3		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.
15.0	31/3/2020 to 31/3/2021		23.4		25.7
10.0	31/3/2019 to 31/3/2020		-17.8		-19.8
5.0 0.0	n/a All performance, cumulative growth and annual growth data is sourced from Morningstar.	n/a		n/a
04 06 08 10 12 14 16 18 20 22 Please note that this chart could include dividends that have been declared but not yet paid.	Source: at 31/05/24. © 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

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.

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

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Company overview

Objective

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.

Highlights

Renowned for its record-setting annual dividend increases since 1966, the Company targets longterm income and capital growth.

Company information

NAV (cum income)	433.2p
NAV (ex income)	429.3p
Share price	423.0p
Discount(-)/premium(+)	-2.4%
Yield	4.8%
Net gearing	7%
Net cash	-
Total assets Net assets	£2,283m £2,151m
Market capitalisation	£2,101m
Shares in issue excluding shares in Treasury	496,664,868
Total number of holdings	85
Ongoing charges (year end 30 Jun 2023)	0.37%
Benchmark	FTSE All-Share Index
Overall Morningstar RatingTM As of 31/05/2024	
Morningstar Medalist RatingTM Effective 04/04/2024
	Analyst-Driven %: 100.00 Data Coverage %: 100.00 Source: BNP Paribas for holdings information and Morningstar for

Please note that the total voting rights in the Company do not include shares held in Treasury.

all other data. Differences in calculation may occur due to the

methodology used.

Factsheet - at 31 May 2024

Marketing Communication

Top 10 holdings	(%)
BAE Systems	4.5
Shell	4.2
HSBC	4.1
RELX	3.8
Unilever	3.5
AstraZeneca	3.3
3i Group	3.1
British American Tobacco	2.8
Tesco	2.7
BP	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.

Premium/(discount) of share price to NAV at fair value (%)

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

Financials 29.4%

Technology 0.8%

Consumer Staples 18.6% Industrials 10.7% Energy 9.0% Health Care 8.5%

Consumer Discretionary 7.1% Utilities 5.4% Basic Materials 5.3%

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

10 year total return of £1,000

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.

Key information

CTY
AIC UK Equity Income
FTSE All-Share Index
Conventional (Ords)
1891
30-Jun
November, February, May, August
Average
0.3% per annum of net assets
No
(See Annual Report & Key Information Document for more information)
UK

How to invest Go to www.janushenderson.com/howtoinvest Customer services 0800 832 832

Factsheet - at 31 May 2024 Marketing Communication

Fund Manager commentary Investment environment

The FTSE All-Share Index rose 2.4% in May.

It was revealed that the UK economy grew by a strongerthan-expected 0.6% over the first quarter. Inflation fell to 2.3% in April, down from 3.2% in March.

The Bank of England (BoE) left interest rates unchanged at 5.25%. Meanwhile, Prime Minister Rishi Sunak called a 4 July general election.

In the US, data released during the month indicated a softening economy with non-farm payroll growth in April lower than forecast.

In Europe, minutes from the European Central Bank (ECB)'s April meeting (released in May) appeared to open the way for a cut in interest rates.

Portfolio review

The biggest single positive contributor to relative performance was the underweight position in Shell, which underperformed due to the weak oil price. Munich Re was the second biggest positive contributor as the share price benefited from the continuing strong pricing of reinsurance rates.

The two biggest relative detractors were stocks not held in the portfolio which performed well. These were Experian, the credit and marketing services company, and Rolls Royce, the aircraft engine manufacturer.

Our most significant activity was to take some profits in Holcim, the building materials company, which has rerated ahead of a spin-off of its US operations, which will be listed on the New York Stock Exchange. We made an addition to British Land, the real estate investment trust that owns London offices and retail warehouses, as we like the improving valuation trends for its properties.

Manager outlook

The opinion polls show Labour as overwhelming favourite to win the UK general election, and this should already be discounted in stock market expectations. The next move in interest rates is likely to be down, but the continuing high level of wage growth may lead to a cautious approach from the BoE.

Some two-thirds of revenues earned by companies that we invest in are from overseas, which provides useful diversification. However, there is considerable uncertainty for the global economy and elevated geopolitical tensions. Nonetheless, we think the valuation of UK equities is 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 May 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 https://shareholders.morningstar.com/investor-relations/governance/Compliance--Disclosure/default.aspx.

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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