City of London Investment Trust is a member of Moneywise’s First 50 Funds for beginners. To find out more about investment trusts and how they work read the our guide: Investment trusts – the ins and outs.
City of London Investment Trust (CTY)
AIC sector: UK Equity Income
Objective: To provide long-term growth in income and capital by mainly investing in UK listed equities.
Ongoing charge: 0.43%
Yield: 4%
City of London has a formidable reputation as an income-producing investment trust, with 50 years of consecutive annual dividend increases under its belt.
It is one of the largest UK equity income trusts and has one of the lowest annual ongoing charges. Job Curtis has run the trust since 1991. He manages it conservatively, focusing on high-yielding, cash-generative businesses. It may not be exciting, but it is not designed to be; it is firmly positioned as a steady, dependable option in a turbulent world.
Mr Curtis looks for companies that are undervalued on a medium-term basis that he can invest in over the long term. He likes to run his winners and the portfolio turnover is low. It is well-diversified with more than 100 holdings.
Around two thirds of the portfolio is invested in big ‘blue-chip’ companies listed on the London Stock Exchange, but they tend to be businesses operating globally that are selling their goods and services overseas and investing in economies likely to grow faster than the UK.
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