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Frontier Markets Closed-End Fund (CEF) Strategy

Overview

The Frontier Markets Closed-End Fund (CEF) Strategy seeks to provide long-term capital growth via stock selection and active country allocation. We believe that funds offer an efficient way to invest in Frontier markets. We specialize in identifying and capitalizing on discount movements and pricing anomalies to provide above average, long-term outperformance versus the appropriate benchmark while maintaining a lower level of volatility than the benchmark.

Frontier Markets 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 Frontier Markets Composite was created in July 2005, and is an international equity composite focused on frontier countries, managed by City of London Investment Management. The strategy strives to outperform the S&P Extended Frontier 150 Net Total Return Index with controlled risk. It utilizes fundamental investment principles and quantitative approaches to provide broad frontier market equity exposure. It uses both top-down and bottom-up valuation methodologies to value asset classes, countries, sectors, securities and both closed-end and open-end funds to determine investment opportunities. The strategy has a value and growth approach to investment. The composite is managed to the S&P Extended Frontier 150 Net Total Return Index. As of June 2013, City of London switched to the net total return series of the S&P Extended Frontier 150 Index (from the gross total return series). Net total return indices reinvest dividends after the deduction of withholding taxes and provide a better comparison with the performance of the Composite.

**Index Description: The S&P Extended Frontier 150 index is comprised of the largest and most liquid companies from over 20 emerging and frontier markets that are not included in the S&P/IFCI (Investable) index. The current aggregate market capitalization of S&P Frontier 150 index ensures that no country has a weight greater than 15% and no security represents over 10% of the index. All companies must have at least US$50 million in float adjusted market capitalization, defined at the share class level, and must have a minimum value traded of US$ 25 million for the preceding 6 months, as of the data reference date prior to the annual index reconstitution. With respect to index maintenance, The S&P Extended Frontier 150 is rebalanced once a year in January and index weights are reviewed in July. As of 31 December 2018, the S&P Extended Frontier 150 Composite Index includes 36 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.