City Of London Investment Dividends - CLIG

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Stock Name	Stock Symbol	Market	Stock Type
City Of London Investment Group Plc	CLIG	London	Ordinary Share

	Price Change	Price Change %	Stock Price	Last Trade
	0.00	0.0%	532.00	15:08:50

Open Price	Low Price	High Price	Close Price	Previous Close
				532.00

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Industry Sector
GENERAL FINANCIAL

City Of London Investment CLIG Dividends History

Announcement Date	Type	Currency	Dividend Amount	Period Start	Period End	Ex Date	Record Date	Payment Date	Total Dividend Amount
14/09/2020	Final	GBX	20	30/06/2019	30/06/2020	08/10/2020	09/10/2020	30/10/2020	30
17/02/2020	Interim	GBX	10	01/07/2019	31/12/2019	05/03/2020	06/03/2020	20/03/2020	0
16/09/2019	Final	GBX	18	30/06/2018	30/06/2019	10/10/2019	11/10/2019	29/10/2019	40.5
18/02/2019	Special	GBX	13.5	01/07/2018	31/12/2018	07/03/2019	08/03/2019	22/03/2019	0
18/02/2019	Interim	GBX	9	01/07/2018	31/12/2018	07/03/2019	08/03/2019	22/03/2019	0
17/09/2018	Final	GBX	18	30/06/2017	30/06/2018	11/10/2018	12/10/2018	30/10/2018	27
19/02/2018	Interim	GBX	9	01/07/2017	31/12/2017	01/03/2018	02/03/2018	16/03/2018	0
18/09/2017	Final	GBX	17	30/06/2016	30/06/2017	12/10/2017	13/10/2017	31/10/2017	25
20/02/2017	Interim	GBX	8	01/07/2016	31/12/2016	02/03/2017	03/03/2017	17/03/2017	0
12/09/2016	Final	GBX	16	30/06/2015	30/06/2016	13/10/2016	14/10/2016	31/10/2016	24
15/02/2016	Interim	GBX	8	01/07/2015	31/12/2015	25/02/2016	26/02/2016	11/03/2016	0
25/08/2015	Final	GBX	16	30/06/2014	30/06/2015	08/10/2015	09/10/2015	30/10/2015	24
11/02/2015	Interim	GBX	8	01/07/2014	31/12/2014	19/02/2015	20/02/2015	06/03/2015	0
15/09/2014	Final	GBX	16	30/06/2013	30/06/2014	08/10/2014	10/10/2014	31/10/2014	24
20/01/2014	Interim	GBX	8	01/07/2013	31/12/2013	05/02/2014	07/02/2014	28/02/2014	0
09/09/2013	Final	GBX	16	31/05/2012	31/05/2013	09/10/2013	11/10/2013	25/10/2013	24
21/01/2013	Interim	GBX	8	30/05/2012	30/11/2012	12/12/2012	14/12/2012	28/12/2012	0
03/09/2012	Final	GBX	16	31/05/2011	31/05/2012	03/10/2012	05/10/2012	19/10/2012	24
23/01/2012	Interim	GBX	8	31/05/2011	31/05/2012	08/02/2012	10/02/2012	27/02/2012	0
06/09/2011	Final	GBX	16	31/05/2010	31/05/2011	05/10/2011	07/10/2011	21/10/2011	24
24/01/2011	Interim	GBX	8	31/05/2010	31/05/2011	09/02/2011	11/02/2011	28/02/2011	0
13/09/2010	Final	GBX	15	31/05/2009	31/05/2010	27/10/2010	29/10/2010	19/11/2010	22
25/01/2010	Interim	GBX	7	30/05/2009	30/11/2009	10/02/2010	12/02/2010	01/03/2010	0
14/09/2009	Final	GBX	10	31/05/2008	31/05/2009	28/10/2009	30/10/2009	20/11/2009	15
28/01/2009	Interim	GBX	5	30/05/2008	30/11/2008	11/02/2009	13/02/2009	02/03/2009	0
18/09/2008	Final	GBX	13.5	31/05/2007	31/05/2008	29/10/2008	31/10/2008	21/11/2008	19.5
29/01/2008	Interim	GBX	6	30/05/2007	30/11/2007	13/02/2008	15/02/2008	03/03/2008	0
17/09/2007	Final	GBX	7	31/05/2006	31/05/2007	31/10/2007	02/11/2007	15/11/2007	10
27/01/2007	Interim	GBX	3	30/05/2006	30/11/2006	07/02/2007	09/02/2007	05/03/2007	0

Date	Subject
17/7/2021 16:55	masurenguy: It’s an all-time high Hardman: 16 July 2021 City of London has announced its final trading update for FY’21. The year has shown dramatic progress. The merger with Karpus has been complemented by strong markets, boosting FUM substantially. FUM finished the year at $11.45bn, a 26% increase from the $5.50bn CLIM had a year ago plus $3.58bn from Karpus when the merger took place in October. The benefits of strong markets have been offset by steady outflows from rebalancing and redemptions but boosted by outperformance across the strategies. The net result is the FUM increase is somewhat behind market movements. Operations: For the full year, estimated profit after tax will be £17.0m, an increase of 124% on the previous year. We estimate underlying EPS to increase by 29%. As expected, an increased final dividend of 22p has been announced, making the full-year amount of 33p a 10% increase over FY’20. Estimates: Although the results are comfortably ahead of our expectations, only the increase in FUM improves future earnings. The net result is small upgrades to our forecasts, with both our 2022E and 2023E EPS increasing by 3%. Valuation: Despite the recent good performance, the 2022E P/E of 12.5x remains at a discount to the peer group. The 2022E yield of 6.7% is attractive, in our view, and should, at the very least, provide support for the shares in the current markets. Risks: Although City of London has reduced its relative emerging markets exposure, it is still 47% of assets. It has proved to be more robust than some other fund managers, aided by its good performance and strong client servicing. Market volatility remains a risk, although increasing diversification is also mitigating this. Investment summary: Having shown robust performance in challenging market conditions, City of London is now reaping the benefits in a more supportive environment. The valuation remains reasonable. After a special dividend in FY’19, dividend increases in FY’20 and FY’21 and with the EPS boost from Karpus, the prospects for future dividend increases look very good. Read Full Thread Follow Reply
13/7/2021 07:19	masurenguy: Good closing update with a like-for-like FUM of $11.4bn compared to $9.1bn accross both companies last year. The proposed final dividend of 22p (33p for the full year) as expected.The current yield, based upon last night's closing midprice, is 6.25% PRE-CLOSE TRADING UPDATE for the year to 30 June 2021 City of London (CLIG),provides a pre-close trading update for its financial year ended 30 June 2021. The numbers that follow are unaudited. On a consolidated basis, Funds under Management (FuM) were US$11.4bn (£8.3bn) at 30 June 2021. This compares with US$5.5bn (£4.4bn) at the Group's year end on 30 June 2020, which was before the merger with Karpus Management Inc. on 1 October 2020. At year end, both CLIG operating subsidiaries hit all-time FuM highs following the significant equity market gains of recent months and strong relative performance. This was tempered by the high levels of client rebalancing and liquidations, leading to net outflows of circa $774m across the Group's strategies. For the year to 30 June 2021, the Group estimates that the unaudited profit before amortisation of intangibles, exceptional merger costs and taxation to be approximately £27.2m, including non-controlling interest ("NCI") profit of nil (2020: £10.7m, NCI loss of £0.2m). Profits after an anticipated tax charge of £5.3m (representing 22% of profits before exceptional merger costs and taxation) will be approximately £17.0m (2020: profits of £7.6m after a tax charge of £2.0m, representing 19% of profits before exceptional merger costs and taxation). Basic and fully diluted earnings per share are expected to be 39.4p and 38.8p respectively (2020: 30.3p and 29.5p). The Board is proposing to recommend a final dividend of 22p per share (2020: 20p), subject to approval by shareholders at the Company's Annual General Meeting to be held on 18 October 2021. This would bring the total dividend payment for the year to 33p (2020: 30p). Rolling five-year dividend cover equates to 1.29 times (2020: 1.24 times). CLIG expects to announce its final results for the year to 30 June 2021 on 13 September 2021. Read Full Thread Follow Reply
07/6/2021 08:41	davebowler: Zeus; Update leaves forecasts unchanged What’s new: Updates in April and early May reveal: Group consolidated Funds Under Management “FuM” of US$11.3bn at the end of April 2021 is up 4.0% year to date (Dec20: US$10.9bn). Strong investment performance across CLIG’s investment strategies, was offset by clients rebalancing, resulting in 3Q net outflow of US$278m. CLIG continues to maintain an active pipeline across all its major products. Income net of third-party commissions currently accrues at circa 74 bps (i.e. c. 73 bps of CLIM’s FUM and c. 77 bps of KIM’s FuM). Operating profit before profit-share run rate is £3.3m per month based on US$1.38=£1 (at US$1.43=£1 the run rate would be c £3.2m per month). Sterling has strengthened 13% from below $1.25 to £1 to over $1.40 now. In May 2021, M1EF, the emerging markets index, rose 1.2% to 662. In the first week of June 2021, the index has risen 2.1% to 676. On 31 May 2021, CLIG’s Group consolidated FuM was $11.5bn (see Exhibit 1). Zeus view: Increasing funds under management in US dollars has been offset by Sterling strength. Overall, we nudge up our revenue expectations (page 3, exhibit 3) and leave our earnings forecasts unchanged. Our forecasts assume Sterling strengthens further from US$1.42 to US$1.44 to £1. We will review our forecasts again in July, when we expect a year end trading update for the year to 30 June 2021. Valuation: At 550p CLIG shares are trading on 11.6x PER and 6.0% dividend yield. CLIG has a strong balance sheet with no debt and substantial net cash. Over the past 5 years CLIG has delivered annualised Total Shareholder Returns (TSR) of 11% CAGR, with dividends providing 8%, earnings growth c 6% CAGR. Over the next we expect CLIG to continue to deliver a TSR of over 10% pa, of which half comes from dividends and the other half comes from a combination of earnings growth and multiple expansion. Read Full Thread Follow Reply
22/3/2021 22:41	montyhedge: Interactive Investor, CLIG dividend in account same day, although it will say pending you can invest it. Read Full Thread Follow Reply
20/3/2021 12:36	james188: HL are always last of the brokers that I use to credit dividends to my account, but they usually arrive late on the same day. By way of contrast, CLIG dividends in my Charles Stanley Direct and Interactive Investor accounts arrived first thing yesterday. It is one reason why I use HL less these days. Read Full Thread Follow Reply
01/3/2021 11:06	2wild: Totally agree Karpus is no mug and won't be selling any shares on the cheap, especially given he will be getting over £5 million in CLIG dividends every year, on top of his generous salary. Read Full Thread Follow Reply
15/2/2021 10:27	davebowler: Zeus- Organic & acquisitive growth What’s new: Interims confirm strong organic growth, with substantial contribution from the Karpus Investment Management (“KIM”) acquisition from 1 October. § Group consolidated FuM of US$10.9bn (£8.0bn) on 31/12/2020, included record FuM for City of London Investment Management (“CLIM”) of US$7.2bn (Dec 2019: US$ 6.0bn) and KIM of US$3.7bn (acquired 1 October 2020); § At end January 2021 consolidated FuM was US$11.1bn (£8.1bn); § Net fee income rose 38% to £22.6m, with £5.1m contribution from KIM acquisition and £17.5m from CLIM (i.e. 6% organic growth); gross of commissions and custody fees revenue rose 37% to £23.7m; § Underlying PBT rose 81% to £11.2m (pre £1.7m exceptional merger costs, £1.1m of amortisation of acquired intangibles and £0.4m investment gain), with £3.4m from KIM and £7.8m from CLIM (i.e 26% organic growth); § 22% rise in underlying EPS to 23.8p (1H20: 19.4p); § 20% rise in net cash to £17.5m (30 June 2020: £14.6m); § 10% rise in interim DPS to 11p (1H20: 10p) with ex date of 5 March 2021. Performance: “The rebound in CLIM assets from March 2020 lows continued apace … The emerging market product posted a relative gain of 6.4%, developed 14.6% and opportunistic value 11.6% against their respective benchmarks … with the result that more than 95% of CLIM’s FuM achieved above average performance for 2020 as a whole.” Low asset volatility of KIM’s FuM “represents a central positive factor in the long-term benefits that should derive from the merger.” Zeus view: With higher FuM and a £3.4m monthly run-rate for operating profit, on 20 January, in the absence of full interim accounts, we raised our 2021 adj EPS by 8% to 48.7p and our 2022 adj EPS by 4% to 49.0p. Using management’s new KPI “underlying profit and underlying EPS”, we forecast underlying PBT for FY21E of £26.2m, and for FY22E of £30.8m, and underlying EPS for FY21E of 47.6p (2% cut) and for FY22E of 49.0p (unchanged). Our DPS forecasts are unchanged. Year to date the Emerging Markets Index is up 10%. Our forecasts prudently assume no further market rise. Valuation: At 556p CLIG shares are trading on 11.5x PER and 5.9% dividend yield, with 2.0% yield on the interim dividend alone Read Full Thread Follow Reply
20/1/2021 09:45	davebowler: Zeus; FuM doubles to US$ 11 billion What’s new: Ahead of the publication of the Group’s interims results for the six months to 31 December 2020, CLIG has released a detailed trading update which reveals: § Group consolidated FuM of US$11.0 billion (£8.0 billion), which is twice the FuM of US$5.5 billion (£4.4 billion) at the Group’s year end on 30 June 2020; § The merger with Karpus Management Inc ("KMI") added c US$3.6 billion from 1 October 2020; § Investment performance across CLIG’s investment strategies was “strong”, following “significant discount narrowing” and “good NAV performance”; § Rebalancing of client portfolios resulted in US$ 290 million of net outflows. Interims results on 15 February will show: § 84% rise in adj PBT to £11.6m (2019: £6.3m) before £1.7m of exceptional costs relating to KMI merger; § 20% rise in net cash to £17.5m (30 June 2020: £14.6m); § 10% increase in interim DPS to 11p (1H20: 10p); ex date: 5 March 2021. Guidance: The statement revealed post-merger run-rate for operating profit, before profit-share, is approx £3.4m per month based upon current FuM and 1.367 US$/£ exchange rate. Zeus view: With higher FuM and a £3.4m monthly run-rate for operating profit, we increase our 2021 adj PAT by 8% to £21m (previously: £19.4m) and 2022 adj PAT 4% to £24m (previously: £23.1m), as well as our forecasts for operating profit, PBT and revenue. We will publish further details of these increases in due course. We raise our 2021 adj EPS by 8% to 48.7p (previously: 45.1p) and our 2022 adj EPS by 4% to 49p (previously: 47.1p). We increase our full year DPS for 2021 by 10% to 33p (previously 30p) and 2022 DPS by 3% to 33p (previously 32p), reflecting not only the higher interim DPS but also our higher earnings forecasts. Valuation: At 454p CLIG shares are trading on 9.3x PER and 7.3% dividend yield, with 2.4% yield on the interim dividend alone. Read Full Thread Follow Reply
19/1/2021 08:59	dangersimpson2: That's a c.15% rise since Oct 1st. Other asset managers such as Polar Capital are up 40% since 1st Oct on the same 15% rise in AUM. Which makes sense since asset managers, including CLIG, are geared to their AUM on a largely fixed cost base. As another example of this, Impax has gone up 68% on a 25% rise in AUM since 1st Oct. But CLIG are up just 8% since 1st Oct. And with a further c.6% rise in the MSCI EM since Jan 1st then AUM could be up around 20% since 1st Oct, depending on the performance of the KMI part. hTTps://markets.ft.com/data/indices/tearsheet/summary?s=MIEF00000PUS:MSI And it is not like CLIG are on a higher rating than others in the sector. POLR are on a fwd P/E of 12 and IPX 42 vs 10 for CLIG. And the forecasts for POLR & IPX are updated to reflect their latest AUM. In contrast, the last notes on CLIG were the Zeus note 8th October: hTTps://www.citlon.com/investor-relations/investor-reports/ZeusCapitalReport10_20.pdf And Hardman from 13th Oct: hTTps://citlon.com/investor-relations/investor-reports/HardmanCligReport10_20.pdf Which means the brokers forecasts have not been updated for the recent rise in AUM. Hardman had forecast an AUM rise but even they are behind the curve based on current figures from the company. I reckon EPS to June 21 will be at least 15% higher than consensus and c.30% higher than consensus to June 22 if AUM remain at similar levels to today. [minor edit for wrong y/e date] So that forward P/E of 10 is actually closer to 7 and the price would need to be around £7.50/share simply to trade in line with the minimum rating of other listed peers. Hopefully tomorrow’s trading update will prompt brokers to update their numbers to match current trading which should focus investors’ minds on what appears to be a great opportunity to buy into a high performing sector at a significant discount to not just peers but the general market too. Read Full Thread Follow Reply
08/10/2020 09:30	davebowler: Zeus- 1Q trading update What’s new: City of London Investment Group (“CLIG”) has released an impressive trading update to 30 September 2020, which includes comment on City of London Investment Management (“CLIM”) 1Q post tax profits, client assets (FUM & AUM) at period end and CLIG’s acquisition of KMI that completed last Thursday. § 8% rise in CLIM’s FUM to US$5,935m (30/6/20: US$5,503m) which is a 4.5% rise in Sterling value of FUM from £4.4bn to £4.6bn; § Outperformance of all CLIM investment strategies, except Frontier (< 3% of FUM) where discounts widened; § Net outflows of US$83m were 1.5% of opening CLIM FUM: US$107m flowing out of Frontier and US$39m net inflows to Emerging Market strategies; § 17% rise in CLIM’s 1Q post-tax profit before exceptionals to £2.8m (2019: £2.4m) with £1.8m exceptional costs of KMI acquisition PAT are circa £1.0m; § Acquisition of KMI with AUM of US$3.6bn completed on 1 October 2020, with 98% of client assets transferred on acquisition; § Group manages US$ 9.5bn of client assets, as of 1 October 2020; CLIG’s 20p final DPS, is subject to approval at AGM on 19 October. Zeus view: CLIG’s 1Q results are consistent with our forecasts for 2021E and 2022E (see pages 2 to 5), which include the KMI acquisition from 1 October 2020. We draw attention to the following points: § Post KMI, only 44% of Group client assets are invested in emerging markets; § KMI AuM of US$3.6bn (£2.8bn using $1.29: £1 exchange rate) is ahead of our previous estimate of US$3.4bn (£2.7bn using a $1.25: £1 exchange rate); § Sterling has strengthened from US$1.25 = £1 to a high of US$1.33 and is now US$1.29. In future we expect Client assets will be less sensitive to equity market movements. In FY22 with a full year from KMI, we see CLIG delivering 47.1p adj EPS and the Group paying a 32p dividend. Our forecasts continue to show CLIG’s net cash of £20m in June 2021 and £30m in June 2022. Valuation: On our FY21 forecasts, at 435p CLIG shares trade on only 9.6x current year EPS and offer investors a 6.9% dividend yield. With a full year contribution from KMI in FY22 the PER falls to 9.2x and dividend yield rises to 7.4%. Read Full Thread Follow Reply

Date

Subject

17/7/2021
16:55

masurenguy: It’s an all-time high Hardman: 16 July 2021 City of London has announced its final trading update for FY’21. The year has shown dramatic progress. The merger with Karpus has been complemented by strong markets, boosting FUM substantially. FUM finished the year at $11.45bn, a 26% increase from the $5.50bn CLIM had a year ago plus $3.58bn from Karpus when the merger took place in October. The benefits of strong markets have been offset by steady outflows from rebalancing and redemptions but boosted by outperformance across the strategies. The net result is the FUM increase is somewhat behind market movements. Operations: For the full year, estimated profit after tax will be £17.0m, an increase of 124% on the previous year. We estimate underlying EPS to increase by 29%. As expected, an increased final dividend of 22p has been announced, making the full-year amount of 33p a 10% increase over FY’20. Estimates: Although the results are comfortably ahead of our expectations, only the increase in FUM improves future earnings. The net result is small upgrades to our forecasts, with both our 2022E and 2023E EPS increasing by 3%. Valuation: Despite the recent good performance, the 2022E P/E of 12.5x remains at a discount to the peer group. The 2022E yield of 6.7% is attractive, in our view, and should, at the very least, provide support for the shares in the current markets. Risks: Although City of London has reduced its relative emerging markets exposure, it is still 47% of assets. It has proved to be more robust than some other fund managers, aided by its good performance and strong client servicing. Market volatility remains a risk, although increasing diversification is also mitigating this. Investment summary: Having shown robust performance in challenging market conditions, City of London is now reaping the benefits in a more supportive environment. The valuation remains reasonable. After a special dividend in FY’19, dividend increases in FY’20 and FY’21 and with the EPS boost from Karpus, the prospects for future dividend increases look very good.

Read Full Thread

13/7/2021
07:19

masurenguy: Good closing update with a like-for-like FUM of $11.4bn compared to $9.1bn accross both companies last year. The proposed final dividend of 22p (33p for the full year) as expected.The current yield, based upon last night's closing midprice, is 6.25% PRE-CLOSE TRADING UPDATE for the year to 30 June 2021 City of London (CLIG),provides a pre-close trading update for its financial year ended 30 June 2021. The numbers that follow are unaudited. On a consolidated basis, Funds under Management (FuM) were US$11.4bn (£8.3bn) at 30 June 2021. This compares with US$5.5bn (£4.4bn) at the Group's year end on 30 June 2020, which was before the merger with Karpus Management Inc. on 1 October 2020. At year end, both CLIG operating subsidiaries hit all-time FuM highs following the significant equity market gains of recent months and strong relative performance. This was tempered by the high levels of client rebalancing and liquidations, leading to net outflows of circa $774m across the Group's strategies. For the year to 30 June 2021, the Group estimates that the unaudited profit before amortisation of intangibles, exceptional merger costs and taxation to be approximately £27.2m, including non-controlling interest ("NCI") profit of nil (2020: £10.7m, NCI loss of £0.2m). Profits after an anticipated tax charge of £5.3m (representing 22% of profits before exceptional merger costs and taxation) will be approximately £17.0m (2020: profits of £7.6m after a tax charge of £2.0m, representing 19% of profits before exceptional merger costs and taxation). Basic and fully diluted earnings per share are expected to be 39.4p and 38.8p respectively (2020: 30.3p and 29.5p). The Board is proposing to recommend a final dividend of 22p per share (2020: 20p), subject to approval by shareholders at the Company's Annual General Meeting to be held on 18 October 2021. This would bring the total dividend payment for the year to 33p (2020: 30p). Rolling five-year dividend cover equates to 1.29 times (2020: 1.24 times). CLIG expects to announce its final results for the year to 30 June 2021 on 13 September 2021.

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07/6/2021
08:41

davebowler: Zeus; Update leaves forecasts unchanged What’s new: Updates in April and early May reveal: Group consolidated Funds Under Management “FuM” of US$11.3bn at the end of April 2021 is up 4.0% year to date (Dec20: US$10.9bn). Strong investment performance across CLIG’s investment strategies, was offset by clients rebalancing, resulting in 3Q net outflow of US$278m. CLIG continues to maintain an active pipeline across all its major products. Income net of third-party commissions currently accrues at circa 74 bps (i.e. c. 73 bps of CLIM’s FUM and c. 77 bps of KIM’s FuM). Operating profit before profit-share run rate is £3.3m per month based on US$1.38=£1 (at US$1.43=£1 the run rate would be c £3.2m per month). Sterling has strengthened 13% from below $1.25 to £1 to over $1.40 now. In May 2021, M1EF, the emerging markets index, rose 1.2% to 662. In the first week of June 2021, the index has risen 2.1% to 676. On 31 May 2021, CLIG’s Group consolidated FuM was $11.5bn (see Exhibit 1). Zeus view: Increasing funds under management in US dollars has been offset by Sterling strength. Overall, we nudge up our revenue expectations (page 3, exhibit 3) and leave our earnings forecasts unchanged. Our forecasts assume Sterling strengthens further from US$1.42 to US$1.44 to £1. We will review our forecasts again in July, when we expect a year end trading update for the year to 30 June 2021. Valuation: At 550p CLIG shares are trading on 11.6x PER and 6.0% dividend yield. CLIG has a strong balance sheet with no debt and substantial net cash. Over the past 5 years CLIG has delivered annualised Total Shareholder Returns (TSR) of 11% CAGR, with dividends providing 8%, earnings growth c 6% CAGR. Over the next we expect CLIG to continue to deliver a TSR of over 10% pa, of which half comes from dividends and the other half comes from a combination of earnings growth and multiple expansion.

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22/3/2021
22:41