CQS New City High Yield Fund Ltd

Annual Report • Sep 19, 2025

National Storage Mechanism | Additional information

RNS Number : 9445Z

CQS New City High Yield Fund Ltd

19 September 2025

19 September 2025

CQS New City High Yield Fund Limited

("NCYF" or the "Company")

Annual Report for the 12 months ended 30 June 2025

CQS NEW CITY HIGH YIELD FUND LIMITED has published its annual report. A copy can shortly be found on the Company's website https://ncim.co.uk/cqs-new-city-high-yield-fund-ltd/ , on the National Storage Mechanism ( https://data.fca.org.uk/#/nsm/nationalstoragemechanism ) and will also be provided to those shareholders who have requested a printed or electronic copy.

Highlights:

·      NAV total return of 6.98% for the year ended 30 June 2025

·      Ordinary share price total return of 7.43% for the year ended 30 June 2025

·      Dividend yield of 8.77%, based on dividends at an annualised rate of 4.51 pence and a share price of 51.40 pence as at 30 June 2025

·      Ordinary share price at a premium of 6.26% as at 30 June 2025

·      £33,585,000 of equity issued during the year ended 30 June 2025

·      Dividend cover of 0.98x for the year ended 30 June 2025

Caroline Hitch, Chair of New City High Yield Fund, commented: "I am very pleased to report that the Company delivered a positive NAV total return of 6.98% for the full financial year amid a turbulent period for bond markets. The share price also performed well, resulting in a share price total return of 7.43% as shares continued to trade at a premium to NAV. This has enabled NCYF to continue to issue shares to satisfy demand, which has the added benefit of lower ongoing charges per share and greater liquidity, all other things being equal. Exposure to high-yield bonds offers investors diversification from traditional bonds and other asset classes, and the portfolio, managed by Ian Francis, is well diversified across issuers and sector. I remain optimistic that your Company will continue to deliver attractive dividends and, over the longer term, generate some capital appreciation as well."

Ian "Franco" Francis, Portfolio Manager at New City High Yield Fund, commented: "Our focus across the portfolio is on shorter duration bonds of just over three years, where we continue to see considerable opportunities for investment, and which are less susceptible to inflation that remains sticky across many western economies. From a geographical perspective, the UK, Europe and Scandinavia are particularly attractive, and, with the US economy slowing, inflation there is expected to fall."

For Further Information
CQS New City High Yield Fund Limited	T: +44 (0) 20 7201 6900 E: [email protected]
Singer Capital Markets	T: +44 (0) 20 7496 3000
Cardew Group Tania Wild Henry Crane Liam Kline	T: +44 (0) 20 7930 0777 M: +44 (0) 7425 536 903 M: +44 (0) 7918 207 157 M :+44 (0) 7827 130429 E: [email protected] https://www.cardewgroup.com/
Company Secretary and Administrator BNP Paribas S.A., Jersey Branch Niethusha Mohanadas	T: 01534 815216

About CQS New City High Yield Fund Limited

CQS New City High Yield Fund Limited aims to provide investors with a high dividend yield and the potential for capital growth by investing in high-yielding, fixed interest securities. These include, but are not limited to, preference shares, loan stocks, corporate bonds (convertible and/or redeemable) and government stocks. The Company also invests in equities and other income-yielding securities.

Since the Fund's launch in 2007, the Board has increased the level of dividends paid every year. As at 17 September 2025, the Company's dividend yield was 8.77%. In addition to quarterly dividend payments, the Fund seeks to deliver investors access to a high-income asset class across a well-diversified portfolio with low duration to help mitigate interest rate risk.

Further information can be found on the   Company's website at   https://ncim.co.uk/cqs-new-city-high-yield-fund-ltd/

LEI: 549300KMGN75B0PTWT07

Purpose and strategy

The purpose of the Company is to provide Shareholders with a high gross dividend yield and the potential for capital growth by mainly investing in high yielding fixed interest securities. To achieve this, the strategy of the Company is to follow the investment policy outlined below and to utilise the benefits of being a closed-ended investment vehicle.

Financial Highlights

NAV and share price total return		12 months to 30 June 2025	12 months to 30 June 2024
NAV		6.98%	19.07%
Ordinary share price		7.43%	22.73%
Capital values		As at 30 June 2025	As at 30 June 2024	% change
Total assets less current liabilities (with the exception of the bank loan facility)		£338.8m	£308.5m	9.82%
NAV per ordinary share		48.37p	49.59p	(2.46)%
Share price (bid)		51.40p	52.20p	(1.53)%
Revenue and dividends		12 months to 30 June 2025	12 months to 30 June 2024	% change
Revenue earnings per ordinary share		4.43p	4.50p	(1.56)%
Annual dividends per ordinary share		4.51p	4.50p	0.22%
Dividend cover		0.98x	1.00x
Revenue reserve per ordinary share (after recognition of annual dividends)		2.61p	2.93p
Ongoing charges ratio		1.17%	1.18%
		As at 30 June 2025	As at 30 June 2024
Dividend yield		8.77%	8.62%
Premium		6.26%	5.26%
Gearing		10.02%	8.28%
Dividend history	Rate	xd date	Record date	Payment date
First interim 2025	1.00p	24 October 2024	25 October 2024	29 November 2024
Second interim 2025	1.00p	23 January 2025	24 January 2025	21 February 2025
Third interim 2025	1.00p	1 May 2025	2 May 2025	30 May 2025
Fourth interim 2025	1.51p	31 July 2025	1 August 2025	29 August 2025
Annual dividend per ordinary share	4.51p
First interim 2024	1.00p	26 October 2023	27 October 2023	30 November 2023
Second interim 2024	1.00p	25 January 2024	26 January 2024	28 February 2024
Third interim 2024	1.00p	2 May 2024	3 May 2024	31 May 2024
Fourth interim 2024	1.50p	1 August 2024	2 August 2024	30 August 2024
Annual dividend per ordinary share	4.50p

Statement from the Chair

Investment and share price performance

When I last updated Shareholders in February 2025, I remarked that the Company had made a positive return for the first six months of its financial year amidst a very turbulent period for the bond markets. I am pleased to report that the Company continued to achieve positive returns and the NAV total return for the full financial year was 6.98%. Additionally, the share price total return was marginally better at 7.43%, with shares continuing to trade at a premium over their NAV. Thanks to the share price premium and strong medium and longer term performance, we were able to continue issuing shares (see below for more details), positioning the Company amongst the largest issuers of investment company shares on the London Stock Exchange ("LSE") during the period under review.

Stock markets remained close to all-time highs over our financial year, as markets were able to shrug off geopolitical worries arising from the conflicts in Russia/Ukraine and Israel/Gaza as well as a rebound from tariff anxiety introduced by President Trump in April 2025. Lower inflation in the United States ("US") and Europe, together with strong corporate earnings led investors to return to the markets over the final quarter of our financial year.

Global bond markets remain uncertain and major economies have seen a significant increase in government bond yields. In the United Kingdom ("UK"), 10-year gilt yields ended our financial year at 4.48%, 0.35% higher than in June 2024 even though the Bank of England base rate fell by 1.00% over this period. Against this volatile background, the Company's portfolio performed reasonably well, once again demonstrating the limited impact on its portfolio investments from interest rate and yield gyrations. Further information about the portfolio and our holdings can be read in the report by your investment manager, Ian "Franco" Francis.

Earnings and dividends

The Company declared three interim dividends of 1.00 pence in respect of the period and one interim dividend of 1.51 pence since the year end, making 4.51 pence in total. Revenue earnings per ordinary share were just below this amount at 4.43 pence for the year, which compares to 4.50 pence earned in the same period last year. When I wrote my report for our interim results, I anticipated that this year's dividend would be covered but, since then, the strength of Sterling reduced the Sterling value of some of our overseas income and this, together with a missed coupon from Selecta Group, meant that we fell very slightly short of covering the dividend. However, the Company has built up a strong revenue reserve over past years and the Board decided to utilise a minimal amount of these reserves to marginally increase this year's dividend, maintaining the Company's record of annual dividend increases which has been unbroken since 2007. The ability to use revenue reserves to smooth dividend payments in this way is one of the benefits of the investment trust structure, which the Board was happy to take advantage of this year. 

The aggregate payment of 4.51 pence per ordinary share represents a 0.22% increase on the 4.50 pence paid last year. Based on an annual rate of 4.51 pence and a share price of 51.4 pence at the time of writing, this represents an attractive dividend yield of 8.77%.

As I stress in every report, the Board pays great attention to dividend payments as we understand how much Shareholders value this aspect of the Company. As things stand, the Board intends to follow the same pattern of dividend payments as declared last year, which is to maintain or slightly increase the total level of dividends next year.

Gearing

During the financial year, the Company entered into a new £45,000,000 loan facility with BNP Paribas, London Branch, at a competitive rate, replacing the previous loan facility from Scotia Bank. This facility is due to expire in December 2025 and we will look to renew at that time. Out of this facility, £40,000,000 was drawn down as at 30 June 2025 and at the time of writing, the Company has an effective gearing rate of 12.25%. At present, we believe that Shareholders will benefit from a modest but meaningful amount of gearing (a notable advantage of closed-ended funds compared to open-ended) and, all other things being equal, expect to maintain approximately this level of gearing during the next financial year.

Share issuance

Taking advantage of the premium rating that the market continued to attach to the Company's shares, £33,585,000 was raised from new and existing Shareholders during the financial year, with 66,250,000 ordinary shares issued from the block listing facility. Shares were only issued when your Investment Manager was confident that he could invest the additional funds favourably, while remaining mindful of capacity factors in the high yield bond market.

Issuing shares at a small premium is modestly positive for the Company's NAV, satisfies the strong demand for shares that we continue to see and also keeps a lid on the overall share price premium. The Board also believes that, over time, existing Shareholders will benefit from lower ongoing charges and greater liquidity in the Company's shares, all other things being equal.

Environmental, Social and Governance ("ESG") statement

The Board's intention is to invest responsibly and to consider the Company's broader impact on society and the environment. We believe the integration of ESG factors in the investment process is consistent with delivering sustainable attractive returns for Shareholders through deeper, more informed investment decisions. The Board has reviewed and agreed the ESG approach adopted by the Company and a summary of this is set out in the Annual Report.

Your Board

As I set out in the last Annual Report, Duncan Baxter, who was the Senior Independent Non-Executive Director and Chair of the Management Engagement Committee, stepped down at the Annual General Meeting ("AGM") in December last year and we thank him sincerely for his valuable contribution to the Company.

I am very pleased that Andrew Dann was appointed as Non-Executive Director with effect from 1 February 2025. This appointment followed a search and selection process managed by an external independent recruitment consultancy. Andrew was a previous Chairman and Managing Partner at Ernst & Young Channel Islands and has over thirty years' experience with local and international financial services clients, including regulated funds, fiduciary services businesses and investment management structures. I am delighted to welcome him to the Board.

Board responsibilities were reviewed following Duncan's departure. Ian Cadby was appointed Senior Independent Director and also took on the role as Chair of the Remuneration Committee. John Newlands was appointed Chair of the Management Engagement Committee.

Wendy Dorman, who joined the Board in March 2016 and is the Audit Committee Chair, has served for nine years as a Non-Executive Director and is expected to retire at the conclusion of the forthcoming AGM on 4 December 2025. My colleagues and I will miss her wise counsel and valuable contributions to the Board's deliberations.

Andrew is expected to succeed Wendy as Chair of the Audit and Risk Committee and we plan to recruit another Non-Executive Director, once again using an external recruitment agency.

Outlook

The portfolio of predominantly high-yield bonds held by your Company offers in my opinion, strong value for most investors, providing diversification beyond traditional bond funds and other asset classes. As your investment manager, Ian Francis, notes in his "Outlook", bonds with longer maturities have been weak recently. However, this has had only a limited impact on your Company's holdings, which have an average remaining life of just over three years-positioning the portfolio to withstand further short-term volatility. The bonds are also well diversified across issuers and sectors and are subject to rigorous review by Manulife | CQS Investment Management's credit analysts, further strengthening their investment case. Overall, I remain optimistic that your Company will continue to deliver attractive dividends and, over the longer term, generate some capital appreciation as well.

Caroline Hitch

Chair

18 September 2025

Investment Manager's Review

Introduction

The first six months of our financial year were dominated by the incoming Labour Government and the new Chancellor's October budget in the UK. There was intense speculation in the run-up to the budget over what would be the effect of potential tax raising measures. After these were announced, we saw most UK companies either postpone or delay their activities resulting in not much change to output in the UK. We do worry that the UK economy could move into a period of "stagflation" with inflation being stubborn and little economic growth. In contrast, during the second six-month period from January to June 2025, eyes were drawn inexorably towards the US, with President Trump's tariff programme causing disruption amongst global governments, companies and investors. Global interest rates remain at elevated levels and my view remains that markets are being far too complacent. Events which would have shocked markets historically are largely being ignored.

Meanwhile, your Company raised new capital this year as we issued shares at a premium to NAV. Proceeds have been invested into a wide and diverse range of sectors and stocks. The overall NAV total return for the 12 months to 30 June 2025 was a positive 6.98%.

Market and economic review

When I wrote the market review for the interim report six months ago, my main thesis was that bond markets in the UK and the US were focussed on the increasing costs of financing government deficits, which has since led the benchmark of 10-year bond yields to increase markedly. This theme has continued and the costs of financing debt remain high, cutting into the ability of governments to spend and grow. With inflation also still a factor, it becomes more difficult for central banks to reduce interest rates. In the UK, rates reduced by 100 basis points during the full year period to reach 4.25% at the end of June 2025 (since the end of June 2025, the Bank of England base rate has fallen to 4.00% at the time of writing). In the US, meanwhile, sticky wage inflation has caused the US Federal Reserve to resist reducing rates aggressively with only a 1.00% reduction to 4.50% seen in the second half of 2024. Despite interest rates falling, the UK 10-year gilt yield increased from 4.13% at the end of June 2024 to 4.48% at the end of June 2025. There is a similar problem in the US, with the10-year bond moving over the same period from 4.29% to 4.35%.

In both the UK and US, equity markets have remained remarkably resilient in the face of higher interest rates and increasing tariffs. The UK economy has seen marginal improvements over the last few months. However, investor confidence is weaker than the same time last year, as global trade protectionism and UK government policies are encouraging companies to cut staff due to higher employment costs and lack of improving productivity.

Data from the eurozone is not much better, as it deals with a slowing services sector and a manufacturing sector that is just about registering growth. Germany appears to be improving, while France is still in the doldrums. Employment in the eurozone is roughly constant, as the region's outlook appeared to be improving due to the major factor of recent falls in energy prices.

Meanwhile, the US economy has continued to show growth throughout our financial year. However, an element of uncertainty was seen in the private sector due to prices for goods jumping sharply as tariff increases were passed down the line. This occurred in both the manufacturing and service sectors; none of which would encourage the Federal Reserve to cut rates anytime soon. President Trump is continuing to pile pressure on US Fed Chair Powell to cut rates, publicly blaming him for the upcoming problems in the economy.

Portfolio and revenue review

The largest positions in the portfolio were fairly stable over the course of our financial year. Our Virgin Money 22-08/12/2170 FRN position was repaid early in June 2025 and we have been selling down our exposure to the Co-op Bank Holdco 23-22/05/2034 FRN at good prices over the last few months. Together with some other early repayments and new monies from the share issuance programme, we have been investing into a wide range of investments such as Tullow Oil Plc 10.25% 21-15/05/2026, Selecta Group BV 8% 20-01/04/2026, Newcastle Building Society 24-06/06/2173 FRN, Cruise Yacht Upp 11.875% 24-05/07/2028, Priority1 Issuer 12.625% 24-19/11/2027, Boparan Finance 9.375% 24-07/11/2029 and Zopa Group 12.875% perpetual.

New entries into the portfolio's top 10 this year were: Bellis Acquisition 8.125% 24-14/05/2030, which is the finance vehicle that funded the purchase of Asda in the UK; Azerion Group 23-02/10/2026 FRN, a Dutch online advertising company; and REA Finance 8.75% 15-31/08/2025 which we have held for many years and whose loan was repaid at the end of August 2025.

Although the portfolio had a good year generally, one of our newer purchases, Selecta Group BV 8% 20-01/04/2026, has been through a turbulent refinancing process which has caused our investment to lose around 68% of its value. This has resulted in a -0.97% impact on NAV. When we invested in the company, a leading vending machine operator headquartered in Switzerland, we were fully aware of the refinancing process but did not anticipate the level of impact it would have on its senior bonds. We are monitoring the position closely and hope to reclaim some of the lost value.

Sterling has been stronger over the last year, especially against the US dollar where we have 17.31% exposure in the portfolio. Although this has some associated capital and revenue costs, we like the underlying investments and believe that interest rates will reduce in the UK over the next 12 months, which should mean we see some currency gains. The Company has a further 13.31% invested in Euro dominated securities and other currencies.

For the year to 30 June 2025, the revenue account earnings were 4.43 pence compared to 4.50 pence for the same period last year. Earnings per share were reasonably stable during the year with one company, Selecta Group as noted above, missing its coupon payments. Together with a stronger Sterling, this contributed towards the slight dip in revenue earnings.

That being said, we are comfortable with the Company's revenue account going forwards. In our regular discussions with Shareholders, the Company's revenue and dividends are topics of crucial importance and the ability of any portfolio company to pay its coupon or expected dividend on time is one of the major indicators that we continue to follow.

Outlook

With 30 year Government bond yields across the Western world at close to 25-30 year highs, inflation proving sticky and the US imposing tariffs, global geopolitics are not improving anytime soon. This is not the end of the world however as long bonds are always more susceptible to inflation and investors therefore shun them in favour of shorter durations under 5 years. The current duration of the portfolio is just over 3 years. Another point of note is despite all the negative comment about what may or may not be part of the late November UK budget, recent UK Gilt issues have been over-subscribed multiple times, showing the market believes in the longer term the size of State intervention can be reined in.

Overall, there are opportunities in the corporate sector both in the UK, Europe and Scandinavia and with the economy in the US slowing, inflation there is expected to fall. These factors offer a more positive view of bond markets over time than those we are focusing on in the very short term.

Ian "Franco" Francis

New City Investment Managers

18 September 2025

Investment Portfolio

As at 30 June 2025

Company	Sector	Valuation £'000	Total investments %
SHAWBROOK GROUP 22-08/06/2171 FRN	Financials	13,843	4.21
TVL FINANCE 10.25% 23-28/04/2028	Consumer discretionary	12,955	3.94
RL FINANCE NO6 23-25/11/2171 FRN	Financials	11,879	3.61
STONEGATE PUB 10.75% 24-31/07/2029	Consumer discretionary	11,390	3.46
GALAXY BIDCO LTD 8.125% 24-19/12/2029	Financials	11,196	3.40
AGGREGATED MICRO 8% 16-17/10/2036	Energy	10,407	3.16
REA FINANCE 8.75% 15-31/08/2025	Consumer staples	9,591	2.92
BARCLAYS PLC 22-15/12/2170 FRN	Financials	9,472	2.88
BELLIS ACQUISITION 8.125% 24-14/05/2030	Financials	9,413	2.86
AZERION GROUP 23-02/10/2026 FRN	Communication services	8,816	2.69
Top ten investments		108,962	33.13
BOPARAN FINANCE 9.375% 24-07/11/2029	Financials	8,467	2.57
NEXTENERGY SOLAR FUND LTD	Energy	7,394	2.25
CLOSE BROS GRP 23-29/05/2172 FRN	Financials	6,698	2.04
ENQUEST PLC 11.625% 22-01/11/2027	Energy	6,683	2.03
CO-OP BANK HOLDCO 23-22/05/2034 FRN	Financials	6,461	1.96
PINNACLE BIDCO P 10% 23-11/10/2028	Consumer discretionary	6,335	1.93
3T GLOBAL 11.25% 24-22/05/2028	Consumer discretionary	6,024	1.83
MFG/MRH MOTFUE TL B10 1LB	Consumer discretionary	5,963	1.81
FRONTLINE PLC	Energy	5,826	1.77
M&G PLC	Financials	5,655	1.73
Top twenty investments		174,468	53.05
CRUISE YACHT UPP 11.875% 24-05/07/2028	Consumer discretionary	5,471	1.66
SUMMER BC HOLDCO 9.25% 19-31/10/2027	Industrials	5,414	1.65
PHOENIX GROUP HOLDINGS PLC	Financials	5,260	1.60
TULLOW OIL PLC 10.25% 21-15/05/2026	Energy	5,032	1.53
LLOYDS BANKING 14-29/12/2049 FRN	Financials	4,943	1.50
SP CRUISES INTER 11.5% 25-14/03/2030	Consumer discretionary	4,779	1.45
REA HOLDINGS PLC -PREF SHARES	Consumer staples	4,719	1.44
GARFUNKELUX HOLD 7.75% 20-01/11/2025	Financials	4,656	1.42
ASTON MARTIN 10.375% 24-31/03/2029	Consumer discretionary	4,653	1.41
VIRGIN MONEY 23-08/06/2172 FRN	Financials	4,614	1.41
Top thirty investments		224,009	68.12
AAREAL BANK AG 25-31/07/2173 FRN	Financials	4,487	1.36
BLUEWATER HOLD 12% 22-10/11/2026	Energy	4,400	1.34
STONEGATE PUB 24-31/07/2029 FRN	Consumer discretionary	4,348	1.32
SHERWOOD FINAN 9.625% 24-15/12/2029	Financials	4,297	1.31
SIGMA HOLDCO 8.625% 25-15/04/2031	Consumer staples	4,289	1.30
ZOPA GROUP LTD 25- FRN	Financials	4,231	1.29
NEWCASTLE BUILDING SC 24-06/06/2173 FRN	Financials	3,935	1.20
PRIORITY1 ISSUER 12.625% 24-19/11/2027	Industrials	3,861	1.17
OSB GROUP 23-07/09/2028 FRN	Financials	3,241	0.99
BARCLAYS PLC 23-15/06/2171 FRN	Financials	3,228	0.98
Top forty investments		264,326	80.38
DORIC NIMROD AIR THREE LTD	Industrials	3,038	0.92
BOS GMBH 25-25/06/2029 FRN	Consumer discretionary	2,942	0.89
BOOSTER PRECISIO 22-28/11/2026 SR	Industrials	2,927	0.89
WHEEL BIDCO 9.875% 21-15/09/2029	Consumer discretionary	2,764	0.84
COVENTRY BDG SOC 24-11/12/2172 FRN	Financials	2,615	0.80
UTB PARTNERS PLC 25-30/05/2173 FRN	Financials	2,563	0.78
CHANNEL ISLAND PROPERTY FUND	Real estate	2,400	0.73
QUILTER PLC 23-18/04/2033 FRN	Financials	2,399	0.73
ITHACA ENERGY N 8.125% 24-15/10/2029	Energy	2,282	0.69
GREENFOOD AB 24-13/11/2028 FRN	Consumer staples	2,224	0.68
Top fifty investments		290,480	88.33
TUFTON OCEANIC ASSETS LTD	Industrials	2,222	0.68
INVESTEC 24-28/08/2172 FRN	Financials	2,201	0.67
WELLTEC INTL 8.25% 21-15/10/2026	Energy	2,196	0.67
GAMING INNOV 23-18/12/2026 FRN	Information technology	2,187	0.67
LIFEFIT GROUP 24-29/08/2029 FRN	Consumer discretionary	2,183	0.66
ENQUEST PLC 9% 22-27/10/2027	Energy	1,895	0.58
RM INFRASTRUCTURE INCOME PLC	Financials	1,870	0.57
DEUTSCHE BANK AG 14-30/05/2049 FRN	Financials	1,791	0.54
ATTICA BANK SA 25- FRN	Financials	1,790	0.54
WEST BROMWICH BS 18-20/08/2172	Financials	1,776	0.54
Top sixty investments		310,591	94.45
UTB PARTNERS PLC 12.95% 23-31/03/2034	Financials	1,560	0.47
EUROBANK ERGASIA 22-06/12/2032 FRN	Financials	1,475	0.45
VAN LANSCHOT 24-01/04/2172 FRN	Financials	1,392	0.42
NEWRIVER REIT PLC	Real estate	1,371	0.42
SHAMARAN 12% 21-30/07/2029	Energy	1,096	0.33
DIVERSIFIED ENERGY CO PLC	Energy	1,091	0.33
ATOM HOLDCO 11.5% 24-08/01/2035	Financials	1,023	0.31
NOR5KE VIKING I 15% 21-05/05/2049	Information technology	882	0.27
REA TRADING 13.50% 21-30/09/2027	Consumer discretionary	842	0.26
BEELUX SARL 25-14/03/2028 FRN	Industrials	827	0.25
Top seventy investments		322,150	97.96
Other investments (62)		6,694	2.04
Total investments		328,844	100.00

Ten Largest Holdings

	Valuation 30 June 2024 £'000	Purchases £'000	Sales £'000	Revaluation gain/(loss) £'000	Valuation 30 June 2025 £'000
SHAWBROOK GROUP 22-08/06/2171 FRN A holding company of Shawbrook Bank Limited, a specialist lending and savings bank serving consumers in the UK.	13,378	-	-	465	13,843
TVL FINANCE 10.25% 23-28/04/2028 A special purpose entity formed for the purpose of issuing debt securities to repay existing credit facilities, refinance indebtedness and for acquisition purposes of Travelodge Group.	9,379	4,099	-	(523)	12,955
RL FINANCE NO6 23-25/11/2171 FRN A special purpose entity set up to raise capital whose proceeds will be used for general business and commercial activities of Royal London.	11,241	-	-	638	11,879
STONEGATE PUB 10.75% 24-31/07/2029 Operator of various formats ranging from high ‑ street pubs and traditional country inns to local community pubs, student pubs and late-night bars and venues in the UK.	-	11,423	-	(33)	11,390
GALAXY BIDCO LTD 8.125% 24-19/12/2029 A specialist provider of warranties for consumer electric products.	-	11,000	-	196	11,196
AGGREGATED MICRO 8% 16-17/10/2036 A British company using small scale, established technologies to convert wood and waste into energy in the form of heat and electricity.	10,366	-	(336)	377	10,407
REA FINANCE 8.75% 15-31/08/2025 An agricultural company specialising in sustainable palm oil cultivation and processing.	8,526	-	-	1,065	9,591
BARCLAYS PLC 22-15/12/2170 FRN A global financial services provider engaged in retail banking, credit cards, wholesale banking, investment banking, wealth management and investment management services.	9,199	-	-	273	9,472
BELLIS ACQUISITI 8.125% 24-14/05/2030 Operates as a special purpose entity. The Company was formed for the purpose of issuing debt securities to repay existing credit facilities, refinance indebtedness, and for acquisition purposes.	-	9,523	-	(110)	9,413
AZERION GROUP 23-02/10/2026 FRN Operates a high-growth and profitable digital entertainment and media platform.	6,813	2,003	-	-	8,816
	68,902	38,048	(336)	2,348	108,962

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