A senior investment professional, Job Curtis has managed The City of London Investment Trust since 1991.
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He joined Touche Remnant in 1987, subsequently acquired by Henderson Global Investors, and has been head of Henderson's Value & Income investment team since 2003. Job is renowned for his highly successful, conservative investment approach, based on intensive analysis of the fundamentals of each stock, and strict control of risk.
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Fund Manager's Commentary - July 2010
The UK equity market performed strongly in July, producing a return of 6.9% as measured by the FTSE All-Share index. Equities responded to good half year results from many companies. In addition, the banking sector, where the Trust is underweight due to the low or zero dividend yield of most banks, benefited from the better-than-expected Basel III regulatory announcement. Finally, there was a significant surge in corporate activity and the Trust had a gain of 33% in Tomkins, which received a takeover approach from a private equity group.
A new holding was purchased in Sainsbury, the food retailer. The stock was purchased on an attractive dividend yield of 4.5%, supported by a competitive position in UK food retailing and asset backing through the ownership of many of the stores from which it trades. Elsewhere, additions were made to existing holdings funded by £6.6m of new shares issued by the Trust at a premium to net asset value.
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