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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 |
Date | Subject | Author | Discuss |
---|---|---|---|
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 |
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