City of London Investment Trust is a large UK investment trust focused on UK equities. Established in 1891, the company is a constituent of the FTSE 250 Index. The fund has been managed by Janus Henderson Investors' Job Curtis since 1991, one of the longest tenures in the industry.
The Trust has a reputation as an income-producing investment trust, becoming one of just three to reach the milestone of 50 consecutive years of rising dividends in March 2016. It is one of the largest of the UK equity income trusts, with one of the lowest ongoing charge ratios.
About 69% of the portfolio is invested in UK blue-chip companies, typically businesses operating globally and investing in economies likely to grow faster than the UK. A further 19% is in medium-sized UK companies and the remaining 12% is in companies listed overseas. The portfolio is diversified with more than 100 holdings.
Figures from the AIC show that 45% of investment trusts have now had the same manager for at least a decade, with a select few having been in charge for a quarter century.
The £959m City of London investment trust, headed up by Job Curtis (pictured), has dropped its performance fee in a move to become more attractive to retail investors.
Sally Macdonald has joined Marlborough Fund Managers in the newly created position of head of Asian equities, as the firm looks to expand its presence in the space.