The City of London Investment Trust PLC has reported a 4.5% net asset value total return for the six months to 31 December 2022, despite turbulent global markets and political volatility at the time.
The NAV per ordinary share at 31 December 2022 was 395.4p and the premium was 3.8%, with the ordinary share price at 410.5p.
Earnings per share fell by 1.7% and two interim dividends of 5.00p each were declared.
Gearing contributed positively by 95 basis points and stock and sector selection detracted by 147 basis points.
The outlook for the period to 30 June 2023 is for inflation to fall and for the reopening of the Chinese economy to be positive for global growth.
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