City of London has released figures for the six months ended 31 December 2013. Over that period the total return on City of London’s net asset value was 23.8% – well ahead of the equivalent return on the FTSE All-Share Index of 17.9% but 2.2% behind the average UK Growth & Income Investment Trust. CTY’s yield at the end of 2013 was 3.8%; 0.3% higher than the average of its peer group.
City of London, managed by Job Curtis (pictured), say the reason they lagged the peer group was that they have lower exposure to small and medium sized companies than the average UK Growth & Income Investment Trust and this area of the market outperformed. They also say that their gearing levels were less aggressive than some of their peers.