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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Cqs Natural Resources Growth And Income Plc | CYN | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
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|---|---|---|---|---|
| 1.25 | 0.64% | 196.50 | 16:29:55 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 190.50 | 190.50 | 196.50 | 195.25 |
| Industry Sector |
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| EQUITY INVESTMENT INSTRUMENTS |
| Top Posts |
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Posted at 17/9/2023 16:00 by sharesoc ShareSoc is hosting a webinar with CQS Natural Resources Growth and Income PLC (CYN) on 26/9/23, which may be of interest to current shareholders or potential investors. Robert Crayfourd and Keith Watson (Fund Managers) will present a full overview of CYN, its strategy, and the outlook of the company year. Register here: [...] |
Posted at 08/4/2022 09:33 by nimrod22 JP Morgan see's 40% rise in commodities |
Posted at 27/3/2022 08:29 by shieldbug Probably shunned due to high management fees (no matter the returns). Investors can become quite fixated. |
Posted at 12/3/2018 10:02 by speedsgh Proposed name change to CQS Natural Resources Growth & Income plc with effect from 3 April 2018.Half-year Report - ...The CULS will be repaid on 30 September 2018. Ahead of this, the Board, with the assistance of its advisers, has undertaken an extensive strategic review of all aspects of your Company. This has included reviewing the Company's performance, investment objective and policy, dividend policy, corporate and capital structure, share price discount, shareholder base and management arrangements, as well as the outlook for the markets in which the Company invests, and generally considering whether the Company's mandate continues to be relevant to investors. The key conclusions from this review are: · The Company's closed-end structure is well suited to its listed small and mid-cap focus, and the Company is uniquely placed in being the only closed-end or open-ended fund offering a diversified exposure to this section of the market. The Board believes that small and mid-cap companies will offer some of the most attractive investment opportunities for capital growth as commodity markets continue to recover. · The Company's shareholder base has changed significantly over recent years, with private investors now owning in excess of 50 per cent of the shares in issue. Much of this change has been driven by decreasing appetite amongst institutional investors and wealth managers for closed-end funds, especially smaller ones. The Board is encouraged by the take up of shares by private individuals and believes that this demonstrates the continuing attraction of the Company's current mandate. The Board is not proposing any material changes to the Company's investment objective or policy. · The Investment Manager should be focused on maximising the net asset value total return to shareholders without being constrained by the objective of generating sufficient revenues to cover dividend payments. The Board believes, however, that the level of dividends paid by the Company has been a key feature in the Company's growing appeal to private investors. · In order to meet these twin objectives of maximising the net asset value total return and at least maintaining the level of dividend payments, the Board intends to take advantage of another of the benefits of the Company's closed-ended structure, being the ability to pay dividends out of certain capital reserves, which shareholders approved at the Company's annual general meeting in 2012. Accordingly, following the repayment of the CULS, the Board intends to use capital reserves, when required, to maintain or, potentially, increase the dividend level. · Where necessary, paying dividends out of capital reserves has two key benefits: § It provides the Board with greater confidence to predict future dividends. The Board intends to use the increased predictability to announce an annual dividend target at the beginning of each financial year and to rebalance the dividends so that each of the first three quarterly dividends represents 22.5 per cent of the target. For the current financial year, the Company is targeting a maintained aggregate dividend of 5.6 pence, but intends to rebalance the third and fourth dividend payments to 1.26 pence and 2.62 pence. § The Investment Manager will be able to allocate, without revenue constraints, the portfolio to commodity equities and high yielding securities according to the medium to long term market outlook for commodity markets with the objective of maximising the net asset value total return for shareholders. · Following preliminary discussions with a number of banks, the Board is confident that, in current market conditions, the Company will be able to obtain a multicurrency revolving credit facility on attractive terms, which, in conjunction with the Company's cash resources, will be sufficient to fund the repayment of the CULS. Relative to the CULS, the benefits of a revolving credit facility include flexibility to draw down and repay during the life of the facility according to market conditions and lower fixed costs, which, in turn, should increase the revenue available for distribution as dividends. · The Board has decided to change the Company's name to CQS Natural Resources Growth and Income plc with effect from 3 April 2018. The Board believes the new name better represents the Company's investment objective and that there will be marketing benefits in adopting the Investment Manager's CQS brand. |
Posted at 29/9/2016 11:45 by chillwill Still at a pretty decent discount with NAV often popping above 140p. Spread is often wide which is a good way of discouraging investors. |
Posted at 30/7/2012 09:06 by davebowler Investec Fund FocusGold ¢ With concern over Europe causing increased swings in sentiment over the last two weeks, we take a look at Gold, which has served investors well during volatility over the past couple of years. With further intervention from the authorities looking more likely in Europe, we could see gold break out of its current range. With this in mind, there is an interesting picture developing as the spot price of Gold has been moving in an increasingly narrow range since last September. Looking at the Daily Chart I, we can see this increasingly narrow trading range. ¢ Furthermore, since the beginning of March the daily correlation between the spot price of gold and the FTSE 100 is actually positive, albeit marginally at 0.02, compared to the one year correlation of -0.37. This is in contrast to the MSCI World Index, which retains its negative correlation at -0.06 since the beginning of March and over one year is at a more negative -0.57. The longer term correlation over five years is also negative at -0.15 against the FTSE 100, while the MSCI World also has a negative correlation of -0.10. ¢ Looking at the Daily Chart II, we see that the negative correlation looks to be stronger when there are larger volatility events. This is seen in the corrections of August 2011 and to a smaller degree in April 2010, while the falls of May 2012 produced less of a reaction in the price of gold. During quieter periods the price of gold has stayed flat or climbed at a slower pace. ETF/ETCs These instruments provide an easy way to gain access to physical gold with the two ETCs below providing direct liquid access in a physically backed form. ETFS Physical Gold (PHAU) ¢ PHAU is designed to offer investors a simple, cost-efficient and secure way to access the precious metals market and is intended to provide investors with a return equivalent to movements in the gold spot price less fees. ETFS Physical Gold £ (PHGP) ¢ PHGP is the same as PHAU but is instead denominated in GBP. CEF gold investors: The CEF Universe also provides some exposure to gold, although much of it is through equity stakes in miners and may not provide much, if any, protection from market falls. The notable exception to this is Personal Assets, which has a very defensive profile. ¢ Purer plays with high gold exposures include Golden Prospect (GPM) and El Oro (ELX), both obvious ways to play the gold equities story, El Oro has much of its portfolio invested in junior explorers, as well as established miners. Golden Prospect is more concentrated in its approach. ¢ City Natural Resources High Yield (CYN) has a 25% exposure to Gold ¢ Polo Resources (POL)'s largest investment, accounting for 18.5% of NAV, is Nimini Holdings, a gold explorer, which recently announced a 374% increase in indicated gold resource. ¢ Blackrock World Mining Trust (BRWM) has a 9.4% exposure to gold. ¢ Blackrock Commodities Income (BRCI) has the smallest exposure to gold of the resources focused funds at 5.3%. ¢ Personal Assets (PNL) is not a pure mining/resources fund but has a high weighting to physical gold, which stands at 15.2%, setting it apart from many other funds which have exposure to gold producers and miners. The rest of PNL's portfolio is allocated towards equities (56.2%) and Fixed Interest (30.6%) and is currently trading at a premium of 1.2%. |
Posted at 24/2/2011 11:24 by davebowler Chairman's StatementInvestment and Share Price Performance At 31 December 2010 your Company's net asset value stood at 394.4 pence, giving a net asset value total return for the six month period under review of 77.0 per cent and a share price total return of 84.8 per cent; the benchmark index returned 34.9 per cent. This means that your Company followed a net asset value total return of 100.0 per cent for the 2009 calendar year with a net asset value total return for the 2010 calendar year of 80.2 per cent. Its share price performance was even stronger, with the 147.6 per cent total return of 2009 being followed by 85.6 per cent in 2010. The share price return reflected a narrowing of the discount at which the Company's shares trade from 31.1 per cent at 31 December 2008 to 15.3 per cent at 31 December 2009 and 12.7 per cent at 31 December 2010. This does not, of course, represent straight line progress, but your Board and Manager have worked work hard to minimise the discount figure over a number of years, and it feels for the first time as though the market is, perhaps, moving to re-rate the Company's shares. Caution must, however, remain the watchword as the stability and reduced volatility that typically mitigate discount levels remain elusive. Too many statistics obscure, but it is worth underlining the fact that your Company's net asset value increased from 52.1 pence on 1 August 2003, the date of its current incarnation, to 394.4 pence at 31 December 2010. Income and Dividends Nor has this capital performance been achieved at the expense of income. For a number of years the portfolio has been managed with income enhancement and a desire to progress the dividend firmly in mind, and the dividends paid in respect of the year to 30 June 2009 were 15.8 per cent higher than those paid in 2008, while the year to 30 June 2010 saw a further 20.8 per cent dividend increase. This represented a fifth successive year of dividend increases. The yield on the Company's shares is 1.2 per cent as I write, and the revenue reserve stands at 5.9 pence per share, up from 5.7 pence per share at 30 June 2010. We are always aware of the importance of income to investors. Two interim dividends of 0.69 pence have been paid in respect of this year, representing an increase of 11.3 per cent on the same period last year, in line with our policy of progressive dividend increases. Investment Strategy and Outlook When I wrote to you a year ago I said that we were slightly sceptical as to whether bank bail outs, low interest rates, quantitative easing and ballooning budget deficits amounted to a programme that would encourage a sustained global recovery, but that we kept faith in the strength of the commodity story over the medium term. I wrote to you again on 1 October 2010, noting that while we were not wholly convinced by the depth of the market rally, we were satisfied that the Company was well positioned to capitalise on the longer term demand for finite natural resources. I am afraid that I can do no better than to express a similarly qualified optimism as we move into a new decade. Markets have been distorted by long-term interest rates which remain low; by government intervention which remains high; and, by levels of sovereign debt that remain excessive. Exchange rates fluctuate wildly, and once again the spectre of inflation stalks the land. Equity markets have weathered these conditions well to date, but we remain on our guard, with gearing at a modest level. While the drivers that have benefited the performance of your Company remain to large extent still in place, namely: emerging markets growth; commodity price rises; mergers and acquisitions; and, sterling weakness, there are signs of overheating and inflation in that main generator of growth - Asia. In the short term if growth were to slacken its pace there, this would be felt in the natural resources arena, so we are not complacent. All of that said, the essentials underlying the commodity story remain a touchstone in the medium and longer term, and your Company is well positioned to take advantage of the demand created by the shift of economic power from the old world to the new, as the former continues to pay for the partying of the last decade, so generously financed by the latter. Manager's Review The last six months have seen the Company's net asset value total return rise by 77.0 per cent and the share price total return by 84.8 per cent. The conditions in most equity markets have been buoyant and the Company's performance has been helped by strong moves in the underlying commodity prices, notably Gold, Uranium and Palm Oil. Continued M&A activity has also been supportive of prices within the resources sector and the portfolio has been helped by the weakness in Sterling, particularly against the Australian and Canadian dollars. The economic backdrop has continued to be mixed with patchy growth in the economies of the Developed nations offset by further growth in the Emerging nations. A lack of resolution to the Sovereign Debt problems and further expansion of the Federal Reserve balance sheet by the implementation of QE2 has further clouded the picture. None of the above factors have been negative for Gold, which hit an all time high during December. The Company's large weighting in the sector was enhanced by the focus on the growth companies, at the expense of the large stocks which generally underperformed during the period. Corporate activity and absence of new supply were consistent themes across many commodity sectors, but never more so than in the Uranium space. The bid for Mantra Resources, which was developing the Mkuju project in Tanzania, by ARMZ Uranium Holdings, a Russian company, being the most significant transaction. The Russians have been the largest source of Uranium supply for the last few years via the HEU agreement and it is noteworthy that this is the second acquisition this year after the earlier purchase of 51 per cent of Uranium One. The uranium price rose from $42 to $66 during the period. The Rare Earth sector has been in the market's spotlight over the period and never did we think that a drunken Chinese fisherman could have such an influence on the Company's performance. The unfortunate mariner's detention by the Japanese authorities and the retaliatory reduction in Rare Earth export quotas by the Chinese led to a scramble to find companies outside of China who were capable of producing these elements that are vital to new technologies. The performances of Lynas Corporation, Great Western Minerals and Neo Material Technologies all reflected the surge in prices of the Rare Earth basket. Looking forward, we are conscious of inflation creeping back, particularly in the prices of food and energy, in developing countries. The housing market continues to be a drag on any revival in the United States, and, elsewhere, political risk would appear to be the dominant theme for at least the first half of the year. |
Posted at 01/12/2010 16:03 by davebowler Winterfloods;Strong performance from mid and small-cap portfolio City Natural Resources invests in a diverse range of resources companies including gold, silver, copper, rare earth metals, coal, uranium, and palm oil with a focus on small and mid-cap companies. The portfolio is diversified with over 200 holdings, including around 50 warrants. The portfolio also contains corporate bonds and convertibles, which account for approximately 20% of assets. The fund has performed strongly and the NAV is up 301% over the last five years compared with 138% for the HSBC Global Mining Index. The 46% fall in the NAV in 2008 has been more than recovered. 2010 has been a very strong year for the fund with its NAV up 53%, on a total return basis, compared with an increase of 22% for the HSBC Global Mining Index. Winterflood View In common with the rest of the Resources sector, City Natural Resources has enjoyed strong absolute performance in the last few years. In addition, the fund has outperformed the HSBC Global Mining Index. In our opinion, the fund offers investors the possibility of high returns, combined with a progressive dividend. However, given the nature of the resources sector and the fund's bias towards small and mid-cap companies, performance is likely to be volatile and investors should be comfortable with a higher than average level of risk. For investors willing to accept this, we view this fund as complementary to the more mainstream BlackRock World Mining. The specialist management team of Will Smith and Merfyn Roberts has considerable experience in investing in resource companies. The departure of Richard Lockwood from day-to-day management must be viewed as a loss to the fund as performance has been strong under his management. However, we view his continued involvement at a strategic level as positive. Both Will Smith and Merfyn Roberts have worked alongside Richard Lockwood for a number of years and in our opinion, the change in the management team is unlikely to produce any major changes to the fund. This note is available in full on our web-site: in the section "Latest Research". |
Posted at 16/11/2010 11:57 by davebowler This article mentions three of CYN's strategic holdings - precious metals , uranium and rare earth metals.Global opportunities - Shining a light on the gold story * Story by: Ed Bowie * Magazine: InvestmentAdviser * Published Monday , November 15, 2010 Gold has been a top-performing asset class in the past decade and this trend is set to continue. There are very few global market opportunities as compelling right now as the junior gold explorers and miners. Gold remains 35 per cent below its peak inflation-adjusted price of a little more than $2,000 per ounce, which was reached in January 1980. At this time gold and gold equities were estimated to have represented approximately 26 per cent of global assets. Today, following the equity bull markets of the early 1980s, this has now dropped to less than 1 per cent. If gold holdings were to be increased to just 2 per cent (less than one-tenth of historic norms) a total of 85,000 tonnes of yellow metal would be required. This, however, represents more than 30 years' production. It is estimated that total historic gold production - and therefore the amount of gold currently available to the market - is 165,000 tonnes. This means that if stacked in one place, the gold available today would create a cube with sides of less than 25 metres. Of this, 52 per cent is tied up in jewellery, with the remainder being held by central banks, by retail and institutional investors and with a small proportion in industrial uses or being unaccounted for. The most significant demand for gold typically derives from the jewellery sector - an industry very sensitive to movements in price as well as seasonal effects. For example, gold purchases soar in the lead up to certain religious festivals in India (the largest market for gold jewellery) and in the Christmas period in the US. Central bank holdings amount to almost 1bn ounces, close to 20 per cent of gold currently in circulation. Western nations typically hold larger proportions of gold as a proportion of their financial reserves, although some developing economies have been increasing their holdings. Indeed, following a decade of being net sellers of gold, central banks are becoming net buyers. The retail investment market, which is approximately a quarter of the size of the jewellery market, has also experienced strong growth over the past decade. The introduction of exchange traded funds (ETFs) has had a dramatic affect on the ability of investors to access gold, without the costs and issues associated with owning, transporting and storing the physical metal. The world's largest gold ETF, SPDR Gold trust, has grown from less than 10m ounces five years ago to almost 45m ounces today, with a doubling of the holdings taking place since the onset of the financial crisis in mid 2008. As frequently cited, gold is no-one's liability, meaning its value cannot be eroded by the credit worthiness of its issuer. The latter point has made gold an excellent wealth preserver; retaining its purchasing power over long periods of time, and acting as a safe haven during times of social and economic crisis. Gold is arguably benefiting from a perfect storm at present; with investment demand being driven by both fears over the deflationary and recessionary impacts on the credit worthiness of sovereign states, as well as the potential for significant money supply induced real inflation. Currently the reported unmined gold reserves on mining companies' inventories stand at approximately 1.5bn ounces - less than 30 per cent of total historically mined gold or 18 years of global production at current levels. Discoveries of new resources have declined steadily in the past 25 years. The net result means current production levels are only sustained from older or lower-quality mines, where operating costs are typically increasing as the assets are mined at greater depths or lower grades. The discovery cost of gold is set to increase dramatically, as will merger and acquisition activity, over the next 18 months. Junior miners will be acquired by major and mid-tier companies in order to replenish their dwindling reserves, as well as improve the quality of their resource base. The fundamentals for the gold market are robust and will remain so for the next 2-3 years. High quality gold equities offer the best means of gaining exposure. While the gold price has gained more than 25 per cent over the past 12 months, operating costs at gold mines have only grown a fraction and therefore operating margins and asset values have increased significantly. Furthermore, investors in successful junior gold companies will benefit from the growth of the companies' resource bases and production profiles. In addition to gold, platinum group metals are expected to perform well on the back of increasing autocatalytic demand and the fact 60-70 per cent of these metals come from South Africa, which presents a supply side risk due to potential labour and energy issues. With demand for clean energy increasing, the price of uranium should also perform well. To ensure continued competitive domestic supply, the advancing economies seem likely to impose tariffs on the import and export of commodities. India has already imposed of a 5 per cent duty on iron ore exports and China has restricted the export of rare earth elements which are so crucial to green and high tech sectors. Ed Bowie is investment manager of Altus Resource Capital Limited |
Posted at 19/10/2010 21:07 by jimbo55 Hi Hazl,Investment Trusts such as CYN are closed ended investment companies (CEIC), with a limited number of shares in existence. As such, they can trade at a premium or discount to their net asset value (NAV). Your more typical funds are open ended investment companies (OEIC), which regularly create new units/shares to issue to new investors in the company/fund. As such, they always trade at net asset value (NAV). The CEIC premium/discount to NAV can provide the mildly savvy investor with a useful, but basic, valuation tool for the associated trust. More on this can be found here: Once I got my head around how they work, I quickly became an investment trust convert. I would only consider buying into an OEIC if there was an associated investment trust that traded at a premium to its NAV. The only one I can think of right now, off the top of my head, is the closed ended Ruffer Investment Company (Epic: RICA). Its equivalent OEIC is the Ruffer Total Return Fund. I hope the above proves helpful anyway. You should not buy into any Investment Trust/Closed Ended Investment Company until you've got your head around the NAV concept. Cheers. Jimbo |
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