The City of London Investment Trust plc
CYLTF
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- The City of London Investment Trust plc (CTY.L; CYLTF) is a UK-listed investment trust that provides long-term growth in income and capital principally through investments in equities listed on the London Stock Exchange, with a focus on dividend-paying growth stocks across diversified sectors including financial services, consumer defensive, industrials, healthcare, energy, basic materials, real estate, utilities, communication services, consumer cyclical, and technology; the portfolio emphasizes companies with strong balance sheets, good cash flows, and significant upside potential, benchmarked against the FTSE All-Share Index. Managed by Janus Henderson Investors since the merger of Janus Capital and Henderson Group, with Job Curtis as lead fund manager since 1991 and David Smith as deputy since 2021, the trust maintains the longest record of annual dividend increases among investment trusts at 59 consecutive years as of 2025, supported by quarterly dividend payments in February, May, August, and November. Founded in 1860 to acquire a brewing business and registered as a limited company in 1891, with investment trust operations commencing in 1932, the trust is headquartered at 201 Bishopsgate, London, EC2M 3AE, United Kingdom, and operates primarily in the UK equity income sector with total assets of £2.59 billion as of September 30, 2025; it targets income-seeking investors, with approximately 60% of investee company revenues derived from overseas markets despite a core UK listing focus, and an ongoing charge figure of 0.36%. In the financial year ended June 30, 2025, the trust reported net asset value growth of 16.8% and share price total return of 21.8%, outperforming the FTSE All-Share Index's 11.2% return, while increasing its total dividend by 3.4% to 21.3p per share, fully covered by revenues; portfolio changes included significant additions to diversified REITs such as Land Securities and British Land amid signs of stabilization in high-quality office and retail property values, new positions in Admiral, TP ICAP, and Harbour Energy, and reductions in overseas holdings from 10% to 8% to favor UK-listed value opportunities. Recent capital management activities encompass multiple issuances of new ordinary shares in late 2025, including 725,000 shares at 523.5p on December 16 and 180,000 shares at 529.5p on December 15, to meet investor demand and support ongoing growth, alongside declaration of a first interim dividend of 5.40p per share for the year ending June 30, 2026, payable November 28, 2025.