City of London Investment Trust posts NAV return of 9.6 per cent

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.

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%.

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

Recommended

Three top-notch Asian stocks to buy
Share tips

Three top-notch Asian stocks to buy

Professional investors Adrian Lim and Pruksa Iamthongthong, managers of the Asia Dragon Trust, pick three of their favourite Asian stocks to buy now.
23 Sep 2022
Why you should short this satellite broadband company
Trading

Why you should short this satellite broadband company

With an ill-considered business plan, satellite broadband company AST SpaceMobile is doomed to failure, says Matthew Partridge. Here's how to short th…
23 Sep 2022
Share tips of the week – 23 September
Share tips

Share tips of the week – 23 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
23 Sep 2022
Momentum investing – and why price matters more than anything else
Investment strategy

Momentum investing – and why price matters more than anything else

The recent fashion for momentum investing, with investors piling into expensive growth stocks, is nothing new, says Merryn Somerset Webb. And the dang…
21 Sep 2022

Most Popular

Beating inflation takes more luck than skill – but are we about to get lucky?
Inflation

Beating inflation takes more luck than skill – but are we about to get lucky?

The US Federal Reserve managed to beat inflation in the 1980s. But much of that was down to pure luck. Thankfully, says Merryn Somerset Webb, the Bank…
26 Sep 2022
Earn 4.1% from the best savings accounts
Savings

Earn 4.1% from the best savings accounts

With inflation topping 10%, your savings won't keep pace with the rising cost of living. But you can at least slow the rate at which your money is los…
27 Sep 2022
The pick of this year's best-performing investment trusts
Investment trusts

The pick of this year's best-performing investment trusts

Market conditions haven’t been easy, but these investment trusts have delivered strong growth, says David Stevenson.
23 Sep 2022