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CTY : City of London maintains dividend record
City of London Investment Trust, managed by Job Curtis (pictured), has published final results for the year that ended 30 June 2014. Over this period the net asset value delivered a total return of 14.7% which compares favourably with a 13.1% return on the FTSE All-Share Index and a 14.3% return on the average UK Equity Income open ended fund. The average investment company returned 15.7% however. The return to shareholders was 15.1% as the fund’s rating improved a little. The dividend grew by 3.2% – the 48th year of increasing dividends, a record for the investment company sector. This despite a headwind in the form of the strength of Sterling which reduced the value of overseas income.