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Developed Markets Closed-End Fund (CEF) Strategy

Overview

The Developed Markets Closed-End Fund (CEF) Strategy seeks to provide long-term capital growth via stock selection and active country allocation. We believe that closed-end funds offer an efficient way to invest in Global/International equity markets. Our "alpha" is generated by capitalizing on discount changes and pricing anomalies that arise in closed-end funds. We specialize in identifying and capitalizing on discount movements and pricing anomalies to provide above average, long-term outperformance versus the appropriate benchmark.

Global Developed CEF IE Composite Performance Ending 31-Mar-19*

Returns are shown net of fees. Past performance is no guarantee of future results. Periods over one year are annualized.

*Composite Description: The City of London Global Developed CEF International Equity Composite was created in October 2009, and is an international equity composite focused on global markets, managed by City of London Investment Management. The strategy strives to outperform the MSCI All Country World (ACWI) ex USA Net Total Return Index with controlled risk. It utilizes fundamental investment principles and quantitative approaches to provide broad global equity exposure, primarily through closed-end funds. It uses both top-down and bottom-up valuation methodologies to value asset classes, countries and closed-end funds to determine under or over valued opportunities. The composite is managed to the MSCI All Country World (ACWI) ex USA Net Total Return Index. Prior to November 1, 2010, the composite was named the City of London All Country World ex USA SMA Composite.

**Index Description: The MSCI All Country World ex USA Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. As of 31 December 2018 the MSCI ACWI ex USA Index consisted of 46 country indices, comprising 22 developed and 24 emerging markets.

Source: City of London Investment Management

Definition of the Firm

City of London Investment Management Company Limited is authorised and regulated for the conduct of investment business within the UK by the Financial Conduct Authority, registered as an Investment Advisor with the United States Securities and Exchange Commission (SEC) and regulated by the Dubai Financial Services Authority (DFSA).

CLIM claims compliance with the Global Investment Performance Standards (GIPS®)

To receive a complete list and description of CLIM composites and/or a presentation that adheres to the GIPS standards contact us.

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City of London Investment Management Company Limited is authorised and regulated for the conduct of investment business within the UK by the Financial Conduct Authority (FCA), registered as an Investment Advisor with the United States Securities and Exchange Commission (SEC) and regulated by the Dubai Financial Services Authority (DFSA).
Registered in England and Wales No. 2851236.   Registered Office: 77 Gracechurch Street, London, EC3V 0AS, England.

© 2019 City of London Investment Group PLC.
All rights reserved.

City of London Investment Management Company Limited is authorised and regulated for the conduct of investment business within the UK by the Financial Conduct Authority (FCA), registered as an Investment Advisor with the United States Securities and Exchange Commission (SEC) and regulated by the Dubai Financial Services Authority (DFSA).
Registered in England and Wales No. 2851236.   Registered Office: 77 Gracechurch Street, London, EC3V 0AS, England.

© 2019 City of London Investment Group PLC. All rights reserved.