City of London IT CTY Interim Management Statement

  City of London IT (CTY) - Interim Management Statement

RNS Number : 7892P
City of London Investment Trust PLC
29 October 2012




THE CITY OF LONDON INVESTMENT TRUST PLC



HENDERSON GLOBAL INVESTORS



29 OCTOBER 2012





                   THE CITY OF LONDON INVESTMENT TRUST PLC

                                      

                         Interim Management Statement

          Review of the period from 1 July 2012 to 30 September 2012

                                      



MATERIAL EVENTS OR TRANSACTIONS DURING THE PERIOD



Portfolio: Overall, the  portfolio remained biased  towards non-cyclical  and 
global companies. The holding in Standard Chartered was sold and the proceeds
reinvested into additions to the Trust's holding in HSBC.



Gearing:During the quarter, gearing reduced from 9.5% (at 30^th June 2012) to
7.7% (at 30 September 2012).



Premium: At 30 September 2012,  the share price was  trading at a premium  of 
3.8% to net asset value (income-inclusive with debt at fair value); at 30 June
2012 it was trading at a premium of 3.3%.



Share Capital: during  the quarter,  the Company issued  3,025,000 shares  for 
total proceeds of £9.2 million.



Dividends: a fourth interim dividend of  3.52p per ordinary share in  respect 
of the year ending 30 June 2012 was paid on 31 August 2012 to shareholders  on 
the register on 10 August 2012.



There are no other material events or transactions to report.



                                      

                                      

PERFORMANCE AND FINANCIAL HIGHLIGHTS



Total Return Performance at 30 September 2012

                                                                                             3 months 1 year  3 years     5
                                                                                                                      years
Net asset value per ordinary share ^1                                                       5.67 21.58          
                                                                                                                43.73 15.23
Share price ^1                                                                           23.66 53.94     
                                                                                                 6.18                 32.26
UK Growth & Income investment trust sector - size weighted average net asset value ^1, 2         5.18  19.91    39.85 12.41
FTSE All-Share Index                                                                        4.70  17.25        
^3                      26.13  8.65



Sources:

1 Morningstar for the AIC using cum income fair value NAV for 3 months, 1 and
3 years, and capital NAV plus income reinvested for 5 years

2 Since 1 July 2009 the benchmark is the size weighted average net asset
value total return of the UK Growth & Income investment trust sector

3Datastream

Financial Position

                                       at 30 September 2012 at 30 June 2012
Net assets                                            £737m           £699m
Net asset value per share (par value)                304.5p          292.9p
Net asset value per share (fair value)               299.1p          286.4p
Ordinary share price                                 310.5p          295.8p
(Discount)/premium to NAV (par value)                  2.0%            1.0%
Premium to NAV (fair value)                            3.8%            3.3%
Gearing                                                9.1%            9.5%
Yield                                                  4.5%            4.8%
Total expense ratio                                   0.45%           0.45%



THE PORTFOLIO



Top 10 Investments      % of portfolio                          % of portfolio
                  at 30 September 2012                        at 30 June 2012
British American                   6.2   British American                  6.7
Tobacco                                  Tobacco
Royal Dutch Shell                  5.8   Royal Dutch Shell                 6.4
Diageo                             5.5   Diageo                            5.6
GlaxoSmithKline                    5.2   GlaxoSmithKline                   5.2
Vodafone                           4.7   Vodafone                          4.9
HSBC                               4.3   HSBC                              3.6
Unilever                           3.0   Unilever                          3.0
AstraZeneca                        2.5   AstraZeneca                       2.6
BP                                 2.4   National Grid                     2.4
Centrica                           2.3   Scottish & Southern               2.4
                                         Energy
Top 10 =                          41.9   Top 10 =                         42.8



Sector Breakdown   % at 30 September 2012 % at 30 June 2012
Consumer Goods                       19.1              19.9
Financials                           17.6              16.4
Consumer Services                    11.3              10.7
Oil & Gas                            10.2              10.4
Industrials                           9.9               9.7
Utilities                             9.6               9.9
Health Care                           9.4               9.5
Telecommunications                    6.4               6.8
Basic Materials                       5.8               5.9
Technology                            0.7               0.8



The objective of The City of London Investment Trust plc is to provide
long-term growth in income and capital, principally by investment in UK
equities. The Manager is Henderson Global Investors Limited. Further
information on the Company, including a monthly factsheet and up to date NAV
and share price information, can be found at www.cityinvestmenttrust.com

                                      

For further information, please contact:

Job Curtis                              James de Sausmarez

Portfolio Manager                       Director and Head of Investment Trusts

The City of London Investment Trust plc Henderson Global Investors

Telephone: 020 7818 4367                Telephone: 020 7818 3349


Sarah Gibbons-Cook

Investor Relations and PR Manager

Henderson Global Investors

Telephone: 020 7818 3198

                                   - ENDS -

                                      

Neither the contents of the Company's website nor the contents of any website
accessible from hyperlinks on the Company's website (or any other website) is
           incorporated into, or forms part of, this announcement.

                     This information is provided by RNS
           The company news service from the London Stock Exchange

END


IMSQKLFLLBFZFBX -0- Oct/29/2012 16:47 GMT