City Of London Investment Share Discussion Threads

[montyhedge] 17/9/2018 07:04

Wow, I thought superb, dividend increase again.

[cockerhoop] 13/9/2018 11:54

Bizarrely the shareprice is talking whilst the FUM & exchange rate is (very marginally) moving against CLIG..........funny old world :-)

[montyhedge] 13/9/2018 11:40

Shareprice talks, this shouting everything is fine.

[rcturner2] 13/9/2018 11:06

Happy with this price action.

[masurenguy] 13/9/2018 10:01

Shareprice rising ahead of next weeks results on very little volume.

[joan of arc] 10/9/2018 16:17

I guess we'll know next Monday.

[cockerhoop] 10/9/2018 16:16

Well on the 31st August 2018 FUM was $5.14bn so stable on the previous month. Actually slightly ahead of the MSCI Index suggesting withdrawals minimal.

Sterling weakness likely to provide a tailwind in reported profits.

[joan of arc] 10/9/2018 16:09

I wonder how much CLIG have lost from fund withdrawals and what the knock on will be to profits and the divi.

[mister md] 20/8/2018 09:49

indeed - its one of the shares in my long term dividend-income portfolio - didnt realise it had dropped so much so just added to my holding

[nobbyx] 20/8/2018 09:30

MD - thanks for giving us the details of your trade at 387p. Given the timing of your post you bought when the spread was 383 - 399. Because of where your bargain price fell within the spread ADVFN reported your trade as a 'Sell'. We now know it was in fact a 'Buy'. Indicates the actual spread is much tighter than the quoted one.

[mister md] 20/8/2018 08:33

Added @ 387p, seems cheap to me

[masurenguy] 19/8/2018 18:39

City of London takes Lazard World's board to task over buybacks

Activist investor City of London Investment Management is planning to vote against Lazard World Trust Fund’s (WTR) share buyback plan. CLIG has penned an open letter to Lazard World Trust’s board explaining why it will not vote in favour of granting the board authority to buy back shares. The vote is due to take place at the investment trust’s (EGM) on 30 August. City of London represents Lazard World Trust’s largest shareholder, with a 24.5% stake. The investment manager targets closed-end funds that trade on big discounts to net asset value - particularly those focused on emerging markets. Its focus is similar to Lazard World Trust, which also targets companies and investment trusts on wide discounts and cheap valuations.

Complete article:

[masurenguy] 18/8/2018 10:49

Main reason for the recent CLIG shareprice weakness.

Yesterday's fall for the MSCI Emerging Markets index was its heaviest in six months and means the sector has now slumped 20% from its peak. It was a further sign of the spill-over from Turkey's deepening economic problems, despite its lira currency recovering some ground from a plunge in value that accelerated dramatically on Friday. The catalyst for yesterday's heavy emerging markets sell-off was continued dollar strength. The greenback has risen 8% against a basket of global currencies over the last three months, and 13% against the pound, a rally that has accelerated over the last week.

Turkey's currency woes have prompted investors to flee riskier currencies to the perceived safe haven status of the dollar. Over the last six trading trading days, the Argentinian peso has lost 8% against the dollar while the South African rand is down 7.8%. A strong dollar tends to hurt emerging markets, as it renders their debt held in the US currency more expensive.

Chetan Sehgal, manager of the Templeton Emerging Markets (TEM ) investment trust, acknowledged the pressures facing the sector. 'We recognize that a backdrop of rising US interest rates and a strengthening US dollar — while reflective of a strong US economy — can impact emerging markets,' he said. But Sehgal argued the fundamentals of emerging markets remained strong, and that investors had overreacted, just as they did as the sector came under pressure between 2013 and 2015 as the US reined in quantitative easing. 'While it’s true that some economies were vulnerable, in some cases, the markets were pricing in crises-type levels. The currencies became undervalued, and when a crisis didn’t occur, we saw a rebound.'

Citywire: Turkey tips emerging markets into bear territory

[tim 3] 17/8/2018 20:04

Thanks nobbyx.

Like you am very much a long term investor here so not too worried about daily activity much more interested in the long term prospects and yield and these seem to have an excellent track record.

[nobbyx] 17/8/2018 11:17

tim, it was the end-of-day auction trade, clearing the books ready for kick off the next morning. Someone got a bargain there - the buyer not the seller(s)!

According to the ADVFN monitor there have only been two transactions so far this morning, a total of 846 shares at 381.1901p. This is only the trading on the LSE. There have been a further 6423 shares changing hands on the NEX exchange, all at 385p. ADVFN only reports the LSE trades.

If you click on 'Trades' at the top of the screen and open the Trades page, then click 'Trades (HTML5)' you will see all the CLIG bargains of the day. If you select Trades (Java) you will only see the LSE bargains. The spread at present is 370-405. The trades at 385 are being reported as Sells but as ADVFN warns this is merely indicative because of where within the spread the bargain prices fell - they may easily been buys.

Having held CLIG for a good few years I'm not in the slightest concerned about the present fall of the share price Bound to happen because of the present concern about Turkey and emerging markets. At present CLIG gives me a yield of over 10% on my historic cost. I've been wanting to add for a year or two but the price has been too high. Suits me that the price is falling.

[tim 3] 16/8/2018 19:57

That last trade looks a bit odd to me miles away from the bid/offer.

[eggbaconandbubble] 13/8/2018 14:20

Any particular reason?

[montyhedge] 13/8/2018 11:18

I do like this company.

[tim 3] 09/8/2018 22:40

Nice one guys hope you got the bottom.

[killing_time] 09/8/2018 16:31

Same here.