Share Name Share Symbol Market Type Share ISIN Share Description
City Of London Investment Group Plc LSE:CLIG London Ordinary Share GB00B104RS51 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  2.00 0.37% 540.00 12,919 10:25:25
Bid Price Offer Price High Price Low Price Open Price
528.00 536.00 542.00 536.00 536.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 33.26 9.41 30.30 17.8 274
Last Trade Time Trade Type Trade Size Trade Price Currency
10:25:24 AT 3,999 540.00 GBX

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City Of London Investment Daily Update: City Of London Investment Group Plc is listed in the General Financial sector of the London Stock Exchange with ticker CLIG. The last closing price for City Of London Investment was 538p.
City Of London Investment Group Plc has a 4 week average price of 522p and a 12 week average price of 498p.
The 1 year high share price is 560p while the 1 year low share price is currently 343p.
There are currently 50,679,095 shares in issue and the average daily traded volume is 130,312 shares. The market capitalisation of City Of London Investment Group Plc is £271,639,949.20.
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.
2wild: Don't you mean when CLIG average 48p EPS over 5 years, in line with the current stated dividend policy.
speedsgh: Don't think a link has been posted previously to this video presentation by the CLIG management team. 20min presentation followed by 20min Q&A... Hardman Talks: City of London Investment Group webinar (18/2/21) - HTTPS:// On 18 February, we were delighted to host the City of London Investment Group on Hardman Talks for a live presentation and Q&A session. The asset manager delivered a well-rounded business overview. Management spoke on their dividend policy, and discussed the Karpus merger and integration as well as the diversifying investment strategies. We were pleased to be met with an interactive audience, fielding questions about the company’s growth rate, capacity constraints with rising FuM, and growing cash balances.
johnrxx99: Feb 23 Analysts update estimates The 2021 consensus earning per share (EPS) estimate was lowered from UK£0.46 to UK£0.36. Revenue estimate was approximately flat at UK£53.5m. Net income is expected to grow by 98% next year compared to 25% growth forecast for the Capital Markets industry in the United Kingdom. The consensus price target of UK£4.18 was unchanged from the last update. Share price is down by 7.2% to UK£4.88 over the past week. Simply Wall Street
2wild: USA seems to be hitting new all time highs on a near daily basis and the valuations on some loss making tech stocks are insane. However a lot of the gains are in the FANGS which are now all makeing increasingly obscene amouts of money. With the fed printing money like it's going out of fashion and their willingness to buy shed loads of equities on any sell off, there's negligible risk of a major US correction, in my view. Can see the yield on CLIG falling to 5% in the medium term. Giving a share price of 660p on 33p div and 720p on 36p. Other opinions are available.
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.
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:// 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:// And Hardman from 13th Oct: hTTps:// 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.
masurenguy: APQ Global have sold their 1.67m stake (3.3%) over the past 3 weeks and are no longer shareholders in CLIG. Interesting to see that this disposal has had absolutely no negative impact on the shareprice, which has actually increased by 10% during this period. The book value of APQ shares crashed by 66% during the first half of 2020, from $72.9m on 1/1/20 to $24.8m at 30 June 2020. Their share price also declined pro rata from 68p to 17.5p at yesterdays close. Their motive for this disposal may therefore have been a requirement to increase their cash position in order to deal with investor redemptions.
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%.
davebowler: Zeus- IMS reveals 14% AuM rise YTD What’s new. CLIG’s 3Q update on its Funds under Management (FuM) confirms that while Emerging Market Total Return Index rose 9.9%, CLIG’s FuM rose 13.9% to US$5,268m. The statement also revealed: § US$153m of net inflows: US$ 45m for Emerging Markets strategy and US$101m for Developed strategy; the Frontier and Opportunistic Value Strategies were essentially flat; § Strategies covering >95% of group FUM outperformed due to narrowing discounts and to a lesser extent, positive NAV performance. Frontier Strategy (under 5% of FUM) underperformed largely due to unfavourable NAV performance; § CLIG has an active pipeline across all major CEF offerings, with increased interest continuing to be seen in the non-Emerging Market CEF strategies (i.e. Developed, Opportunistic Value). § Current run-rate for operating profit per month of £1.5m, before profit-share of 30% and an estimated EIP charge of 5%, based upon current FuM and a US$/£ exchange rate of US$1.3. Zeus view. We note that the group FuM is currently above our forecast for 30 June 2019. Exhibit 10 shows the shift in Group FuM, analysed by strategy. Exhibits 6, 8 & 9 show CLIG’s impressive Emerging Markets strategy performance relative to its peers and benchmarks. We maintain our forecasts (Exhibits 1 & 2), which we last adjusted on 16 January 2019, and which are based on $1.31=£1 and on the MXEF ($) index being circa 1,070 for the next two years. We will review our forecasts again, when CLIG publishes its pre-close trading update on Tuesday 16 July. Valuation. CLIG shares at 399p are trading on a prospective dividend yield of 6.8% and PER of under 11.0x. This is inexpensive, particularly for a stock which has no debt, substantial net cash, and a good record of creating and distributing shareholder value. The close correlation between CLIG share price and the MXEF Index suggests that CLIG’s share price should be trading close to 420p (see Exhibit 12).
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