City of London (CTY)

Launched in 1891, CTY is one of London’s oldest investment companies, with a track record of 57 consecutive years of dividend increases, the longest of any company. The company aims to deliver both income and long-term capital growth by investing in a portfolio of mostly UK equities but with the ability to hold a fifth of the portfolio in overseas stocks. The company has been managed by Job Curtis since 1991. In this interview we speak to Mr Curtis about the experience he’s gained through managing the company through various market cycles; the impact of the recent shift in the inflation and interest rate environment; the investment process behind the trust and why valuation is the starting point for investment selection; the current attraction of financials as the highest sector weighting in the portfolio; the pragmatic approach the trust takes to ESG and the energy transition; and why talk of the UK’s stock market demise has been greatly exaggerated.