olivLaw · European equity research
City of London Investment Group PLC CLIG.L
United Kingdom · London Stock Exchange · ISIN GB00B104RS51 · Vertical: Listed companies from United Kingdom
City of London Investment Group PLC is a London-listed asset management group that runs funds through two subsidiaries: City of London Investment Management Company Limited (CLIM) and Karpus Investment Management (KIM). Funds under management reached 10.8 billion dollars at 30 June 2025, and rising investor interest in markets outside the United States could support the group in the period ahead.
At the close of 05 Nov 2026, City of London Investment Group PLC (CLIG.L) stock was 4.52 GBP (−0.44% on the day), with beta 0.59, 52-week range 3.50–5.32 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 43.6
- weak (30–45)
- Bollinger (20, 2)
- 3.98 – 5.38
- in the lower half of the band · %B 0.39 · band width 30.0%
- SMA 50 / 200
- 4.86 / 4.43
- mixed trend
- MACD (12, 26, 9)
- -0.14 / -0.14
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −12.1% | −0.6% | −11.4 pp | — |
| 3 months | −7.0% | −4.2% | −2.8 pp | — |
| 6 months | +5.6% | +4.3% | +1.3 pp | — |
| Year to date | +19.9% | +7.5% | +12.4 pp | — |
| 1 year | +18.0% | +9.9% | +8.1 pp | +6.7% |
| 3 years | +39.3% | +49.8% | −10.6 pp | +24.8% |
| 5 years | −11.7% | +42.8% | −54.5 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 17.5 m | 17.1 m | 19.7 m |
| Net income YoY | unavailable | −2.2% | +15.0% |
| Diluted EPS | 0.35 | 0.34 | 0.39 |
| Diluted EPS YoY | unavailable | −2.3% | +14.5% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 30 Jun 2025
- Cash
- 35.5 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 152.5 m USD
- Total assets
- unavailable USD
- Debt / equity
- unavailable
- Current ratio
- 4.13x
- ROE
- 12.9%
- ROA
- unavailable
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating income | 20.9 m | 20.5 m | 24.1 m | esef· 14 Oct 2025verified |
| Depreciation & amortisation | 6.4 m | 6.6 m | 6.6 m | esef· 14 Oct 2025verified |
| EBITDA | 27.3 m ≈ | 27.1 m ≈ | 30.7 m ≈ | esef· 14 Oct 2025derived |
| Interest expense | 164.0 k | 381.0 k | 395.0 k | esef· 14 Oct 2025verified |
| Pre-tax income | 22.1 m | 22.6 m | 26.0 m | esef· 14 Oct 2025verified |
| Income tax | 4.6 m | 5.5 m | 6.3 m | esef· 14 Oct 2025verified |
| Net income | 17.5 m | 17.1 m | 19.7 m | esef· 14 Oct 2025verified |
| Diluted EPS | 0.35 | 0.34 | 0.39 | esef· 14 Oct 2025verified |
| Dividend per share | 0.40 | 0.41 | 0.43 | esef· 14 Oct 2025derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 28.6 m | 33.7 m | 35.5 m | esef· 14 Oct 2025verified |
| Receivables | 8.1 m | 8.4 m | 8.9 m | esef· 14 Oct 2025verified |
| Current assets | 36.7 m | 42.3 m | 45.0 m | esef· 14 Oct 2025verified |
| Property, plant & equipment, net | 921.0 k | 1.1 m | 917.0 k | esef· 14 Oct 2025verified |
| Current liabilities | 12.0 m | 11.0 m | 10.9 m | esef· 14 Oct 2025verified |
| Equity | 155.5 m | 153.6 m | 152.5 m | esef· 14 Oct 2025verified |
| Shares outstanding at year end | 48.9 m | 48.8 m | 49.1 m | esef· 14 Oct 2025derived |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 22.9 m | 21.6 m | 25.2 m | esef· 14 Oct 2025verified |
| Investing cash flow | -578.0 k | 4.9 m | -132.0 k | esef· 14 Oct 2025verified |
| Financing cash flow | -22.8 m | -21.3 m | -23.3 m | esef· 14 Oct 2025verified |
| Dividends paid | 19.4 m | 19.9 m | 20.9 m | esef· 14 Oct 2025verified |
| Share repurchases | 3.1 m | 1.3 m | 2.1 m | esef· 14 Oct 2025verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 10.4% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
10% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 4.67 – 8.45 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E4.67 – 8.45 (Mid 6.04)18 companies used · median multiple 15.3x · quartiles 11.8x – 21.4x0EV1.L, ABDN.L, ABF.L, AIRE.L, AJB.L, ALFA.L, AMIF.L, APN.L, APTD.L, ASHM.L, AUTO.L, BAB.L, BAG.L, BATS.L, BBY.L, BCG.L, BKG.L, BME.L
- Dividend discount (DDM)5.60 – 7.53 (Mid 6.42)
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 61.1x | 100 (on a fixed band) | 60% |
| Current ratio · Balance sheet | 4.1x | 100 (on a fixed band) | 40% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
CITY OF LONDON INVESTMENT GROUP PLC (CLIG.L). Latest full fiscal year: 2025; data up to 2025-06-30.
Figures computed from the financial statements: ROE 12.9%.
The estimated value range is 5.13–7.99 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Interest coverage: 61.1x
- Current ratio: 4.1x
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| BMS.LBraemar PLC | 78.3 m | 39.2 | 2.7% | 1.7% | −4.4% | +13% / −11% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for CLIG.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
City of London Investment Group PLC is a London-listed asset management group that runs funds through two subsidiaries: City of London Investment Management Company Limited (CLIM) and Karpus Investment Management (KIM). Funds under management reached 10.8 billion dollars at 30 June 2025 1, and rising investor interest in markets outside the United States could support the group in the period ahead.
SWOT
Strengths
- Well-resourced investment teams with a research process that combines quantitative techniques and detailed qualitative analysis, which has produced results above benchmarks.
- A debt-free balance sheet with substantial cash, providing stability and flexibility in volatile periods.
- Global coverage through teams in Singapore, London and the United States, allowing continuous portfolio management.
Weaknesses
- Reliance on a small number of strategies and key people means that losing individuals could affect performance.
- Negative net flows in the first part of the year show that client retention remains a challenge.
- Changes in executive leadership and the search for a new CEO can create uncertainty for strategy and teams.
Opportunities
- Investor interest in markets outside the United States could bring new flows into emerging and international strategies.
- Narrowing closed-end fund discounts could improve returns of CEF-based strategies.
- Streamlining internal processes and extending expertise could support growth in fee revenue.
Threats
- Market volatility, trade policies and shifting interest rates could reduce the value of assets under management.
- Regulation and changes in rules in the UK and US could raise compliance costs.
- Competition from larger managers with more capital and distribution could limit the winning of new mandates.
Risks
- Dependence on key peoplehigh
The departure of key employees or reliance on a small number of individuals could affect performance and the continuity of strategies.
- Client withdrawal riskhigh
Negative net flows could reduce assets under management and fee revenue if they are not offset by new mandates.
- Technology and cyber riskmedium
IT systems that are vulnerable to attack or disruption could affect operations and client data.
- Error or mandate breach riskmedium
A material error or breach of mandate guidelines could cause losses and reputational damage.
- Regulatory riskmedium
Changes in regulation in the jurisdictions where the group operates could raise costs or lead to sanctions.
Investment thesis
What would need to be true (bull case)
- Strategy performance beat benchmarks in fiscal 2025, and growing interest in international markets could bring new flows to the group.
- The debt-free balance sheet and sustained dividend provide a solid base even in volatile periods.
- If closed-end fund discounts keep narrowing, CEF-based strategies could generate better returns.
What would break the thesis
- Negative net flows and pressure on client retention could reduce fee revenue.
- Reliance on a few managers and the change in executive leadership could create operational uncertainty.
- If the dollar strengthens or emerging markets fall, the value of assets under management could decline.
What to watch
- Appointment of the new CEO and effects on strategy2026
- Trend in net flows and client retentionQ1 2026
- Strategy performance against benchmarksnext annual report
- Development of closed-end fund discounts2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The group is an asset manager that invests in diversified portfolios of high quality but discounted securities, including closed-end funds (CEF). Its activity is split between CLIM, which manages mainly for institutional clients, and KIM, which offers lower-risk strategies mainly to private clients in the United States 1. Revenue comes mainly from management fees: net fee income was 69.8 million dollars in the year ended 30 June 2025 1.
The company describes a debt-free balance sheet and a conservative financial position. It had cash of 35.5 million dollars at 30 June 2025 1, and underlying earnings per share rose in fiscal 2025, showing that operating performance stayed solid despite market volatility.
The dividend policy targets a 1.2 times cover over a rolling five-year period, and current cover is 1.21 1. Since listing the group has distributed total dividends of 520.1 pence per share, which it presents as part of its financial discipline.
Segments
CLIM - City of London Investment Management Company
CLIM has expertise in emerging markets, international investing, listed private equity, opportunistic value and frontier strategies. It manages money mainly for institutional clients, and its funds under management stood at 6.8 billion dollars at 30 June 2025 1.
KIM - Karpus Investment Management
KIM provides strategies across all asset classes, mainly for wealth management clients in the United States, including balanced strategies, fixed income and cash management. Its funds under management were 4.0 billion dollars at 30 June 2025 1.
Market context
Fiscal 2025 was a risk-on phase for global markets, with the MSCI ACWI index returning 16.7% in US dollar terms 1. Investors began looking for value beyond the United States, which could favour the group's international and emerging market strategies.
The market was shaped by US administration policy, tariffs and changing interest rates. A significant weakening of the dollar, especially against the euro, could support international diversification if the trend continues, and active management becomes more important in a complex environment.
Trends
- Interest in markets outside the UStailwind
Investors are increasingly seeking value outside the United States, where some segments of the market appear stretched. For CLIG this shift could support flows into emerging and international strategies, which make up over 57% of client assets 1.
- Weaker dollarmixed
The dollar weakened significantly over the year, so dollar-reported results of some overseas assets look different. If the trend reverses, the effect on dollar-denominated assets under management could turn negative.
- Narrowing closed-end fund discountstailwind
CEF discounts narrowed in 2025, and the group's governance work with CEF boards contributed to this outcome 1. If the trend continues, it could support performance of CEF-based strategies.
- Volatility and pressure on flowsheadwind
Net flows were negative, particularly in the first half of the year, and UK-listed asset managers have faced a difficult period. If withdrawals continue, fee revenue could be affected.
Competitive position
The group competes with other asset managers focused on emerging markets, value and closed-end funds, as well as larger US and European firms with more capital and distribution reach. CLIG differentiates itself through under-followed niches and a global team spanning Singapore, London and the United States.
Competitive position depends on relative performance against benchmarks and on retaining clients. The company says its strategies sit in the first or second quartile over recent five-year periods, which could support winning new mandates 1.
- Global asset managers focused on emerging and international markets
General competitors in global and emerging market strategies; the sources do not name them.
- Closed-end fund and value strategy managers
Competitors running niche products similar to those of CLIM, not named in the source.
- US wealth management firms
Competitors for KIM's private clients, especially in balanced and fixed income strategies.
- European and Asian asset managers
Competitors offering exposure to international and emerging markets, where competition could intensify.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202514 Oct 2025
- Annual report 202423 Oct 2024
Sources
- [1] Annual report, fiscal year ended 2025-06-30 (ESEF) · SEC / City of London Investment Group PLC · 30 Jun 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.