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City of London IT dividend error?

Closed-end funds and OEICs
JuanDB
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City of London IT dividend error?

#206080

Postby JuanDB » March 6th, 2019, 10:56 pm

I notice the Janus Henderson page for CTY is showing two dividends going ex div 7th March, payable 22nd March for 9p and 13.5p respectively.

https://www.janushenderson.com/ukpi/fun ... -trust-plc

I’m assuming this is a mistake. Last guidance in the half year update was dividend would be revised prior to announcement in April. The information currently on the site is well out of line with what might be expected. I have 4.8p pencilled in.

Juan.

MDS1951
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Re: City of London IT dividend error?

#206108

Postby MDS1951 » March 7th, 2019, 8:11 am

I'm sure you are correct in thinking these 2 huge dividends are a mistake, JuanDB.

I hold CTY and, as you say, they have yet to decide on their 3rd dividend for their 2019 year.

I think the Janus Henderson dividend information is provided by Morningstar rather than JH themselves, and Morningstar have the same information on their own website. It looks like a Morningstar error to me, especially as Trustnet don't show these 2 March dividends on their CTY page.

https://www.trustnet.com/factsheets/t/h ... -trust-ord
Last edited by MDS1951 on March 7th, 2019, 8:15 am, edited 1 time in total.

nmdhqbc
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Re: City of London IT dividend error?

#206110

Postby nmdhqbc » March 7th, 2019, 8:13 am

Seems crazy that they get info about their own trusts from a 3rd party.

DavidM13
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Re: City of London IT dividend error?

#206128

Postby DavidM13 » March 7th, 2019, 9:07 am

Definitely looks like a Morningstar error. I have dropped their data team a message directly so it should reflect on websites within a day (depending on the refresh cycle of the solution you are looking at.

JuanDB
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Re: City of London IT dividend error?

#206129

Postby JuanDB » March 7th, 2019, 9:08 am

nmdhqbc wrote:Seems crazy that they get info about their own trusts from a 3rd party.



My thoughts exactly. If the management company for an IT isn’t the definitive source of information for one of their own trusts, who is?

DavidM13
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Re: City of London IT dividend error?

#206136

Postby DavidM13 » March 7th, 2019, 9:21 am

Maybe they see themselves as an asset management firm not a data company. So outsourcing to dedicated data companies is more efficient. Maybe it is compliance reasons to have a 3rd party. I do not know about that at all and am merely speculating.

What I do know is this is public information and Morningstar have systems for picking up the data the second it hits the news wires and they have Quality Assurance in place that theoretically stops such issues so in reality it should not matter who feeds the website, it should be accurate!

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Re: City of London IT dividend error?

#206138

Postby EssDeeAitch » March 7th, 2019, 9:24 am

Just had the dividend drop into my Fidelity account, 4.6%

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Re: City of London IT dividend error?

#206142

Postby Tigger » March 7th, 2019, 9:29 am

It looks like Morningstar has picked up a couple of dividends due to be paid out by City of London Investment Group (CLIG) on 22 March. It's an asset management firm rather than an investment trust.
See: https://investegate.co.uk/CompData.aspx?code=CLIG&tab=fundamentals and https://investegate.co.uk/city-of-lon-inv-grp--clig-/rns/half-year-results-and-dividend-declaration/201902180700072881Q/

There is also another similarly named company called City of London Group (CIN), which I believe is a financial services firm. It's not a surprise these three sometimes get confused!

GrahamPlatt
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Re: City of London IT dividend error?

#206234

Postby GrahamPlatt » March 7th, 2019, 2:21 pm

CITY OF LONDON INVESTMENT GROUP
Careful management allows special dividend.
City of London has announced its results for 1H of FY’19.
With the headline revenue and profitability figures having been given in January’s trading statement,
the main headline is the announcement of a special dividend of 13.5p. This will be paid at the same time
as the interim dividend and will cost £3.4m. Given the company had £18.7m of cash at 31 December, this will still leave
it with a more than comfortable capital position. Although City of London has increased its
dividend over the last couple of years, it has still been accumulating additional cash, so this return of some surplus will be
welcomed.



https://www.hardmanandco.com/wp-content ... y-2019.pdf

(edited 7/3. All links need to have some verbage. Added. Raptor.)

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Re: City of London IT dividend error?

#206305

Postby OZYU » March 7th, 2019, 6:47 pm

Let's not get mixed up here, as even the AiC website seems to have the mistake on their divi entries(difficult to believe):

Do no confuse

the City of London Investment Trust, CTY, who have yet to announce results for some time iirc, who will probably increase the next 4 quarterlies by say around 4%, and are unlikely to pay a special(although that would be fine too of course)


and City of London Investment Group, CLIG, the EM specialist, although they are diversifying their business away from that main core. They are the ones who have indeed declared the special


Ozyu


Disc: Mrs Oz has held CTY for decades(very large holding, so not being reinvested in any more nowadays). I held CLIG in the past for a few years, but not currently.

JuanDB
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Re: City of London IT dividend error?

#206324

Postby JuanDB » March 7th, 2019, 8:37 pm

I notice that Janus Henderson have “fixed” this issue by removing the dividends tab from the CTY IT page on their website. Pretty effective if somewhat lacking in subtlety :D

The dividends tab remains for other ITs I checked such as LWI.

Juan.

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Re: City of London IT dividend error?

#206332

Postby DavidM13 » March 7th, 2019, 9:39 pm

OZYU wrote:Let's not get mixed up here, as even the AiC website seems to have the mistake on their divi entries(difficult to believe):

Do no confuse

the City of London Investment Trust, CTY, who have yet to announce results for some time iirc, who will probably increase the next 4 quarterlies by say around 4%, and are unlikely to pay a special(although that would be fine too of course)


and City of London Investment Group, CLIG, the EM specialist, although they are diversifying their business away from that main core. They are the ones who have indeed declared the special


Ozyu


Disc: Mrs Oz has held CTY for decades(very large holding, so not being reinvested in any more nowadays). I held CLIG in the past for a few years, but not currently.


Hi there,

Not that difficult to believe as the AIC also get their website data fed directly from Morningstar!

As I say I raised it with the Morningstar data team and it will be reflected correctly on the AIC website at 08:30 tomorrow morning.

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Re: City of London IT dividend error?

#206381

Postby DavidM13 » March 8th, 2019, 8:42 am

Fixed on the AIC site.


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