Title: URL Source: https://is.gd/DLAHyK Published Time: Thu, 22 May 2025 09:31:52 GMT Markdown Content: > Page 1 of 4 # Manager commentary The raw headline return for the FTSE All-Share Index in April of -0.3% conceals the much more dramatic rollercoaster moves that happened during the month. Early in April the index fell 10% only to recover nearly all of that loss by the month-end. Market sentiment was notably affected by geopolitical developments and trade-related policy announcements in the US, which triggered sharp movements in both equity and bond markets. These policy shifts were subsequently moderated, contributing to a rebound in risk assets as investor confidence stabilised. It was also very significant that OPEC announced an increase in oil supply. This led to weakness in the oil price, which in turn fed through to lower share prices for oil producers. While the index as a whole fell a little during the month, our own portfolio made better progress with a rise of over 1% in net asset value. A considerable part of this was due to our lack of exposure to the two oil majors, BP and Shell, relative to the Index. We also had strong positive contributions from some of our domestically-focused companies, such as OSB, which lends almost exclusively against property within the UK, and the UK life assurance companies Phoenix and Legal & General. For these companies, any US tariffs will have almost no impact. In general, the more international the operations, and specifically the more US-focused, the more volatile the share price was during April. Although at face-value the UK equity market ended the month pretty much where it started, the US administration has created considerable uncertainty regarding tariffs, international trade and, potentially, many other issues in future. There was also positive news in the UK, with the latest inflation data a little lower than forecast at 2.6% for the year to March. This represented a shift closer to the conditions for interest rates to fall further later in the year, which should help provide a more positive background for the equity market. ** Ongoing charges calculated in accordance with AIC recommendations. Please refer to the latest annual report as to how the fee is structured. ## Key risks Stock market movements may cause the value of investments and the income from them to fall as well as rise and investors may not get back the amount originally invested. Changes in rates of exchange may have an adverse effect on the value, price or income of investments. If markets fall, gearing can magnify the negative impact on performance. # CT UK Capital & Income Investment Trust PLC ## May 2025 Fund manager Julian Cane ## Key facts as at 30.04.25 Trust aims: To generate long-term capital and income growth from a portfolio consisting mainly of FTSE All-Share companies. Trust highlights: • A recognised “AIC Dividend Hero”, our dividend has increased every year since launch in 1992 and grown at almost twice the rate of inflation. • Investor demand remains robust and the Company’s shares continue to trade close to the underlying Net Asset Value. See page 4 for more information on dividend growth Benchmark: FTSE All-Share Index Fund type: Investment Trust Launch date: 1992 Total assets: £350.1m Share price: 321.50p NAV: 335.14p Discount/premium(-/+): -4.07% Dividend payment dates: Mar, Jun, Sep, Dec Net dividend yield †: 3.92% Net gearing/Net cash *: 1.3% Management fee rate ** : 0.40% Performance fee: None Ongoing charges ** : 0.67% Year end: 30 September Sector: UK Equity Income Currency: Sterling Website: ctcapitalandincome.co.uk inv.trusts@columbiathreadneedle.com | 0345 600 3030 | ctcapitalandincome.co.uk Morningstar rating †Page 2 of 4 ## May 2025 CT UK Capital & Income Investment Trust PLC > 1 Month YTD 3 Years 1 Year 5 Years > % > -10 010 20 30 40 50 60 70 80 NAV Share price Benchmark Fund performance as at 30.04.25 Cumulative performance as at 30.04.25 (%) 1 Month Year to date 1 Year 3 Years 5 Years NAV 1.13 3.87 3.19 17.34 60.36 Share price 1.10 -0.46 3.77 13.58 52.65 Benchmark -0.25 4.25 7.53 22.59 67.86 Discrete annual performance as at 30.04.25 (%) 2025/24 2024/23 2023/22 2022/21 2021/20 NAV 3.19 9.69 3.67 1.37 34.81 Share price 3.77 8.25 1.12 2.14 31.58 Benchmark 7.53 7.50 6.04 8.72 25.95 Past performance is not a guide to future performance. Source: Thomson Reuters Eikon, Lipper and Columbia Threadneedle Investments. Basis: Percentage growth, total return, bid to bid price with net income reinvested in sterling. The discrete performance table refers to 12 month periods, ending at the date shown. Trust codes Stock exchange CTUK Sedol 346328 Legal Entity Identifier 21380052ETTRKV2A6Y19 Top 10 holdings (%) Portfolio Weight Benchmark Weight Difference Sector OSB Group 6.4 0.1 6.3 Financials RELX 5.8 3.1 2.7 Technology AstraZeneca 5.7 6.6 -0.9 Health Care Unilever 5.5 4.8 0.7 Consumer Staples Intermediate Capital 5.5 0.2 5.3 Financials Beazley 5.0 0.2 4.8 Financials LondonMetric Property 4.5 0.2 4.3 Real Estate Legal & General Group 3.8 0.6 3.2 Financials Burford Capital 3.6 0.0 3.6 Financials Rio Tinto 3.3 2.0 1.3 Basic Materials inv.trusts@columbiathreadneedle.com | 0345 600 3030 | ctcapitalandincome.co.uk Page 3 of 4 Sector breakdown (%) > Financials 30.8 Consumer Discretionary 13.2 Health Care 9.7 Industrials 9.6 Consumer Staples 8.0 Technology 6.7 Real Estate 6.1 Utilities 5.8 Energy 4.8 Basic Materials 3.3 Telecommunications 2.0 ## May 2025 CT UK Capital & Income Investment Trust PLC Glossary Bid price Investment trust shares are sold via the stock exchange at the bid price. This price is determined by supply and demand. Dividend Income paid to shareholders by the company they invest in. Net asset value A key measure of the value of a company or trust – the total value of assets less liabilities, divided by the number of shares. Net dividend distributions pence per share 2020 2021 2022 2023 2024 2025 March 2.65 2.65 2.65 2.75 2.85 2.95 June 2.55 2.60 2.65 2.75 2.85 -September 2.55 2.60 2.65 2.75 2.85 -December 3.75 3.75 3.85 3.90 3.95 - Total 11.50 11.60 11.80 12.15 12.50 2.95 All data as at 30.04.2025 unless otherwise stated. All information is sourced from Columbia Threadneedle Investments, unless otherwise stated. All percentages are based on gross assets. †The yield is calculated on an historic basis using the actual dividends paid during the last twelve months and the closing share price as at the end of the relevant month. *Net gearing is total assets less cash and cash equivalents divided by shareholders’ funds and expressed as a percentage. Net cash is net exposure to cash and cash equivalents expressed as a percentage of shareholders funds after any offset against gearing. ** Please refer to the latest annual report as to how the fee is structured. The share price may either be below (at a discount) or above (at a premium) the NAV. Discounts and premiums vary continuously. Performance information excludes any product charges which can be found in the Key Investor Document (“KID”) for the relevant product. © 2025 Columbia Threadneedle Investments. Columbia Threadneedle Investments is the global brand name of the Columbia and Threadneedle group of companies. This financial promotion is issued for marketing and information purposes only by Columbia Threadneedle Investments in the UK. CT UK Capital & Income Investment Trust PLC is an investment trust and its Ordinary Shares are traded on the main market of the London Stock Exchange. English language copies of the key information document (KID) can be obtained from Columbia Threadneedle Investments, Cannon Place, 78 Cannon Street, London EC4N 6A. Email: inv.trusts@columbiathreadneedle.com or electronically at www.columbiathreadneedle.com. Please read before taking any investment decision. The information provided in the marketing material does not constitute, and should not be construed as, investment advice or a recommendation to buy, sell or otherwise transact in the fund. The manager has the right to terminate the arrangements made for marketing. FTSE International Limited (“FTSE”) © FTSE 2025. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent. Financial promotions are issued for marketing and information purposes; in the United Kingdom by Columbia Threadneedle Management Limited, which is authorised and regulated by the Financial Conduct Authority; in the EEA by Columbia Threadneedle Netherlands B.V., which is regulated by the Dutch Authority for the Financial Markets (AFM); and In Switzerland: Issued by Threadneedle Portfolio Services A.G, acting as representative office of Columbia Threadneedle Management Limited. In the Middle East: This document is distributed by Columbia Threadneedle Investments (ME) Limited, which is regulated by the Dubai Financial Services Authority (DFSA). For Distributors: This document is intended to provide distributors with information about Group products and services and is not for further distribution. For Institutional Clients: The information in this document is not intended as financial advice and is only intended for persons with appropriate investment knowledge and who meet the regulatory criteria to be classified as a Professional Client or Market Counterparties and no other Person should act upon it. (05/25) †© 2025 Morningstar. All Rights Reserved. Ratings are latest available at time of publication and may be lagged 1 month. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For more detailed information about Morningstar Rating, including its methodology, please click here. inv.trusts@columbiathreadneedle.com | 0345 600 3030 | ctcapitalandincome.co.uk # To find out more visit columbiathreadneedle.com Page 4 of 4 ## May 2025 CT UK Capital & Income Investment Trust PLC CT UK Capital and Income Investment Trust seeks to achieve its objective of long-term capital and income growth by investing in companies with good long-term prospects which may not be fully reflected in their share prices; many of its stocks have a higher than average dividend yield. While the majority of holdings are in large and mid-cap UK companies, the Trust also invests in some smaller companies. The Trust has built up an impressive record of paying dividends. In every year since the Trust’s launch in 1992, it has succeeded in increasing the dividend paid to investors. Since 1998, the Trust has beaten the average dividend paid by the broad UK stock market (as represented by the FTSE All-Share Index). It has also significantly outpaced the rate of inflation as measured by the CPI (Consumer Price Index). Maintaining a diversified portfolio helps reduce risk and improves reliability. The fund manager has the flexibility to invest internationally to help secure superior dividends at the right price. The fund manager’s approach allows the Trust to achieve long-term growth in both income and capital. With dividends paid four times a year, the Trust is a great option for investors looking for a regular income. For investors with a longer-term horizon, taking the option to reinvest the dividends could be a highly effective way of increasing the total return from their investment. All in all this Trust is an effective solution for investors who want long-term capital and income growth. Past performance is not a guide to future results. The value of investments can go down as well as up and you may not get back the full amount that you invested. > FTSE All-Share implied dividend UK CPI CT UK Capital and Income Investment Trust dividend Rebased to 100 at 30 September 1993* Q3 1993 Q3 1994 Q3 1995 Q3 1996 Q3 1997 Q3 1998 Q3 1999 Q3 2000 Q3 2001 Q3 2002 Q3 2003 Q3 2004 Q3 2005 Q3 2006 Q3 2007 Q3 2008 Q3 2009 Q3 2010 Q3 2011 Q3 2012 Q3 2013 Q3 2014 Q3 2015 Q3 2016 Q3 2017 Q3 2018 Q3 2019 Q3 2020 Q3 2021 Q3 2022 Q3 2023 Q3 2024 050 100 150 200 250 300 350 400 A growing dividend that historically has beaten the stock market and inflation > * All three data series have been rebased to 100 as at 30 September 1993, the end of the Columbia Threadneedle Investments Capital and Income’s first year, to allow direct comparison. inv.trusts@columbiathreadneedle.com | 0345 600 3030 | ctcapitalandincome.co.uk