City of London Investment Trust posts rise in gearing and NAV

City of London Investment Trust has said that during the quarter ended March 31st its portfolio remained biased towards non-cyclical and global companies.

Gearing increased from 9% at December 31st to 10.1% at March 31st. Purchases exceeded sales by £20.3m.

During the quarter net assets rose from £651.6m to £686.2m, while net asset value increased from 282.94p to 292.60p. The yield fell from 4.7% to 4.6%.

Try 6 free issues of MoneyWeek today

Get unparalleled financial insight, analysis and expert opinion you can profit from.

Start your trial

Sign up for MoneyWeek’s free twice-daily newsletter.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Sign up

At March 31st the share price was trading at a premium of 2.7% to the net asset value, compared to 0.7% at December 31st.

A third interim dividend of 3.52p per share for the year ended June 30th has been proposed.

NR