Cqs New City High Yield Share Discussion Threads

[peterbill] 13/4/2024 03:59

issued June 2022 - Seems like nothing new on the NCYF website ...

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[stansmith1] 05/4/2024 19:50

Was there notification why the new shares were issued...will the cash be used to augment the portfolio?Or is it for admin/outgoings?

[neilyb675] 15/1/2024 10:34

50.60 - 51.40 (GBX) at 08:02:45
on Market (LSE)

[redhill9] 19/12/2023 18:55

Interesting presentation and Q&A.

I recall several posters on here being sceptical about NCYF due to the dividend (at the time) not being covered fully by income. That point was addressed and is now not the case as income exceeds dividend, plus dividend reserves of over 3p per share retained to enable smoothing of dividends should such a situation return.

I've done well from NCYF since first buying when the share price was at distressed levels due to market panic over covid in March 2020. Potential over the future sounds reassuring from this presentation and I'm planning to continue to hold/add.

[sharesoc] 19/12/2023 15:03

In case you missed our webinar with CQS New City High Yield Fund Limited (NCYF, the recording can be found on our YouTube channel:

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[sharesoc] 05/11/2023 14:24

ShareSoc Webinar with CQS New City High Yield Fund Limited (NCYF) 23/11/23 3pm. Caroline Hitch (Chair) and Ian “Franco” Francis (Investment Manager) will present a full overview of the company and will give an update on current performance and future plans. Register here: [...]

[cc2014] 20/7/2023 15:10

I wanted to beat CWA1 to it!

The Company announces its fourth interim dividend of 1.49 pence per share (2022 - 1.48 pence) payable on 31 August 2023 to shareholders on the register on 28 July 2023, having an ex-dividend date of 27 July 2023.

Lovely jubbly. I shall look forward to this.

[peterbill] 14/7/2023 12:25

Estimated NAV 45.56Year high 54.80pYear low 43.03pPremium / Discount -3.42%Market capitalisation £230.51 mnDividend yield 10.1%Ongoing charge 1.55%Top 10 holdings at 31/05/2023 % of assetsGalaxy Finco Ltd 9.25% 5.15Shawbrook Group Plc 12.103% 5.01The Co-Operative Bank Finance PLC 9.5% 5.00Aggregated Micro Power Infra 2 Plc 8% 4.62Virgin Money UK PLC 8.25% 4.57REA Finance Bv 8.75% 3.58Stonegate Pub Co Financing 2019 PLC 8.25% 3.51Barclays PLC 8.875% 3.44Albion Fin & Aggreko Holds Inc 8.75% 3.04Inspired Entertainment (Fin) PLC 7.875% 2.91



Near year lows so have just added to my small holding - FWIW - DYOR

[giltedge1] 04/7/2023 08:02

Thanks CC2014, for detailed analysis hold off for now if goes to a 10% discount may consider, I think UK investors are swayed by yield, not total return. For example many successful companies make 20% returns on capital, but pay no dividend. UK investors like cash dividends.

[cc2014] 03/7/2023 08:25

Giltedge.

I suggest you read the previous 100 or maybe 200 odd posts on the thread which will give you some insight.

However, there are three points really:
1. This is not a bond fund. It is a mixed asset fund. The performance of the non-bond stuff has in general been dire. The performance of some of the bonds has not been much better but at least eventually they are likely to mature at par. trouble is they weren't all bought for par. Many were bought above par.

2. The fund chooses to pay out more in dividend that it makes in interest and dividends coming in. Some choose to dispute this so you will have to make your own mind up.

3. The fund invests in risky stuff to generate the return. Regrettably this results in bad debts from time to time. Last year (or was it the year before?) it lost 3% of it's portfolio value due to losses on Raven Russia. So far this year it's lost 1% of it's portfolio value due to losses on Matalan.


I went through the underlying holdings last week as I was thinking I was sort of interested in buying should the fund return to a small discount. I was kind of shocked the way it's evolving. Someone else seems to have done the anaysis before me as the premium to NAV is definitely coming off and presumably the sellers have their reasons.

[giltedge1] 03/7/2023 07:58

I am new to bonds why the continual decline in NAV over many years?, during covid low interest rates, bonds should have increased in value. Also any chance if a reversal?, seems income wiped out by capital loss.

[catch007] 13/6/2023 10:43

I added again this morning picking up a tranche at 48.5p slightly more than I wanted to pay and of course at a premium to NAV. However I am looking at final divi 1.48/49 and an exceptional percentage yield. I am conscious of the continual decline in NAV/SP as they may overpay the dividend I would actually take a smaller yield to see NAV/SP improve and fully covered divi.

[guitarsolo] 12/6/2023 10:51

I think I'll wait to see the year end results. I'm going out on a limb here and predicting a final quarter divided of 1.49p! Mangement will hail that they have (est) 15 years of dividend increases, conveniently forgetting that increasing the dividend by 0.25% a year for 5 years is a real terms cut.
But more importantly will be to see whether the dividend is fully covered by EPS. I recall last year's accounts included a couple of delayed coupons (REA and Matalan?) which were paid in the current year so we will need to adjust for that in case it presents an over-inflated EPS in the current year. Also, let's see if the reserve account is intact, or better still has slightly increased.
I've had these for many years so have pocketed lots of dividends. But I also remember buying some at over 62p!

[marktime1231] 12/6/2023 10:18

Still looking keenly at reinvesting here, drifting down to 48p. The next BoE rate announcement and outlook commentary on 22 June will be key.

[redhill9] 26/5/2023 18:05

Are you talking to yourself??

[marktime1231] 26/5/2023 16:53

No, I am not sure either, no conclusive signs that turbulence in global debt markets is easing, it is still clobbering us but there will come a point where NCYF is safer cheap income again. Watching.

[marktime1231] 25/5/2023 12:01

I was lucky enough to get 56p when I sold out here a couple of years ago, spooked by management warnings that the dividend might be cut because income was not covering it and a suspicion that they were gearing up to compensate.

Since then NCYF has dropped to sub 50p but is maintaining a healthy premium to NAV and is able to issue new shares regularly, there must be high yielding bargains available and plenty of institutional demand. More confidence here than SMIF for example where the premium has evaporated.

Is the worst over? Is it worth trying here again, noting a probable 1.49p final is coming up and annual yield of 9% is on offer. Risky perhaps, but so is everything.

Or is the strong premium enough to warn NCYF is expensive whereas SMIF, on a 3% discount (temporarily?), is a bargain on paper?