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CYN Cqs Natural Resources Growth And Income Plc

171.50
4.00 (2.39%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Cqs Natural Resources Growth And Income Plc LSE:CYN London Ordinary Share GB0000353929 ORD 25P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  4.00 2.39% 171.50 171.00 171.50 171.00 167.50 167.50 602,881 16:35:18
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Unit Inv Tr, Closed-end Mgmt 9M 5.23M 0.0782 21.87 114.38M
Cqs Natural Resources Growth And Income Plc is listed in the Unit Inv Tr, Closed-end Mgmt sector of the London Stock Exchange with ticker CYN. The last closing price for Cqs Natural Resources Gr... was 167.50p. Over the last year, Cqs Natural Resources Gr... shares have traded in a share price range of 151.50p to 187.00p.

Cqs Natural Resources Gr... currently has 66,888,509 shares in issue. The market capitalisation of Cqs Natural Resources Gr... is £114.38 million. Cqs Natural Resources Gr... has a price to earnings ratio (PE ratio) of 21.87.

Cqs Natural Resources Gr... Share Discussion Threads

Showing 601 to 623 of 825 messages
Chat Pages: 33  32  31  30  29  28  27  26  25  24  23  22  Older
DateSubjectAuthorDiscuss
01/8/2016
11:43
Nice to see it's up a percent or two after ex-div too - free dividends! Think it went ex on weds/thurs last week
chillwill
01/8/2016
10:10
Hold both, but have been selling down BRWM - like CYN's breadth of exposure, minor gold exposure & small-cap bias, as well as the bond holdings. Also not sure what BRWM are going to do with the divi (expecting it to be cut), whereas the bond holdings make CYN's a lot safer IMO. Discount on both is pretty hefty.
spectoacc
01/8/2016
09:03
Wow, what a great recovery chart in an income stock! This together with BRWM.
brucie5
22/7/2016
20:01
Yes, tks Dave indeed.
scottishfield
22/7/2016
18:32
Thanks Dave
deltrotter
22/7/2016
15:39
Winterfloods;
On 13 July we met with Ian Francis, Keith Watson and Rob Crayfourd, the managers of City Natural
Resources High Yield (CYN).
Background & Performance
• Keith Watson and Robert Crayfourd took over responsibility for the fund's equity portfolio following
Will Smith's departure from New City / CQS in October last year. Ian Francis, Head of New City,
continues to be responsible for the fund's fixed income portfolio.
• The fund aims to provide shareholders with capital growth and income, predominantly from a
portfolio of mining and resource equities as well as fixed income securities. It pays quarterly
dividends, with the dividend in respect of the financial year to 30 June 2015 110% covered by income.
CYN's historical dividend yield on the current share price now stands at 5.1%.
• In 2011 the fund issued £40m (nominal value) of 3.5% CULS, which mature in 2018 (377.1848p
conversion price). These are currently trading at 96p and the fund has bought 5.5m CULS to date. At
the end of May these CULS were equivalent to 45% of NAV. However, this is partially offset by cash
and treasury holdings and net gearing was equivalent to 18% of NAV.
• The fund has a good long‐term track record. Since its inception in August 2003 to May this year it
has generated a 201% NAV total return, compared with 149% for its composite benchmark (2/3
Euromoney Global Mining Index and 1/3 Credit Suisse High Yield Index). However, in both absolute
and relative terms, performance over recent years has been negatively impacted by the fund's
weighting to small and mid‐cap companies.
Portfolio & Outlook
• At the end of May the fund had total assets of £110m and the portfolio comprised 148 holdings,
with the ten largest investments accounting for 33% of its value. The managers consider themselves
to have a value bias and they are particularly focused on companies' ability to generate free cash
flow, rather than just looking at projects’ cash costs or NPVs. They also noted that the closed‐ended
fund structure allowed them to invest in small and mid‐cap companies such as Plant Impact, a UK
based AIM listed manufacturer of non‐toxic fertilisers that has a joint‐venture with Bayer.
• It was highlighted that the strong performance of commodity stocks so far this year has been driven
by large cap companies. However, small and mid‐cap resource companies are still considered to be
attractively valued, with many holding assets that the managers believe could be attractive to larger
companies that have significantly reduced exploration capex. The managers are reasonably positive
on prospects for the resources sector, noting that many metals are still trading below their marginal
cost of production. They also highlighted that there had been a number of mine closures in China,
including State Owned Enterprises and illegal mines, as a result of environmental concerns. They also
believe that demand dynamics in China are not as bad as many people think and noted that, while
recent PMI data has been weak, when this is disaggregated, industrial production numbers have
actually been reasonably strong.
• The managers' positive view on gold is reflected in the fact that gold exposure accounts for 17% of
the portfolio, but they stressed that they are not 'gold bugs'. They think that gold should be viewed as
a currency and that negative interest rates and global currency wars should therefore continue to be
positive for it. They also note that Australian, Canadian, Mexican and Chilean producers will also
benefit from weaker currencies. They are relatively positive on prospects for base metals such as
Copper and Zinc, which tend to be slightly 'later cycle' and benefit from demand from electrical
goods, which should flow through from a recovery in the Chinese house market. They are also
relatively positive on Nickel, for which they expect demand to benefit from the improving quality of
Chinese steel production.
Winterflood View
The resources sector has endured a tumultuous period and City Natural Resources' significant
exposure to small and mid‐cap companies has been a headwind. Given their inflexibility the timing of
the fund's CULS issue was unfortunate and has led to the inefficient position of having to hold cash, in
order to reduce gearing. Nevertheless, the fund's dividend yield of 5.1% is attractive and should be
well supported by revenue reserves. Furthermore, unlike some of its peers such as BlackRock World
Mining* and BlackRock Commodities Income*, it does not make use of option writing to supplement
income. This should mean that the fund is well positioned to capture any further recovery in the
resources sector. The fund's current discount of 21% also offers some value, albeit its size means that
liquidity can be patchy.

davebowler
20/7/2016
18:56
Dividend maintained... would have been nice to see an increase but a lot of mining companies etc have cut dividends over the last couple of years, so I guess it might be a couple of years until we see pay out increase.

NAV just under 140p... Still a big discount!

chillwill
13/7/2016
12:53
NAV now at 138p, which is about a 21% discount.

Possibly final dividend declared next Thursday, and ex-div the week after if it's consistent with last year.

Either way, these are cheap. BRWM is on about a 14% discount, although they pay a slightly better dividend (even though I'm not sure if it'll be maintained as it wasn't actually covered last year).

chillwill
08/7/2016
07:23
Chart beginning to look v good indeed now imo
scottishfield
07/7/2016
11:38
Nice rise today so far! 150k buys to 25k sells pushing the price up, despite the fairly large spread.
chillwill
07/7/2016
10:07
Date: 6 July 2016
Net Asset Value

The unaudited net asset value (NAV) of the Company is noted below in pence per share. NAVs are calculated in accordance with stated policies. Applicable accounting standards and AIC recommendations are followed.

The NAV per ordinary share as at the close of business on 5 July 2016:


Pence per Share
Cum Ex
Income Income
Basic 133.89 132.98

davebowler
06/7/2016
12:46
I am 1p short of break even!
From memory the NAV was in the high 120's when I first invested so the discount is a bit wider now on the way back up.

danieldruff2
06/7/2016
12:39
That discount has grown a bit! Was only looking a few days and it was low 120's, didn't realise it had jumped up into mid 130's!

Was contemplating topping up (original buy was about 100p a year ago; just just showing dividend profits and a couple of quid on that), but the spread seems to have opened up quite a lot! Short on stock maybe? Not heavily traded with a 70m market cap.

chillwill
05/7/2016
08:39
As long as gold goes up and the pound goes down the NAV here will keep on rising.

30% discount is higher than it was during the jan 2016 crash.

nimbo1
30/6/2016
11:33
Should be due an annual report here, and final dividend declaration anytime soon.

Not moving around like the likes of BRWM, but I guess it's one of those that churns out dividends which can be reinvested... near 6% is better than a bank!

chillwill
14/6/2016
13:59
That's a heck of a discount coupled with a safe(ish) 6% yield.
lord gnome
14/6/2016
11:33
The NAV per ordinary share as at the close of business on 10 June 2016:


Pence per Share
Cum Ex
Income Income
Basic 121.99 121.32

davebowler
06/6/2016
11:06
The NAV per ordinary share as at the close of business on 2 June 2016:


Pence per Share
Cum Ex
Income Income
Basic 115.60 115.01

davebowler
21/4/2016
18:22
bsharman - read today's RNS.
lord gnome
21/4/2016
17:51
when is the next dividend payment? I can't find any info and last year it went x-div at the end of April..

Thanks

bsharman3
21/4/2016
12:03
GPM is at about 14% below NAV if you like precious metal shares.
davebowler
21/4/2016
10:21
joined you guys here today with a few. hold BRWM & BRCI also.
scottishfield
21/4/2016
07:56
Nice jump this morning to accompany news of the next divi. Is it starting to close the big gap to NAV? That would be nice - very nice.
lord gnome
Chat Pages: 33  32  31  30  29  28  27  26  25  24  23  22  Older

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