Cqs New City High Yield Share Discussion Threads

[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?

[cc2014] 27/4/2023 10:04

Same old story though. They pay out more in yield than the underlying earnings so the share price just keeps falling.

[jong] 27/4/2023 09:44

XD Today - 1p per share payable on Fri 26 May

[novision] 05/4/2023 12:10

9.1% Yield at current 49p....

[jong] 26/1/2023 09:18

XD Today. 1p per share payable on Tue 28th feb.

[shalder] 18/1/2023 17:58

The share price premium to nav seems to be getting rather frothy to me, so have just sold @ 53.8 which is a 12% premium to latest asset value. Seems to me better value to accept somewhat smaller running yield at less heady valuations.

[wllmherk] 22/12/2022 09:51

Unbroken annual dividend increases for 14 years, yielding over 8%, I'm surprised these don't get more attention. I hold a fair amount in the ISA for the income.

wllm :)

[neilyb675] 05/12/2022 09:38

51.20 - 52.40 (GBX) at 09:11:08
on Market (LSE)

[holts] 27/10/2022 20:16

MRF ,

Can you explain why ?

[redhill9] 27/10/2022 10:37

The market appears to disagree.

[my retirement fund] 27/10/2022 09:17

The share price here is erm insane !

[ramellous] 26/10/2022 16:48

Ex div tomorrow 1p

[ramellous] 25/10/2022 16:57

Normal service resumed here?

[jonathb] 07/10/2022 18:50

Really?
Ouch

[panshanger1] 28/9/2022 08:56

This seems to have escaped the carnage !! all other of my debt / bond / infra trusts completely trashed as everything gets re priced in the light of the new interest rate environment Can we wait till November?

[guitarsolo] 16/9/2022 07:54

Thank you Fordtin. I've been interested the DEC for a while now, so good to know I have a little exposure through NCYF!

[fordtin] 15/9/2022 18:59

guitarsolo - have a look at page 10 of this research note from May 2022;



Other holdings are quote by bond price, DEC is quoted by share price.


also, from 30 June 2020;

"Diversified Gas & Oil (www.dgoc.com) owns and operates natural gas & oil wells that are primarily located in the Appalachian Basin in the United States. DGOC’s production operations are concentrated within Tennessee, Kentucky, Virginia, West Virginia, Ohio, and Pennsylvania, where it describes itself as being one of the largest independent conventional producers. The company has grown its output in recent years, both through acquisition (it has been acquiring assets from industry players who have been refocussing their businesses on shale production) and by enhancing the efficiency of its existing operations. Its assets typically have predictable production rates, long-lives (40 to 50+ years), and relatively low rates of decline in output.

DGOC is a holding that CYN has in common with its sister fund, CQS Natural Resources Growth and Income (also a client of Marten & Co – click here to see our most recent note). Ian added it to NCYF’s portfolio when it was trading around its March low of 60p per share and it is now trading around 100p per share (although it has closed as high as 110p during the last month). Ian describes it as a very sensible holding that pays around a 10% yield. The NCIM team say that DGOC’s low cost of production means that it is well positioned to weather the current low oil price environment (its geographical focus affords it economies of scale). It should also benefit from a reduction in the output of gas from shale production as this has become uneconomic for many producers at present.

The managers also observe that DGOC is very cash-generative and its significant land bank offers it the opportunity to grow organically through infill drilling. As a recognised player, DGOC benefits from good deal flow, which has been strong given the current market backdrop. Furthermore, with both experienced management and its efforts concentrated in resource rich locations that are well known to the company, DGOC’s operations tend to be reasonably low-risk. The company says that, where the commodity pricing environment is favourable, it can activate a low-risk development program that ensures a quick return on its investment. This could offer significant potential upside should oil markets tighten. In the meantime, DGOC continues to offer an attractive yield (11.9% as at 29 June 2020 – Source: Bloomberg)."

[guitarsolo] 15/9/2022 10:30

Fordtin, do you know if that is Diversified Energy's bonds or equities that NCYF holds?

[fordtin] 19/8/2022 08:21

DIVERSIFIED ENERGY CO PLC = 3.57% of nav as at 31 July 2022



Should be a wee bit more than 3.57% by now;

[thales1] 04/8/2022 09:34

Wish more of redhill9 & CC2014 populated boards with proper opinions & facts.
Much appreciated.

[dlp6666] 29/6/2022 11:58

@redhill9 and @CC2014 - thank you for an incredibly useful discussion and ideas for further research!