City of London Investment Trust has reported a 'good performance' in the context of a mixed global economic environment, according to its half yearly report for the period ending December 31st.
The company reported that it had produced a net asset value total return of 9.6%, 1.1% better than the size weighted average for the UK Growth & Income investment trust sector.
The trust's performance was also 0.9 percentage points better than the FTSE All-Share Index, which produced a total return of 8.7%.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Philip Remnant, Chairman of the company, stated: "We benefited from gearing during the six months of between 8% and 10% as well as below average exposure to the oil sector, which was a poor performer."
With regard to the performance of specific stocks in the portfolio, he said: "Within the portfolio, particularly strong performances were achieved by newspaper distributor Smiths News where profits beat low expectations, IMI experiencing global demand for its industrial engineering products and the life assurers Aviva and Standard Life which benefited from improving equity markets."
City of London Investment Trust's share price was down 0.18% to 326.10p at 11:42 on Friday.
MF
-
Christmas at Chatsworth: review of The Cavendish Hotel at BaslowMoneyWeek Travel Matthew Partridge gets into the festive spirit at The Cavendish Hotel at Baslow and the Christmas market at Chatsworth
-
Tycoon Truong My Lan on death row over world’s biggest bank fraudProperty tycoon Truong My Lan has been found guilty of a corruption scandal that dwarfs Malaysia’s 1MDB fraud and Sam Bankman-Fried’s crypto scam
