City of London Investment Trust PLC

Fund Information / Factsheet • Jul 22, 2024

Factsheet - at 30 June 2024

Marketing Communication

Share price performance (total return) Price (rebased) Benchmark NAV (cum income) 140 120 100 80 60 40 20 0 Jun 19 Jun 20 Jun 21 Jun 22 Jun 23 Jun 24	Performance over (%)	6m	1y	3y	5y	10y	Commentary at a glance
	Share price (Total return)	5.2	11.3	24.8	26.8	74.1	Performance In the month under review the Company's NAV total return was -0.8% and the FTSE All-Share Index total return was -1.2%.
	NAV (Total return)	8.5	15.6	29.9	33.1	83.0
	Benchmark (Total return)	7.4	13.0	23.9	30.9	77.8	Contributors/detractors (for the quarter) The biggest positive relative contributor was 3i Group, the investor in private companies. The biggest detractor was BAE Systems, the defence company.
	Relative NAV (Total return)	1.1	2.6	6.0	2.2	4.9
							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.
	Discrete year performance (%)		Share price (total return)		NAV (total return)
Dividend history	30/6/2023 to 30/6/2024		11.3		15.6		See full commentary on page 3.
(pence/share) 25.0 Income 20.0 15.0	30/6/2022 to 30/6/2023		4.1		4.5		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.
	30/6/2021 to 30/6/2022		7.7		7.5
	30/6/2020 to 30/6/2021		21.3		20.0
10.0	30/6/2019 to 30/6/2020		-16.2		-14.6
5.0 0.0	n/a n/a n/a All performance, cumulative growth and annual growth data is sourced from Morningstar.
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 30/06/24. © 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

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.

predict future returns.

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

methodology used.

include shares held in Treasury.

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

Company information

NAV (cum income)	429.6p
NAV (ex income)	424.0p
Share price	420.0p
Discount(-)/premium(+)	-2.2%
Yield	4.8%
Net gearing	7%
Net cash	-
Total assets Net assets	£2,254m £2,124m
Market capitalisation	£2,076m
Shares in issue excluding shares in Treasury	494,363,001
Total number of holdings	85
Ongoing charges (year end 30 Jun 2023)	0.37%
Benchmark	FTSE All-Share Index
 Overall Morningstar RatingTM As of 30/06/2024
Morningstar Medalist RatingTM Effective 04/04/2024
	Analyst-Driven %: 100.00 Data Coverage %: 100.00
Source: BNP Paribas for holdings information and Morningstar for all other data. Differences in calculation may occur due to the

Please note that the total voting rights in the Company do not

How to invest Go to www.janushenderson.com/howtoinvest Find out more Go to www.cityinvestmenttrust.com

Key information Stock code CTY

Factsheet - at 30 June 2024

Marketing Communication

Top 10 holdings	(%)
BAE Systems	4.3
Shell	4.2
RELX	4.1
HSBC	4.1
Unilever	3.6
AstraZeneca	3.4
3i Group	3.3
British American Tobacco	2.9
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.

to NAV at fair value (%)

Premium/(discount) of share price

The above geographical breakdown may not add up

to 100% due to rounding.

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.

Discretionary 7.6%

Company type Conventional (Ords) Launch date 1891 Financial year 30-Jun Dividend payment November, February, May, August 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

AIC sector AIC UK Equity Income Benchmark FTSE All-Share Index

How to invest Go to www.janushenderson.com/howtoinvest

Jun 21 Jun 22 Jun 23 Jun 24

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

Customer services 0800 832 832

Factsheet - at 30 June 2024 Marketing Communication

Fund Manager commentary Investment environment

Campaigning took place for the UK general election, in which Labour went on to win a large majority in the House of Commons on 4 July.

Annual inflation fell to 2.0% in May - the first time it has reached the Bank of England (BoE)'s target in three years- from 2.3% the previous month. First-quarter GDP growth was revised up to 0.7% and the BoE kept its benchmark rate on hold at 5.25%. The FTSE All-Share Index fell 1.2%.

In the US, the Federal Reserve (Fed) scaled back the number of expected interest rate cuts in 2024 from three to one. In contrast, the European Central Bank (ECB) announced a cut in interest rates, lowering its deposit rate by 25 basis points to 3.75%.

Portfolio review

The biggest positive contributor to relative performance was the holding in 3i Group, the investor in private companies. 3i Group has over half of its assets invested in Action, a fast-growing discount retailer in Europe. The second best contributor was Britvic, the soft drinks company, which received a takeover approach from Carlsberg.

The biggest detractor was BAE Systems, where there was some profit-taking from investors after its strong share price performance over the last three years. The second biggest detractor was Legal & General, as its capital markets day disappointed some investors.

In the telecommunications sector, we sold the holding in Orange after more competition emerged in the French market. We bought a new holding in BT, which offers the prospect of strong free cash flow growth as capital expenditure on fibre networks seems to have peaked. We also sold the remainder of the holding in Holcim, the building materials company, after its shares had rerated since the company's announcement that it would spin off its US operations and list them on the New York Stock Exchange.

Manager outlook

The election of a majority Labour government does give the UK some political stability, especially compared with the situation in France. The new Chancellor of the Exchequer has indicated that she will follow a fiscally responsible path. The next move in UK interest rates is likely to be down, but better-thanexpected GDP growth and 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 30 June 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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