City Of London Investment Share Discussion Threads

[masurenguy] 17/1/2017 07:32

RNS Number:
City of London Investment Group PLC
17 January 2017

FUNDS UNDER MANAGEMENT AS AT 31 DECEMBER 2016: TRADING UPDATE

City of London (LSE: CLIG) announces that total funds under management (FuM) at the Group's half year end on 31 December 2016 were US$4.1bn (£3.3bn). This compares with US$4.0bn (£3.0bn) at the Company's year-end on 30 June 2016. This rise in FuM of 2.5% compares with a gain of 4.5% in the MSCI Emerging Markets TR Index (NDUEEGF) over the six month period to 31 December 2016. Investment performance in the Emerging closed-end fund (CEF) strategy over the short term has been challenging. Our country allocation in 2016 was weak and this was compounded by poor net asset value (NAV) performances of the underlying CEFs. Discounts remain wide across the sector, with the current size-weighted average discount (SWAD) at c. 13%-14%, indicating significant value in the strategy.

With regards to business development, the Group continues to maintain an active pipeline across all of its major CEF offerings and has seen an increased interest in the diversification CEF strategies over the past 12 months. In total, the active pipeline is in excess of US$400m, which includes opportunities that are spread across Emerging and Developed Markets, Global Tactical Asset Allocation, Tactical Income, and Frontier CEF strategies.

Operations

As of the end of December the monthly "run-rate" for operating profit, before profit-share of c.30%, is approximately £1.4m per month based upon current FuM. The Group estimates the unaudited profit before taxation for the six months ended 31 December 2016 to be approximately £5.8mn, which compares with £3.6mn for the equivalent period to 31 December 2015.

The Company is currently in a close period which will end with the publication of results for the six months ended 31 December 2016 on 20 February 2017.

[cockerhoop] 06/1/2017 14:55

31st Dec FUM $4.1bn, pretty decent performance compared to index.

[cockerhoop] 06/1/2017 11:34

Hardman Note:

[cockerhoop] 23/12/2016 21:01

No news?

We've had Trump elected which is perceived as poor for emerging markets and the comparison MSCI index has dropped 10% with CLIG FUM likely to follow suit once we get the year end figures - having so far dropped from $4.3bn (end of Sept)to $4.0bn (end of Nov).

[masurenguy] 23/12/2016 16:55

Shareprice has drifted down by 10% since the AGM in October on no news. Next announcement due is Q2 FUM on January 17th.

[cockerhoop] 07/12/2016 08:31

FUM down to $4bn at end of Nov, following the index down on Trump effect.

[joe say] 06/12/2016 15:39

vfast - you may want to credit whoever advised you to use HL as they normally send out the usual thank you type awards

[masurenguy] 06/12/2016 14:31

Barclays outsource their SIPP trading account to A. J. Bell and the value of that portfolio will also be aggregated to any other trading accounts one has with Barclays SB.

[my retirement fund] 06/12/2016 11:42

AJ Bell are also very good.

[vfast] 06/12/2016 11:41

Thanks once again for the information MG.

I'm tempted to hang on now. It is £30 per stock to transfer, I'm only holding 3 stocks.

However I have contacted HL and they are sending the appropriate forms.

[masurenguy] 06/12/2016 08:09

vfast, fwiw - if you choose to wait until the new platform/monthly fee is introduced next year then you wont have to pay the current Barclays transfer fee (which I thought was £30 per stock) since this is one of the current charges being dropped by them when the new portfolio fee is introduced. Also their new online transaction charge will be £6. These are two of the reasons why I'm going to wait for the new platform/fee structure to be introduced before I finally decide to remain or change to an alternative provider.

[vfast] 06/12/2016 06:19

Thanks Gary, pleased to hear that.

I had no problem with Barclays SB but their cost structure is changing and not to my benefit.

[garycook] 06/12/2016 00:01

vfast,Yes HL,are one of the best.I can verify.

[vfast] 05/12/2016 21:24

Thanks MG,

Yes it will be £200 for me with BSB.

I’m changing to Hargreaves Lansdown which charge the same has Barclays for trading online £11.95 but have no monthly holding fee plus if I transfer to HL they will give me £500 for a portfolio £150,000 or over which more than covers Barclays £90 fee for the transfer of 3 stocks. (£410 in pocket/34 free trades)

I've been informed by people using HL they are good so I will soon find out.

Thanks

Regards.

[masurenguy] 05/12/2016 17:19

vfast - as far as I understand it they are introducing an annual fee of 0.1% on an aggregate portfolio value up to £200,000 and no charge to portfolio values above that level. This will be levied on a monthly basis starting sometime next year when they migrate clients to a new trading platform they are planning to introduce. Therefore that would cost you £200 per annum if your portfolio was worth £200,000 or more. At the same time they are reducing the individual share dealing charge by 20% which will offset some or all of this new fee so I guess that it is a case of swings and roundabouts that each individual has to compute against their own investment/trading activity.

At the moment I do not plan to move my account elsewhere, especially since I do not know how effective their new trading platform will be.

[vfast] 05/12/2016 15:09

Off Topic

Masurenguy,

Barclays SB fee structure is changing and in the new structure I'll be paying £200 PA holding fee so I'm moving my account.

Any thoughts or comments?

[montyhedge] 07/11/2016 16:50

I know she is going to win, what a choice, rather have Trump.

[vfast] 07/11/2016 12:11

I believe it would be better for the financial markets if Hillary Clinton won the US election hence better for CLIG however I wouldn't vote for either candidate (frying pan or the fire).

[aishah] 04/11/2016 10:02

Added here too.

[madmix] 04/11/2016 09:42

Markets are down, but that spike lower looks like quite an overreaction. In any case I've used the opportunity to load up the truck below 335p.

Perhaps we'll see some more craziness if Trump wins, which is why I've left some cash on the sidelines just in case...

[cockerhoop] 04/11/2016 09:42

AUM down slightly to $4.2bn, maginal under performance compared to the MSCI Index which was fairly flat.

[garycook] 27/10/2016 08:11

To all CLIG shareholders. I have today put a Limit sell order on my holding in CLIG of £5,to stop Shorter,s from loaning the shares from my broker,which they can do for a fee,without me or you knowing about.I suggest you do the same.

[joe say] 19/10/2016 15:52

Aleman - Rem policy and Employee incentive plan

One to watch

[aleman] 19/10/2016 13:40

Quite big votes against 3 and 19, whatever they were.

[my retirement fund] 18/10/2016 11:49

Added again, 3.72 this time.