City of London Investment Group PLC Funds Under Management - 30/09/22

TIDMCLIG

RNS Number : 9880C

City of London Investment Group PLC

17 October 2022

CITY OF LONDON INVESTMENT GROUP PLC

("City of London", "the Group" or "the Company")

FUNDS UNDER MANAGEMENT ("FuM") AS AT 30 September 2022,

TRADING UPDATE

City of London (LSE: CLIG), a leading specialist asset management group offering a range of institutional and retail products investing primarily in closed-end funds, announces that on a consolidated basis, as at 30 September 2022, FuM were US$8.5 billion (GBP7.6 billion). This compares with US$9.2 billion (GBP7.6 billion) as at 30 June 2022. A breakdown by strategy follows:

 
                  FuM ($ million)                     Strategy Index 
               Sep-22   Jun-22         %     Net                                % 
           (estimate)            inc/dec   Flows                          inc/dec 
 EM             3,249    3,703      -12%    (31)   MSCI EM Net TR          -11.6% 
 KIM            3,309    3,433       -4%     (6)   Not applicable 
 INTL           1,642    1,812       -9%      20   MSCI ACWI ex US          -9.9% 
                                                   ACWI/Barclays Global 
 OV               234      193       21%      57    Agg                     -6.8% 
 Other*            78       83       -6%       - 
                8,512    9,224                40 
          -----------  -------            ------

* includes Frontier, REIT and seed investments

FuM figures are rounded

Investment performance was slightly behind relevant benchmarks for the EM and International CEF Strategies at CLIM largely due to wider discounts in very weak market conditions. The Opportunistic Value strategy ("OV") outperformed due to positive allocation effects. KIM's equity and fixed-income strategies performed well versus their respective benchmarks.

Net investment flows were US$40 million for the Group over the period, with the OV and International CEF strategies posting net gains. Marketing efforts continue to focus on the long-term outperformance of the Group's strategies and the value opportunities in closed-end funds across asset classes.

Operations

For illustrative purposes only, the Group's income currently accrues at a weighted average rate of approximately 71 basis points of CLIM's FuM and at approximately 76 basis points of KIM's FuM, net of third party commissions. "Fixed" costs are c.GBP1.8 million per month, and accordingly the run-rate for operating profit, before profit-share is approximately c.GBP2.7 million per month based upon current FuM and a US$/GBP exchange rate of US$1.117 to GBP1 as at 30 September 2022.

Dividend

The final dividend of 22 pence per share, subject to approval at the AGM on 31 October 2022, will be paid on 4 November 2022, bringing the total dividend for the financial year 2021-22 to 46.5 pence, including the special dividend of 13.5 pence paid in March 2022 (2020-21: 33 pence, special dividend nil).

For further information, please visit http://www.clig.co.uk/ or contact:

Tom Griffith, CEO

City of London Investment Group PLC

Tel: 001-610-380-0435

Martin Green

Zeus Capital Limited

Financial Adviser & Broker

Tel: +44 (0)20 3829 5000

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END

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October 17, 2022 02:00 ET (06:00 GMT)

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