City of London Investment Trust : Monthly Factsheet as at 29 February 2024

THE CITY OF LONDON INVESTMENT TRUST PLC (CTY) ISIN: GB0001990497

Factsheet - at 29 February 2024

Marketing Communication

Share price performance (total return)

Performance	6m 1y 3y 5y 10y Commentary at a glance
over (%)

Company overview

Objective

Price (rebased)

	Benchmark
140	NAV (cum income)
120
100
80
60
40

Share price (Total return)

NAV

(Total return)

Benchmark (Total return)

Relative NAV (Total return)

2.0	-3.7	27.5	24.4	60.0	Performance
										In the month under review the Company's NAV total
										return was 0.0% and the FTSE All-Share Index total
	5.9		0.7		34.5		30.0		68.0	return was 0.2%.
										Contributors/detractors
3.9	0.6	25.2	27.7	63.0
										The biggest positive contributor to relative
										performance was Wincanton, after takeover bids. The
	2.0		0.1		9.3		2.2		5.0	biggest relative detractor was Rolls Royce (not held
					in the portfolio).

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 long- term income and capital growth.

Company information

20

0

Feb 19 Feb 20 Feb 21 Feb 22 Feb 23 Feb 24

			Outlook
			We think the valuation of UK equities looks
Discrete year	Share price	NAV	compelling compared to their equivalents overseas.
The dividend yield is particularly attractive relative to
performance (%) (total return)	(total return)	the main alternatives.

NAV (cum income)	399.0p
NAV (ex income)	398.4p
Share price	390.0p

Dividend history (pence/share)

25.0

Income

20.0

15.0

10.0

5.0

0.0

04 06 08 10 12 14 16 18 20 22

Please note that this chart could include dividends that have been declared but not yet paid.

	31/12/2022 to	4.8	6.5
31/12/2023
	31/12/2021 to		9.4		5.1
	31/12/2022
	31/12/2020 to	11.8	20.1
31/12/2021
	31/12/2019 to		-11.8		-13.8
	31/12/2020
	31/12/2018 to	20.5	21.1
31/12/2019
n/a	n/a		n/a

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

Source: at 29/02/24. © 2024 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.

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.

Discount(-)/premium(+)	-2.3%
Yield	5.2%
Net gearing	7%
Net cash	-
Total assets	£2,134m
Net assets	£2,006m
Market capitalisation	£1,960m
Shares in issue	502,664,868
Total number of holdings 84
Ongoing charges	0.37%
(year end 30 Jun 2023)
Benchmark	FTSE All-Share Index

Overall Morningstar RatingTM 

As of 29/02/2024

Morningstar Medalist RatingTM

Effective 19/04/2023

Analyst-Driven %: 100.00

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		Find out more
Go to www.janushenderson.com/howtoinvest		Go to www.cityinvestmenttrust.com

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.

THE CITY OF LONDON INVESTMENT TRUST PLC (CTY) ISIN: GB0001990497

Factsheet - at 29 February 2024

Marketing Communication

Top 10 holdings	(%)
BAE Systems	4.5
RELX	4.2
Shell	3.9
HSBC	3.8
Unilever	3.4
British American Tobacco	2.9
AstraZeneca	2.9
3i Group	2.8
Diageo	2.7
BP	2.7

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.

Geographical focus (%)

United	83.5%
Kingdom
Netherlands	4.2%
Switzerland	3.3%
United States	2.8%
Germany	2.7%
France	2.0%
Hong Kong	0.9%
Italy	0.6%

The above geographical breakdown may not add up to 100% due to rounding.

Sector breakdown (%)

 Financials	27.6%
 Consumer	19.2%
Staples
 Industrials	12.0%
 Energy	8.6%
 Health Care	8.3%
 Consumer	7.2%
Discretionary
 Utilities	5.9%
 Basic Materials 4.9%
 Real Estate	2.7%
 Telecomms	2.5%
 Technology	1.0%

The above sector breakdown may not add up to 100% due to rounding.

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
Risk rating	Average
(Source: Numis)
Management fee	0.3% per annum of
net assets
Performance fee	No

(See Annual Report & Key Information Document for more information)

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

4
3
2
1
0
-1
-2
-3
-4
Feb 21	Feb 22	Feb 23	Feb 24

10 year total return of £1,000

2,000		Share price total return	Benchmark
1,500
1,000
500
0
Feb 14	Feb 16	Feb 18	Feb 20	Feb 22	Feb 24

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.

Regional focus	UK
Fund manager	Job Curtis 1991
appointment	David Smith 2021

Job Curtis, ASIP

Fund Manager

David Smith, CFA

Deputy Fund Manager

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			Customer services
	Go to www.janushenderson.com/howtoinvest			0800 832 832

THE CITY OF LONDON INVESTMENT TRUST PLC (CTY) ISIN: GB0001990497

Factsheet - at 29 February 2024

Marketing Communication

Fund Manager commentary

Investment environment

The FTSE All Share Index was up 0.2% in February. The announcement that annual inflation for January was unchanged at 4.0% from the previous month (which was better than anticipated) provided some support to the equity market.

There was also confirmation that the UK economy entered a "technical recession" late last year, after shrinking by 0.3% in the fourth quarter compared with the previous three months.

The Bank of England (BoE) kept interest rates unchanged and hinted for the first time since it started the current monetary tightening cycle that it could consider interest rate cuts.

contributor was BAE Systems, the defence company, which reported good results.

The biggest detractor from performance relative to the benchmark was Rolls Royce, the aircraft engine manufacturer, which had a good month and is not held in the portfolio. The second biggest detractor was the holding in St James's Place, the UK's largest wealth manager, which announced a provision for repaying fees to those clients who had not had annual reviews. We reduced this holding but maintain a smaller position for the longer-term recovery potential.

In terms of activity, HSBC and NatWest reported good results and we added to both positions. We also bought a new holding in Aviva, the composite insurer which has market-leading positions in the UK and Canada.

equivalents overseas, possibly due to the low allocation from domestic, institutional investors. In particular, the dividend yield of UK equities is attractive relative to the main alternatives.

Large-cap companies outperformed mid- and small-caps with the FTSE 100 Index up 0.5% versus the FTSE 250 Index and the FTSE Small-Cap Index which fell 1.3% and 0.3% respectively.

Sectors such as financials (mainly banks and non-life insurers), industrials and technology outperformed while real estate, basic materials and utilities lagged.

Portfolio review

The biggest positive stock contributor was Wincanton, the logistics company, which was subject to takeover bids from a French and a US company. The second best

Manager outlook

We think UK inflation is set to fall over the next few months as energy price rises fall out of the 12 month calculation. The next move in interest rates is likely to be down, but the continuing relatively high level of wage growth may lead to a cautious approach from the BoE.

Some two-thirds of revenues earned by companies that we are invested in come from overseas, which provides useful diversification, but there is also considerable uncertainty for the global economy and elevated geopolitical tensions. Nonetheless, we think the valuation of UK equities looks compelling compared to their

THE CITY OF LONDON INVESTMENT TRUST PLC (CTY) ISIN: GB0001990497

Factsheet - at 29 February 2024

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.

Risk rating

The key measure used to assess risk is volatility of returns, using historic net asset value (NAV) performance of the Company over 1 and 3 years. In this instance volatility measures how much a company's NAV fluctuates over time in relation to the UK Equity market. The higher a volatility figure, the more the NAV has fluctuated (both up and down) over time. Please note that risk categorisations are indicative and based principally on historic data and should not be solely relied upon when making investment decisions.

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/

THE CITY OF LONDON INVESTMENT TRUST PLC (CTY) ISIN: GB0001990497

Factsheet - at 29 February 2024

Marketing Communication

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 www.global.morningstar.com/managerdisclosures.

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.

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