City of London Investment Trust PLC

Fund Information / Factsheet • Mar 21, 2025

Performance

Share price

Benchmark

Relative NAV

NAV

Factsheet - at 28 February 2025 Marketing Communication

Share price performance (total return)

Dividend history

Discrete year performance (%)	Share price (total return)	NAV (total return)
31/12/2023 to 31/12/2024	10.6	11.5
31/12/2022 to 31/12/2023	4.8	6.5
31/12/2021 to 31/12/2022	9.4	5.1
31/12/2020 to 31/12/2021	11.8	20.1
31/12/2019 to 31/12/2020	-11.8	-13.8

over (%) 6m 1y 3y 5y 10y

(Total return) 3.6 19.3 27.5 49.4 75.4

(Total return) 5.1 20.1 32.7 56.9 84.6

(Total return) 5.2 18.4 27.7 53.4 82.7

(Total return) -0.1 1.8 5.0 3.5 1.9

All performance, cumulative growth and annual growth data is sourced from Morningstar.

Source: at 28/02/25. © 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 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 predict future returns.

Commentary at a glance

Performance

In the month under review the Company's NAV total return was 1.5% and the FTSE All-Share Index total return was 1.3%.

Contributors/detractors

The biggest positive contributor was BAE Systems, the manufacturer of defence and aerospace equipment and systems. The biggest relative detractor was Rolls Royce, the aero engine manufacturer.

Outlook

We think the valuation of UK equities is compelling relative to their equivalents overseas. In particular, the dividend yields on offer are attractive to us relative to the main alternatives.

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 Henderson Investors, its affiliated advisor, or its employees, may have a position in the securities mentioned.

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)	456.7p
NAV (ex income)	456.7p
Share price	443.0p
Discount(-)/premium(+)	-3.0%
Yield	4.7%
Net gearing	8%
Net cash	-
Total assets Net assets	£2,412m
	£2,248m
Market capitalisation	£2,180m
Shares in issue excluding shares in Treasury	492,208,818
Total number of holdings 80
Ongoing charges (year end 30 Jun 2024)	0.37%
Benchmark	FTSE All-Share Index
 Overall Morningstar RatingTM As of 28/02/2025
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.

How to invest

Go to www.janushenderson.com/howtoinvest

Find out more Go to www.cityinvestmenttrust.com

Factsheet - at 28 February 2025 Marketing Communication

Top 10 holdings	(%)
HSBC	5.2
Shell	4.4
RELX	4.1
BAE Systems	3.8
NatWest Group	3.5
Unilever	3.5
British American Tobacco	3.4
Imperial Brands	3.4
Tesco	3.1
AstraZeneca	3.1

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.

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

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.

Real Estate 3.7% Telecomms 2.8% Technology 0.9%

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

Go to www.janushenderson.com/howtoinvest

Customer services 0800 832 832

Factsheet - at 28 February 2025 Marketing Communication

Fund Manager commentary Investment environment

The FTSE All-Share Index rose by 1.3% in sterling terms and 2.7% in US dollar terms against the backdrop of satisfactory corporate results being reported.

UK GDP expanded by 0.1% quarter by quarter in the final three months of 2024, following no growth in the third quarter.

The Bank of England (BoE) reduced its benchmark interest rate by 25 basis points to 4.5% and lowered its GDP forecast. Annual inflation of 3.0% in January was up from 2.5% in December while sterling rose against the US dollar.

US equities, as measured by the S&P 500 Index, fell 2.6% in sterling terms and 1.3% in US dollar terms, with fears that artificial intelligence (AI) might not deliver the growth in profits expected. This dragged down both the technology sector and the equity market more generally.

Portfolio review

The biggest single positive stock contributor to relative performance was BAE Systems, the manufacturer of defence and aerospace equipment and systems. Its shares rose as the company is expected to benefit from increased defence spending from the UK and overseas governments. The second biggest contributor was Imperial Brands, the tobacco company.

The biggest relative stock detractor was Rolls Royce, the aero engine manufacturer, which we do not hold in the portfolio. The second biggest relative detractor was AstraZeneca, the pharmaceutical company, which we do hold but which has a weighting below the benchmark FTSE All-Share Index.

It was a quiet month for investment activity. We took some profits in Barclays after its very strong share price performance.

Manager outlook

Some two-thirds of revenues earned by companies that we invest in are from outside the UK, which provides us with useful diversification. Given the low growth expected from the UK economy over the next 12 months, we think some further interest rate cuts are likely. In our view, this should be supportive of 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 28 February 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