Shares digital

Emerging markets asset manager City of London Investment Group (CLIG:AIM) has continued to perform against a difficult backdrop. In line with European and US equity markets, emerging equity markets have come off, albeit by less, since the problems with the credit industry began to emerge last summer. But an update from the fund manager on Monday (10 March) reveals it has bucked the trend. The funds under management (FUM) at 29 February were $4.6 billion – exactly equal to the last quarter end on 30 November. During this time index compiler MSCI’s Emerging Markets benchmark has fallen by 6.8%. House broker Landsbanki says that net fund inflows driven by new sales and outperformance have contributed in equal measure to keep AUM constant over the period. Landsbanki’s Samir Shah says the impact of better than expected investment performance on fees, tighter than anticipated cost control and a smaller number of shares in issue have prompted him to upgrade earnings per share by 8%.

Shares says: City of London is able to find the outperforming emerging markets.

by: Simon Keane