City of London Investment Trust PLC

Fund Information / Factsheet • Aug 27, 2024

Factsheet - at 31 July 2024

Marketing Communication

Overall Morningstar RatingTM

Source: BNP Paribas for holdings information and Morningstar for all other data. Differences in calculation may occur due to the

Analyst-Driven %: 100.00 Data Coverage %: 100.00

Morningstar Medalist RatingTM Effective 04/04/2024

As of 31/07/2024

methodology used.

Share price performance (total return) Price (rebased) Benchmark NAV (cum income) 160	Performance over (%)	6m	1y	3y	5y	10y	Commentary at a glance	Company overview
	Share price (Total return) NAV	14.2	16.7	32.5	34.9	88.3	Performance In the month under review the Company's NAV total return was 4.2% and the FTSE All-Share Index total return was 3.1%.	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.
	(Total return)	13.6	18.0	33.7	37.4	92.2
140 120 100 80 60 40 20 0 Jul 19 Jul 20 Jul 21 Jul 22 Jul 23 Jul 24	Benchmark (Total return)	12.3	13.5	27.1	32.4	83.9	Contributors/detractors The biggest positive contributor to relative performance was NatWest, the UK bank. The biggest detractor was Merck, the US pharmaceutical	Highlights Renowned for its record-setting annual dividend increases since 1966, the Company targets long term income and capital growth.
	Relative NAV	1.3	4.5	6.6	5.0	8.3
	(Total return)						company.	Company information
							Outlook	NAV (cum income)	442.2p
			Share price			We think the valuation of UK equities is compelling compared to their equivalents overseas, with the	NAV (ex income)	441.6p
	Discrete year performance (%)		(total return)		NAV (total return)		dividend yield particularly attractive to us relative to the main alternatives.	Share price	446.5p
Dividend history (pence/share) 25.0	30/6/2023 to		11.3		15.6			Discount(-)/premium(+)	1.0%
	30/6/2024						See full commentary on page 3.	Yield	4.6%
	30/6/2022 to 30/6/2023		4.1		4.5			Net gearing	8%
Income	30/6/2021 to						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 cash	-
20.0	30/6/2022		7.7		7.5			Total assets Net assets	£2,311m £2,186m
15.0 10.0 5.0	30/6/2020 to 30/6/2021		21.3		20.0			Market capitalisation	£2,207m
	30/6/2019 to 30/6/2020		-16.2		-14.6			Shares in issue excluding shares in Treasury	494,334,723
	n/a All performance, cumulative growth and annual growth data is	n/a		n/a				Total number of holdings	83
0.0 04 06 08 10 12 14 16 18 20 22 24 Please note that this chart could include dividends that have been	sourced from Morningstar. Source: at 31/07/24. © 2024 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2)				Ongoing charges (year end 30 Jun 2023)	0.37%
declared but not yet paid.		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						Benchmark	FTSE All-Share Index

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.

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 Find out more Go to www.cityinvestmenttrust.com

Factsheet - at 31 July 2024

Marketing Communication

Top 10 holdings	(%)
Shell	4.1
HSBC	4.1
RELX	4.0
BAE Systems	4.0
Unilever	3.8
AstraZeneca	3.3
British American Tobacco	3.1
Tesco	2.8
NatWest	2.8
3i	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.

Telecomms 2.4% Technology 0.8%

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

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
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

How to invest

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

Go to www.janushenderson.com/howtoinvest

Jul 21 Jul 22 Jul 23 Jul 24

Customer services 0800 832 832

Factsheet - at 31 July 2024 Marketing Communication

Portfolio review

The biggest positive contributor to relative performance was the holding in NatWest. The company announced strong results, driven by net interest income, and raised its profit expectations for this year. The second biggest positive contributor was the holding in IG Group, the online trading platform. The company also announced good results that came in ahead of expectations, while its new CEO's strategic priorities for the business were also taken well by investors.

The biggest detractor was US pharmaceutical company Merck, where sales of its HPV (human papillomavirus) vaccine in China were weak. The second biggest detractor was defence contractor BAE, as investors continued to take profits after a period of strong share price performance.

Activity for the month was minimal. We added to existing positions in BT, Rio Tinto and paper and packaging company Mondi. Elsewhere, we reduced the holding in private equity company 3i after a period of strong share price performance.

Manager outlook

Business and consumer confidence in the UK is slowly improving as inflation has reached the Bank of England (BoE)'s target. This prompted the BoE to make a 25 basis point cut to interest rates in early August. However, it is possible that the BoE could take a more cautious

approach to future rate cuts, given better-than-expected GDP growth and the continuing high level of wage growth.

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 along with ongoing 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 to us relative to the main alternatives.

Fund Manager commentary Investment environment

The FTSE All-Share Index rose 3.1% over July, supported by some positive corporate results and optimism about the potential for forthcoming interest rate cuts.

As expected, the Labour Party won a resounding majority in the UK general election. Meanwhile, June's annual inflation rate came in at 2.0%, unchanged from May. GDP growth rebounded in May as it expanded by a stronger-than-expected 0.4% after growth had stalled in April.

Sterling strengthened against the US dollar over July, helped by signs of economic improvement in the UK. Oil prices fell as demand appeared to weaken, most notably in China, and due to initial signs of easing tensions in the Middle East.

Having lagged the performance of large-cap stocks in the first half of 2024, mid-cap stocks performed strongly during July. The FTSE 250 Index was up 6.7% significantly outperforming the FTSE 100 Index which rose 2.5%.

Utilities, consumer staples and financials were the best performing sectors, while the basic materials, energy and health care sectors lagged.

Factsheet - at 31 July 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.

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/en-gb/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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