CITY OF LONDON INVESTMENT MANAGEMENT CO LTD

London, X0 · CIK 1034546 · 13F filing filed 2026-07-31

SEC-registered investment adviser since 1994 · corporation

Assets managed$8.1bn
Staff62 · 21 in investment roles
Main clients (by assets)Private funds 51%, Charities 34%, State and local governments 8%
Private funds17 · $4.0bn gross assets
Websitecitlon.co.uk
Form ADV · 2026-09-25SEC adviser record

$1.7bn reported value +20.6% vs Q1 2026

80positions

69.0%in top 10

4 new 26 added 26 reduced 18 sold out vs Q1 2026

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	TAIWAN FD INC COM TWN	TWN	2,126,252	$204.5m12.31%	12.31%	Reduced -113.8k	-113,807 -5.1%
2	ISHARES INC MSCI STH KOR ETF EWY	EWY	850,426	$171.7m10.33%	10.33%	Reduced -106.0k	-105,974 -11.1%
3	KOREA FD INC COM NEW KF	KF	1,637,368	$123.1m7.41%	7.41%	Added +36.7k	+36,672 2.3%
4	ISHARES INC MSCI TAIWAN ETF EWT	EWT	1,003,251	$109.0m6.56%	6.56%	Reduced -144.2k	-144,190 -12.6%
5	ABRDN EMERGING MARKETS EX CH COM AEF	AEF	10,493,864	$100.7m6.06%	6.06%	Reduced -838.5k	-838,456 -7.4%
6	MORGAN STANLEY CHINA A SH FD COM XCAFX	XCAFX	4,602,793	$96.8m5.83%	5.83%	Reduced -1.5m	-1,507,448 -24.7%
7	TEMPLETON DRAGON FD INC COM TDF	TDF	8,889,445	$96.8m5.83%	5.83%	Reduced -48.1k	-48,060 -0.5%
8	NVIDIA CORPORATION COM NVDA	NVDA	442,930	$88.6m5.33%	5.33%	Added +85.1k	+85,097 23.8%
9	TEMPLETON EMERGING MKTS FD COM EMF	EMF	3,622,966	$84.1m5.06%	5.06%	Added +81.1k	+81,110 2.3%
10	APPLE INC COM AAPL	AAPL	242,951	$70.3m4.23%	4.23%	Added +29.4k	+29,400 13.8%
11	MEXICO FD INC COM MXF	MXF	3,211,325	$70.2m4.23%	4.23%	Reduced -30.1k	-30,102 -0.9%
12	KAYNE ANDERSON ENERGY INFRST COM KYN	KYN	3,584,693	$49.6m2.98%	2.98%	Added +876.9k	+876,912 32.4%
13	JAPAN SMALLER CAPITALIZATION COM JOF	JOF	3,894,571	$45.9m2.76%	2.76%	Added +174.6k	+174,562 4.7%
14	NEUBERGER BERMAN ENERGY INFR COM NML	NML	2,781,835	$28.2m1.70%	1.70%	Reduced -83.7k	-83,723 -2.9%
15	MORGAN STANLEY INDIA INVT FD COM IIF	IIF	1,041,724	$23.8m1.43%	1.43%	Added +92.1k	+92,096 9.7%
16	ALPHABET INC CAP STK CL A GOOGL	GOOGL	58,975	$21.1m1.27%	1.27%	Reduced -67.7k	-67,696 -53.4%
17	NEUBERGER BERMAN NEXT GENERA COMMON STOCK NBXG	NBXG	1,188,521	$19.7m1.18%	1.18%	Added +151.9k	+151,883 14.7%
18	ISHARES TR NATIONAL MUN ETF MUB	MUB	171,791	$18.5m1.11%	1.11%	Added +34.5k	+34,462 25.1%
19	MEXICO EQUITY & INCOME FD COM MXE	MXE	1,239,787	$16.1m0.97%	0.97%	Added +11.8k	+11,821 1.0%
20	MICROSOFT CORP COM MSFT	MSFT	40,046	$14.9m0.90%	0.90%	Reduced -410	-410 -1.0%
21	ISHARES TR SHRT NAT MUN ETF SUB	SUB	134,998	$14.4m0.87%	0.87%	Added +4.7k	+4,694 3.6%
22	BLACKROCK MUN TARGET TERM TR COM SHS BEN IN BTT	BTT	498,552	$11.3m0.68%	0.68%	Reduced -42.5k	-42,500 -7.9%
23	INDIA FD INC COM IFN	IFN	819,515	$9.6m0.58%	0.58%	Added +238.9k	+238,892 41.1%
24	ISHARES INC MSCI EMRG CHN EMXC	EMXC	85,270	$8.7m0.53%	0.53%	Reduced -25.7k	-25,728 -23.2%
25	ISHARES TR MSCI CHINA ETF MCHI	MCHI	168,281	$8.6m0.52%	0.52%	New
26	BLACKROCK HEALTH SCIENCES TE COM SHS BMEZ	BMEZ	503,273	$7.7m0.46%	0.46%	Unchanged
27	ISHARES TR MSCI ACWI EX US ACWX	ACWX	100,000	$7.6m0.46%	0.46%	Added +68.9k	+68,900 221.5%
28	PGIM SHORT DUR HIG YLD OPP F COM SDHY	SDHY	452,098	$7.4m0.45%	0.45%	Reduced -93.9k	-93,860 -17.2%
29	VANGUARD INTL EQUITY INDEX F ALLWRLD EX US VEU	VEU	87,700	$7.3m0.44%	0.44%	Added +73.7k	+73,700 526.4%
30	FIRST TR HIGH YIELD OPPRT 20 COM FTHY	FTHY	499,001	$6.8m0.41%	0.41%	Added +18.2k	+18,154 3.8%
31	KKR & CO INC COM KKR	KKR	73,566	$6.8m0.41%	0.41%	Unchanged
32	ISHARES TR MSCI INDIA ETF INDA	INDA	130,824	$6.5m0.39%	0.39%	Added +114.1k	+114,124 683.4%
33	BLACKROCK MUNIYILD QULT FD I COM MQY	MQY	524,837	$6.1m0.37%	0.37%	Unchanged
34	BLACKROCK MUNIYIELD QUALITY COM MYI	MYI	527,505	$5.9m0.35%	0.35%	Unchanged
35	PIMCO DYNAMIC INCOME STRATEG COM SHS BEN INT PDX	PDX	263,425	$5.5m0.33%	0.33%	Reduced -95.5k	-95,493 -26.6%
36	ISHARES TR ASIA 50 ETF AIA	AIA	38,700	$5.5m0.33%	0.33%	Reduced -34.8k	-34,800 -47.4%
37	BLACKROCK MUNIHOLDINGS FD IN COM MHD	MHD	453,034	$5.4m0.32%	0.32%	Unchanged
38	ISHARES TR LATN AMER 40 ETF ILF	ILF	155,200	$5.2m0.32%	0.32%	New
39	ISHARES TR MSCI EMG MKT ETF EEM	EEM	74,658	$5.1m0.31%	0.31%	Added +68.6k	+68,598 1132.0%
40	NYLI CBRE GBL INFR MEGTRNDS COM MEGI	MEGI	300,021	$4.6m0.27%	0.27%	Added +186.2k	+186,235 163.7%
41	ALLIANCEBERNSTEIN NATL MUN I COM AFB	AFB	373,640	$4.3m0.26%	0.26%	Reduced -80.0k	-80,000 -17.6%
42	CARLYLE GROUP INC COM CG	CG	99,723	$4.2m0.25%	0.25%	Unchanged
43	BLACKROCK MUNIHLDNGS CALI QL COM MUC	MUC	371,024	$4.1m0.25%	0.25%	Unchanged
44	LIBERTY ALL STAR EQUITY FD SH BEN INT USA	USA	659,069	$3.8m0.23%	0.23%	Added +17.5k	+17,469 2.7%
45	PIMCO MUN INCOME FD II COM PML	PML	461,349	$3.5m0.21%	0.21%	Unchanged
46	WESTERN ASSET MANAGED MUNS F COM MMU	MMU	333,471	$3.5m0.21%	0.21%	Unchanged
47	NEW GERMANY FD INC COM GF	GF	289,545	$3.3m0.20%	0.20%	Unchanged
48	ISHARES INC CORE MSCI EMKT IEMG	IEMG	35,008	$2.9m0.17%	0.17%	Reduced -31.8k	-31,819 -47.6%
49	BLACKSTONE INC COM BX	BX	23,849	$2.8m0.17%	0.17%	Unchanged
50	BLACKROCK MUNIYIELD N Y QUAL COM MYN	MYN	225,558	$2.3m0.14%	0.14%	Unchanged
51	EATON VANCE MUN BD FD COM EIM	EIM	229,813	$2.3m0.14%	0.14%	Unchanged
52	ROYCE SMALL CAP TRUST INC COM RVT	RVT	119,199	$2.2m0.13%	0.13%	Added +44.3k	+44,298 59.1%
53	MFS MUN INCOME TR SH BEN INT MFM	MFM	324,887	$1.8m0.11%	0.11%	New
54	FEDERATED HERMES PREM MUNI I COM FMN	FMN	157,714	$1.8m0.11%	0.11%	Unchanged
55	PIMCO CALIF MUN INCOME FD COM XPCQX	XPCQX	201,590	$1.8m0.11%	0.11%	Unchanged
56	BROOKFIELD REAL ASSETS INCOM SHS BEN INT RA	RA	136,242	$1.8m0.11%	0.11%	Reduced -257.6k	-257,630 -65.4%
57	BNY MELLON STRATEGIC MUNS IN COM LEO	LEO	270,829	$1.7m0.11%	0.11%	Unchanged
58	HANCOCK JOHN FINL OPPTYS FD SH BEN INT NEW BTO	BTO	41,092	$1.6m0.10%	0.10%	Added +10.8k	+10,767 35.5%
59	NYLI MACKAY DEFINEDTERM MUNI COM MMD	MMD	87,267	$1.4m0.08%	0.08%	Unchanged
60	BLACKROCK RES & COMMODITIES SHS BCX	BCX	114,219	$1.3m0.08%	0.08%	Added +74.0k	+73,956 183.7%
61	ABRDN HEALTHCARE INVESTORS SH BEN INT HQH	HQH	51,952	$1.1m0.07%	0.07%	Unchanged
62	ISHARES INC MSCI JAPN SMCETF SCJ	SCJ	10,000	$1.1m0.06%	0.06%	Added +2.6k	+2,600 35.1%
63	DBX ETF TR XTRACK HRVST CSI ASHR	ASHR	28,255	$1.0m0.06%	0.06%	New
64	COHEN & STEERS REAL ESTATE O SHS BENFIN INT RLTY	RLTY	58,164	$915.5k0.06%	0.06%	Added +22.3k	+22,329 62.3%
65	DTF TAX-FREE INCOME 2028 TER COM DTF	DTF	71,012	$820.2k0.05%	0.05%	Unchanged
66	EATON VANCE TX ADV GLBL DIV COM ETG	ETG	24,323	$572.6k0.03%	0.03%	Added +6.5k	+6,512 36.6%
67	INVESCO EXCHANGE TRADED FD T RAFI US 1000 ETF PRF	PRF	9,704	$524.2k0.03%	0.03%	Reduced -3.7k	-3,696 -27.6%
68	FRANKLIN LTD DURATION INCOME COM FTF	FTF	59,915	$346.9k0.02%	0.02%	Unchanged
69	EATON VANCE TAX-ADVANTAGED G COM ETO	ETO	10,745	$331.7k0.02%	0.02%	Added +1.3k	+1,295 13.7%
70	ISHARES TR ISHS 1-5YR INVS IGSB	IGSB	6,327	$331.6k0.02%	0.02%	Unchanged
71	PGIM GLOBAL HIGH YIELD FD FO COM GHY	GHY	26,420	$319.7k0.02%	0.02%	Reduced -263.6k	-263,580 -90.9%
72	INVESCO SR INCOME TR COM VVR	VVR	102,076	$306.2k0.02%	0.02%	Reduced -996.3k	-996,345 -90.7%
73	DOUBLELINE YIELD OPPORTUNITI COM DLY	DLY	19,957	$280.8k0.02%	0.02%	Unchanged
74	NUVEEN FLOATING RATE INCOME COM JFR	JFR	32,520	$249.4k0.02%	0.02%	Reduced -351.6k	-351,620 -91.5%
75	BLACKROCK ENHANCED INTL DIV COM BENE INTER XBGYX	XBGYX	40,939	$235.0k0.01%	0.01%	Reduced -1.1m	-1,145,631 -96.5%
76	BLACKSTONE STRATEGIC CRED 20 COM SHS BEN IN BGB	BGB	17,779	$200.9k0.01%	0.01%	Reduced -100.9k	-100,887 -85.0%
77	BLACKROCK MULTI SECTOR INC T COM BIT	BIT	15,844	$198.4k0.01%	0.01%	Unchanged
78	EATON VANCE SR INCOME TR SH BEN INT EVF	EVF	38,471	$191.6k0.01%	0.01%	Unchanged
79	NUVEEN CR STRATEGIES INCOME COM SHS XJQCX	XJQCX	33,660	$163.6k0.01%	0.01%	Reduced -502.2k	-502,187 -93.7%
80	BLACKROCK INNOVATION AND GRW SHS BEN INT BTX	BTX	11,840	$106.9k0.01%	0.01%	Reduced -3.1k	-3,060 -20.5%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
ISHARES INC EZU	EZU	42,300	$2.6m42.3k shares
MFS HIGH YIELD MUN TR XCMUX	XCMUX	676,122	$2.4m676.1k shares
NUVEEN GLOBAL HIGH INCOME FD JGH	JGH	186,000	$2.3m186.0k shares
GLOBAL X FDS ARGT	ARGT	19,000	$1.8m19.0k shares
MFS HIGH INCOME MUN TR		475,885	$1.8m475.9k shares
ISHARES INC URTH	URTH	4,050	$729.1k4.0k shares
WISDOMTREE TR DFJ	DFJ	7,100	$724.6k7.1k shares
ISHARES TR ESGD	ESGD	6,300	$602.4k6.3k shares
MERCADOLIBRE INC MELI	MELI	331	$572.3k331 shares
DUFF & PHELPS UTLITY AND INF DPG	DPG	35,868	$517.9k35.9k shares
ISHARES TR IXJ	IXJ	5,400	$505.1k5.4k shares
ISHARES INC ECH	ECH	10,221	$405.6k10.2k shares
ISHARES TR EPU	EPU	4,400	$355.1k4.4k shares
VANECK ETF TRUST AFK	AFK	13,446	$346.2k13.4k shares
ISHARES INC TUR	TUR	6,000	$231.9k6.0k shares
ISHARES TR EPOL	EPOL	6,200	$225.3k6.2k shares
GLOBAL X FDS GREK	GREK	3,500	$223.5k3.5k shares
GABELLI EQUITY TR INC GAB-R	GAB-R	135,460	$948135.5k shares

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
KOREA FD INC KF · 13G · filed 2026-02-13	KF	38.6%≈ $120.7m	+3.6 pts	13G	2026-02-13
TAIWAN FD INC TWN · 13G · filed 2026-07-24	TWN	38.2%≈ $204.5m	-1.4 pts	13G	2026-07-24
TEMPLETON DRAGON FD INC TDF · 13G · filed 2026-05-15	TDF	35.5%≈ $97.3m		13G	2026-05-15
MORGAN STANLEY CHINA A SH FD XCAFX · 13G · filed 2026-07-24	XCAFX	34.4%≈ $96.8m	-1.8 pts	13G	2026-07-24
CHINA FD INC XXCHNXX · 13G · filed 2025-09-05	XXCHNXX	29.0%	-8.4 pts	13G	2025-09-05
MEXICO EQUITY & INCOME FD MXE · 13G · filed 2026-05-15	MXE	27.9%≈ $16.0m	+1.9 pts	13G	2026-05-15
ABRDN EMERGING MARKETS EX CH AEF · 13G · filed 2026-10-23	AEF	24.5%≈ $95.5m	-1.3 pts	13G	2026-10-23
TEMPLETON EMERGING MKTS FD EMF · 13G · filed 2026-05-15	EMF	23.7%≈ $82.2m	+1.4 pts	13G	2026-05-15
MEXICO FD INC MXF · 13G · filed 2026-02-13	MXF	22.9%≈ $72.1m	-2.1 pts	13G	2026-02-13
MORGAN STANLEY INDIA INVT FD IIF · 13G · filed 2026-10-23	IIF	13.0%≈ $27.8m	+1.9 pts	13G	2026-10-23
JAPAN SMALLER CAPITALIZATION JOF · 13G · filed 2026-10-23	JOF	12.6%≈ $38.0m	-1.1 pts	13G	2026-10-23