City Of London Investment Share Discussion Threads

[eggbaconandbubble] 05/7/2018 07:41

Well spotted. However the other two are recent.

[masurenguy] 04/7/2018 20:18

The RNS is irrelevant to recent price action. It relates to transactions 7 months ago because the shareholder is offshore and cannot be compelled to disclose above or below threshold transactions.

[cockerhoop] 04/7/2018 19:53

Why? Clearly someone else has sold them 4.8% of the company.

Price weakness more likely to be the reduction in FUM to $5.1bn at the end of June (from $5.7bn at the end of H1) Though has pretty much mirrored the MSCI EM index so not unexpected.

[nickwild] 04/7/2018 18:03

Yes. Seems odd that RNS says 4.8% bought and price falls.

[eggbaconandbubble] 04/7/2018 16:04

And Miami Vice!

Or have I got a firm grasp of the wrong end of the stick?

Anyone?

[eggbaconandbubble] 14/6/2018 13:42

They just ran the price down so that the Employees Benefit Trust can pick up 50,000 on the cheap.

[montyhedge] 13/6/2018 08:29

Forget charts, never heard or met a rich chartist.

[my retirement fund] 14/5/2018 17:16

A big rising wedge by all accounts. Never a good pattern no matter what the circumstances

[my retirement fund] 14/5/2018 17:14

Hmm so medium term it looks biased to the downside.The chart is looking very much like a pull back is due anyway.

[topvest] 14/5/2018 10:54

Just the usual ebb and flow - happy to hold. This is a very high quality asset manager.

[podgyted] 14/5/2018 10:15

According to its website FUM have fallen each month since Jan 18 ($5.78bn) to Apr 18 ($5.37bn) - a fall of 7.1% and greater than its chosen benchmark at 6.8%.

As M notes above " ....a strong US dollar sucking liquidity away from emerging markets and Asia ex Japan" - dollar is rising a present - seen several articles recently which express concern for EM.

[my retirement fund] 09/5/2018 17:45

Certainly looking a little poorly against the wider markets of late. Any reason ?

[masurenguy] 01/5/2018 09:03

The current Baillie Gifford investment summary for Q1 is bullish on forward prospects for their Asian ex-Japan fund and this also has positive forward connotations for CLIG too !

"Since 2007, Asia ex Japan US dollar GDP has grown by 149% and corporate earnings by 92%. However, the Asia ex Japan stock index has been in a bear market, only regaining its 2007 high in dollar terms, by the end of 2017. This was driven by a concentration of investment in US assets – which resulted in a strong US dollar sucking liquidity away from emerging markets and Asia ex Japan – combined with weak global growth and continued concerns over the Chinese economy. This led Asia ex Japan to significantly underperform global markets for almost a decade.

The situation, however, is reversing as synchronised global growth accelerates, the Chinese economy is once again proving far more resilient than many investors predicted and a weak US dollar providing fuel for the recovery. Such changes should be enormously and disproportionality positive for Asia ex Japan given the region’s significant leverage to improvements in global trade. This positive growth outlook, along with discounted valuations to most developed markets and a broadening opportunity set, makes us increasingly enthusiastic. The stars are now aligned for Asia to arrest several years of relative underperformance to global indices."

[johnroger] 18/4/2018 20:32

Trading update

[masurenguy] 23/3/2018 13:39

Barry Oliff sells a tranche of 50,000 shares @450p, a disposal threshold he previously scheduled.

[masurenguy] 20/3/2018 13:19

The spread here is becoming ridiculous once again!

[skinny] 02/3/2018 14:05

XD Yesterday - record date today.

[masurenguy] 19/2/2018 18:05

Okay, credit modified. He and Paul Scott are virtually indivisible

[crazycoops] 19/2/2018 17:49

I think you will find that is Graham Neary's view - he wrote the SCVR today

[masurenguy] 19/2/2018 13:47

Graham Neary's view: I'm warm on this share, and will add it to my watchlist as a potential buy.

Brokers warn about the lack of client inflows, and it is true that net flows have been lukewarm. In the previous financial year, net flows were negative by over $300 million. In the six months to December 2017, they were only marginally positive. However, the CEO argues that this is due to clients re-balancing after returns were too strong, forcing institutional clients to reduce their exposure to emerging markets back into an acceptable range.

The FTSE Emerging Index is up over 50% in the past two years, so this is quite understandable. If you are an institution which wanted 15-20% portfolio exposure to EM, you will probably be forced to sell some of your EM holdings if it approaches 30% of your portfolio after strong returns. In the CEO's words: "Our clients "weight us within their portfolios, and as markets appreciate, and based upon their prearranged asset allocation, if their exposure goes outside of a "range", they will rebalance. If this helps to describe to shareholders both the cause and effect of client actions during this bull market it should also, as long as we outperform, help them value our shares during the next bear market."

I've warned many times before that fund management companies often benefit from positive investment returns and clients inflows simultaneously, while at other times they suffer from negative returns and client outflows simultaneously. This particularly applies to retail investors and "faddish" investment sectors. CLIG argues that its client base is a bit more sophisticated than that, and is able to allocate funds in a more disciplined way, based on portfolio weightings. So when there is a bear market in EM, hopefully there will be a return to net inflows. If this is true, it makes the shares look very interesting at a PE ratio of 10x:

[rhomboid] 19/2/2018 13:10

I bought back in today , not a lot as I’m trying to avoid financial stocks...but I liked the MFID 2 commentary that suggests their competitive position re fees is strengthened

[nfs] 19/2/2018 12:43

Bought in today, increasing diversification Tremendous yieldLooks good

[robsy2] 19/2/2018 12:27

Bought a few more this morning, the spread may put off some....
R2