City of London Investment Group (“CLIG”) has reported a 9% recovery in FuM to $3.93bn since the end of Q1. This is in line with performance in the MSCI EM benchmark. The statement reiterates a strong pipeline of potential new mandates with $75m confirmed wins to date. Our forecasts and recommendation remain under review following recent FuM volatility. The dividend policy provides support for the share price and a maintained 24p payout equates to a 7.3% yield at the current price.
