Q3 boosted by market recovery
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| Valuation: The prospective P/E of 14.2 times is now at a slight premium to the peer group. The yield of 7.6% is very attractive and should at the very least provide support for the shares in the current volatile markets. At current market levels we’d expect dividend cover to be restored in 2017. |
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| Risks: To date, City of London has not experienced the sort of outflows that some other emerging market fund managers have, aided by its good performance and strong client servicing. Further EM volatility may increase the risk of such outflows however. |
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| Investment summary: City of London has continued to show robust performance in challenging market conditions. The valuation remains reasonable. Unless the market surges suddenly the dividend will probably be uncovered in 2016, but with over £8m of cash the company can easily cover the gap that current market levels imply. |
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