Business
PRE-CLOSE TRADING UPDATE for year to 30 June 2023
PRE-CLOSE TRADING UPDATE for year to 30 June 2023.
About this update from City Of London Investment Group Plc
[{"type":"text","content":"\n\nCity of London Investment Group PLC\n25 July 2023\n \nThe information contained within this announcement is deemed by the Group to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.\n \nCITY OF LONDON INVESTMENT GROUP PLC\n(\"City of London\" or \"the Group\" or \"the Company\" or \"CLIG\")\n \nPRE-CLOSE TRADING UPDATE for the year to 30 June 2023\n \nCity of London (LSE: CLIG), a leading specialist asset management group offering a range of institutional and retail products investing primarily in closed-end funds (\"CEFs\"), provides a pre-close trading update for its financial year ended 30 June 2023. The numbers that follow are unaudited.\n \nOn a consolidated basis, Funds under Management (FuM) were US$9.4 billion (£7.4 billion) at 30 June 2023. This compares with US$9.2 billion (£7.6 billion) at the Group's year end on 30 June 2022. A breakdown by strategy follows:\n \n\n\n\n\n\n\n\nFuM ($ million)\n\n\n \n\n\n \n\n\n \n\n\nStrategy Index\n\n\n \n\n\n \n\n\n\n\n\n\n\nJun-23\n\n\nJun-22\n\n\n%\n\n\n \n\n\nNet\n\n\n \n\n\n \n\n\n \n\n\n%\n\n\n\n\n\n\n\n(estimate)\n\n\n \n\n\ninc/dec\n\n\n \n\n\nFlows\n\n\n \n\n\n \n\n\n \n\n\ninc/dec\n\n\n\n\nEM\n\n\n3,580\n\n\n3,703\n\n\n(3%)\n\n\n\n\n\n(206)\n\n\n\n\n\nMSCI EM Net TR\n\n\n\n\n\n1.7%\n\n\n\n\nKIM\n\n\n3,520\n\n\n3,433\n\n\n3%\n\n\n\n\n\n(129)\n\n\n\n\n\nNot applicable\n\n\n\n\n\n\n\n\n\n\nINTL\n\n\n1,983\n\n\n1,812\n\n\n9%\n\n\n\n\n\n(51)\n\n\n\n\n\nMSCI ACWI ex US\n\n\n\n\n\n12.7%\n\n\n\n\nOV\n\n\n244\n\n\n193\n\n\n26%\n\n\n\n\n\n35\n\n\n\n\n\nACWI/Barclays Global Agg\n\n\n\n\n\n7.5%\n\n\n\n\nOther*\n\n\n97\n\n\n83\n\n\n17%\n\n\n\n\n\n(6)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n9,424\n\n\n9,224\n\n\n \n\n\n \n\n\n(357)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n* includes Frontier, REIT and seed investments\n \nAlthough wider discounts were a headwind for all CEF strategies, investment performance was ahead of benchmark for the bulk of CLIM's assets due to strong NAV performance in the Emerging Market...