City of London Investment Group (CLIG): Results full of cash
City of London has issued its annual report for FY’21. While the headline figures remain impressive after the Karpus transaction last October, it is some of the underlying figures that are the news here. The most eye-catching one for most investors will be the rise in the cash balance, at £25.5m, 75% more than the £14.6m from a year ago. Both the businesses are strongly cash-generative and, unless markets have a strong correction, this will increase further over the next year. At the very least, this will provide a robust balance sheet in the event of any market downturns, but may also provide options for further cash returns.City of London Investment Group is the holding company for a number of subsidiaries. The principal operating subsidiary is City of London Investment Management Company Limited, which acts as an investment manager on 38 accounts with a total of £3.58 billion under management as at June 30 2017. Co. is an asset management group with an institutional client focus specializing in Emerging Market closed-end fund investments. Co.'s range also include Developed, Frontier and Global Tactical Asset Allocation closed-end fund strategies.
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