56 years of continuous dividend growth
Job Curtis, Portfolio Manager of The City of London Investment Trust, talks about performance over the last financial year, the impact of elevated inflation and higher interest rates on markets, and areas where he has been finding opportunities. Job also provides his outlook for dividends going forward.
- The City of London Investment Trust has increased its dividend every year since 1966 and this 56-year-old record is the longest of any investment company.
- The best performing sector over the period was oil and gas which benefitted from higher oil and gas prices. Banks were aided by higher interest rates, whilst pharmaceuticals benefitted from their defensive characteristics.
- Higher interest rates to quell inflation amid a cost-of-living crisis will likely lead to slower economic growth and earnings downgrades across various sectors. However, the quality of the companies we hold within the portfolio gives us confidence for the future.
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