City of London has announced its trading update results for 3Q’23. The headline figures are positive, with FUM increasing 3%, from $9.15bn at December 2022 to $9.47bn at the quarter-end. This was underpinned by good market performance: the MSCI Emerging Markets TR Index increased by 4.0% and the MSCI All Country World Index ex US rose by 6.9%. These were slightly offset at CLIM by some net outflows. Weak sentiment towards the end of the quarter led to widening discounts in closed-ended funds, and, as a consequence, there was some slight underperformance across the strategies.
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