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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Cqs New City High Yield Fund Limited | LSE:NCYF | London | Ordinary Share | JE00B1LZS514 | ORD NPV |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
|
|
|---|---|---|---|---|---|
| -0.30 | -0.58% | 51.40 | 678,952 | 15:30:19 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| 51.40 | 51.60 | 51.60 | 51.40 | 51.40 | |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Unit Inv Tr, Closed-end Mgmt | 49.47M | 43.42M | 0.0765 | 6.75 | 293.48M |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| 15:30:19 | O | 200 | 51.60 | GBX |
| Date | Time | Source | Headline |
|---|---|---|---|
| 21/11/2024 | 12:22 | UK RNS | CQS New City High Yield Fund Ltd Net Asset Value(s) |
| 21/11/2024 | 09:19 | UK RNS | CQS New City High Yield Fund Ltd Monthly Factsheet as at 31 October 2024 |
| 20/11/2024 | 12:06 | UK RNS | CQS New City High Yield Fund Ltd Net Asset Value(s) |
| 19/11/2024 | 13:17 | UK RNS | CQS New City High Yield Fund Ltd Net Asset Value(s) |
| 18/11/2024 | 15:46 | UK RNS | CQS New City High Yield Fund Ltd Net Asset Value(s) |
| 18/11/2024 | 07:00 | UK RNS | CQS New City High Yield Fund Ltd Block listing Interim Review |
| 15/11/2024 | 13:09 | UK RNS | CQS New City High Yield Fund Ltd Net Asset Value(s) |
| 14/11/2024 | 13:28 | UK RNS | CQS New City High Yield Fund Ltd Net Asset Value(s) |
| 13/11/2024 | 13:23 | UK RNS | CQS New City High Yield Fund Ltd Net Asset Value(s) |
| 12/11/2024 | 16:55 | UK RNS | CQS New City High Yield Fund Ltd Issue of Equity |
Cqs New City High Yield (NCYF) Share Charts1 Year Cqs New City High Yield Chart |
|
1 Month Cqs New City High Yield Chart |
Intraday Cqs New City High Yield Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 09/8/2024 | 11:42 | FOR INCOME SEAKERS | 524 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|---|---|---|---|
| 15:30:19 | 51.60 | 200 | 103.20 | O |
| 15:30:19 | 51.40 | 6,793 | 3,491.60 | AT |
| 14:53:16 | 51.60 | 8,294 | 4,279.70 | AT |
| 14:53:13 | 51.33 | 2,000 | 1,026.60 | O |
| 14:37:12 | 51.60 | 7 | 3.61 | AT |
| Top Posts |
|---|
Posted at 21/11/2024 08:20 by Cqs New City High Yield Daily Update Cqs New City High Yield Fund Limited is listed in the Unit Inv Tr, Closed-end Mgmt sector of the London Stock Exchange with ticker NCYF. The last closing price for Cqs New City High Yield was 51.70p.Cqs New City High Yield currently has 567,651,858 shares in issue. The market capitalisation of Cqs New City High Yield is £292,908,359. Cqs New City High Yield has a price to earnings ratio (PE ratio) of 6.75. This morning NCYF shares opened at 51.40p |
Posted at 09/8/2024 11:42 by mondex You need to revise both your link to the NCYF fact sheet & your top 10 holdings dated Aug 2009 |
Posted at 14/5/2024 11:38 by peterbill Regarding Share Issuance - found this note (page 22, link below) from 2022Share issuance continues As we have previously discussed, NCYF’s premium has reflected strong underlying demand as for its strategy, which has allowed an ongoing programme of share issuance. Despite trading at a tighter premium following COVID, NCYF was still able to issue stock and grow (following the market rout, NCYF was able to issue stock as soon as 28 May 2020); however, the pace of equity issuance has picked up during the last 12 months as the premium has strengthened. By way of illustration, during 2020 NCYF issued 9.7m shares (or 2.27% of its issued share capital at the beginning of the year), while 2021 saw the issuance of 27.35m shares (or 6.27% of its issued share capital of the beginning of the year). NCYF has tended to issue stock when its premium is in excess of five to six per cent. The manager and board say that they did look to repurchase stock when the discount was elevated in 2020 but there was negligeable liquidity at the prevailing prices and so this proved to be impossible. So far this year, NCYF has issued 7.30m shares at around a 5% premium to NAV. As we discussed on page 22, NCYF has tended to trade at a marked premium to the Debt – Loans and bonds sector average, and this continues to be the case (the COVID-related market collapse in March 2020 being the one obvious exception, although this was relatively short lived). Figure 21 illustrates two situations were NCYF’s premium over the sector has narrowed significantly. One instance was at the beginning of February 2018 when early signs of inflation in the US (as economic growth accelerated), coupled with signs of rising wages (which had stagnated for a number of years) led to fears of an increase in interest rates and concerns that this would lead to a bond market rout. The second was in early March 2021, when markets were initially concerned by the prospect of a steepening yield curve, which was exacerbated by comments from Jerome Powell (the chairman of the Federal Reserve) that the Fed would be "patient" on rising inflation. |
Posted at 13/4/2024 02:59 by peterbill issued June 2022 - Seems like nothing new on the NCYF website ... |
Posted at 19/12/2023 18:55 by redhill9 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. |
Posted at 19/12/2023 15:03 by sharesoc In case you missed our webinar with CQS New City High Yield Fund Limited (NCYF, the recording can be found on our YouTube channel: |
Posted at 05/11/2023 14:24 by sharesoc 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: [...] |
Posted at 25/5/2023 11:01 by marktime1231 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? |
Posted at 23/6/2022 09:53 by redhill9 CC2014, thank you for your response.I agree with most (not quite all!) of what you say. First, absolutely right about Raven being, most probably, a write-off and I’d certainly suggest NCYF should have sold out at the first hint of a Russia invasion but, trying to be fair, very few people thought the invasion would actually happen and was mere posturing and also we don’t know if selling once it happened was achievable (although I’d guess they probably could have sold at some price). Hindsight, of course. However, the point perhaps to be recognised is that NCYF is a High Yield fund and as such there will be risk – anyone who expects high yield without commensurate risk is in the camp of “both wanting cake and eating it”. More important is your point about the effect of dividends being paid from capital, which I understand and referred to it in my post, but the question is how much this is likely to continue/accelerate in the future. You mention that the share price has reduced from 100p to around half but, for perspective, my own situation is I hadn’t heard of NCYF until March 2020 when, on the advice of a friend, I had a look and started buying at 38p and then bought several more tranches in the following months. My average book price is just under 49p so the current annual dividend of 4.47p means a book yield of over 9%. That fact alone may influence my perspective on continuing to hold NCYF. Also, it may be relevant to add that, currently, all dividends received within my income portfolio are reinvested into other income stocks so when NCYF repays capital as an element of dividend this becomes reinvested somewhere else. I’m comfortable with this, so long as I remain aware that the yield contains an element of capital. For my own position, I see two key questions. The first question is: having bought the shares with the intention of a long term hold, how will the yield be affected over the foreseeable future? The second question is: would I be better to sell at the current share price of 53.6p, and giving up a current market yield of 8.3%, and invest elsewhere? Your answer for the first question is to suggest the long term return is more like 6% if the capital reduction is on average 2.5% per year. That may be correct but may I ask what timescale are you using for that calculation? For the second question, my own view is that, barring some significant change in known circumstances, I’m happy to continue holding NCYF within my income portfolio unless I can find a similar fund that offers a better yield allowing for normal considerations of risk/reward plus the impact of capital reduction. Do you know of any? A fairly extreme example may be Marble Point (MPLS) which is an investment company paying a yield of over 12% and I hold a small % in my portfolio, far less than NCYF, but MPLS is (I consider) much higher risk than NCYF. Regarding your point about Aviva Prefs drifting down to 100p and then being redeemed at par, I think I’m right in saying that after the debacle several years ago when they slipped into their financial report (apparently without the non-execs appreciating the implications) a comment that they were considering doing just that and the subsequent furore across the investment industry, resulting in the Aviva CEO and CFO each losing their jobs, Aviva announced that any future redemption of irredeemable prefs would only be by tender (as NWBD did recently at a premium to sp, a tender that wasn’t fully taken-up by a long way). Also, with that in mind, if Aviva Prefs drift down to 100p wouldn’t that, all other things being equal, likely be a reflection of the overall market rather than just prefs themselves? We may not wholly agree on NCYF and that may be partly due to different perspectives, but I do appreciate you're post above as it is always good to have someone challenge a point of view. |
Posted at 21/6/2022 09:38 by cc2014 "If holding a fixed interest stock long term the share price may go down, which reduces the NAV of a fund such as NCYF, but the income continues."Well, yes, no, sort of but not really. I understand what you are saying and I see your point but: 1. Recently the value of RAVP went to zero. RAVP has been delisted and there may be some debate about future dividends but right now it's zero. The total capital of around 3% of the fund has been wiped out, or very nearly wiped out depending on your view of Russia. There is no longer an income stream and this is part of the risk with investing in high risk/high yield funds like NCYF. 2. The prefs you mention do not have maturity dates so they will drift up and down depending on interest rates and the health of the underlying company. Whilst the Aviva prefs give a yield of around 7% at 120p it's no good if they drift down to 100p and then Aviva redeem them as they won't be regulatory capital in 2024. Again the capital would be reduced and the income doesn't continue. I could run the argument another way though. Please allow me some breath over the exact details here but let me run with the broad outline. Over the last 20 years since the fund was started the share price has halved from 100p to 50p because the fund manager has made a few bad investments but more validly every year he is paying out more dividends than the value generated within the fund. If in another 20 years time the share price has halved again to 25p will the fund still be paying 4.5p dividends? Of course if interest rates rise to 2.5% the fund manager has a far better chance of making enough to pay the dividends. That looks far more feasable going forward. Look, I'll try and given you my overall view. The fund has a dividend of around 8.5% but it loses around 2.5% a year in capital on average. If you own it in the knowledge it's making around 6.0% in the long term that's fine. I've owned NCYF in the past myself when I've been farily sure interest rates were in my favour. Since I take the view the return is about 6% a year, then there are lots of other investments yielding similar that don't seem to carry the same risk. The market is entitled to price NCYF at whatever it likes but my guess is that the price is being held up by investors who are focussed on the yield but haven't fully considered the likely capital losses. The overall problem though is that it loses alot when the economy is under stress through bad investments. I'm anxious we are heading that way right now as the consumer is under pressure through inflation. A little bit of inflation is good for bank debt as the banks improve their NIM. A lot of inflation is very bad indeed as consumers start struggling to pay their debts. |
Posted at 21/6/2022 08:58 by redhill9 Not sure about your logic there.New funds can, for example, currently be invested in Prefs (which are a key constituent of the portfolio) at good yields. For example, AV.A, SANB and STAB can be bought for a yield of around 7% - throw in a bit of the additional gearing then available and the yield increases to well over 7.5% (less cost of debt). Your suggestion that all the cash raised is used to pay dividends seems a little off? If holding a fixed interest stock long term the share price may go down, which reduces the NAV of a fund such as NCYF, but the income continues. This is why the NCYF share price remains steady while the NAV has reduced. If holding fixed interest stocks in a long term portfolio for retirement income - as I do - it's the income on those stocks that matters not the share price at any point in time. Certainly the dividend currently payable by NCYF is going to come under some pressure over future years but I'd suggest there's enough leeway in the current high yield for that not to be a major concern as it will still remain attractive for some time yet. It's certainly not the disaster you seem to want to suggest (and the market seems to agree with me, hence the premium to NAV). |
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