Fund Information / Factsheet • Nov 22, 2023
Fund Information / Factsheet
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| Fund Managers | Ian 'Franco' Francis | ||
|---|---|---|---|
| Keith Watson | |||
| Robert Crayfourd | |||
| Launch Date | August 2003 | ||
| Total Gross Assets | £148.14m | ||
| Reference Currency | GBP | ||
| Ordinary Shares | Net Asset Value: 200.54p |
||
| Mid-Market Price: | |||
| 166.50p | |||
| Dividend Yield | 3.4% | ||
| (estimated) | |||
| Net gearing4 | 10.3% | ||
| Discount | (16.98%) | ||
| Ordinary Shares in Issue 66,888,509 | |||
| Annual Management Fee |
1.2% on adjusted net assets |
||
| Bloomberg | CYN LN | ||
| Reuters | CYN.L | ||
| Sedol | 0035392 | ||
| Year End | 30 June | ||
| Contact Information | [email protected] | ||
| Company Broker | FinnCap | ||
| 020 7220 0500 | |||
| AGM | December | ||
| Dividend Information 2023/24 |
1.26p interim payable 27 November 2023 |
||
| Fiscal Year-End | 30 June | ||
| Previous Dividend | 2012/13 Total 5.50p | ||
| Information | 2013/14 Total 5.60p | ||
| 2014/15 Total 5.60p | |||
| 2015/16 Total 5.60p | |||
| 2016/17 Total 5.60p | |||
| 2017/18 Total 5.60p | |||
| 2018/19 Total 5.60p | |||
| 2019/20 Total 5.60p | |||
| 2020/21 Total 5.60p | |||
| 2021/22 Total 5.60p | |||
| 2022/23 Total 8.60p | |||
| Investor Report | Monthly Factsheet | ||
| Annual Report & Accounts |
Published: October | ||
| Results Announced | Finals: October Interims: March |
31 October 2023
Ian Francis, Keith Watson and Robert Crayfourd
The Fund aims to generate capital growth and income, predominantly from a portfolio of mining and resource equities, and from mining, resource and industrial fixed interest securities.
| 1 Month (%) |
3 Months (%) |
6 Months (%) |
1 Year (%) |
3 Year (%) |
5 Year (%) |
Since Inception (%) |
|
|---|---|---|---|---|---|---|---|
| NAV | -4.2 | -4.6 | 1.6 | -9.4 | 104.6 | 111.7 | 596.3 |
| Share Price | -6.3 | -5.8 | -2.9 | -14.8 | 109.0 | 113.1 | 541.1 |
The Fund NAV declined 4.2% in October, versus respective declines of 2.6% and 2.9% for the MSCI World Energy and MSCI World Mining in sterling terms.
We continue to monitor the tragic events in Israel and Gaza closely. Middle Eastern tensions have wider implications for commodities, especially if Iran are drawn into the conflict either directly or through one of their proxies like Hezbollah in Lebanon. Sanctions on Iranian crude or any threats to crude exports through the Straits of Hormuz would lift oil prices.
Commodities were generally weaker over the month with base metals, oil and gas lower. Oil is showing little "war premium" at this stage, as broader demand concerns weigh and higher rates begin to show slowing effects on the global economy.
Gold was stronger, up 7.3% over the month, trading close to all-time highs and at the highest level in most currencies other than the US dollar. Part of this was due to the Middle Eastern tensions, with physical ETF's switching from sellers to buyers in the middle of the month. The main demand driver remains central banks, with the World Gold Council reporting further strong additions through the third quarter, with 337 tonnes added. The WGC also revised up their estimates for old purchases in the second quarter of the year from 103 tonnes to 175 tonnes.
The Fund saw gains from oil and gas shippers BWLPG and Frontline, as well as Australian gold producers Ora Banda and Calidus Resources. Oil and gas drillers Transocean and Precision Drilling were detractors as the oil price pulled back.
Please see page 2 for footnotes.
| Name | (% of MV) |
|---|---|
| Nexgen Energy NPV | 6.6 |
| BW LPG USD0.01 | 6.5 |
| Transocean USD0.01 | 4.8 |
| Precision Drilling Com NPV | 4.6 |
| Emerald Resources NPV | 4.4 |
| Diamondback Energy USD0.01 | 4.2 |
| Vermilion Energy COM NPV | 3.7 |
| Frontline USD1.0000 | 3.1 |
| EOG Resources USD0.01 | 3.0 |
| Diversified Energy Gbp0.01 | 3.0 |
| Top 10 Holdings Represent | 43.9 |
| Name | (% of MV) |
|---|---|
| REA Hldgs 9% CUM PREF GBP | 2.5 |
| LEO Lithium NPV | 2.4 |
| Foran Mining Corp NPV | 2.3 |
| West African Resources NPV | 2.1 |
| Thungela Resources NPV | 2.0 |
| Lynas Rare Earths NPV | 1.9 |
| Peabody Energy Corp NPV | 1.7 |
| Talon Metals Corp NPV | 1.5 |
| UR Energy NPV | 1.5 |
| Karora Resources NPV | 1.5 |
| Top 20 Holdings Represent | 63.3 |
| Gross Leverage (%)5 | Commitment Leverage (%)6 | |
|---|---|---|
| CQS Natural Resources Growth and Income | 111 | 111 |
Sources: 1CQS as at the last business day of the month indicated at the top of this investor report. 2Total return performance net of fees and expenses as at the last business day of the month indicated at the top of this investor report. 3All market data sourced from Bloomberg unless otherwise stated. All returns quoted in local currency unless otherwise stated. The Company may since have exited some or all of the positions detailed in the commentary. 4CQS as at the last business day of the month indicated at the top of this investor report. 5CQS, as at the last business day of the month indicated at the top of this investor report. For methodology details see Article 4(3) of Directive 2011/61/EU (AIFMD) and Articles 6, 7, 9 and 10 of Delegated Regulation 231/2013. 6CQS as at the last business day of the month indicated at the top of this investor report. For methodology details see Article 4(3) of Directive 2011/61/EU (AIFMD) and Articles 6, 8, 9, 10 and 11 of Delegated Regulation 231/2013. 7All holdings data are rounded to one decimal place. Totals may therefore differ to sum of constituents. These include historic returns and past performance is not a reliable indicator of future results. The value of investments can go down as well as up. Please read the important legal notice at the end of this document.
This document has been issued by CQS (UK) LLP which is authorised and regulated by the UK Financial Conduct Authority, CQS (US), LLC which is a registered investment adviser with the US Securities and Exchange Commission, and/or CQS (Hong Kong) Limited, which is authorised and regulated by the Hong Kong Securities and Futures Commission. The term "CQS" as used herein may include one or more of CQS (UK) LLP, CQS (US), LLC, and CQS (Hong Kong) Limited or any other affiliated entity. The information is intended solely for sophisticated investors who are (a) professional investors as defined in Article 4 of the European Directive 2011/61/EU or (b) accredited investors (within the meaning given to such term in Regulation D under the U.S. Securities Act of 1933, as amended) and qualified purchasers (within the meaning given to such term in Section 2(a)(51) of the U.S Investment Company Act 1940, as amended). This document is not intended for distribution to, or use by, the public or any person or entity in any jurisdiction where such use is prohibited by law or regulation.
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G1130747 / 10.23
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