19 January 2017
By Maynard Paton
Quick update on City of London Investment (CLIG).
Event: Trading update and shareholder presentation for the six months ending 31 December 2016 published 17 January 2017.
Summary: CLIG had already acknowledged it would be a Brexit beneficiary, and this week’s update was the first to give shareholders some actual figures based on the weakened GBP. Even with client money barely moving, this emerging-market fund manager delivered a very welcome 61% profit surge to ensure the near-7% dividend yield remains safe for now. However, the usual downsides remain — not least stagnant funds under management and rising staff costs. I continue to hold.