Developed Markets Closed-End Fund (CEF) Strategy

Overview

The Developed Markets Closed-End Fund (CEF) Strategy seeks to provide long-term capital growth via stock selection and active country allocation. We believe that closed-end funds offer an efficient way to invest in Global/International equity markets. Our “alpha” is generated by capitalizing on discount changes and pricing anomalies that arise in closed-end funds. We specialize in identifying and capitalizing on discount movements and pricing anomalies to seek to provide above average, long-term outperformance versus the appropriate benchmark.

Global Developed CEF IE Composite Performance Ending 28-Mar-24*

Performance results reflect the reinvestment of dividends and other earnings. Returns are net of fees and are based on an investment management fee of 0.70%. Past performance is no guarantee of future results. Periods over one year are annualized.

*Composite Description: The City of London Global Developed CEF International Equity Composite was created in October 2009, and is an international equity composite focused on global markets, managed by City of London Investment Management. The strategy strives to outperform the MSCI All Country World (ACWI) ex USA Net Total Return Index with controlled risk. It utilizes fundamental investment principles and quantitative approaches to provide broad global equity exposure, primarily through closed-end funds. It uses both top-down and bottom-up valuation methodologies to value asset classes, countries and closed-end funds to determine under or over valued opportunities. The composite is managed to the MSCI All Country World (ACWI) ex USA Net Total Return Index. Prior to November 1, 2010, the composite was named the City of London All Country World ex USA SMA Composite.

**Index Description: The MSCI All Country World ex USA Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. As of 31 December 2023 the MSCI ACWI ex USA Index consisted of 46 country indices, comprising 22 developed and 24 emerging markets.

Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to compiling. computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent.

The portfolio’s investment objective is to achieve long-term capital growth. The portfolio will invest primarily in listed closed-end funds whose assets are invested principally in global equity markets. CEFs often trade at significant discounts from underlying NAV, and these discounts can increase significantly during certain market conditions. Investing in non-U.S. securities involves special risks and considerations not typically associated with investing in U.S. securities. These include risks associated with political and economic developments, higher operating expenses, non-U.S. withholding and other taxes that may reduce investment return, reduced availability of public information concerning issuers and the fact that non-U.S. issuers are not generally subject to uniform accounting, auditing and financial reporting standards or to other regulatory practices and requirements comparable to those applicable to U.S. issuers. Non-U.S. securities may trade with less frequency and volume than U.S. securities and therefore may exhibit greater price volatility.

Source: City of London Investment Management, MSCI

Definition of the Firm

City of London Investment Management Company Limited (CLIM) is authorised and regulated for the conduct of investment business within the UK by the Financial Conduct Authority and registered as an Investment Advisor with the United States Securities and Exchange Commission (SEC).

CLIM claims compliance with the Global Investment Performance Standards (GIPS®). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.

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