RNS Number : 9821X
CQS Natural Resources Grwth&Inc PLC
25 March 2026
CQS Natural Resources Growth and Income PLC
(the "Company")
Unaudited Half Year Results for the six months to 31 December 2025
This Announcement is not the Company's Half Year Report & Accounts. It is an abridged version of the Company's full Half Year Report & Accounts for the six months ended 31 December 2025 (the "Half Year Report"). The full Half Year Report, together with a copy of this announcement, will shortly be available on the Company's website at www.ncim.co.uk/cqs-natural-resources-growth-and-income-plc where up to date information on the Company, including daily NAV, share price and fact sheets, can also be found.
The Company's Half Year Report will be submitted to the Financial Conduct Authority and will shortly be available in full, unedited text for inspection on the National Storage Mechanism ("NSM"): https://data.fca.org.uk/#/nsm/nationalstoragemechanism
Our Objective
To provide shareholders with capital growth and income predominantly from a portfolio of mining and resource equities and of mining, resource and industrial fixed interest securities.
Half Year Highlights
· Net asset value ("NAV") per share total return for six months to 31 December 2025 of 69.3%;
· Share price total return for six months to 31 December 2025 of 83.1%;
· Outperformed total return of 46.5% delivered by the MSCI World Metals and Mining Index (sterling adjusted), and 11.0% total return of the MSCI World Energy Index (sterling adjusted);
· Adoption of enhanced 8 per cent. dividend policy paid quarterly at 2 per cent. of preceding quarter-end NAV;
· Board resolved to use share buybacks with the aim of maintaining a single digit discount to the Company's NAV per share in normal market conditions;
· With a sustained premium to NAV driven by demand, the Company was able to sell a total of 712,500 shares from treasury at an average price of 330.10 pence per share; and
· Paul Cahill appointed Senior Independent Director. He will continue to chair the Nomination Committee.
Post-period end events
· Since 31 December 2025, a further 1,437,500 shares were sold from treasury to satisfy investor demand;
· A further draw down from the loan facility at the beginning of March to enable the portfolio managers to take advantage of market opportunities presented by geopolitical events;
· Company has been informed that portfolio managers, Keith Watson and Robert Crayfourd, have tendered their resignations to the Company's Investment Manager; and
· The Company is considering a number of options at its disposal to ensure a smooth and sustainable transition in the best interests of our shareholders.
Investment Highlights
· Primary driver of outperformance was the Company's large weighting to precious metals over the period;
· The Company aims to cap the precious metal weighting to 50% in a non-formal process, which led to profit-taking over the year;
· Reallocation has been predominantly to the energy sector, which had lagged broader commodities. Further additions to energy-linked names have been made in January;
· Uranium market well-supported, especially in the US. Amid an environment of tight uranium supply and a market in deficit, a 'nuclear renaissance' is underway;
· Maintained a low base metals weighting and take a cautious view on copper demand in the near term;
· Despite the recent reallocation, the portfolio managers believe there is still upside in the precious metals sector, which, at the time of writing, remains the largest single exposure; and
· Continue to evaluate a fast moving macro environment and as the Company's mandate allows for quick reallocation as fundamentals shift, the portfolio remains well positioned to maximise performance and shareholder value.
Key Metrics
for the six months to 31 December:
Net asset value per share total return[1]
Share price total return1
2025 2024
2025 2024
69.3%(7.5)%
83.1% 0.4%
MSCI World Metals and Mining Index total return (sterling adjusted)[2]
MSCI World Energy Index total return (sterling adjusted)2
2025 2024
2025 2024
46.5% (9.3)%
11.0% (3.8)%
Dividend yield1,[3]
Dividend per share (pence)
2025 2024
2025 2024
5.2% 3.0%
13.02p 2.52p
Chairman's Statement
"This half-year period has delivered record levels of share price growth and an enhanced dividend yield for shareholders. The strength of the natural resources sector continues to be driven by geopolitical tailwinds underpinned by the quest for energy and critical mineral security, and your Company is in prime position to create further shareholder value and growth."
Overview
I am pleased to report to shareholders another set of positive financial results for the Company for the six month period to 31 December 2025.
The Company's half year began with the announcement of the result of the Tender Offer on 1 July. A total of 29,334,059 shares, representing 45.72% of the shares in issue at the time (excluding shares held in treasury) were tendered. Shortly after, the Board declared a fourth interim dividend of 4.25 pence per share, the first following the adoption of an enhanced 8 per cent. dividend policy paid quarterly at 2 per cent. of the preceding quarter-end net asset value ("NAV") - just one of the value-enhancing initiatives put in place by the Board in the last calendar year.
In September, the realisation of the Tender Pool for cash was concluded and resulted in a Tender Price of 208.33 pence per share for those exiting shareholders. By 31 December 2025, the Company's share price had increased by just over 70% to 355 pence per share. As I alluded to in the most recent Annual Report, it is satisfying to see the shareholders who chose to remain invested rewarded with such returns, and we remain optimistic for the Company's future prospects.
I would like to draw shareholders' attention to the graph on page 3 of the Half Year Report which illustrates the effect of the Tender Offer and the strong performance of the portfolio on the Company's NAV over the six-month reporting period and beyond. You will notice that the Company's NAV has reached the pre-Tender Offer level despite the decline in net assets on realisation of the Tender Pool.
Finally, on 9 December 2025, the Board was pleased to announce that Paul Cahill had been appointed as the Board's Senior Independent Director. He will continue to chair the Nomination Committee.
Performance, discount/premium and gearing
During the six months to 31 December 2025, the Company's NAV per share total return was 69.3%, outperforming the total return of 46.5% delivered by its performance comparator, the MSCI World Metals and Mining Index (sterling adjusted), to which 80.2% of the Company's portfolio (as at 31 December 2025) can be attributed.
The Company also outperformed the total return of 11.0% of the MSCI World Energy Index (sterling adjusted), although it is worth noting that the Company's portfolio has a smaller relative exposure (11.6% as at 31 December 2025) to this performance comparator.
One of the main contributing factors underpinning this excellent performance was the exposure of the Company's portfolio to the precious metals rally which was driven by geopolitical uncertainty and a return to safe haven assets. While volatility continued in equities, the portfolio managers took the opportunity to lock in gains, slightly reducing the portfolio's near 50% weighting to precious metals and adding to the portfolio's energy weighting.
The Company's share price total return over the six months was 83.1%, with the share price increasing from 199.50 pence per share as at 30 June 2025 to 355 pence per share as at 31 December 2025. As at 31 December 2025 the share price premium to NAV was 1.5%, however, at the time of writing (at the close of the UK market on 20 March 2026) the discount was 9.3%. Over the six months the discount averaged 2.5%, compared with 8.0% over the course of the previous financial year.
As confirmed in October 2025, the Board has resolved to use share buybacks with the aim of maintaining a single digit discount to the Company's NAV per share in normal market conditions, taking into account the inherent volatility of the markets in which the Company invests. Since this undertaking, the Company repurchased shares on one occasion during the six month period to 31 December 2025, when the discount temporarily widened. 10,000 shares were repurchased at a price of 265.13 pence per share and equivalent to a 11.2% discount on 28 October 2025.
We believe that the value-enhancing initiatives (including the enhanced dividend yield and reduced management fee) and the strong performance of the portfolio led to improved investor sentiment and the increased demand for the Company's shares meant that, during the half year period, the Company's shares began to trade at a premium to NAV. With this sustained premium driven by demand, the Company was able to sell a total of 712,500 shares from treasury at an average price of 330.10 pence per share. As at the period end, the Company had 35,526,279 shares in issue (excluding 10,828,171 shares held in treasury).
Gearing ranged from 4.8% at the start of the period to 6.1% as at 31 December 2025, with the increased percentage derived from an additional draw down from the borrowing facility and a decrease in net assets following completion of the Tender Offer.
In September 2025, the Board met to consider the reduction of the Company's loan facility and determined to voluntarily decrease the facility limit from £25 million to £15 million to reflect the reduced size of the Company, following the Tender Offer. The Board is comfortable that the facility still permits an adequate level of gearing, whilst helping to reduce operating costs, but will keep this under review. Further detail can be found within Note 8 to the Condensed Financial Statements.
Dividends and income
A fourth interim dividend in respect of the year ended 30 June 2025 of 4.25 pence per share was declared in July and paid in September 2025. The Company has declared two quarterly interim dividends of 6.02 pence and 7.00 pence per share in respect of the financial year ending 30 June 2026 to date, paid in November 2025 and February 2026 respectively. A third interim dividend is expected to be declared in mid-April and paid at the end of May 2026.
Post reporting period update
Following the reporting period end, your Company experienced further share price growth with the share price peaking at 440 pence on 2 March. This was primarily driven by a late rally in silver and gold's ongoing strength as a result of geopolitical uncertainty and marginal waning of the US dollar as the global reserve currency. At the time of writing (market close on 20 March 2026), the share price had fallen back to 347 pence.
Given the premium to NAV at which the Company's shares had generally continued to trade, since 31 December we have sold a further 1,437,500 shares from treasury to satisfy investor demand.
On 3 February, having at that date already utilised over 43% of the share issuance authority approved by shareholders at the annual general meeting ("AGM") held on 9 December 2025 (the "Existing Authority"), the Board published a circular to convene a general meeting of the Company to renew such authority (the "General Meeting"). The Board and its advisers believed that, if the demand for the Company's shares continued at the level witnessed in recent months, the remaining capacity under the Existing Authority may prove insufficient to allow the Company to satisfy future demand for its shares during the period up to the next AGM, which will take place in December 2026.
The General Meeting was held on 2 March, and the Board was pleased that shareholders voted in favour of the two proposed resolutions permitting the Company to issue in aggregate up to 20 per cent. of its issued share capital (excluding shares held in treasury) as at the date of the General Meeting.
The Board continues to monitor the Company's discount to NAV and pursue its stated share buyback policy and, in response to the recent widening share price discount brought about by market reaction to the US invasion of Iran, the Company has bought back a total of 573,906 shares since 6 March to the date of this report. As at 20 March 2026, the latest practicable date prior to the publication of this Report, the number of shares held in treasury had reduced to 9,964,577, overall increasing the number of shares with voting rights since the period end to 36,389,873.
A further £3 million was drawn down from the loan facility at the beginning of March to enable the portfolio managers to take advantage of market opportunities presented by geopolitical events.
As announced on 9 March 2026, the Company has been informed that its named portfolio managers, Keith Watson and Robert Crayfourd, have tendered their resignations to the Company's Investment Manager. Further, as announced on 23 March 2026, the Company has agreed six months' protective notice with its Investment Manager. If formal notice of termination is served by the Company prior to 30 June 2026, the six months' notice period, as per the Investment Management Agreement, will be deemed to have started on 13 March 2026.
In the meantime, during Keith Watson's and Robert Crayfourd's notice period, CQS have engaged two senior Manulife Investment Management Group portfolio managers, Diana Racanelli and Craig Bethune, to work together with Keith and Robert in the management of the portfolio. Keith Watson and Robert Crayfourd will remain the named Portfolio Managers and there is no change to the Company's investment process, strategy or operations.
The Company is considering a number of options at its disposal to ensure a smooth and sustainable transition in the best interests of our shareholders. A further update will be provided in due course.
Finally, in recent months the Audit Committee initiated the Company's audit tender process, and subject to remaining formalities, we expect to be able to announce the successful audit firm imminently.
Outlook
Ongoing geopolitical uncertainty and market volatility are reinforcing the strategic importance of resource security. Whilst gold and precious metals have been an important component of the portfolio to date, the current environment is also creating opportunities in oil and gas and related sectors such as shipping. The Company's actively managed and diversified approach positions it well to take advantage of these opportunities.
We thank you for your ongoing support and would like to remind shareholders that they are welcome to get in touch with the Board of Directors via the Company Secretary or the Investment Manager using the contact information provided on page 30 of the Half Year Report at any time throughout the year.
Christopher Casey
Chairman
24 March 2026
Performance Record[4]
Six months ended
Six months ended
Year ended 30 June 2025
Five years ended 31 December
31 Dec 2025
31 Dec 2024
(audited)
2025
Total Return
Net asset value per share1
69.3%
(7.5)%
4.6%
198.7%
Share price (mid market)1
83.1%
0.4%
9.3%
251.7%
MSCI World Metals and Mining Index (sterling adjusted)2
46.5%
(9.3)%
(4.5)%
106.4%
MSCI World Energy Index (sterling adjusted)2
11.0%
(3.8)%
(7.7)%
161.3%
As at 31 December
As at 30 June 2025
2025
(audited)
% change
Capital Values
Net asset value per share1
349.69p
212.56p
64.51%
Share price (mid market)
355.00p
199.50p
77.94%
Share price premium/(discount) to NAV per share1
1.5%
(6.1)%
Net gearing1
6.1%
4.8%
Six months ended
Six months ended
31 Dec 2025
31 Dec 2024
Revenue Earnings and Dividends
Earnings per share
0.17p
0.63p
Dividends per share
13.02p
2.52p
Dividend yield3
5.2%
3.0%
Ongoing charges ratio1
1.8%
2.0%
Highest
Lowest
Highs and Lows during the six months ended 31 December 2025
Net asset value per share
353.74p
210.39p
Share price (mid market)
359.00p
202.00p
Discount (positive = premium)
5.4%
(12.3)%
Dividend per share
Ex-dividend date
Record date
Payment date
Dividend History
Second interim dividend 2026 (enhanced)
7.00p
5 February 2026
6 February 2026
27 February 2026
First interim dividend 2026 (enhanced)
6.02p
30 October 2025
31 October 2025
28 November 2025
Total
13.02p
Fourth interim dividend 2025 (enhanced)
4.25p
31 July 2025
1 August 2025
1 September 2025
Third interim dividend 2025
1.26p
1 May 2025
2 May 2025
30 May 2025
Second interim dividend 2025
1.26p
30 January 2025
31 January 2025
28 February 2025
First interim dividend 2025
1.26p
24 October 2024
25 October 2024
22 November 2024
Total
8.03p
Investment Manager's Review
"The portfolio delivered strong performance over the half year supported by precious metals positioning. We continue to actively adjust the portfolio to take advantage of opportunities in the sector with a clear focus on maximising performance and shareholder value creation."
Performance
The Company saw very strong performance in the six months to 31 December 2025, with a net asset value ("NAV") total return of 69.3%. While the Company has no formal benchmark (following its discontinuation), this compared favourably with both the MSCI World Metals and Mining and the MSCI World Energy indices which saw sterling adjusted gains of 46.5% and 11.0% over the period, and which the Company aims to outperform.
The primary driver of outperformance has been the Company's large weighting to precious metals over the period. The Company aims to cap the precious metal weighting to 50% in a non-formal process, which led to profit-taking over the year and a reallocation predominantly to the energy sector, which has lagged broader commodities. Further additions to energy-linked names have been made in January.
Summary
2025 was an eventful year for the Company, with a confluence of factors driving strong returns across the metals and mining names and especially the precious metals equities held in the portfolio. But it also the marked an end to Saba Capital Management, L.P.'s ("Saba") involvement as a major shareholder in the Company. We remain grateful for the support that shareholders gave us in enabling the Company to continue and are especially pleased with the performance which has generated a 91% NAV total return from 1 July 2025 to date for shareholders that remained invested. In late June, 45% of the Company's issued share capital was tendered, but, through strong performance and some small capital issuances, the Company has now reached pre-Tender Offer levels.
The year was also marked by a period of significant macro volatility, not least led by US policy on a more aggressive trade regime, with the implication of tariffs and a general shift to upending global trade flows. Ongoing war in Ukraine disrupted energy flows as OPEC focused on regaining share.
Precious metals strength appeared as the trigger to lift metals across the board, with gold and silver being the standouts. The Company maintained a near-50% weighting to precious metal producers through most of 2025 but has latterly begun to reduce that to add to the energy weighting. Gearing was reduced to provide flexibility to be more opportunistic on market volatility should opportunities present themselves.
Precious metals - 56.4% of the portfolio
The six months to 31 December 2025 marked a record-breaking year for precious metals, whose gains outpaced a broad-based rise in metals that were also well supported. Gold posted gains of 30.8%, whilst silver gained 98.5% and less popular precious metals such as platinum and palladium saw gains of 51.6% and 46.4%, respectively.
The key drivers of precious metal gains were:
· Geopolitical uncertainty
Gold delivered on its defensive properties against political uncertainty. A key driver of this has been US policy on tariffs and trade protectionism, alongside the ongoing war in Ukraine. Later in the year, the US president made claims over Danish-controlled Greenland, directly threatening the sovereignty of a NATO state, and more recently, ousting Venezuelan President Maduro. International tensions remain high.
· Central Bank demand
Central Banks continued to diversify away from US treasuries following the weaponisation of the US dollar, which has driven strong purchases of gold since the Russian invasion of Ukraine. Whilst purchased tonnage declined year-on-year in 2025, the value of purchases was considerably higher in US dollar terms given gold price strength.
The US dollar's role as the global reserve currency was questioned with China looking to price some oil and iron ore contracts in Chinese Yuan, but this will take many years to dramatically shift the proportion of Renminbi based trade. Perhaps more important has been the openness of the US to entertain a weaker dollar so as to support domestic manufacturing, with the dollar falling 9.4% in the 2025 calendar year, a move which has further supported investment flows into gold. Yet at the time of writing, uncertainty arising from a rapid escalation in the Middle East, the dollar has shown its status as the worlds reserve currency remains, with some recent strengthening. Nevertheless, in 2025 gold surpassed US Treasuries as the largest reserve asset held by central banks.
· Bar and Coin Demand
Bar and coin demand has also been a significant driver of the rally in precious metals through 2025. Much of this has been driven by particularly strong demand from China and, to a lesser extent, India. The Chinese side of demand is supported by the restricted capital markets in the country that have historically been weighted toward the domestic property sector but, given the collapse in the property market, precious metals have surfaced as an attractive alternative investment.
· Debasement fears
Debasement refers to the loss of purchasing power of domestic currencies. The primary driver of this is persistent inflation and continued deterioration of governments' fiscal stability as higher rates increase the government debt interest to unsustainable levels. In the absence of sustainable economic growth, they must print more currency to pay back the interest with the cumulative increase in deficits driving ever larger debt issuance, thus reducing the purchasing power of their domestic currencies. This is driving flows into real assets, with gold the largest beneficiary, along with other precious and even base metals.
· Silver
Silver's recent volatility can only be described as unprecedented: the price jumped 140% from the end of November through to mid‑January, with a 68% rise in January alone, before a sharp reversal. Whilst these moves are exciting, they are also unsustainable and a sharp correction was certainly expected and despite this, silver still showed gains for January. The path from here is less certain and remains heavily dependent on a potential relaxation of the restrictions imposed by China, the dominant refiner of metal, prompting the price surge.
Energy (E&P/Rigs/Shipping) - 16% of the portfolio
The Company's portfolio has had a relatively low direct allocation to oil and gas producers ("E&P") throughout 2025, where exposure was weighted to gas, instead preferring indirect exposure via rigs and shipping. This low direct allocation was primarily driven by the overhang of OPEC's return to a market share over price strategy, which has seen an unwinding of production quotas, leaving the market oversupplied for the majority of the year. The oil price has been stuck between an oversupplied fundamental market and a market focused on increasing geopolitical tensions. These include increased sanctions on Russian and Iranian ships, strikes on Iranian nuclear facilities, the US capture of Venezuelan president Nicolas Maduro, ongoing protests in Iran pushing for regime change and subsequent Iranian threats on disrupting shipments through the Straits of Hormuz, through which over 20% of global seaborne crude oil and 25% of traded gas transits.
Latterly, the Company's energy weighting has been increased, with the addition of oil-related E&Ps to the portfolio. The reason for this is that, despite near-term over supply, demand growth could return the market to balance in around 12 months and once the current oversupply is digested there will be little spare capacity in the system. OPEC, primarily Saudi, has acted as a buffer able to ramp or cut production in short order. With OPEC now producing at full capacity, the oil price is exposed to any supply shocks. Our gas preference has flipped as we see a glut of new LNG supply coming online in the US, and a crucial gating factor for gas fired power generation is a 5-7 year wait for large gas turbines.
US shale supply growth has now plateaued due to lower prices which has been reflected in a decrease in drilling activity, while demand growth is primarily coming from countries like India. China appears to have hit a peak in its demographics, with a declining population and increasing electric vehicle sales which could see Chinese demand trends plateau or even weaken.
Uranium miners - 12.0% of the portfolio
We have found the uranium market to be well-supported, especially in the US. Amid an environment of tight uranium supply and a market in deficit, a 'nuclear renaissance' is underway. With a fuel supply chain dominated by China and Russia, we see NexGen as the best undeveloped asset globally. NexGen received its final permit after the period end on 5 March, with construction of its Tier 1 mine, located in Canada now in progress.
Base metals - 5.6% of the portfolio
We have maintained a low base metals weighting and take a cautious view on copper demand in the near term. A bullish rhetoric on copper has emerged around the build-out of US data centres for AI, but we are less constructive than the actual incremental copper demand arising from these versus expectations. Beyond this, there is little to indicate a recovery in Chinese property construction, a previously major component of demand for base metals such as copper, against China's now declining population and whilst an economically squeezed consumer may reduce demand for white goods orders, further weighing on consumption.
The Company's exposure has been primarily through copper developers and late-stage explorers. The largest two holdings are Solaris and SolGold which are progressing large-scale projects in Ecuador, which have provided sterling adjusted returns of 146% and 299%, respectively, through the 2025 calendar year.
Outlook
Macro events since the period under review have resulted in a proactive shift in the Company's portfolio from a relatively low weighting in the upstream oil and gas industry (the E&P sector) to a re-balancing back into energy, focused particularly on oil and gas explorers, producers and associated service providers, such as rig leasing and shipping. This has been driven by a number of factors: supply and demand, more attractive valuations and the geopolitical events in Iran.
Having largely absorbed oil production increases following OPEC's shift in strategy to regain market share, the market was closer to balance with far less spare capacity to act as a buffer against supply shocks. E&P equities were also becoming more attractive with valuations implying $60-65/bbl long-term prices, approaching cost curve support. This combination of factors considerably improved the sector's risk-reward profile prompting a significant portfolio re-balancing which commenced in December and was primarily funded from profits realised from the Company's large precious metal weighting, which was a prime contributor to performance in the period under review.
Given the speed with which markets are changing in the current environment, an outlook can quickly become out of date. However, experience of recent conflicts (such as Russia-Ukraine and Houthi activity out of Yemen) suggest a more prolonged conflict in Iran which may sustain risk premiums at a level which do not appear sufficiently factored into many energy related equities, thereby making their valuation more attractive. In addition, actions to dampen the impact on crude prices, such as the release of strategic reserves, may only prove temporary, thus putting upward pressure on prices as we have seen more recently. With the build up to events in the Strait of Hormuz, it was felt that a significantly higher energy premium was warranted to account for potential disruption in the region and so we accelerated the portfolio rebalancing during January and February.
Despite the recent reallocation, we believe there is still upside in the precious metals sector, which, at the time of writing, remains our largest single exposure. This reflects the risks associated with US dollar debasement, and our investment in hard assets like gold as a hedge against a potential deeper decline. This is supported by high US fiscal deficits, substantial debt, erratic policy, and expansive monetary policy. Notwithstanding recent short-term metal price moves, precious metals equity valuations remain attractive and we see upside. Furthermore, the potential drag on global growth from oil price shocks has also tilted economic risks toward stagflation, an environment which has historically been most favourable for hard assets such as commodities and especially so for strong precious metal performance.
We continue to evaluate a fast moving macro environment and as the Company's mandate allows for quick reallocation as fundamentals shift, the portfolio remains well positioned to maximise performance and shareholder value.
Keith Watson and Robert Crayfourd
Manulife | CQS Investment Management
24 March 2026
Top ten largest holdings
as at 31 December 2025
Emerald Resources
(6.7% of investments)
An Australian listed gold producer, with a producing mine in Cambodia and development asset in Australia. The company has successfully commissioned its low cost Okvau gold mine in Cambodia on time and budget. This strong management team has a long history of delivering mines on time and budget and are self-funded for the future growth profile.
£3,408,000
Fair value gains
Sales
(£3,728,000)
Purchases
£960,000
NexGen Energy
(6.6% of investments)
A tier 1 uranium development asset in the established Athabasca Basin uranium mining district in Saskatchewan, Canada has the potential to be the lowest cost uranium mine globally. Following the period end, final permits were received to commence construction. As a zero carbon source of energy, civil nuclear power generation and hence uranium, may gain further traction in global energy mix.
£2,308,000
Fair value gains
Sales
(£5,354,000)
Purchases
-
Ora Banda Mining
(4.2% of investments)
An Australian gold exploration and development company, with 100% ownership of the Davyhurst Gold Project in the highly productive eastern goldfield region of Western Australia.
£3,088,000
Fair value gains
Sales
(£2,770,000)
Purchases
£296,000
West African Resources
(4.2% of investments)
An Australian listed emerging mid-tier gold producer based in the West African region. The company acquires, explores and develops resource projects, and serves customers in West Africa and Australia.
£1,328,000
Fair value gains
Sales
(£2,971,000)
Purchases
£667,000
Greatland Gold
(4.2% of investments)
The company operates the Telfer gold mine, one of Australia's largest gold-copper mining complexes and is concurrently developing the nearby world-class Havieron gold-copper project and exploring across a significant regional portfolio.
£1,972,000
Fair value gains
Sales
(£3,556,000)
Purchases
-
Robex Resources*
(4.1% of investments)
A Canadian-based gold production and exploration company primarily active in West Africa. It is recognized as a growing mid-tier producer with a strategic focus on sustainable and low-cost gold extraction.
£2,012,000
Fair value gains
Sales
(£1,456,000)
Purchases
£1,742,000
Equinox Gold*
(3.9% of investments)
A Canadian-based mid tier gold producer with a portfolio centred exclusively in the Americas. Equinox Gold is positioned for growth with high-quality, long-life gold operations in Canada and across the Americas and a pipeline of development and expansion projects.
£3,297,000
Fair value gains
Sales
(£2,508,000)
Purchases
-
Southern Cross Gold
(3.3% of investments)
An Australian gold exploration company with projects including Sunday Creek, Redcastle and MT ISA. The company owns 100% of Sunday Creek epizonal-style fold project in Australia which is considered to be the best new high grade and large exploration discoveries to come out of Australia in recent times. The company is also engaged exploring in antimony in the Victorian Goldfields.
£1,764,000
Fair value gains
Sales
(£2,198,000)
Purchases
-
Polymetals Resources*
(3.2% of investments)
An Australian mining company developing the high-grade Endeavor silver zinc lead mine within one of Australia's premier polymetallic mineral provinces the Cobar Basin, New South Wales, Australia.
£1,492,000
Fair value gains
Sales
(£3,003,000)
Purchases
£2,977,000
Tamboran Resources
(3.1% of investments)
A US listed natural gas exploration and production company, which specialises in the transition to cleaner energy and supports the energy transition by developing commercial production of natural gas and net zero equity scope 1 and 2 emissions. Tamboran Resources conducts its business in Australia.
£626,000
Fair value gains
Sales
(£2,088,000)
Purchases
£989,000
* The investment was not a top 10 in the portfolio as at 30 June 2025.
To see a full breakdown of our investments see Investment Portfolio as at 31 December 2025.
Portfolio at a glance
By commodity
31 December 2025 % of total investments
30 June 2025 % of total investments
Precious metals
53.3
44.8
Uranium
12.0
14.8
Oil & Gas
11.6
13.5
Base metals*
6.9
6.1
Copper
6.0
4.4
Shipping
4.4
7.3
Fixed interest
2.2
3.9
Lithium
2.0
1.8
Coal
0.7
1.0
Rare earth
0.6
2.2
Royalty
0.2
4.0
Agriculture
0.1
-
* Comprises polymetallic investee companies
By location of listing
31 December 2025 % of total investments
30 June 2025 % of total investments
Canada
43.8
33.8
Australia
27.4
29.2
US
14.4
18.0
UK
10.1
12.3
Europe
2.8
4.4
Unquoted
1.5
2.3
Investment Portfolio
as at 31 December 2025
Valuation
% of total
Company
Sector
£'000
investments
Emerald Resources
Precious metals
8,793
6.7
NexGen Energy
Uranium
8,682
6.6
Ora Banda Mining
Precious metals
5,560
4.2
West African Resources
Precious metals
5,510
4.2
Greatland Gold
Precious metals
5,487
4.2
Robex Resources
Precious metals
5,400
4.1
Equinox Gold
Precious metals
5,143
3.9
Southern Cross Gold
Precious metals
4,373
3.3
Polymetals Resources
Precious metals
4,216
3.2
Tamboran Resources
Oil & Gas
4,090
3.1
Top ten investments
57,254
43.5
Talon Metals
Base metals
3,917
3.0
Frontline
Shipping
3,164
2.4
Americas Gold and Silver
Precious metals
3,137
2.4
G Mining
Precious metals
3,071
2.3
Ur-Energy
Uranium
2,976
2.3
Transocean
Oil & Gas
2,832
2.2
WESDOME Gold Mines
Precious metals
2,674
2.0
REA Holdings
Fixed interest
2,655
2.0
Silver Mountain Resources
Precious metals
2,557
1.9
Spartan Delta
Oil & Gas
2,455
1.9
Top twenty investments
86,692
65.9
SolGold
Copper
2,386
1.8
BW LPG
Shipping
2,291
1.7
Solaris Resources
Copper
2,233
1.7
Metals X
Base metals
1,833
1.4
Goliath Resources
Precious metals
1,744
1.3
Sigma Lithium Resources
Lithium
1,693
1.3
Peyto Exploration & Development
Oil & Gas
1,604
1.2
Goldsky Resources
Precious metals
1,541
1.2
Diamondback Energy
Oil & Gas
1,498
1.1
Cerrado Gold
Base metals
1,454
1.1
Top thirty investments
104,969
79.8
Osisko Development
Precious metals
1,441
1.1
Denison Mines
Uranium
1,403
1.1
Collective Mining
Base metals
1,310
1.0
ISOEnergy
Uranium
1,271
1.0
Foran Mining
Copper
1,152
0.9
Pan American Silver
Precious metals
1,141
0.9
Afentra
Oil & Gas
1,050
0.8
TDG Gold
Precious metals
1,029
0.8
Paladin Energy
Uranium
964
0.7
Thungela Resources
Coal
934
0.7
Top forty investments
116,664
88.6
Eldorado Gold
Precious metals
864
0.7
Integra Resources
Precious metals
816
0.6
Lynas Corporation
Rare earth
720
0.5
Larvotto Resources
Precious metals
713
0.5
Vizsla Silver
Precious metals
706
0.5
Tolu Minerals
Precious metals
685
0.5
EOG Resources
Oil & Gas
678
0.5
PMET Resources
Lithium
630
0.5
Ero Copper
Copper
624
0.5
Golden Horse Minerals
Precious metals
561
0.4
Top fifty investments
123,661
94.0
True North Copper
Copper
557
0.4
Greenlight Metals
Copper
553
0.4
Vermilion Energy
Oil & Gas
523
0.4
Newcore Gold
Precious metals
499
0.4
Cosa Resources
Uranium
484
0.4
Asante Gold
Precious metals
437
0.3
Platinum Group Metals
Precious metals
411
0.3
Castile Resources
Base metals
402
0.3
Firefinch
Precious metals
397
0.3
Central Asia Metals
Copper
387
0.3
Top sixty investments
128,311
97.5
Greenheart Gold
Precious metals
367
0.3
C3 Metals
Precious metals
297
0.2
NorAm Drilling
Oil & Gas
292
0.2
Rupert Resources
Precious metals
289
0.2
2020 Bulkers
Shipping
277
0.2
Euronav
Fixed interest
260
0.2
CVW Sustainable
Royalty
244
0.2
Ithaca Energy
Oil & Gas
224
0.2
Tharisa
Precious metals
208
0.2
Winsome Resources
Lithium
173
0.1
Top seventy investments
130,942
99.5
Other Investments
677
0.5
Total
131,619
100
Further details on the Company's top ten largest holdings within its Investment Portfolio are set out above within 'Top ten largest holdings'.
Condensed Income Statement
Six months ended 31 December 2025 (unaudited)
Six months ended 31 December 2024 (unaudited)
Revenue
Capital
Total
Revenue
Capital
Total
Notes
£'000
£'000
£'000
£'000
£'000
£'000
Gains/(losses) on investments held at fair value through profit or loss
-
49,870
49,870
-
(9,281)
(9,281)
Exchange gains/(losses) on foreign currencies
-
47
47
-
(30)
(30)
Investment income
3
683
2,100
2,783
1,358
323
1,681
Investment management fee
(133)
(400)
(533)
(199)
(597)
(796)
Other expenses
(358)
(14)
(372)
(550)
-
(550)
Net return before finance costs and tax
192
51,603
51,795
609
(9,585)
(8,976)
Finance costs
(79)
(237)
(316)
(136)
(407)
(543)
Net return before tax
113
51,366
51,479
473
(9,992)
(9,519)
Taxation
(29)
-
(29)
(69)
(25)
(94)
Net return for the period
84
51,366
51,450
404
(10,017)
(9,613)
Basic and diluted return per ordinary share (pence)
0.17p
103.80p
103.97p
0.63p
(15.53)p
(14.90)p
The "total" column of this statement is the Income Statement of the Company, prepared in accordance with Financial Reporting Standard 102 ("FRS 102"). The supplementary revenue and capital columns are presented in accordance with the Statement of Recommended Practice issued by the AIC ("AIC SORP").
All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued during the period. In early October 2025, the Company completed the Tender Offer, which resulted in 29,344,059 ordinary shares being repurchased by the Company, 8,800,000 of those shares were kept in treasury and the remaining 20,544,059 shares were cancelled. The results for the six months ended 31 December 2025 reflect the ongoing operations after the Tender Offer completion.
There is no other comprehensive income, and therefore the net return after tax for the period is also the total comprehensive income.
The accompanying notes are an integral part of the financial statements.
Condensed Balance Sheet
As at
As at
31 December
30 June
2025
2025
(unaudited)
(audited)
Notes
£'000
£'000
Fixed assets
Investments at fair value through profit or loss
2
131,619
143,266
Current assets
Debtors
717
406
Cash at bank
3,932
2,404
4,649
2,810
Current liabilities
Creditors: amounts falling due within one year
(535)
(700)
Bank loan
8
(11,500)
(9,000)
(12,035)
(9,700)
Net current liabilities
(7,386)
(6,890)
Net assets
124,233
136,376
Capital and reserves
Called-up share capital
11,589
16,722
Share premium
5,903
4,851
Capital redemption reserve
5,133
-
Treasury shares
(2,707)
(683)
Special distributable reserve
19,037
21,449
Capital reserve
85,278
94,037
Revenue reserve
-
-
Equity shareholders' funds
7
124,233
136,376
Net asset value per share
7
349.69p
215.56p
The accompanying notes are an integral part of the financial statements.
Condensed Statement of Changes in Equity
Called-up
Share
Capital
Treasury
Special
share
premium
redemption
shares
distributable
Capital
Revenue
capital
account
reserve
capital
reserve
reserve
reserve
Total
£'000
£'000
£'000
£'000
£'000
£'000
£'000
£'000
For the six months ended 31 December 2025 (unaudited)
Balance at 30 June 2025
16,722
4,851
-
(683)
21,449
94,037
-
136,376
Net return for the period
-
-
-
-
-
51,366
84
51,450
Shares bought back into
-
-
-
(2)
(25)
-
-
(27)
treasury
Shares issued from treasury
-
1,052
-
178
1,121
-
-
2,351
Tender Offer
(5,133)
-
5,133
(2,200)
-
(60,125)
-
(62,325)
Dividends paid
-
-
-
-
(3,508)
-
(84)
(3,592)
Balance at 31 December 2025
11,589
5,903
5,133
(2,707)
19,037
85,278
-
124,233
For the six months ended 31 December 2024 (unaudited)
Balance at 30 June 2024
16,722
4,851
-
(182)
27,127
88,307
1,741
138,566
Net return for the period
-
-
-
-
-
(10,017)
404
(9,613)
Shares bought back into
-
-
-
(500)
(3,114)
(21)
-
(3,635)
treasury
Dividends paid
-
-
-
-
(115)
-
(2,552)
(2,667)
Balance at 31 December 2024
16,722
4,851
-
(682)
23,898
78,269
(407)
122,651
The special distributable reserve, capital reserve (excluding any gains and losses attributable to Level 2 and Level 3 investments) and the revenue reserve represent the amount of the Company's reserves distributable by way of dividend.
The accompanying notes are an integral part of the financial statements.
Condensed Cash Flow Statement
Six months
Six months
ended
ended
31 December
31 December
2025
2024
(unaudited)
(unaudited)
Notes
£'000
£'000
Operating activities
Investment income received
2,662
1,490
Deposit interest received
65
44
Investment management fees paid
(589)
(814)
Overseas withholding tax reclaims received
208
-
Other expenses
(277)
(650)
Net cash inflow from operating activities
2,069
70
Investing activities
Purchases of investments
(22,124)
(14,118)
Disposals of investments
18,254
26,315
Disposals of investments in Tender Pool
9
65,921
-
Net cash inflow from investing activities
62,051
12,197
Financing activities
Equity dividends paid
(3,592)
(2,667)
Shares bought back into treasury
(27)
(3,635)
Shares issued from treasury
1,535
-
Cash payments to tendering shareholders
9
(62,752)
-
Drawdown/(repayment) of credit facility
2,500
(4,000)
Costs associated with loan
(20)
-
Loan interest paid
(283)
(504)
Net cash (outflow) from financing activities
(63,089)
(10,806)
Increase in net cash
1,481
1,461
Reconciliation of net cash flow to movement in net cash
Increase in cash in the period
1,481
1,461
Foreign exchange gains/(losses) on cash
47
(30)
Opening net cash at 1 July
2,404
2,952
Closing net cash at 31 December
3,932
4,383
The accompanying notes are an integral part of the financial statements.
Notes to the Condensed Financial Statements
for the Half Year ended 31 December 2025
1 Accounting Policies - Basis of Preparation
The condensed interim financial statements have been prepared in accordance with Financial Reporting Standard 104 (Interim Financial Reporting) and with the Statement of Recommended Practice for 'Financial Statements of Investment Trust Companies and Venture Capital Trusts'. They have also been prepared on a going concern basis and on the assumption that approval as an investment trust will continue to be granted.
The condensed interim financial statements have been prepared using the same accounting policies as the preceding annual financial statements, which were prepared under Financial Reporting Standard 102.
2 Investments at fair value through profit or loss
31 December
30 June
2025
2025
£'000 (unaudited)
£'000 (audited)
Equity
127,528
137,154
Preference shares
2,655
4,580
Warrants
1,160
581
Fixed income securities
276
951
131,619
143,266
All investments are designated at fair value through profit or loss at initial recognition, therefore all gains and losses are designated at fair value through profit or loss.
3 Investment income
The breakdown of income for the six months to 31 December 2025 and 31 December 2024 is as follows:
Six months
Six months
ended
ended
31 December
31 December
2025
2024
(unaudited)
(unaudited)
£'000
£'000
Income from investments:
Overseas dividend income
376
830
Preference share dividend income
126
233
Overseas fixed interest
88
54
UK dividend income
28
197
618
1,314
Other income
Bank interest
65
44
Total Income
683
1,358
4 Return per Ordinary Share
Return per share attributable to shareholders reflects the overall performance of the Company in the period. Net revenue recognised in the first six months is not necessarily indicative of the total likely to be received in the full accounting year.
Six months
Six months
ended
ended
31 December
31 December
2025
2024
(unaudited)
(unaudited)
£'000
£'000
Revenue return
84
404
Capital return
51,366
(10,017)
Total return
51,450
(9,613)
Six months
Six months
ended
ended
31 December
31 December
2025
2024
(unaudited)
(unaudited)
p/share
p/share
Revenue return per share (pence)
0.17
0.63
Capital return per share (pence)
103.80
(15.53)
Total return per share (pence)
103.97
(14.90)
The weighted average number of shares in issue during the six months ended 31 December 2025 was 49,486,860 (six months ended 31 December 2024: 64,516,804).
There are no dilutive instruments issued by the Company.
5 Dividends
During the six months to 31 December 2025, the Company paid a fourth interim dividend of 4.25 pence per share in relation to the financial year ended 30 June 2025, and a first interim dividend of 6.02 pence per share in relation to the six months ended 31 December 2025.
A second interim dividend 2026 of 7.00 pence per share was declared after 31 December 2025 and paid on 27 February 2026. In accordance with FRS 102, this interim dividend has not been included as a liability in this Half Year Report and instead will be recognised in the period in which it was paid.
6 Share Capital
At 31 December 2025 there were 35,526,279 ordinary shares in issue, excluding 10,828,171 shares held in treasury (30 June 2025: 64,157,838, excluding 2,730,671 shares held in treasury).
In early October 2025, the Company completed the Tender Offer announced in July, which resulted in 29,344,059 ordinary shares being repurchased by the Company, 8,800,000 of those shares were kept in treasury and the remaining 20,544,059 shares were cancelled. Other than the buyback of shares under the Tender Offer, the Company has bought back 10,000 shares into treasury at a cost of £27,000 and issued 712,500 shares from treasury for total proceeds of £2,351,000 during the six months ended 31 December 2025 (six months ended 31 December 2024: bought back 2,002,114 shares at a cost of £3,635,000).
7 Net Asset Value per ordinary share
As at
As at
31 December
30 June
2025
2025
(unaudited)
(audited)
Net asset value per share
349.69p
212.56p
Net assets
£124.2m
£136.4m
Ordinary shares of 25p each in issue (excluding shares held in treasury)
35,526,279
64,157,838
There are no dilutive instruments issued by the Company.
8 Bank Loan
As at
As at
31 December
30 June
2025
2025
(unaudited)
(audited)
£'000
£'000
Bank loan
11,500
9,000
The Company has a secured loan facility with BNP Paribas ("BNP"), on which drawdowns attract an interest rate of Sterling Overnight Index Average ("SONIA") plus 1.35% and a commitment fee of 0.45%. The credit facility has a floating charge covering all the property or undertaking of the Company.
In September 2025, the Board met to consider the reduction of the Company's loan facility and determined to voluntarily decrease the facility limit from £25 million to £15 million to reflect the reduced size of the Company, following the Tender Offer.
As at 31 December 2025, £11.5 million was drawn down at an indicative rate of 5.32% fixed until 12 March 2026 (30 June 2025: £9 million was drawn down at an indicative rate of 5.60% fixed until 12 September 2025).
Covenant conditions under the BNP facility are as follows:
· the borrower shall not permit the net asset value to be less than £45 million;
· maximum loan to value ratio of 30%; and
· minimum coverage ratio (total adjusted total assets value over debt) of 1.
Drawdowns are typically rolled over at the Company's request every three months and can be cancelled and/or repaid at any time.
As at the date this Report was approved, £14.5 million was drawn down under this facility at an indicative rate of 5.08% fixed until 12 June 2026.
9 Reconciliation of Tender Offer Cash Flow
£000 (unaudited)
Cash received from disposal of investments in Tender Pool
65,921
Settlement of the net debt attributable to the Tender Pool
3,169
Equity dividends paid to shareholders in Tender Pool
1,247
Investment income received in Tender Pool
450
Tender Offer expenses paid
842
61,113
10 Going Concern
After making enquiries and having considered the Company's investment objective, nature of the investment portfolio, bank facility and expenditure projections, the Directors consider that the Company has adequate resources to continue in operation for the foreseeable future. For this reason, the Directors are satisfied that it is appropriate to adopt the going concern basis in preparing this report.
11 Comparative Information
The condensed financial statements contained in this Half Year Report do not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The financial information for the six months to 31 December 2025 and 31 December 2024 has not been audited or reviewed by the Company's external Auditor.
The information for the year ended 30 June 2025 has been extracted from the latest published audited financial statements. Those statutory financial statements have been filed with the Registrar of Companies and included the report of the Auditor, which was unqualified and did not contain a statement under Sections 498(2) or (3) of the Companies Act 2006.
Earnings for the first six months should not be taken as a guide to the results for the full year.
12 Related Parties
The following are considered related parties: the Board of Directors (the "Board") and CQS (UK) LLP (trading as Manulife | CQS Investment Management) (the "Investment Manager").
All transactions with related parties are carried out on an arm's length basis.
There are no other transactions with the Board other than remuneration and reimbursement of expenses for services as Directors. There were no amounts payable to Directors outstanding at the end of the period (31 December 2024: Nil).
With effect from 1 May 2025, the investment management fee payable by the Company was reduced to 1.0 per cent. of net assets per annum.
Previously, the Company's annual management fee was 1.2 per cent. on net assets up to £150m; 1.1 per cent. on net assets above £150m and up to £200m; 1.0 per cent. on net assets above £200m and up to £250m; and 0.9 per cent. on net assets above £250m.
The amount incurred in respect of investment management fees during the period was £533,000 (six months to 31 December 2024: £796,000), of which £196,000 (31 December 2024: £123,000) was outstanding as at 31 December 2025.
13 Post Balance Sheet Events
The second interim dividend of 7.00 pence per share in relation to the six months ended 31 December 2025 was announced on 22 January 2026 and paid on 27 February 2026 to shareholders on the register on 6 February 2026, with an ex-dividend date of 5 February 2026.
As announced by the Company on 9 March 2026, the Company has been informed that its named portfolio managers, Keith Watson and Robert Crayfourd, have tendered their resignations to the Company's Investment Manager. Keith Watson and Robert Crayfourd will be serving their three month notice periods and continue to manage the Company's portfolio. The Company does not expect any immediate disruption to its investment process, strategy or operations.
Further, as announced on 23 March 2026, the Company has agreed six months' protective notice with its Investment Manager. If formal notice of termination is served by the Company prior to 30 June 2026, the six months' notice period, as per the Investment Management Agreement, will be deemed to have started on 13 March 2026.
The Company is considering a number of options at its disposal to ensure a smooth and sustainable transition in the best interests of its shareholders.
Interim Management Report and Responsibility Statement
The Chairman's Statement and the Investment Manager's Review above give details of the important events which have occurred during the period and their impact on the financial statements.
Principal Risks and Uncertainties
The Company's assets consist principally of listed equities and fixed interest securities and its principal risks are therefore primarily market related. The Company is also exposed to currency risk in respect of the markets in which it invests. Key risks faced by the Company fall into the following broad categories: market, sector and geopolitical, demand for the Company's shares, key person, regulatory and operational.
These risks, and the way in which they are managed, are described in more detail under the heading 'Principal Risks, Uncertainties and Mitigations' within the Strategic Report contained within the Company's Annual Report for the year ended 30 June 2025. The Company's principal risks and uncertainties have not changed materially since the date of the report and are not expected to change materially for the rest of the Company's financial year.
Related Parties Transactions
During the first six months of the current financial year, no transactions with related parties have taken place which have materially affected the financial position or the performance of the Company.
Going Concern
The Directors, having considered the Company's investment objective, the nature and liquidity of the portfolio and the income and expenditure projections, consider that the Company has adequate resources, an appropriate financial structure and suitable management arrangements in place to continue in operational existence for the foreseeable future and is financially sound. For these reasons, they consider there is reasonable evidence to continue to adopt the going concern basis in preparing the financial statements.
Statement of Directors' Responsibilities in respect of the Interim Report
The Board of Directors confirms that, to the best of its knowledge:
● the condensed set of financial statements has been prepared in accordance with IAS 34 "Interim Financial Reporting" and gives a true and fair view of the assets, liabilities, financial position and profit or loss of the Company;
● the interim management report includes a true and fair review of the information required by:
a. DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and
b. DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period; and any changes in the related party transactions described in the last annual report that could do so.
The Half Year Report has not been audited by the Company's Auditor.
This Half Year Report contains certain forward-looking statements. These statements are made by the Directors in good faith based on the information available to them up to the date of this report and such statements should be treated with caution due to the inherent uncertainties, including both economic and business risk factors, underlying any such forward-looking information.
On behalf of the Board
Christopher Casey
Chairman
24 March 2026
- ENDS -
Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.
For further information please contact:
Administrator and Company Secretary
Frostrow Capital LLP
Tasmin Arthurton
Email: cosec@frostrow.com
Tel: 0203 709 2408
Investment Manager
Manulife | CQS Investment Management
Craig Cleland
Email: contactncim@cqsm.com
Tel: 0207 201 5368
[1] Alternative Performance Measure ("APM"). A glossary of the terms used, including alternative performance measures, can be found within the Half Year Report.
[2] Used by the Company as a comparator, not a benchmark. As at 31 December 2025, 80.2% of the portfolio was attributable to the MSCI World Metals and Mining Index and 11.6% of the portfolio to the MSCI World Energy Index. Please refer to the 'by commodity' illustration within the Half Year Report for further detail.
[3] Based on paid and declared dividend of 18.53 pence per share over the most recent four quarters (2024: 5.60 pence per share). As announced in 2025, the Company has adopted an enhanced dividend policy of 8% of NAV via quarterly dividend of 2% of the preceding quarter-end NAV per share. Three enhanced dividends have since been paid to shareholders. Please refer to the Performance Record for further detail.
[4] Unaudited unless otherwise stated.
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