City of London Investment Trust PLC

Fund Information / Factsheet • Feb 21, 2025

Factsheet - at 31 January 2025

Marketing Communication

Share price performance	Performance over (%)	6m	1y	3y	5y	10y	Commentary at a glance
(total return) Price (rebased) Benchmark NAV (cum income) 160 140 120 100 80	Share price (Total return)	0.6	14.9	26.0	34.1	77.9	Performance In the month under review the Company's NAV total return was 5.6% and the FTSE All-Share Index total return was 5.5%.
	NAV (Total return)	4.2	18.3	30.0	39.8	86.2
	Benchmark (Total return)	4.3	17.1	25.5	37.9	87.1	Contributors/detractors The biggest positive contributor was St James's Place, the financial advice company. The biggest relative detractor was not holding Experian, which provides credit and marketing services.
	Relative NAV (Total return)	-0.1	1.3	4.5	1.9	-0.9
60 40 20 0 Jan 20 Jan 21 Jan 22 Jan 23 Jan 24 Jan 25	Discrete year Share price NAV performance (%) (total return) (total return)					Outlook We think the valuation of UK equities is compelling compared to their equivalents overseas. In particular, the dividend yields on offer are attractive to us relative to the main alternatives.
Dividend history	31/12/2023 to 31/12/2024		10.6		11.5
(pence/share) 25.0	31/12/2022 to 31/12/2023		4.8		6.5		See full commentary on page 3. 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
Income 20.0	31/12/2021 to 31/12/2022		9.4		5.1		Henderson Investors, its affiliated advisor, or its employees, may have a position in the securities mentioned.
15.0 10.0 5.0 0.0	31/12/2020 to 31/12/2021		11.8		20.1
	31/12/2019 to 31/12/2020		-11.8		-13.8
	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 24 Please note that this chart could include dividends that have been	Source: at 31/01/25. © 2025 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

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)	449.8p
NAV (ex income)	449.8p
Share price	438.5p
Discount(-)/premium(+)	-2.5%
Yield	4.8%
Net gearing	8%
Net cash	-
Total assets Net assets	£2,353m £2,222m
Market capitalisation	£2,166m
Shares in issue excluding shares in Treasury	494,024,723
Total number of holdings	80
Ongoing charges (year end 30 Jun 2024)	0.37%
Benchmark	FTSE All-Share Index
 Overall Morningstar RatingTM As of 31/01/2025
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 methodology used.

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

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.

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

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

declared but not yet paid.

Find out more Go to www.cityinvestmenttrust.com

Factsheet - at 31 January 2025

Marketing Communication

Top 10 holdings	(%)
HSBC	4.8
Shell	4.5
RELX	4.3
Unilever	3.7
British American Tobacco	3.6
BAE Systems	3.3
Imperial Brands	3.3
NatWest Group	3.2
Tesco	3.1
AstraZeneca	2.9

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.

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

Jan 22 Jan 23 Jan 24 Jan 25

Customer services 0800 832 832

Factsheet - at 31 January 2025 Marketing Communication

Fund Manager commentary Investment environment

The FTSE All-Share Index rose 5.5% in January as cooling inflation and some weaker economic data increased the chance of an interest rate cut in February.

Annual inflation of 2.5% in December was down from November's 2.6% rise. GDP growth of 0.1% in November was lower than predicted by the consensus of economists.

Elsewhere, the European Central Bank (ECB) cut its key deposit rate by 25 basis points to 2.75% as it warned of a weak economic outlook. And in the US, the Federal Reserve (Fed) kept interest rates on hold after a stronger-than-expected employment report.

Portfolio review

The biggest positive contributing holding was St James's Place, the financial advice company, which has been experiencing satisfactory new funds inflows. The second biggest contributor was RELX, the global provider of information and analytics for professional and business customers.

The biggest detractor from relative performance was not holding a position in Experian, which provides credit and marketing services. The second biggest detractor was AstraZeneca, the pharmaceutical company, where the portfolio has an underweight position relative to the benchmark.

We bought a new holding in Harbour Energy, the oil and gas company which has interests in the North Sea (Norway and UK), Germany, Argentina, Mexico and North Africa. In our view, at the time of purchase Harbour's share price was not reflecting its cash flow potential. We took some profits from the holding in SSE, the utility company. Here, its dividend yield had fallen below its historical range due to the dividend cut to fund the company's investment programme.

Manager outlook

Some two-thirds of revenues earned by companies that we invest in are from outside the UK, which provides useful diversification. Given the weakness in the UK economy, we think further interest rate cuts are likely. In our view, this should be supportive for equities. We also 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, we find the dividend yield of UK equities attractive relative to the main alternatives.

Factsheet - at 31 January 2025

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.

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), Tabula Investment Management Limited (reg. no. 11286661 at 10 Norwich Street, London, United Kingdom, EC4A 1BD and regulated by the Financial Conduct Authority) and Janus Henderson Investors Europe S.A. (reg no. B22848 at 78, Avenue de la Liberté, L-1930 Luxembourg, Luxembourg and regulated by the Commission de Surveillance du Secteur Financier).

Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc