Another consideration is who will succeed Curtis when he eventually retires. He has been at the helm for more than 30 years but the appointment of David Smith as his deputy earlier this year suggested that a handover could be looming.

This column is not worried, however, because Smith has experience managing income-generating funds and comes from the same firm as Curtis, Janus Henderson. He currently manages the Henderson High Income Trust, a position he has held since 2013, and has run the UK portfolio of Bankers Investment Trust since 2017.

Brierley says: “Manager change is inevitable. Curtis will leave big boots to fill but Smith will be involved in a long handover period so there should not be any issues.”

Halberstadt agrees. “David Smith as deputy is sensible and he will continue Job Curtis’s investment style,” he says. “He has lots of experience and manages Bankers, whose dividend record is not far behind City of London’s, so he knows the value of paying a reliable income to shareholders.” Hold.

Questor says: hold

Ticker: CTY

Share price at close: 387.5p

Investment trust news

Pantheon International, the private equity investment trust tipped here in May 2018, carried out a 10-for-one split of its shares on Nov 1. At 335p, the shares trade at a 10th of what they would have cost before the split.

Ruffer Investment Company, tipped in 2016, will offer up to 56.2m new shares to existing shareholders on a one-for-four basis. They can buy at 296.5p per share, a 0.8pc discount to the current price of 299p. Shareholders should be contacted about the offer by their broker and have until Dec 1 to take up the offer.

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